The new tax year is here! We wanted to understand what the new tax year means to businesses like yours so we hit the streets of London to interview eight business owners to find out their plans.
Q: Does your financial year coincide with the tax year? Have you considered changing this to make your financial planning easier?
For more established businesses like Steven’s their financial year coincides with the tax year. Some newer businesses like David’s are considering moving their financial year as they grow because they think it will make their financial planning easier. We also spoke with William who thinks that it’s preferable to run on different dates because it’s easier to work with his accountant – the accountant is avoiding peak season, which can mean lower fees.
Q: Are you aware of the new tax laws that are due to come in after 6th April? Do you know how they’re going to affect your businesses?
Steven mentions the changes to Limited Liability Partnerships and Nicky is aware that “something is happening” in relation to payroll. However, the vast majority of businesses were not aware of the changes. Ben, for example, has just started trading so he’s decided to find an accountant to ensure that he’s up to date.
Q: How do you feel about the new tax year?
Nicky, a photographer, is looking forward to the new tax year and is expecting her business to grow after a couple of difficult years for her industry. David is very positive about the new tax year and is looking to hire and expand his business.
Q: Are you likely to take on new employees during the next tax year?
After several years of recession and low economic growth, businesses are feeling much more optimistic and confident about the future. As a result, many businesses are planning to hire. David, for example, is looking to grow and to hire between 5-7 employees next year. William is also looking to hire a “significant” number of new employees.
To support your businesses in the new tax year again we’re currently offering a discount up to 70% off QuickBooks Online to help you to make this year to your best year.
Over to you – what are your plans for the new tax year? What does it mean for your business?