--- title: New Year's Resolutions for 2018 description: With this week seeing most businesses return to work following the Christmas break, we take a look at our top 5 New Year's Resolutions. image: https://blog.shorts.uk.com/hubfs/Stock%20images/Business%20man%20with%20the%20text%20A%20Goal%20without%20a%20Plan%20is%20Just%20a%20Wish%20in%20a%20concept%20image.jpeg --- [![Shorts_logo_White](https://blog.shorts.uk.com/hubfs/New%20Site%202018/Shorts_logo_White.svg "Shorts_logo_White")](https://www.shorts.uk.com/) [Blogs & News](https://blog.shorts.uk.com/) > [Business Taxes](https://blog.shorts.uk.com/topic/business-taxes) # New Year's Resolutions for 2018 David Robinson - 11 January 2018 ###### Select topic - Please Select - [ Audit ](https://blog.shorts.uk.com/topic/audit) [ Business Taxes ](https://blog.shorts.uk.com/topic/business-taxes) [ Radius – R&D Tax Relief & Patent Box ](https://blog.shorts.uk.com/topic/radius-rd-tax-relief-patent-box) [ Corporate Finance ](https://blog.shorts.uk.com/topic/corporate-finance) [ GENUS Management Accounts ](https://blog.shorts.uk.com/topic/genus-management-accounts) [ VAT ](https://blog.shorts.uk.com/topic/vat) [ Private Client ](https://blog.shorts.uk.com/topic/private-client) [ Payroll ](https://blog.shorts.uk.com/topic/payroll) [ EOT ](https://blog.shorts.uk.com/topic/eot) [ International Taxes ](https://blog.shorts.uk.com/topic/international-taxes) ![featured image](https://blog.shorts.uk.com/hubfs/Stock%20images/Business%20man%20with%20the%20text%20A%20Goal%20without%20a%20Plan%20is%20Just%20a%20Wish%20in%20a%20concept%20image.jpeg) With this week seeing most businesses return to work following the Christmas break, we take a look at our top 5 New Year's Resolutions for 2018. ## 1 Don't put off claiming R&D Tax Credits Research and Development (R&D) tax credits were introduced to incentivise companies to innovate using the tax system. Claims are often overlooked because business owners over-estimate the level of innovation required to claim when all that is required is an appreciable improvement to science or technology. **[Find out more](https://blog.shorts.uk.com/rd-tax-credits-explained). ** ## **2 Make sure your business is covered for the unexpected**** ** Have you thought about what might happen to your business if; - **You or one of the other business owners dies? ** Who would receive the deceased’s share of the business? Would the other business owners have the funds immediately available to purchase this interest, potentially from the deceased’s family? If this is not the case, there is the very real risk that the business interest could be sold to a third party, or the deceased’s family are subsequently forced to become involved with the business on an ongoing basis. - **You or another key person suffers a critical illness or even dies? ** How would it affect your company’s ability to maintain turnover or generate profit?  Would you have the funds available to finance the exercise of replacing this key individual? Are there any debts within the business that would need to be repaid? **[Find out more](https://www.shortsfs.com/news/business-protection-planning-unexpected/) **about the protection options available. ## **3 Implement accurate management accounts for improved management decisions** Do you know where you are making money or which jobs are your most profitable? If not, then Xero have now released ‘Projects’ which is an exciting new feature that is currently free to trial until December 2017. **[Find out more](https://blog.shorts.uk.com/xero-projects-is-ideal-for-small-businesses).** ## **4 See if funding is available to help grow your business** Over the years, we have been involved in the decision-making process for many clients considering obtaining additional finance for their business and have supported a large number through the funding process.  This varies from making an initial introduction through to ‘holding their hand’ through the whole process.  We are often involved in preparing and providing information to funders and comparing the offers received. Drawing on this experience, we have put together a guide to highlight a few of the key types of funders available in today’s marketplace and the differing forms of funding they could offer.  **[Find out more.](https://blog.shorts.uk.com/im-looking-to-fund-my-business-how-can-i-decide-the-best-option)** ## **5 Make sure your VAT affairs are up to date** HM Revenue & Customs (HMRC) collected an extra £3.4 billion from small and medium sized businesses through inquries into the under-payment of VAT in 2016/17, according to a firm which specialises in tax investigation insurance. Make sure that your business doesn't make mistakes in 2018.  **[Find out more.](https://blog.shorts.uk.com/hmrc-crackdown-continues-is-your-vat-return-coming-under-scrutiny)** For more information, please do not hesitate to arrange your [free consultation](https://www.shorts.uk.com/contact-us/) with one of our team.         ![author](https://blog.shorts.uk.com/hubfs/Team%20profile%20round%20images/David%20Robinson%20Round%20circle.jpg) #### David Robinson As a Tax Partner, I advise clients on all aspects of UK tax, ranging from business taxes, transactions and private client matters, helping to achieve the objectives and aspirations of businesses and their owners. [View my articles](https://blog.shorts.uk.com/author/david-robinson) Tags: [Business Taxes](https://blog.shorts.uk.com/topic/business-taxes) Share this on - - - [Questions? Get in touch with us](https://www.shorts.uk.com/contact/) ###### Tax Saving Guide 2026-27 Written especially for entrepreneurs and owner-managed businesses, this guide is full of planning ideas and tax risks to avoid. [ Download now ](https://info.shorts.uk.com/en-gb/tax-saving-guide) ![Tax saving guide 2026-27](https://blog.shorts.uk.com/hs-fs/hubfs/Tax%20saving%20guide%202024.jpg?width=375&height=465&name=Tax%20saving%20guide%202024.jpg) ###### Related articles ##### [Two-year window for claiming R&D tax credits is ending soon](https://blog.shorts.uk.com/yearend-approaching-dont-miss-rd-tax-credits) ##### [How Year-Round Tax Planning Can Help SMEs](https://blog.shorts.uk.com/how-year-round-tax-planning-can-help-smes) ##### [September 2022 Mini-Budget - Initial Reaction](https://blog.shorts.uk.com/september-2022-mini-budget) ##### [What is the new Capital Allowances Super-Deduction?](https://blog.shorts.uk.com/new-capital-allowances-super-deduction) ###### Latest articles [A case of aggressive tax avoidance: Glasgow Rangers Football Club](https://blog.shorts.uk.com/aggressive-tax-avoidance-affect-you) [What is VAT? - Complete Guide (Updated for 2025/26)](https://blog.shorts.uk.com/what-is-vat) [Ashgate Hospice Sparkle Night Walk 2026](https://blog.shorts.uk.com/ashgate-hospice-sparkle-night-walk-2026) [Stocktaking guide for UK businesses](https://blog.shorts.uk.com/stocktaking-guide-for-uk-businesses) [Supporting the Chatsworth Cascade for future generations](https://blog.shorts.uk.com/supporting-the-chatsworth-cascade-for-future-generations) [Deal of the Year win at Insider Dealmakers Awards 2026](https://blog.shorts.uk.com/deal-of-the-year-win-at-insider-dealmakers-awards-2026) [Football shirt Wednesday: Backing England in style](https://blog.shorts.uk.com/football-shirt-wednesday-backing-england-in-style) [Understanding lifetime trusts: the basics](https://blog.shorts.uk.com/understanding-lifetime-trusts-the-basics) [Close company directors face new HMRC detail requirements in 2026](https://blog.shorts.uk.com/close-company-directors-face-new-hmrc-detail-requirements-in-2026) [Shorts advise Harris Irwin Architects on successful growth funding.](https://blog.shorts.uk.com/shorts-advise-harris-irwin-architects-on-successful-growth-funding) #### About Us Use this little footer to reinforce your message about who you are and why people love working with you. And since this is a global module, you only have to edit it once to make the changes across every page it appears on. [Learn More [fa icon="long-arrow-right"]](https://blog.shorts.uk.com/new-years-resolutions#) #### More Links #### Contact Us [fa icon="phone"]   [fa icon="envelope"]  [yourname@company.com](mailto:yourname@company.com) [fa icon="home"]  Cedar House, 63 Napier Street, Sheffield, South Yorkshire, S11 8HN, | 2 Ashgate Road, Chesterfield, Derbyshire, S40 4AA | (0114) 2671617 / (01246) 559955 [[fa icon="facebook-square"]Facebook](https://blog.shorts.uk.com/new-years-resolutions#) [[fa icon="linkedin-square"]Linkedin](https://blog.shorts.uk.com/new-years-resolutions#) [[fa icon="twitter-square"]Twitter](https://blog.shorts.uk.com/new-years-resolutions#) [[fa icon="pinterest-square"]Pinterest](https://blog.shorts.uk.com/new-years-resolutions#) Copyright 2026 | Designed with [fa icon="heart"] by [HubSpot](https://www.hubspot.com) [[fa icon="chevron-up"]Back to top](https://blog.shorts.uk.com/new-years-resolutions#) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "David Robinson", "url" : "https://blog.shorts.uk.com/author/david-robinson" }, "dateModified" : "2018-12-12T11:38:23.993Z", "datePublished" : "2018-01-11T09:00:00.000Z", "headline" : "New Year's Resolutions for 2018", "image" : [ "https://blog.shorts.uk.com/hubfs/Stock%20images/Business%20man%20with%20the%20text%20A%20Goal%20without%20a%20Plan%20is%20Just%20a%20Wish%20in%20a%20concept%20image.jpeg" ], "mainEntityOfPage" : { "@id" : "https://blog.shorts.uk.com/new-years-resolutions", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.shorts.uk.com/hubfs/2018%20Shorts%20logo%20with%20transparent%20background%20.png" }, "name" : "Shorts" } } ```