How to make a fresh start in your business
To mark the start of the new tax year here in the UK, we recently ran a 'Fresh Start Week' full of handy tips to help people manage their business finances more efficiently.
If you didn’t manage to check out all of our posts and emails during the week, here’s a brief round-up of the most important information that could help you make a fresh start for your business in the coming tax year.
Stay on top of your expenses
Are you recording expenses as soon as you spend the money? Our Expenses 101 guide walks you through top tips for recording, claiming, managing and storing your business expenses - so they don’t become a major headache.
Make sure your invoice template meets HMRC’s requirements
Every invoice has to include a minimum of basic information, and for VAT invoices, the list of what you need to include is even longer. Use our invoicing basics checklist to make sure your invoices include all the necessary legal information.
Check if you’re eligible for the Employment Allowance
HMRC has just introduced a new Employment Allowance that allows some small business owners to reduce their Employers’ National Insurance by up to £2,000 a year. If you’re not sure about how the scheme works or whether your business is eligible for it, take a look at our run-down of what you need to know about the Employment Allowance.
Do you have to register for VAT?
The threshold for when you have to register for VAT has recently changed from £81,000 to £82,000. So if your VATable sales are approaching the new threshold, you’ll need to start thinking about registering your business soon. Unsure about how to do this - or about VAT in general? Then check out our Chief Accountant Emily’s blog post to find out if VAT affects you, and - if so - how to register for it.
Make sure you’d be ready for a call from HMRC
When you’re running a business, it’s important to keep a tidy, up-to-date set of books - not just to make it easier for you to stay on top of your finances, but to also keep the taxman happy and make things easier if you’re ever flagged for inspection. Check out our guide on keeping your books tidy to ensure that your business is ready for a visit from HMRC.
This blog post was first published on 25 April 2014 and was last updated on 1 April 2015.
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