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17/02/18 18:25
Pre Tax Year End Review
How many times in business have you waited until your financial year had ended, sent your records to your accountants, only to subsequently find out that you had a much better year than you expected, and that you have a substantial tax liability and it's too late to do anything about it. Oh dear...
Here are my suggestions;
1. Prepare Management Accounts for your Accounting year to date - before 5 April 2018, or ask your accountants to. Find out your results to date
2. Ask your accountant to determine a rough income tax expectation for 2017-18 based on these.
3. Do something about it, when you still can, before 5 April 2018. There are a whole host of practical sept you can take both in your business and in your private finances that can mitigate your tax liability. It is simply too late to do these after 5 April 2018 and expect them to reduce your tax liability for the previous year.
4. Check your level of Sales and think VAT. If you are not VAT Registered, it becomes compulsory to register for VAT if your Business Sales exceeds £85,000 per annum, and unwittingly you could be over the threshold already. HMRC can backdate VAT Registration at a significant cost to you.
If you want to stay ahead, and know where you are, please contact me and the Team to arrange a meeting!
Written by:
Norman Elliott FCA
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