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.
Receive better terms for paying your tax returns for years up to 2009/2010 by approaching the HMRC. You have until 2 Oct 2012 to do so otherwise fines from HMRC will be higher if they have to chase.
If you are dealing with a business for the first time check that the VAT number they are using is genuine. You can check the validity of all EU VAT numbers at http://ec.europa.eu/taxation_customs/vies/
Do you get tips in your job? Do you pay tax on them? If you receive tips directly from customers it is up to you to tell HMRC about them.
If you know 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.
If you run your own business and own a “buy to let” you may be able to reclaim the VAT on the property expenses but beware if you are on the VAT Flat Rate Scheme, you may have to pay VAT on your rental income!
You can avoid a lot of the annual hassle of submitting benefits returns (form P11D due in by 6th July) by obtaining a dispensation from HMRC. We can help you with this.
Do you use your car for business? Don’t forget to record the mileage in your “books” to avoid being fined by the HMRC.
If you receive an email inviting you to claim a tax refund ignore it or forward it to firstname.lastname@example.org. HMRC never use email to tell people about tax refunds.