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.

The simplest form of entity for running your first business is called a sole proprietorship.


In the absence of traditional sources of funding such as bank debt, SMEs are increasingly turning to Crowdfunding investment platforms to access growth capital.


Spending the money to hire an AIMS professional accountant means you’ll have an expert who knows what they’re doing, and can apply the right tactics for your financial situation.


Are you completing your RTI submissions? If not, you face fines of up to £200 per month commencing in October 2014. Speak to your local accountant.


As of 6 April 2014 the Percentage Threshold Scheme - which allowed employers to reclaim Statutory Sick Pay in certain circumstances will be abolished.


Don’t overpay tax! Speak to your local AIMS Accountant to make sure that you & your business are set up correctly


Business entertainment is not an allowable expense, nor is the cost of gifts to customers, unless they are £50 or less in value and carry a visible advertisement for the business.


Accounting Tip; speak to an accountant before you set up a business. You may be better setting up as a Sole Trader or a Partnership


You are legally required to maintain proper records for your business. Speak to AIMS if you need professional support


On 5th December ‘13 the Government announced that it will provide a relief of up to £1,000 a year for the next two years to all occupied retail properties with a rateable value of £50,000 or less. There are conditions, so to find out more speak to your local AIMS Accountant


You might be able to pay less tax and National Insurance if you convert to a limited company. Speak to your local AIMS accountant to find out more


From 6 April 2014 you can get the Employment Allowance which could reduce your employer NICs by up to £2,000 every year. Find out if you are eligible and how to apply by speaking to your local AIMS Accountant


On the 5th December the Chancellor announced plans to amend the current business rates that may affect you and your business. Read more in our latest Update


Keep good records, not only will they help you keep track of your business performance they will prevent you from being fined by HMRC for inadequate records.


If you are a cash business, make sure you keep good records! Up-to-date records are essential to avoid HMRC being able to challenge you. Speak to AIMS if you need a good accountant