Small businesses across Shropshire are being urged to make a New
Year's Resolution to protect their hard-earned income in 2012.
Nigel Lomax who runs TaxAssist Accountants in Shrewsbury said:
"Local businesses in Shropshire know how tough it is out there and
the climate is unlikely to change any time soon.
"Anything they can do in 2012 to protect their hard-earned
income, by avoiding penalties from the tax man and claiming
everything they're entitled to, is absolutely vital."
TaxAssist Accountants has put together a 2012 Top Ten Tips for
Shropshire's small businesses to consider:
• Make your e-mail/ mobile phone an "early warning" diary
for tax deadlines: not missing the January 31st deadline for self
assessment tax returns, for example, saves a fixed penalty of
£100
• Take advantage of the new 50% tax relief on initial
investment if you're director of a start-up company
• Receive up to half the minimum wage for the first six
months for any new staff, through the new Youth Contract for
jobless young people
• Apply for an Employer's National Insurance Contributions
(NICs) holiday: up to £5,000 for each of the first ten
employees is available in some regions
• Check the rateable value if you operate from single
premises: you could be eligible for up to 100% rate relief
• Claim tax relief on any losses, if you're a partnership
or sole trader
• Think about incorporating your business if you're paying
income tax at 40%
• Reclaim VAT if any of your employees use a rate per mile
to calculate business use of their own car and assess the tax
implications of changing the ownership of your vehicles
• Claim up to 100% tax relief for certain plant and
equipment, such as vans and computer equipment
• Try to put aside at least 25% of any profits for your tax
bill - it always pays to be prepared
TaxAssist Accountants Shrewsbury is a local business itself,
providing tax and accountancy advice and services to more than 400
small businesses.