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.
Don't raise eyebrows with HMRC. Avoid any charges and taxes by keeping your personal expenditure separate from business expenditure.
Are you paying your staff the right amount? The minimum wage has changed. Have you? Find out more about the changes from a professional; click here to speak to your local accountant.
Did you know; if you are a small Community Amateur Sports Club (CASC) turning over less than £30,000 you may qualify for a number of tax reliefs. Speak to AIMS for more advice
Don't forget the Minimum Wage rates are due to change, find out more by speaking to AIMS. http://www.accountingweb.co.uk/blog-post/it-s-nearly-time-year-again
Thinking about drawing money from your pension, find out more about Pension Liberation; click here
Reporting PAYE has changed - watch a short YouTube video from HMRC about what the changes mean for you click here
Update your records! The HMRC are checking business records and will penalise anyone with inadequate records. Speak to AIMS if you need assistance with your accounts and tax planning. Good accounting is good business
Don't get caught out; if you or your partner earns £50k+ & still receives child benefit, you must be registered for Self-Assessment to avoid penalty. The devil is in the detail; contact AIMS if you need more information
Don't over pay tax! Under self-assessment, instalments payable in January and July are based on the previous year's tax bill. If your income is falling, you could be overpaying tax. You can request that your instalments are reduced.
Don’t get red carded! HMRC are now determining penalties by the amount of tax involved, nature of the behaviour & extent of the disclosure. Speak to AIMS to make sure you don’t get caught out;
Don't forget; tell the HMRC of any taxable activity that you are involved in. The HMRC can go back 6 years (or 20 years if there is fraudulent behaviour). Ask an AIMS Accountant if you have undeclared tax
Don’t cry if you’re using your car for business travel. You can claim a certain amount per mile as a tax deductible expense. Speak to AIMS if you would like to find out about the details
No excuses; if you fail to tell the HMRC about a taxable activity you will get penalised. It is just not worth it - use an Accountant! Start here; www.aims.co.uk
Know your tax code. HMRC can get it wrong, which will cost you money. Check your code and the level of tax that you are being deducted or speak to AIMS if you need advice
Gifts of income-producing assets to your children are ineffective for income tax purposes, unless the total amount is below £100. Speak to AIMS to find out more about the small print