The improvement in the economy means that well run SME’s are returning to higher levels of profitability and while this gives business owners the opportunity to draw out more profit, many are reluctant to do so because they do not wish to incur high personal tax liabilities.
No-one enjoys incurring penalties for late payment or filing and it is in everyone’s interest to avoid such fines. However, unfortunately it is sometimes inevitable due to unforeseen circumstances or events.
The amount you can pay into a pension scheme each year has been reducing and the limit is currently at £40,000. However from this April those with income over £150,000 per year will have this limit cut and once income is above £210,000 the annual limit is only £10,000.
Government plans to increase the audit threshold for accounting periods starting on or after 1 January 2016 have continued despite the ICAEW raising concerns that these thresholds are too high and will impact on the quality of financial reporting.
Accounting in the healthcare industry can be quite overwhelming at times for both the practice manager and the partners.
Here are some useful points to be considered and some potential cost saving notes.