Making New Year resolutions that work

It’s that time of year when we look to make resolutions. Filled with good intentions we set off on our New Year exercise regime with vigour, only to stop going to the gym in February.

It can be the same with the resolutions you make for your business. But here are three resolutions that you can keep to help in 2019.

1. Don’t wait until the last minute

Make sure that you start your tax return procedure well in advance. Have the conversation with us early rather than later.

The longer we have to look at your affairs the better we can advise you – and it also pays to talk to us. You may be missing out on tax relief in some areas.

Keep all the key dates for filing and payment in your diary. And aim to keep on top of all your tax issues – it’s one less pressure point in a busy schedule. We’re here to help.

2. Look at your workflow

If you’re becoming bogged down with financial paperwork it may pay to look to outsource your bookkeeping and payroll – freeing you up for other parts of the business.

Keeping your financial records up to date is vital for any business – and not just for tax purposes. Maintaining cash flow and forecasting your business’ performance can go a long way to keeping you on track. Getting experts in can be a big help.

There is no doubt the increasingly complex world of payroll is also causing major headaches for many small and medium sized businesses as they struggle to cope with the growing burden of red tape.

3. Get set for MTD

The countdown to Making Tax Digital (MTD) is now well and truly on – so make sure that you are ready for any changes you might need to make.

As part of MTD, businesses registered for VAT with a taxable turnover above the VAT registration threshold of £85,000 will need to keep VAT records digitally and file their VAT returns using MTD compatible software.

This will start from their first VAT period starting on or after April 1 next year.

Businesses with a taxable turnover below the VAT threshold will not have to operate MTD, but can still choose to do so voluntarily.

VAT Notice 700/22: Making Tax Digital for VAT provides information to customers and adds to amendments to the VAT Regulations made earlier this year.

WNJ also has a dedicated team which we have put together to address MTD issues and to help our clients chose, install and train how to best use the different software on offer.

To discuss any of these issues please contact me on 01772 430000.