Are You Nearing the End?

If you are coming to the end of your financial year, here is some expert accounting tips from us here at Botting & Co Chartered Accountants in Littlehampton that could make a
significant difference to your business:

1.  If you are planning any significant capital expenditure on plant and equipment, complete the investment before the end of the financial year to accelerate the claim for capital

2.  Consider deferring income into the following accounting period by timing sales of goods or services into a later accounting period.

3.  Where business is seasonal you may be able to extend/shorten the accounting period to exclude a profitable period or bring in a future loss making period.

4.  If you are a limited company, consider making additional pension contributions to the director’s personal or company pension plans,  or accelerate bonuses to directors
and staff so that they fall into an earlier accounting period.

5.  Use specific provisions for redundancy, impairment losses (bad debts), slow moving stocks and similar items.

6.  If you have incurred revenue expenditure on Research & Development   you may be able to obtain tax relief for 200% of that expenditure (225% after 1 April 2012).  The
definition of R&D is very widely drawn and applies to activities not normally associated with research and development.

7.  Ensure that all allowable claims and reliefs are made in the business accounts, i.e. business mileage, use of your home as office and paying back intangible assets and
expenses paid from personal resources.

8.  Consider the possibility of paying wages to non working spouses or other family members if they are playing an active role in your business.   Before taking action on any of
the above, please make sure you obtain clarification from a qualified accountant. For expert advice, contact us today on 01903 713508, your first meeting is free.

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