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

What would a business vaccine aim to prevent?

23rd March 2021 By bespoketax

What would a business vaccine aim to prevent?

Now we are getting used to the idea that the various vaccines will provide some defence against COVID outbreaks, what would a vaccine for our businesses attempt to prevent?

We have listed below a few strategies that you might like to consider that would help you survive any more periods of lockdown that governments may be forced to consider.

Retain profits

If you are fortunate and can reopen your business as lockdown restrictions are eased, and you manage to re-establish profitability, try and hang on to some of those profits.

Retained profits (after tax is paid) are the fat on the bone of your business. If retained profits are growing this must mean that your business assets are increasing. Should a further period of lockdown or similar reductions in trade be experienced, these retained profits may provide you with the resources to weather any downturn in trade.

Retain cash

Don’t take this advice literally. What we mean is try and save some of your hard-won profits in your bank.

During periods of low activity these cash reserves will help to maintain liquidity, and during times of rapid increases in turnover, they will insulate you from the down-side of overtrading – when money due from customers does not come in fast enough to meet payments to suppliers and settle other overheads.

These two simple tactics are worth considering as the regional UK governments take steps to ease current lockdown restrictions. And while they are unlikely to immunise your business against all aspects of COVID disruption, they may offer you the resources to fight-off the worst effects.

Filed Under: Business Support

Recent News

  • CGT during divorce or separation
  • Taxpayers who return to the UK
  • Corporation Tax – marginal relief from 1 April 2023
  • Claiming Child Trust Fund cash

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

.