New tax year resolution

New tax year  – time for a fresh start.

Come January, many of us make new year’s resolutions – often about living healthier lifestyles. Have you ever thought about making a new tax year resolution for your business?

For example, managing expenses can seem like a real headache but managing expenses effectively is critical for SMEs’ long-term financial success. And there are things we can do to make our lives easier:

1.      It sounds obvious, but … develop a budget outlining expected income and expenses. This helps stay on track and avoid overspending.

2.      There is no equivalent of the magic porridge pot, so prioritise based on their importance and impact on the business. This will help allocate resources effectively and avoid unnecessary spending.

3.      Monitor expenses regularly to make sure they are within budget and identify any areas where you can cut costs.

4.      Do your research and negotiate the best possible prices for goods and services. This can help save money and improve profit margins.

5.      Use technology to automate processes such as invoicing, payroll, and expense tracking. This can save time and reduce the risk of errors.

6.      Review expenses periodically to identify any areas where you might be able to reduce costs. This can help you stay competitive and improve profitability.

These are some of the basics that business owners can control and if you know there’s room for improvement in your business, why not make it a new tax year’s resolution?

At AIMS, our accountants can then support you with the more technical aspects of taxation law – and other relevant legislation such as anti-bribery rules and regulations which apply in the UK.