Management Accounts
Management Accounts provide you with frequent accounts to monitor your businesses progress. This can be vital if your business is struggling. Management accounts are defined as a set of summarised accounting data which consists of a balance sheet, income statement and cash flow summary which we can prepare weekly, fortnightly or monthly . The objective of management accounts is to provide timely and key financial and statistical information required to make day to day and short-term decisions.
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Changes to Annual Investment Allowance from 6th April 2012 and Maximising tax relief for the cost of machinery
Changes to Annual Investment Allowance from 6th April 2012 and Maximising tax relief for the cost of machinery
What is Annual Investment Allowance (AIA)?
The AIA is a form of capital allowance which offers tax relief at 100% on all qualifying expenditure on plant and machinery in the year of purchase. Currently the maximum you can deduct is £100,000. However, from 6th April 2012 this amount is being reduced to just £25,000.
There are exceptions to the plant and machinery that qualifies for AIA such as cars and plant and machinery gifted to your business.
AIA is adjusted for short or long accounting periods, and also for accounting periods that span the rates and dates of differing AIA.
Self Assessment Deadline is 31st January
The deadline for filing your self assessment tax return for the year ending 05th April 2011 is the 31st January. If you do not file by this date you could face penalties.
