Top 10 accountancy tips for Christmas

It’s the time of tinsel and turkeys again, so we at AIT thought what better way to wind things down with a few festive accountancy advice tips to ensure your business is in perfect working order for 2017.

1 As many businesses slow down at this time of the year, it’s a great time to get organised for the New Year! Those jobs like sorting out the receipts are great to do when there are fewer interruptions and will make a huge difference when filling in your tax return – it may also reduce the risk of unnecessary tax payments.

2 Reward your workers with a Christmas party? Apart from really helping with staff morale, the taxman provides a tax deduction for an annual event, up to £150 per head.

3 On one of those chilly nights, take time to look at the VAT Flat Rate Scheme to help you. Using this scheme, you could save a substantial sum of money. This means you just pay a flat rate percentage.

With the aid of AIT, Solihull’s top accountants, you can have a team dedicated to saving a whole lot of tax in 2017. By paying yourself varying dividends and salary you will be able to pay less to HMRC.

5 Are you part of a family who has not used up their tax-free allowance? Then you could involve them in the company? Guidance from AIT could help.

6 If you give gifts to your clients, then why not use it as an advertising opportunity! The gift must have an easily viewable advertisement for your business and there is a limit on the cost per client.

7 If you are a small company or you work from your home you can claim some household expenses through your business. Make sure you do this.

8 Consider giving a gift to your employees over Christmas, while saving money! Perhaps you could reward your staff with a share in the company, thereby giving them even more reason to be cheery and it would mean a loyal employee for some time to come. It’ll save you tax as well.

9 Make sure you are getting the advice you need to help grow your business. Talking to a trusted Solihull accountant like AIT regularly could be just what you need to help move you onto the next level.

10 Make sure you are well rested. Too many business owners don’t switch off over the festive season. Take time to rest and relax and enjoy the season. It will mean you can hit the ground running in 2017 with your batteries fully charged.