With bank lending at an all time low, miserable savings rates and rising unemployment, these are testing times all round.  With 5 April 2009 fast approaching here are some of our tips for the tax year end and other useful pointers:

March 31, 2009 VAT deadline

For businesses with 31 March year ends, applications to use the flat rate scheme will need to be made before the end of the month. This scheme is open to businesses with a turnover of £150,000 or less.  All businesses should ensure they regularly claim any VAT bad debt relief for debts older than six months. Remember to claim any overpaid VAT too. It all helps cash flow in difficult times.

Make the most of your Capital Gains allowance

Remember your current CGT exemption (which is currently £9,600) will expire 5 April 2009. Additionally, for those of you lucky enough to have realised any gains in 2008/09 you will have until 5 April 2009 to realise any capital losses, thereby reducing your tax bill. 

Don’t waste your 2008/09 ISA

Are you a ‘last minute’ investor?  You have until 5 April 2009 to invest £7,200 in a 2008/09 ISA of which £3,600 can be cash.

Save money on motoring

Contact us to see if you are better off paying staff for business miles in their own vehicles at the statutory mileage rates instead of providing company cars. You can even claim 20p per mile for using your bicycle!

Small companies can breathe a sigh of relief. The planned increase in small companies’ corporation tax from 21 to 22% has been deferred until 1 April 2010.

Do you have unused business premises?

For small properties with a rateable value of under £15,000, empty property business rate relief is extended to 2009/10.

Fraud is a potential threat to any sized business in today’s climate but it can be managed. We can advise you on the internal controls that work best for your business.

If you think any of the above applies to you then come and talk to us.  New Walk-in clinics available every Wednesday between 9 and 5pm to discuss any personal or business issues.