Leading accountancy firm Whitley Stimpson is encouraging Oxfordshire’s small businesses to make a ‘new tax year resolution’ by adopting a smart approach to accounting.
With HMRC planning to simplify the ways small businesses calculate their tax, the firm’s tax specialist and Partner, Owen Kyffin, believes now is the time for SMEs to renew their focus on accurate and efficient accounting, with a view to streamlining their finances and maximising profits.
“Smart accounting is vital to all small businesses keen to improve their companies’ financial performance and make a fresh new start in the new tax year,” says Kyffin. “Keeping on top of every element of company accounting can be daunting. From the accurate preparation of annual accounts to efficient budgeting, complying with HMRC regulations and getting to grips with the new real-time PAYE reporting, there are many potential potholes to negotiate. However, dedicating regular time and resource to these issues can make all the difference.”
Whitley Stimpson’s top tax new year tips include:
- Changing year end to defer income earned late in the accounting period
- Accelerate expenditure to obtain tax deductions sooner (but watch annual investment allowance rate changes)
- Review liabilities for justifiable provisions
- Use personal allowances and lower rate bands fully
Small businesses represent approximately 50% of UK business turnover and employ more than 13m staff collectively. HMRC plans to recognise this important contribution by developing a more competitive tax system and making the UK the most appealing place to start and grow a business in Europe. It will also consider simplifying tax returns by integrating income tax and National Insurance contributions.
Kyffin and his team at Whitley Stimpson offer a comprehensive range of financial management services, and regularly advise companies of all sizes on best practice in the many different facets of accounting. The firm’s keen emphasis on working in partnership with its clients helps small businesses to derive the maximum benefit from its services.
“Understanding our clients’ businesses is our first priority when providing accountancy advice,” continues Kyffin. “We act as an extension to our clients’ teams, delivering one-to-one consultancy as well as providing hands-on assistance with practical matters such as book-keeping and annual accounts.”
For further information or to arrange a free initial consultation with Owen Kyffin, please call Whitley Stimpson on 01295 270200.