Shropshire small businesses are taking advantage of the extended
Easter break to get their accounts in order, according to a local
tax specialist.
Nigel Lomax who runs small business tax and accountancy firm,
TaxAssist Accountants, in Shrewsbury said that there had been a
marked increase in enquiries. He comments:
"This is traditionally our quietest month for enquires, after
the end of the financial year in March, but we're seeing a marked
increase in calls as local business owners use the extended break
to do all those jobs they've been meaning to get on top of all
year. For many, either their clients or their own teams have
taken advantage of the run of Bank Holidays and the Royal Wedding,
which means that by taking three days holiday, they have an 11-day
break.
"For some businesses, of course, there has been a welcome boost
in business. The unseasonably hot weather over Easter and
preparations for Royal Wedding street parties or TV-fests, have
been ringing the tills at corner shops, takeaways, pubs and taxi
firms, but for many office-based companies this has been a time to
get rid of the clutter, archive old files, be ruthless with the
in-box and get their tax accounts in order."
The next major deadline for self-employed business people is
July 31 tax-credit declaration, he added, but sorting out their
accounts well in advance, would avoid last-minute panics. Small
business owners should also be preparing management accounts to
ensure that dividend payments and director loan accounts, for
example, were all accurate and up to date.
"News this week that the UK economy has grown 0.5% in the first
three months of the year, will rightly be treated with caution by
local business owners," said Nigel Lomax. "It only counters the
0.5% drop in GDP in the final quarter of last year and trading
conditions remain very tough. Now, more than ever, it is vital to
have a clear view of your income, expenditure and forecasts."
TaxAssist Accountants Shrewsbury is a local business itself,
providing tax and accountancy advice and services to more than 400
small businesses.