Business Considerations for 2018
Take a look below at some of the considerations business owners should be aware of in 2018.
- Deal with your obligations, if any, to comply with the General Data Protection Regulation.
- Deal with your obligations, if any, to comply with the Criminal Finances Act 2017.
- Review your management accounts before the end of your current account’s year to make sure that there are no changes required before the end of the trading year. From a tax planning point of view this is essential as once your trading year or tax year end passes opportunities to save tax may be permanently lost.
- Are you aware of your obligations to pay tax (VAT, corporation tax, income tax or other National Insurance liabilities) during 2018. At the end of this month your self-assessment due for 2016-17 and payment on account for 2017-18 fall for payment.
- Are you in the most effective VAT scheme for your size and type of business?
- If you are still recording your accounts on spreadsheets or handwritten records, have you considered using internet based accounts software? Come the day we are required to upload our accounts data to HMRC, under their Making Tax Digital program, using a computerised system that links with the tax office IT will make the job less of a chore.