Accounting tips that will help your business

Every week we publish accounting tips to help your business but remember, our accountants are never too far away, so for more help and advice on Accounting and Taxation, contact your Local AIMS Accountant today.

Register with the HMRC and avoid penalties. If not you could incur charges for late payments on corporation tax.

14/03/2013


Register with the HMRC and avoid penalties. If not you could incur charges for late payments on corporation tax.

07/03/2013


There is an annual exemption for Capital Gains tax which is £10,600 for 2012-13. Speak to AIMS if you would like to know more.

28/02/2013


You should act fast if you need to register a tax refund claim for 2008/9 as the deadline (5th April) is fast approaching.

21/02/2013


Are you an employer? Do you know when you will have to start automatically enrolling staff in a pension scheme? If not, speak to your local AIMS Accountant

14/02/2013


Don’t forget to let the HMRC know if you think your tax coding is wrong. These affect the level of tax deductions from your salary. Speak to AIMS if you would like to know more.

07/02/2013


If you are an employee or apensioner and already pay tax through a PAYE code, you can sometimes ask fortax that you owe on income, such as savings and property to be collectedthrough your code number. Ifyou need more info, speak to your local AIMS Accountant.

31/01/2013


Fill out your taxreturn now, you will be £1,500 better off by avoiding the penalties for lateentries. Have a look for yourself; http://www.hmrc.gov.uk/sa/deadlines-penalties.html or speak to your local AIMS Accountant if you require assistance.

24/01/2013


Are you going to be ready when real time reporting of payroll information (“RTI”) comes in to force for all PAYE schemes next April? If not now may be the time to outsource your payroll – why not talk to AIMS?

17/01/2013


When work is undertaken at home (such as internet research, advertising, bookkeeping etc) it is possible to claim a portion of household costs against your business profits. Speak to your local AIMS accountant about calculating the deductions.

10/01/2013


You don’t have to pay the HMRC huge fines because your records are not up to date “(the latest drive to increase tax revenue”), just speak to AIMS for professional advice on keeping your accounts in order.

03/01/2013


Don’t take business decisions purely on the basis of tax rules. Decide what is best for the business then take advice on the most tax efficient way to implement the decision.

20/12/2012


Are you going to be ready when real time reporting of payroll information (“RTI”) comes in to force for all PAYE schemes next April? If not now may be the time to outsource your payroll – why not talk to AIMS?

13/12/2012


With the party season upon us it is worth remembering that if the cost per head exceeds £150 employees will have to pay income tax on all of the cost not just the excess. VAT may be reclaimed (on costs up to £150 a head) on the share of the costs relating to employees only.

06/12/2012


Giving your customer a gift? Remember that you can only get tax relief and reclaim VAT on gifts costing no more than £50 per recipient in any accounting year.

29/11/2012