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Work with your accountant to improve
cash flow now and in the coming months
Ian Kelly, Tax Partner at Davies Tracey, says that an ongoing dialogue between businesses and their
accountant is, arguably, more important than ever.
As the year seems to have quickly gathered
momentum as a result of the Coronavirus
pandemic, many have said that it's hard to keep
track of what day of the week it is in the current
climate. But it is important that businesses can
keep track of cash flow, and even more
important that accountants are actively helping
you find ways to improve yours.
Now is the time to ask for ideas. In our last
column, we covered Research & Development
tax relief, which is one source of cash to take
advantage of at the minute, should you qualify.
There are other areas that might be appropriate
- ones that existed before any Coronavirus
related business funding. We're talking carry
back losses, capital allowances, averaging
profits and more.
You may not be familiar with these, but your
accountant certainly should be and if the
pandemic has affected your profit line (you're
the exception if it hasn't), then it is worth
looking at what difference such things could
make in the short term.
Looking ahead, some planning can be undertaken
given current speculation as to whether there
will be a mini-Budget in the summer or autumn.
We had a Budget back in March which was
quickly over-shadowed by lockdown. Rishi Sunak
set out to spend, spend, spend and there are
those who advocate more of the same, whilst
others say that a start must be made on
recouping the cost of the support given to
businesses.
The Job Retention Scheme is still with us but
moving to an end date, with some concern about
what might then happen, and businesses who
have had tax payments deferred into the first
quarter of 2021 will need to be mindful that
these will sit alongside future liabilities.
Any steps taken to improve cash flow must of
course be HMRC compliant (there has already
been press coverage on the likely increase in
tax enquiries).
So do look at your accounts and Tax Returns with
your accountant soon, and question their plans to
better manage your cash flow.
For accountancy, tax planning
and business advice...
You're in safe hands with us.
Our team provide a confidential,
reliable and tailored service.
For a FREE, no obligation, initial
consultation contact us on 01642 606003
www.daviestracey.co.uk
[email protected]
Swan House, Westpoint Road,
Teesdale Business Park,
Stockton-on-Tees, TS17 6BP
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