With the Self-Assessment Season upon us, it seems like a good time to point out some of the ways you can, with some good planning, reduce your tax bill. Nothing here constitutes risky tax schemes—that’s just not what we do—it’s all just good old common sense.
Incredible though it seems, a recent survey I came across suggested that in the UK, SMEs could be losing up to £3.7 billion a year simply by forgetting to invoice for goods or services provided to customers. Apparently one in five SMEs admit to having forgotten to invoice for goods or services at least once.
Which led me to have a look at my own business and ask myself the question – have I forgotten to invoice a client ever, and if I did, would I ever know about it?
We are already a year into the 5-year process of bringing ALL employers in the UK within the auto-enrolment regime. This places obligations on employers to provide a workplace pension for their employees AND to contribute into it. The very largest companies are the first to implement, but it’s not long now before auto-enrolment is going to hit the very smallest of companies also – and I predict that there are some challenging times ahead….
This is one of the topics which I am asked about, or discuss, with clients most during the average year, so I thought it would be good to summarise the main issues here so you can all refresh your memory / knowledge on this.