Bespoke Tax Accountants

Specialist tax advice, accountancy and tax returns

01242 505970
info@bespoketax.com

  • Home
  • About Us
    • Meet The Team
    • Careers
    • Statutory Information
    • Privacy Policy
  • Who We Help
    • Personal and Family
    • Business
    • Our Clients
  • News
    • Making Tax Digital
  • Giving Back
  • Contact
  • Cloud Accounting
    • Xero

Business owners – year end planning tips

2nd February 2021 By bespoketax

Business owners – year end planning tips

A few housekeeping tips for readers with business interests; especially those with an upcoming financial year end at the end of March 2021.

  • Don’t forget to include any grants received to support COVID challenges in your accounts as income. These grants are taxable.
  • If you have furloughed staff at any time during 2020-21, check to make sure you have your paperwork in good order:
    • Written agreements with all affected staff covering any changes to furlough arrangements.
    • Evidence to demonstrate that your business has been unduly affected by COVID disruption.
  • Quantify the amount of any losses incurred during the past year and start thinking about steps to minimise financial challenges ahead and make best use of tax losses.
  • Take a hard look at your cashflow forecasts as you approach your year-end and if cash resources are critical, consider how you are going to inject capital in the coming months to plug any shortfall.
  • Before the end of your current trading year, and with the experience of managing the COVID challenges, prepare a budget for the next year.

Last, but not least, talk to us before the end of your financial year so we can discuss your options to make the most of any strategies to safeguard your business finances before the end of the trading year. 

Filed Under: Uncategorised

Recent News

  • Termination payments
  • Bona Vacantia – dissolved companies
  • Reminder of compensation limits for bank deposits
  • Reminder that the plug-in grant has ended

News Categories

  • Budget Summary
  • Business
  • Business Support
  • Capital allowances
  • Capital Gains Tax
  • Company Secretarial
  • Construction Industry Scheme
  • Corporate Governance & Regulation
  • Corporation Tax
  • Customs Duties
  • Duties
  • Employee Benefits
  • Employment & Payroll
  • Employment Law
  • European Union
  • Family Tax Credits
  • General
  • HMRC notices
  • Income Tax
  • Inheritance Tax
  • National Insurance
  • NIC & Pensions
  • Other duties
  • Overseas personal tax issues
  • Overseas tax issues
  • Payroll
  • Pension
  • Personal
  • Practice News
  • Stamp duty
  • Stamp Duty Land Tax
  • Tax credits
  • Tax Diary
  • Value Added Tax
  • VAT & Duties

About Us

Bespoke has a reputation for helping our clients make the most of their financial situations and in turn we have become a trusted extension of their business or family.

Bespoke assist with compliance requirements, providing specialist tax advice, and planning for now and the future.

Keep informed.
Sign up for our Topical Newsletter

Our FREE monthly newsletter will keep you up to date with the latest news related to the world of accountancy.

Register Here

Contact

Delta Place,
27 Bath Road, Cheltenham,
Gloucestershire, GL53 7TH
01242 505970
info@bespoketax.com

ICAEW Chartered AccountantsXERO Gold PartnerChartered Institute of TaxationMember of EISA

Copyright © 2022 · Bespoke Tax Accountants · Website by Culpepper & Co

.