MAKING 2019 a happy financial year is something everyone – especially local businesses – want.

To help, Nicola Roby, Director at CHW Small Business Accounting in Bolton which is part of the Cowgill Holloway Group, offers TOP TEN FINANCIAL TIPS FOR 2019.

1. Don’t forget to file your self-assessment returns and pay any tax due by January, 31. 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 3.25 per cent.

2. Fully utilise your tax-efficient ISA allowance. The allowance for 2018/19 is £20,000 per person whilst the Junior ISA allowance is now £4,260 for children under 18.

3. Use the capital gains’ annual exemption of £11,700 to realise gains tax-free. This allowance cannot be transferred between spouses or carried forward.

4. You can act at any time to help reduce a potential Inheritance Tax bill when you’re no longer around. Make use of the Inheritance Tax annual exemption that allows you to give away £3,000 worth of gifts outside of your estate. If unused, the exemption can be carried forward one year.

5. Don’t throw your books and records away with the Christmas wrapping 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.

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

7. Submit claims for overpaid tax and capital loss claims for the 2014/15 year before April 5, 2019, after which such claims will be time-barred.

8. Landlords, for 2018/19, the restriction on deductibility of mortgage interest and other finance costs doubles from 25 per cent to 50 per cent. If you plan to take steps to mitigate the impact (such as incorporation, for example), you may save more tax by taking those steps earlier on in the year. In future years, the restriction will apply to 75 per cent and then from April, 2020, 100 per cent of finance costs incurred by individual landlords.

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 per cent 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.