{"id":19958,"date":"2023-04-03T09:12:42","date_gmt":"2023-04-03T09:12:42","guid":{"rendered":"https:\/\/www.moorethompson.co.uk\/blogs\/?p=19958"},"modified":"2023-04-03T09:12:43","modified_gmt":"2023-04-03T09:12:43","slug":"is-your-business-ready-for-the-new-tax-year","status":"publish","type":"post","link":"https:\/\/www.moorethompson.co.uk\/blogs\/is-your-business-ready-for-the-new-tax-year\/","title":{"rendered":"Is your business ready for the new tax year?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2023\/04\/MT-Blog-HB-03.04.23-1024x576.png\" alt=\"\" class=\"wp-image-19959\" srcset=\"https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2023\/04\/MT-Blog-HB-03.04.23-1024x576.png 1024w, https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2023\/04\/MT-Blog-HB-03.04.23-300x169.png 300w, https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2023\/04\/MT-Blog-HB-03.04.23-768x432.png 768w, https:\/\/www.moorethompson.co.uk\/blogs\/wp-content\/uploads\/2023\/04\/MT-Blog-HB-03.04.23.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Getting the tax year off to a good start will help you to optimise your overall financial position. But you need to plan ahead.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Effective planning helps you to keep your business organised and compliant. It also enables you to maximise deductions, minimise liabilities, and optimise your overall financial situation.<\/p>\n\n\n\n<p>Taking a proactive approach to managing finances and tax obligations is essential. Here are our top tips to prepare:<\/p>\n\n\n\n<p><strong>Keep updated financial records<\/strong><\/p>\n\n\n\n<p>Keeping on top of your financial records will allow you to evaluate your current position.<\/p>\n\n\n\n<p>Make sure that you maintain precise records and have documented all of your income, expenses, deductions and reliefs claimed throughout the year.<\/p>\n\n\n\n<p>This will help you to track your performance and uncover risks and opportunities that you can work on.<\/p>\n\n\n\n<p>Having updated records will also ensure the submission process at the end of the tax year is much smoother.<\/p>\n\n\n\n<p><strong>Make use of tax reliefs<\/strong><\/p>\n\n\n\n<p>Consider the following tax reliefs and allowances to minimise your liabilities:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Capital allowances: The UK Government is implementing a 100 per cent tax deduction for capital expenditure on plant and machinery from 1 April 2023 to 31 March 2026.<\/li><li>Travel expenses: Companies can claim tax relief on travel expenses if they are for business purposes, and it is essential to keep the expense receipts.<\/li><li>Reclaim VAT: If your business is VAT-registered, you can claim VAT on items used for business purposes.<\/li><\/ul>\n\n\n\n<p>There may also be industry-specific tax reliefs that you could claim, such as research and development (R&amp;D) tax reliefs.<\/p>\n\n\n\n<p>You need to be aware that there are upcoming R&amp;D reforms that come into force on 1 April 2023 as well as an \u2018enhanced credit\u2019 for loss-making R&amp;D-intensive businesses.<\/p>\n\n\n\n<p><strong>Get expert support<\/strong><\/p>\n\n\n\n<p>Keeping on top of deadlines and knowing how to minimise your tax liabilities can be challenging. So, why not consider hiring a bookkeeper or accountant?<\/p>\n\n\n\n<p>Getting expert support will reassure you that your business remains compliant whilst getting advice on how to maximise your accounts.<\/p>\n\n\n\n<p>This will ensure you have more time to focus on making informed decisions and elevating your business.<\/p>\n\n\n\n<p><strong>Need support preparing your business for the new tax year? Contact our team of tax experts today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Getting the tax year off to a good start will help you to optimise your overall financial position. But you <a href=\"https:\/\/www.moorethompson.co.uk\/blogs\/is-your-business-ready-for-the-new-tax-year\/\" class=\"more-link\">&#8230;<span class=\"screen-reader-text\">  Is your business ready for the new tax year?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[26,33,121,27,3],"tags":[],"class_list":["post-19958","post","type-post","status-publish","format-standard","hentry","category-blog","category-business-blog","category-news","category-sme","category-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/posts\/19958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/comments?post=19958"}],"version-history":[{"count":1,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/posts\/19958\/revisions"}],"predecessor-version":[{"id":19960,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/posts\/19958\/revisions\/19960"}],"wp:attachment":[{"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/media?parent=19958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/categories?post=19958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.moorethompson.co.uk\/blogs\/wp-json\/wp\/v2\/tags?post=19958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}