AIMS Accountants Newcastle

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.

Attending Accountex in London over the next couple of days. Excited to meet software companies and get a better understanding of what is going on in the sector.

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.

Understanding VAT is an important part of running a business, but it can sometimes be confusing for business owners.

In the UK, businesses usually need to register for VAT once their VAT taxable turnover exceeds the registration threshold. It is also important to understand how VAT applies to your sales and expenses.

Some common areas businesses ask about include:

• When VAT registration becomes necessary
• Whether voluntary VAT registration may be beneficial
• Avoiding common VAT mistakes in records and returns

If you are unsure about your VAT responsibilities, speaking with an AIMS accountant can help clarify your obligations.