Getting the tax year off to a good start will help you to optimise your overall financial position. But you need to plan ahead.<\/p>\n
<\/p>\n
Effective planning helps you to keep your business organised and compliant. It also enables you to maximise deductions, minimise liabilities, and optimise your overall financial situation.<\/p>\n
Taking a proactive approach to managing finances and tax obligations is essential. Here are our top tips to prepare:<\/p>\n
Keep updated financial records<\/strong><\/p>\n Keeping on top of your financial records will allow you to evaluate your current position.<\/p>\n Make sure that you maintain precise records and have documented all of your income, expenses, deductions and reliefs claimed throughout the year.<\/p>\n This will help you to track your performance and uncover risks and opportunities that you can work on.<\/p>\n Having updated records will also ensure the submission process at the end of the tax year is much smoother.<\/p>\n Make use of tax reliefs<\/strong><\/p>\n Consider the following tax reliefs and allowances to minimise your liabilities:<\/p>\n \u00b7 Capital allowances: The UK Government is implementing a 100 per cent tax deduction for capital expenditure on plant and machinery from 1 April 2023 to 31 March 2026.<\/p>\n \u00b7 Travel expenses: Companies can claim tax relief on travel expenses if they are for business purposes, and it is essential to keep the expense receipts.<\/p>\n \u00b7 Reclaim VAT: If your business is VAT-registered, you can claim VAT on items used for business purposes.<\/p>\n There may also be industry-specific tax reliefs that you could claim, such as research and development (R&D) tax reliefs.<\/p>\n You need to be aware that there are upcoming R&D reforms that come into force on 1 April 2023 as well as an \u2018enhanced credit\u2019 for loss-making R&D-intensive businesses.<\/p>\n Get expert support<\/strong><\/p>\n Keeping on top of deadlines and knowing how to minimise your tax liabilities can be challenging. So, why not consider hiring a bookkeeper or accountant?<\/p>\n Getting expert support will reassure you that your business remains compliant whilst getting advice on how to maximise your accounts.<\/p>\n This will ensure you have more time to focus on making informed decisions and elevating your business.<\/p>\n Need support preparing your business for the new tax year? Contact our team of tax experts today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Getting the tax year off to a good start will help you to optimise your overall financial position. But you need to plan ahead.<\/p>\n","protected":false},"author":2,"featured_media":5082,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,125,7,27,32,128],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5080"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=5080"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5080\/revisions"}],"predecessor-version":[{"id":5081,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/5080\/revisions\/5081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/5082"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=5080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=5080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=5080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}