LOOKING to make your business successful in 2015? Read this 10-point guide by accountancy expert Patrick Lydon.

1. Don’t forget to file your self assessment return and pay any tax due by 31 January 2015. The penalties for not doing so start at £100 and interest will be charged on any amounts not paid on time at the rate of 3 per cent.

2. Reclaim tax on gift aid payments to charities. If you are a higher rate tax payer, you can claim the difference between the higher and basic rate on your donations through your self assessment tax return. For example, you donate £100 to charity — they claim Gift Aid to m ake your donation £125. You pay 40% tax so you can personally claim back £25 (£125 x 20%).

3. Make sure you claim your Annual Investment Allowance — use it or lose it. The Annual Investment Allowance for eligible capital expenditure is set to drop from £500,000 to £25,000 (yes, £25,000!) on 1 January 2016. Seek good advice on ensuring expenditure falls into the most tax efficient period.

4. If you have between 30 and 49 employees, you will need to have implemented Auto Enrolment for your employees by 1 October 2015. Visit www.thepensionsregulator.gov.uk to check your staging date. Failure to comply can mean fines of up to £50,000.

5. If you are getting married or entering into a civil partnership and you both already own separate private residences, you will need to nominate one or the other as your future main home. Choose the home which is likely to go up in value by the greatest amount to make the most of your Capital Gain Exemption.

6. Don’t throw your books and records away with the Christmas paper. There is always a temptation to clear out after Christmas but be careful about keeping your business records and personal tax records for the period required by law.

7. Make sure you make the most of Research and Development Relief. One of the most generous forms of relief available for Corporation Tax is R&D relief. This is particularly relevant to businesses operating in the technology sector. Make sure you don’t miss out.

8. If your marriage or civil partnership is permanently breaking up, it is important to consider the division between you of valuable assets as soon as possible. In the tax year of separation, assets can be transferred between spouses free of Capital Gains Tax. However, doing so in the following tax year could be very expensive.

9. Make sure you have made a Will and that it is still valid. If you die without making a Will, the whole of your estate will pass to your spouse or civil partner with no provision for anyone else. Remember your unmarried partner will have no right to inherit your wealth without a Will and also any existing Will becomes invalid on marriage.

10. If you are thinking of buying a new car for the New Year, buying it personally rather than within your company may save you tax. The Benefits in Kind can be up to 35% of the list price of the car. Owning personally, you can charge your company 45p per mile for the first 10,000 business miles per year and pay no tax.

  • Patrick Lydon is a senior partner at accountancy firm Warings. For more help with finances go to www.warings.co.uk or call 01204 534031 or email PAL@Warings.co.uk