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

Converting assets into cash in the bank

1st April 2020 By bespoketax

Converting assets into cash in the bank

During and after any period when economic activity is depressed, companies that survive the process are those that manage their cashflow effectively.

A number of businesses will be in the fortunate position of heading into the current COVID-19 crisis with adequate cash reserves to see them through, many others will not.

In both cases, minimising expenditure and maximising cash inflows should be the name of the game.

Last week we stressed the importance of gathering in monies due from customers. This week we offer a number of additional ideas to bolster cash inflows. They are:

  • If you have stock gathering dust in your storeroom offer it to customers at a discounted price – set an initial price reduction to cost – converting these items to cash makes sense. It is also a win-win strategy: you free up space and add to cashflow, and your customers will perceive that they are getting a bargain.
  • If stock items are perishable, food for example, set up distribution to food banks and relevant charities and make sure that local press and radio stations are made aware of your generosity – this may not create cashflow, but it will provide free publicity.
  • Can you sub-let space office or factory space for storage?
  • Do you have any redundant plant or IT equipment that you could sell online – eBay etc.
  • Keep your accounts up to date. If you have made losses you may be able to carry losses back in time and recover tax paid in previous years.

You can also achieve the same benefits by reducing expenditure. See our further article on this aspect in our newsfeed next week.

And we can help. Call if you want to brainstorm options that you may have, to convert assets into cash.
 

Filed Under: Uncategorised

Recent News

  • Outcome of the Uber case
  • VAT Agricultural Flat Rate Scheme
  • Government to publish range of tax consultations
  • Capital Gains Tax exemptions

News Categories

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

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 © 2021 · Bespoke Tax Accountants · Website by Culpepper & Co

.
This site uses cookies: Find out more.