THURSDAY heralds the start of the new tax year and for many businesses it’s a good time to make resolutions, do some planning and make sure you are compliant.

Regulatory Accounting is a subsidiary of the Swindon-based RFS Group – a leading FT100 regulatory and compliance consultancy (rfs.co.uk). Here, its account director Jon Lacey takes a look at some measures to put in place for the new tax year.

“As with any tax year, April 2017 heralds changes for businesses and contractors. Some will be welcome, others less so,” said Jon.

“As always, keeping on top of business finance, staying compliant, and – perhaps most important of all – having a robust business plan, is key to running a successful enterprise.”

Ten ‘to dos’ for the new tax year:

1. Keep records up to date. As the Making Tax Digital plans to digitalise the taxation system are rolled out information will need to be submitted to HMRC quarterly, so keeping on top of records is vital.

2.Make sure you’re claiming the right expenses. Small changes to the way you do things can make a difference.

3.Check out your online HMRC Personal Tax Account. HMRC is collating details here of interest, salaries, pension and (soon) rental income received by you from third parties. This is great news for keeping on top of your affairs and tax planning but It also means HMRC is querying even the smallest differences between this and your tax return.

4.Check any complex or foreign transactions with your accountant. Rules governing overseas transactions can be complicated, so it is important to get it right.

5. Make sure your tax return agrees with any backing information (including financial accounts); it is surprising how often this isn’t the case.

6. Make sure you register for relevant taxes and online filing well in advance of when you need them. It can take time to set up these up.

7. File your returns and make payments to HMRC on time. It is easy to forget this when running your business, but oversight can be costly.

8. When you’ve submitted a return, check it has been received by HMRC or by Companies House - even if filed electronically.

9.There’s a marked increase in fraudsters trying to part you from your money. Check before you provide any information or payments.

10. HMRC sometimes gets things wrong. So if you have an issue, check your records and be prepared to argue your position.

The good news is that working with an accountant who embraces technological change and is ready for Making Tax Digital, such as Regulatory Accounting, will ensure that you are kept compliant and up to date.

For more advice on what to do in the new tax year, contact Jon at Regulatory Accounting on 01793 209 160 or visit www.regaccounting.co.uk.