Seven New Year’s resolutions for your business

 

A cashflow forecast is one of the most useful financial tools for business owners. It shows you how much money you have coming into your business and how much is going out.

 

The forecast will help you understand if your business has capacity for growth, or if you need to take action to plug any cashflow gaps. It is also useful when seeking funding from a bank, alternative lender or investor.

 

If you already have one, review it and make sure it’s accurate and up-to-date. An accountant can help with your cashflow projections.

 

Download our FREE Cashflow Forecast Template here  

 

 

 

Now is a good time to revisit your business plan.

 

The challenges of the current cost of living crisis could mean you need to make additional adjustments such as reducing costs or making plans to sell your products or services in new markets to make up for reduced sales elsewhere.

 

Consider everything in your business plan such as cashflow and sales forecasts, business operations and marketing strategies.

 

Check that your plan is accurate and up-to-date. Go through your goals and key performance indicators to decide whether they are still realistic. While you might need to reduce some targets, there could be new business opportunities you’ve spotted that you can add to your plan.   

 

 

 

The Tax Debt Warehousing Scheme was introduced to provide support to businesses during the COVID-19 pandemic. Under the scheme, businesses with warehoused debt need to enter into an arrangement with Revenue to deal with that debt by 01 May 2024.

 

Businesses with warehoused debt should engage early with Revenue. If phased payment arrangements are not put in in place or if businesses fail to engage with Revenue, then Revenue have said they will take enforcement action.

 

 

 

While the deadline for self-assessment tax returns is not until the autumn it is a good idea to file early and not leave it until the last minute.

 

Leaving it late can lead to errors and you missing out on tax reliefs you’re entitled to. It also boosts your cashflow planning and means you’ll avoid penalties for filing your tax return late. If you do have a high tax bill it will give you time to plan how you will pay.

 

Remember even if you file now you do not need to pay until October. 

 

 

 

There are various tax planning actions you can take to make savings including employing your spouse in the business, getting research and development tax credits and claiming household expenses if you run your business from home.

 

Tax legislation is complicated and it’s easy to make mistakes. If you run a business a professional accountant can advise on what you are legally entitled to.

 

 

 

If you haven’t yet embraced digital technology when it comes to managing your accounts maybe now is the time to do it.

 

Using digital tools helps boost your productivity and slash the amount of time you waste on admin tasks by letting you stay on top of your business finances from wherever you are and from any device. 

 

To help businesses benefit from digital tools, TaxAssist Accountants have partnered with the accounting software company Bright and the expense management tool Dext.

 

 

 

Many businesses are perfectly happy with their accountant. However, there are others who feel let down by the service they receive. If your accountant is difficult to contact, lack the knowledge and expertise to complete the work needed, uses out-of-date systems, or if your business has outgrown a small accountancy practice now may be a good time to switch.

 

Similarly, if your business has grown over the last few years, it might be time to outsource more tasks to an accountant. For example, the new enhanced reporting requirements for payroll may put new pressures on businesses that run their own payroll, so it may be the right time to outsource this. Bookkeeping is also something that many businesses outsource to their accountant. 

 

The good news is that switching accountant is easy and usually does not take up too much time. Most of the work is done by the two accountants.

 

Read more about switching accountants here