AIMS Accountants for Business

The new tax year is now underway, making it a good time for business owners to step back and review their finances.

After the rush of year-end, May and June offer a window to reset and plan ahead with more clarity.

Some useful areas to review include:

• Pricing and profit margins
• Monthly costs and subscriptions
• Financial goals for the year ahead

Taking time to review these early can help you make more informed decisions and avoid reactive changes later in the year.

A clear financial plan can make day-to-day business decisions much easier. Not sure where to start? Reach out to an AIMS accountant.

Making Tax Digital is gradually becoming part of how businesses operate.

For many SMEs, it can still feel like something to deal with later, especially when day-to-day priorities take over.

Getting familiar with digital record-keeping now can make the transition much smoother when the time comes.

Starting with simple steps, such as keeping records up to date and using digital tools, can reduce pressure and improve accuracy.

It can also give you better visibility over your finances throughout the year, making it easier to stay organised and plan ahead.

A small shift now can save time later - and make compliance easier.

Mental Health Awareness Week is a reminder that running a business can come with pressures that are not always visible.

Finances are often a major source of stress. Uncertainty around tax, cash flow or upcoming costs can build over time.

Creating structure around your finances can help reduce that pressure.

This could be as simple as:

• Keeping records up to date
• Reviewing your position regularly
• Getting clarity when something feels unclear

Having a better understanding of your finances can help you feel more in control day to day.

With the new tax year underway, it can be a good time for businesses to review their forecasting for the year.

Financial forecasting helps businesses understand where they are heading and prepare for future costs and opportunities.

Forecasting can help you:

• Plan for upcoming expenses
• Understand expected income
• Make more informed business decisions

Working with an AIMS accountant can provide clearer insights into your finances, and support better long-term planning.

If you run a limited company, deciding how to take money from the business is an important part of financial planning.

Directors usually pay themselves through salary, dividends, or a combination of both. Each option works differently and can affect how income is taxed.

• Salary is processed through payroll like an employee
• Dividends can only be paid from company profits
• Payments must be recorded correctly in company accounts

Getting professional accounting advice, such as from an AIMS accountant, can help ensure everything is structured correctly and in line with current tax rules.

With the new tax year underway, many businesses start thinking about growth.

Whether you are planning to expand, invest in equipment or bring in new staff, having a clear budget for growth can help turn plans into practical steps.

A growth budget helps businesses understand what they can realistically invest, how expansion may affect cash flow, and what financial targets make sense for the year ahead.

AIMS accountants can help businesses review their finances, forecast future performance, and plan growth in a sustainable way.

For many small businesses, cash flow can be just as important as profit.

A business may be profitable on paper, but if payments are delayed or expenses arrive before income, it can create financial pressure.

Some warning signs of cash flow issues include:

• Late or unpaid invoices are building up
• Struggling to cover regular expenses
• Relying heavily on credit to manage day-to-day costs

Regular financial reviews can help businesses monitor cash flow and identify potential problems early. Talk to an AIMS accountant for support.

April is National Pet Month, which is a great time to celebrate the animals that brighten our lives - including those that are part of our businesses.

Some businesses genuinely involve pets, such as dog walkers, security dogs, or therapy animals. In certain cases, some pet-related costs may count as business expenses.

This can depend on factors such as:

• Whether the pet is genuinely part of the business
• How the expense relates to business activity
• Keeping clear records of costs

If you are unsure what may qualify, it is always worth speaking with an accountant for guidance.

Many small businesses miss legitimate business expense claims, which can mean paying more tax than necessary.

A few areas that often cause confusion include:

• Everyday expenses that may be claimable
• The difference between personal and business spending
• Keeping clear records of purchases

Accurate expense tracking can help ensure your accounts are correct - and that you claim what your business is entitled to.

Late April marks National Gardening Week, which can signal the start of a busy period for gardening and landscaping businesses.

For outdoor trades, seasonal demand can bring both opportunities and financial challenges. Staying financially organised can help you make the most of the busy months.

A few helpful considerations:

• Keep track of seasonal income and expenses
• Plan for quieter months later in the year
• Maintain clear records of equipment and materials

Good financial planning can help seasonal businesses manage cash flow effectively throughout the whole year.

Spring can be a busy period for many businesses, prompting plans to hire new staff.

If you are considering hiring your first employee, it is important to understand the responsibilities that come with that role.

Some key things to consider include:

• Registering as an employer with HMRC
• Setting up payroll and reporting through PAYE
• Understanding National Insurance and pension responsibilities

Getting the right systems in place early can help ensure payroll runs smoothly as your business grows.