YOUR ESSENTIAL YEAR END CHECKLIST

Loan account review: If you have taken money from the company – apart from for your salary, dividends or reimbursed expenses - there is a risk of you being charged tax and NIC penalties.

Pensions: If you have a company pension scheme or are considering setting one up, and require advice, please let me know.

Pre-year end spending: If you are thinking of investing in any fixed assets (like vehicles, computers and equipment etc.) in the next few months, it may be appropriate to do this just before your year-end rather than just after it.

Other expenses: where the timing is under your control - i.e. maintenance, marketing, training, advert; then, it is more sensible to spend this just before the year-end rather than just after it, since you will get your tax relief a full year earlier.

If you have relatively low waged employees and/or employees with children, have you advised them to claim Working Tax Credits and Child Tax Credits.

Making cash awards for contributions to a staff suggestion scheme?

Have you considered making greater use of business gifts as a marketing tool?

Have you correctly recorded dividend payments by your company on board minutes and dividend vouchers?

Host an annual tax-free social function for all its staff, including the directors and their partners. As long as the cost per head is less than £ 150, employees are not taxed and the company benefits from full tax relief on the expense incurred.

Supply your employees with one tax-free mobile phone each. Mobile phones provided to employees are tax flee, as long as it is the employer rather than the employee who owns the phone and takes out the contract with the telecoms company.

Ready to do a stock take on the year end date.