NEW Year is an ideal time for businesses to take stock, close their financial year and plan for the new one, according to Lloyds TSB.

John Robson, Lloyds TSB area manager, said: "Maintaining accurate records of your business activities is essential. As well as being a legal requirement, accurate records help keep you updated on how your business is performing and could even reduce your tax bill during the coming year."

Lloyds TSB say businesses should check all sales invoices have been issued, update book-keeping activities, arrange a stock-take if necessary, try to recover cash from debtors to avoid a financial year-end rush, review insurance policies covering stock, machinery and premises and plan new asset requirements.