Posts Tagged ‘Business Start Ups’

3 Tips For Keeping The Taxman Happy

Tuesday, December 10th, 2013

Paying corporation tax is a necessary but unpleasant aspect of doing business. Few of us relish having to deal with the tax authorities at all – even if everything is in order, undergoing audits and filling out reports can be major drains on your company’s productivity and time.

However, you can take steps to hopefully dissuade the tax authorities from prying too much – they tend to keep an eye on entities that have experienced irregularities in the past, and so staying in their good books will allow you to focus more on keeping your business running uninterrupted in future.

Keep track of your incomings and outgoings

At the end of the tax year, you need to be able to present HMRC with a fairly detailed account of your expenditure and income for the year.

Rather than trying to pull all of this together at the last moment, make an effort to track expenses throughout the year. You might like to scan or photograph invoices and the like and save them, if you’re willing to go through them all as the new calendar year begins. Or you can enter amounts as you go along into a spreadsheet or even a mobile app.

Save for your tax bill

Make sure that you’re putting an appropriate amount of money aside so that you’re not caught out when it’s time to pay. Delays, extensions and partial payments aren’t unusual, but they will cause you to fall out of favour with HMRC.

Ask early for an extension

There are many perfectly understandable reasons for not being able to make your payment. Perhaps you had an unexpected expenditure, or lost a lot of business because of circumstances beyond your control.

If you’re fairly certain you won’t be able to pay the full amount before the deadline, HMRC’s Business Payment Support Service needs to know as soon as possible.

Some form of payment plan can be set up, but the earlier this is arranged the better, as missing the deadline without notice will mean you incur penalties and interest. And it may be some years before the tax authorities are willing to fully trust you again, rather than hound you.

Some of this advice will sound obvious, as it is just common sense ways to prepare for the end of the tax year, and ensuring that you pay what you owe on time. However, you can think of this post as a non-exhaustive checklist. With the deadline for online returns (31st January) approaching, the time to get everything in order is now!

Business Start Ups in Wales – Starting Up Your New Business

Wednesday, April 24th, 2013
Tracey Jones Chartered Accountant

Helping Business Start Ups

As accountants in Swansea our team is experienced in helping business start ups achieve their goals.

As an entrepreneur, launching your new business is driven by your enthusiasm and excitement, but if you are to achieve your ambition of running a successful business you need a strong financial foundation which is where we can help.

When you are starting out it is essential you have a realistic business plan that foresees the different pitfalls that can trip up any new business such as:

  • Poor or inadequate market research
  • Weak financial planning
  • Setting your sights too high
  • Taking your eye off the competition
  • Poor supplier and customers controls
  • Poor stock and asset management
  • Hiring the wrong people

Now this list hasn’t been produced to frighten anyone contemplating a new business, it merely points out some of the common reasons why people fail so if you ensure that you aware of these pitfalls you can ensure they don’t happen to your new business and you can grow successfully.

How Accountants Help New Business Start Ups

As you can see from the list above some of the common reasons new business start ups struggle is due to:

  • Weak financial planning
  • Poor supplier and customer controls
  • Poor stock and asset management

It is in these areas that we can help you achieve your business goals.

Cash flow is the lifeblood of any business but it is even more important when you are in the start up phase. Starting your business with poor financial controls immediately puts it under strain and you need to put good financial controls in from day one.

By taking the time to talk to your accountant before you set up in business he or she can ensure you are aware of the different financial controls you need to put into place for good stock control and effective cash flow monitoring ensuring you are paid on time from your customers enabling you to meet your financial responsibilities.

Business Start Up Resources

If you are considering starting up a new business in Swansea or South Wales we would welcome your call on Swansea 01792 894375

You can also get further help and information from the Welsh Government in this free online guide.