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If you are ever flagged by HMRC for inspection would you be ready?  The key to peace of mind is keeping a tidy, up-to-date set of books, imagine trying to track down lost receipts or missing invoices to prove your trading figures?

An accountant or bookkeeper can help you keep up to date so that at any time you know how much VAT you owe and when, they can help prevent errors and help you calculate your corporation/income tax liability.  Alternatively, choosing and using the correct bookkeeping software reduces the headaches immensely.

For advice on the best tools to use, contact CMW, or let CMW take the worry off your shoulders by completing your bookkeeping on your behalf.

Yesterday heralded the start of the 2015/16 tax year so this year why not make sure you start as you mean to go on.  Simple discipline will help you save time, money or just make things that little bit easier when managing your books over the year ahead.

The best time to record an expense is as soon as you spend the money. Most business owners and traders have smart phones, so don’t stuff the receipt in your bag or wallet never to be seen again, quickly take a photo on your mobile and upload it to a cloud drive ready for processing later.  Or keep an envelope with you and make sure all receipts and paperwork get put safely away for later.  If you don’t have a receipt, you can’t prove you’ve spent the money and therefore cannot claim it as an expense.

Note the following changes to personal tax rates, allowances and National Insurance Contributions for tax year 2015/2015
Important rates for tax year 2015/16

Basic rate of income tax                                               20%

Basic rate band                                                             £0-£31,785

Higher rate of income tax                                             40%

Higher rate band                                                          £31,786-£150,000

Additional rate                                                              45%

Additional rate band                                                     £150,000

Personal Allowance                                       

those born after 5 April 1948                                       £10,600

those born between 6 April 1938 and 5 April 1948       £10,600

those born before 6 April 1938                                    £10,660


National Insurance contribution thresholds

Weekly Lower Earnings Limit (LEL)                             £112 per week

Weekly Primary Threshold (PT)                                  £155 per week

Weekly Secondary Threshold (ST)                             £156 per week

Upper Earnings (UEL)                                                £815 per week

Upper Profits Limit (UPL)                                           £42,385

Employment Allowance                                             £ 2,000 (per year, per employer)

There are many benefits to collaborative working:  

• saving money by sharing costs and resources
  
• increased expertise, sharing knowledge and best practice
  
• Colleagues to encourage and help you achieve your goals
  

are just a few,
Hence the reason I am very proud to be part of a new collaborative organisation called the Yorkshire Business Collective,  a bunch of like-minded consultants,  experts in their field, working together to reach out to local businesses to offer a high quality out-sourcing and business advice.

see www.yorksbizcollective.com for more information

Before you know it, January is over and you still haven't set your goals and objectives for the coming year.  It's not too late,  by reviewing your business plan it helps you refocus your efforts on growing and developing your business.

So - dig out that business plan, review it, and focus on the specific actions you need to make 2015 a really successful year.

If you need help and advice or coaching to achieve your goals, or just a friendly ear to bend, please get in touch.