Spring is in the air which can only mean one thing – the new tax year is under way.
Now is a good time to remind your clients to check their personal finances to make sure everything is in order. Tax codes for 2016/17 look to be particularly tricky with bank and building society interest and dividends all being received gross for the first time. It’s important that your clients realise they can ask HM Revenue & Customs to remove this estimated income and also correct any other errors.
Another area for clients to review is personal expenses. It has emerged that many small businesses don’t bother making claims, with nearly £250m worth of expenses with individual values of £10 or less being unclaimed by UK micro-business owners every year. A recent survey of web professionals carried out on behalf of FreeAgent, highlighted that 22% of respondents said they didn’t think it was worth claiming any expense that cost them £10 or less. It was also revealed that 14% of people say they would not bother claiming expenses if they were worth less than £5. Only 39% say that they claim back all of the expenses they incurred, while 5% admit they don’t claim any of their expenses.
Make sure you remind your clients to claim back what they’re entitled to!