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.

If you are using the VAT Flat Rate Scheme and buy a capital item costing more than £2,000 including VAT you can reclaim all of the VAT regardless of any personal use.


Register with the HMRC and avoid penalties. If you don’t you could incur charges for late payments on corporation tax. Having problems? Speak to your local AIMS accountant.


You are able to claim a deduction for the costs of Branded Christmas gifts that you use for business. No branding, no deduction! Speak to your AIMS Accountant for more information


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


Don't forget - 31 October is the deadline for anyone sending their 2011/12 tax return on paper. Ask an AIMS Accountant for more information!


We know you are busy running your business, so for an up-to-date summary of the latest news and tax tips, take a look at our latest newsletter. Remember, we are no ordinary accountants.


31 October is the deadline for anyone sending their 2011/12 tax return on paper. Ask an AIMS Accountant for more information.


The deadline for registering a tax refund claim for 2008/9 is 5th April next year, so you need to act fast.


Are you an employer? Did you know that you have to submit Real Time Information (RTI) for all employees under the NIC Lower Earnings Limit (including students) from next April? If you didn’t know, I suggest you ask your accountant for more information.


Use an accountant. The HMRC will help you calculate your tax correctly but they do not usually help you to keep it to a minimum. Accountants can save you money and let you run your business.


Employing your spouse can save tax. You can pay your spouse up to £8,105 without incurring any tax liabilities (although at that level there will be a small amount of NIC).


The ISA limit has been raised to £11,280 & up to £5,640 of which can be saved in cash. The new limits will apply to all ISA investors from the 2012-13 tax year.


Don’t forget: the deadline for paper tax returns is 31st October and Partnership tax returns cannot be submitted online using HMRC software.


Using your car for work & claiming mileage? Set the shortfall against your income tax. Tax free is 45p/per mile for first 10,000 miles and 25p thereafter.


Don’t play with fire. If you have a rental income, let the HMRC know. If not, the penalties could be twice as great.