New Year's Resolutions for 2018

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.
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2 Make sure your business is covered for the unexpected

• 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 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.

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. 
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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. 
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For more information, please do not hesitate to arrange your free consultation with one of our team.