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.
Get more from your donations. If you make a Gift Aid declaration when you donate to a registered charity, the charity will receive additional income from the government. Contact AIMS if you are a higher rate tax payer, the rules are slightly different
Taxes should be a year round concern for any business. Make sure you are prepared by having a professional accountant on board.
Don’t be scammed! HMRC will never send notifications of a tax rebate, or ask you to disclose personal or payment information by email.
If you draw a salary from your business, check your tax coding, if it’s wrong you could be entitled to a rebate. Speak to AIMS if you would like to know more
Do yourself a favour; If you are going to have problems paying your next VAT bill (or any other tax for that matter) talk to HMRC before it is due and you may be able to negotiate time to pay.
Are your records up to scratch? HMRC are starting to check business records and have the power to levy penalties on anyone with (in their view) inadequate records. AIMS can help you!
Save Tax! Make a claim for worthless assets as if you had sold the asset and immediately reacquired it at the time of the claim. Speak to AIMS to find out more
Are you setting up as a sole trader? You can claim against your profits for items used in your business even if they were purchased prior to commencement of trade. If you need more information, contact AIMS
If you work abroad for at least 60 days, your spouse or partner and children can visit you twice without a tax charge arising to you. If you need more info, speak to AIMS
Don’t get stung by property income.
Get the best terms by voluntarily disclosing your income from a UK or overseas property sale. Speak to AIMS for more information.
Do you know when you will have to start automatically enrolling staff in a pension scheme?
Optimise the keywords in your press release, use Google's keyword tool to find the most popular terms. Press releases can be a great way for a business to attract free media attention.
Keep track of your finances! There are so many simple and easy tools available – it won’t cost you more than a few minutes a day - but will help you enormously. Call us to find out more.
Don't leave it to the last moment, because it will be too late. Taxes should be a year round concern for any business. Make sure you are prepared by having a professional accountant on board.
Value good advice! If you spend too long thinking about your accounts and not enough time running your business then seek advice from a professional. If nothing else they'll steer you in the right direction.