If your business operates through a limited company, you will no doubt be aware of the date of your year end. But do you pay attention to it beforehand, or do you let it slip passed unnoticed? Do you only start thinking about it when the accounts submission date is looming? By then it is too late to make any changes.
Here at Embarc part of our service is to sit down with our clients BEFORE year end. We have a structured agenda and discuss issues relevant to the business. By doing this before year end, we still have time to make decisions, and often these decisions will save you tax, i.e. money. So what should you be looking at before you get to your year end?
Here is a typical list of what we will review, and act on if necessary
• Accounts – are the accounting records up to date?
• Salary and dividends – are you happy with the current levels? Are you utilising all your tax allowances?
• Directors Loans – check that directors are not owe money to the company. If you do, then look at the best way to clear the loan balance. Is there the opportunity to clear with a dividend payment?
• Fixed Assets – consider making that purchase before year end to take advantage of your Annual Investment Allowance.
• Pensions – do you want to make any additional payments? To get tax relief, any payments must be physically paid over before the year end date.
• Business structure – are there any changes being considered or worth considering?
• Look ahead – what is your forecast for the next year?
Finally we will ask our clients if they are happy with the service we are providing at Embarc. Because happy clients make a happy accountant!
If your year end is looming make a conscious effort to review your business NOW. And if your year end is not for a few months yet, why not make a diary note to act 6 weeks before your year end date.
If you would like Embarc to help you plan for your year end then do get in touch. Don’t wait until the year end has passed, act today! We are waiting to hear from you.