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11 Amazing New Year’s Resolutions For Your Business

Get Your Business Fit With These All Year Round Resolutions…

Want to pile on the pounds this year but shed those excess tax liabilities? Then follow these new year’s resolutions from one of the UK’s premium on-line accountancy services.

Are you feeling a bit business lethargic despite the fact it’s a new year?

Limit Yourself
If you are a sole trader or trading as partnership and have healthy profits of £40k plus, it’s time to go Limited. Limited company owners benefit from smaller tax and National Insurance rates.

Avoid Nasty Tax Shocks
Don’t slip into the old routine of being surprised when your year-end comes around and your corporation tax figure is greater than your bank balance. Make sure you keep up-to-speed with your tax liabilities in real time through 2014 with a tax timeline.

Wage Appropriate
Don’t believe the hype. Directors are not subject to a minimum wage so you don’t have to have a large salary. More than 76% of business owners pay too much tax through over-inflated salaries, so don’t be one of them – take a salary that suits your personal needs.

Cut Out Paperwork
Don’t get bogged down in a mountain of paperwork. has a brilliant smart phone all that enables you to scan your receipts and invoices when you receive them and then forwards them directly to your accountant.

Don’t Bank On It 
Don’t spend hours hunting for missing bank transactions. Your bank can your bank transactions on a weekly basis. No more bank reconciliations.

Invest Wisely
Start using your business funds wisely. Have you considered business investments or pensions. With bank interest low, 2014 is a perfect time to chose an alternative way to bank your hard earned income and make more from your money.

Save Time
Don’t waste your working life filling in manual spreadsheets. Focus on your business and let our systems do the hard work for you.

Don’t Throw Money Away
Don’t miss deadlines! More than a 3rd of HMRC’s penalties are thanks to SMEs missing deadlines or submitting incorrect returns. It’s tantamount to stuffing millions of fivers into the taxman’s pockets!

HMRC often target repeat offenders. So if you are regularly late, an investigation is just around the corner!
Don’t dread the postman bringing you a brown envelope from HMRC. can send you timely reminders for all your HMRC submissions. Say no to excess tax liabilities.

Taxing Situation
Have you had a tax review recently? Many directors take funds from their business without knowing there is a taxable impact. You can’t have too many tax reviews and don’t settle for a ‘one size fits all’ approach. You are as unique as your company. Get bespoke tax advice – myaccountantfriend.comcan help you with this.

Expenses Expenses
More than 75% of business-owners pay for business expenses out of their own pocket and either forget to claim them back or didn’t know they could claim them in the first place. Start comparing your expenses to your rivals – undertakes a full review by comparing your business to others operating in the same market. This means you won’t attract unnecessary attention from HMRC and stay within the line of tax efficiency.

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