Seems obvious, but is actually a smart move and Christmas is a great excuse to do it. Offices shut down over the Christmas period, so late payments are unlikely to get seen too until the New Year. You don’t want to end up with late payment fees or damage business relationships.
Use the festive period to wish your clients Merry Christmas and give your debtors a festive nudge. Make contact in advance of the due date to ensure they have received your invoice and are ready to process the payment.
Review the Way You Pay VAT
Is your VAT turnover £150,000 or less (excluding VAT)? If so, take the time to look at the VAT Flat Rate Scheme. It could help you save a good amount of money as it means you just pay a flat rate percentage. Speak to Robinsons to see if you are eligible for the Flat Rate Scheme.
Review How You Get Paid
By paying yourself varying dividends and salary you will be able to pay less to HMRC. With the help of Robinsons, our team can help you maximise your income and saving you tax. Now that’s the Christmas gift that keeps giving.
Staff Christmas Parties are a great way to reward staff for their hard work during the year. What’s more, you can get a tax deduction for an annual event for up to £ per head. Find out more about Christmas expenses in our blog article ‘Tax Deductible Christmas Gifts’
And although cash gifts are not tax deductible, HMRC has conceded seasonal gifts such as a turkey, a box of chocolates or a bottle of wine to be exempt so long as they meet the
Clients & Gifts
If you intend on giving gifts to your clients, it’s a good idea to use it as an advertising opportunity. This way, along with a few other requirements such as a cost limit etc. they will qualify for a tax deduction. To qualify, the gift must bear a conspicuous advert, be less than £50 and not be food, drink, tobacco or exchangeable vouchers. Got a question? Get in touch so we can share the answer.
New Year, New Start
Now is the perfect time to make sure your business is in the best shape it can be for the New Year. So, whilst there’re less distractions, why not tackle those jobs that always get passed by, for instance sorting out receipts. Taking some time to do those jobs can make a big difference when filing your tax return and help you avoid the risk of late penalties further down the line.
Make Tax Digital
Use this period to make strides towards preparing for the Making Tax Digital for Income Tax deadline. There are upcoming legal requirements, duties and obligations that will be imposed from April 2024. Make it your mission to find out more about what you need to do to get ready. This is something we can help with, speak to the Robinsons Team.
Claim Household Expenses
If you work from home or are a small business operating from your home, you can claim some of your household expenses through your business. No matter the size of your business, The Christmas break is the perfect time to review expenses, overheads and income to make sure you’re on track. Speak to the Robinsons team or read our article to see what you can claim.
Speak To Your Accountant
We are aware that though our team is fully approachable to assist with tax savings and growth plans, some accountants out there are not. Speak to the Robinsons Team and discover the added benefits of having a dedicated, experienced and professional team looking after your business in the year ahead. Make sure you are getting the advice suitable for your business.
Relax!
As a business owner it’s hard to switch off over the Christmas break. Take time to rest and relax and enjoy the season, ensuring you make the most of time with family and friends. It will mean you can hit the ground running in the New Year with your batteries fully recharged.
10 Top Tips For Businesses At Christmas
Chase Late Payments
Seems obvious, but is actually a smart move and Christmas is a great excuse to do it. Offices shut down over the Christmas period, so late payments are unlikely to get seen too until the New Year. You don’t want to end up with late payment fees or damage business relationships.
Use the festive period to wish your clients Merry Christmas and give your debtors a festive nudge. Make contact in advance of the due date to ensure they have received your invoice and are ready to process the payment.
Review the Way You Pay VAT
Is your VAT turnover £150,000 or less (excluding VAT)? If so, take the time to look at the VAT Flat Rate Scheme. It could help you save a good amount of money as it means you just pay a flat rate percentage. Speak to Robinsons to see if you are eligible for the Flat Rate Scheme.
Review How You Get Paid
By paying yourself varying dividends and salary you will be able to pay less to HMRC. With the help of Robinsons, our team can help you maximise your income and saving you tax. Now that’s the Christmas gift that keeps giving.
Find out more about dividends versus salary in our article ‘Dividends vs Salary: Which is the better choice for company directors?
Reward Employees with a Christmas Perk
Staff Christmas Parties are a great way to reward staff for their hard work during the year. What’s more, you can get a tax deduction for an annual event for up to £ per head. Find out more about Christmas expenses in our blog article ‘Tax Deductible Christmas Gifts’
And although cash gifts are not tax deductible, HMRC has conceded seasonal gifts such as a turkey, a box of chocolates or a bottle of wine to be exempt so long as they meet the
Clients & Gifts
If you intend on giving gifts to your clients, it’s a good idea to use it as an advertising opportunity. This way, along with a few other requirements such as a cost limit etc. they will qualify for a tax deduction. To qualify, the gift must bear a conspicuous advert, be less than £50 and not be food, drink, tobacco or exchangeable vouchers. Got a question? Get in touch so we can share the answer.
New Year, New Start
Now is the perfect time to make sure your business is in the best shape it can be for the New Year. So, whilst there’re less distractions, why not tackle those jobs that always get passed by, for instance sorting out receipts. Taking some time to do those jobs can make a big difference when filing your tax return and help you avoid the risk of late penalties further down the line.
Make Tax Digital
Use this period to make strides towards preparing for the Making Tax Digital for Income Tax deadline. There are upcoming legal requirements, duties and obligations that will be imposed from April 2024. Make it your mission to find out more about what you need to do to get ready. This is something we can help with, speak to the Robinsons Team.
Claim Household Expenses
If you work from home or are a small business operating from your home, you can claim some of your household expenses through your business. No matter the size of your business, The Christmas break is the perfect time to review expenses, overheads and income to make sure you’re on track. Speak to the Robinsons team or read our article to see what you can claim.
Speak To Your Accountant
We are aware that though our team is fully approachable to assist with tax savings and growth plans, some accountants out there are not. Speak to the Robinsons Team and discover the added benefits of having a dedicated, experienced and professional team looking after your business in the year ahead. Make sure you are getting the advice suitable for your business.
Relax!
As a business owner it’s hard to switch off over the Christmas break. Take time to rest and relax and enjoy the season, ensuring you make the most of time with family and friends. It will mean you can hit the ground running in the New Year with your batteries fully recharged.
If you have any questions – speak to the Robinsons Team
Archives
Categories
Archives
Recent Post
Categories
Portfolio
Meta
Calender