If you are a sole trader now is the time for a Spring Clean of all bad debts. If bad debts have been left unresolved after the 5th April 2015, you will end up paying tax on money that has not been paid.
Before 5th April 2015 you should have done the following:
- Used any Capital Allowances or Annual Tax Allowances that you are eligible for (don’t forget that children have ISA allowances too).
- If you are an employer, make sure that you have claimed the £2000 employer allowance.
- Ensure your payroll is up to date (with RTI you are best sorting this out during the year – not afterwards).
- Checked the staging date for pensions auto enrolment at: http://www.thepensionsregulator.gov.uk/employers/tools/staging-date.aspx
- Passed any debts through to us for collection.
- Sorted out any new accounts or bookkeeping software you want to use for the new tax year.
- Reviewed Terms & Conditions to prevent future non-payers (we can arrange for this too).
Talk to one of the team today if you have any queries or concerns. Phone us on 0808 252 5156 or click here to send an enquiry.