As the spread of coronavirus causes the UK government to enforce lockdowns and closures, businesses are being faced with difficult conditions and tough decisions. Though many businesses are adapting, and some even struggling to keep up with increased demand, none of us are experiencing ‘business as usual’. For many, sales are minimal and cash flow issues are hitting hard.
Please know – you’re not alone!
It’s our job as Accountants and Advisors to help businesses through these unexpected and challenging times.
We’re here to stand by you, for you to lean on, to challenge your thinking, to help you make better decisions. These are the words we use on our website and in our meetings. And these are the words we stand by when life really throws us all a curveball.
We’re Accountants, but we’re business owners too – we understand how scary this can be. Please know that we’re here to support you, and we have your best interests at heart.
And there are many ways we can support you.
You’ll have likely seen the government launch their initiatives to give businesses and individuals the necessary support they need to survive. We’ve shared the details about them here.
But in most cases, loans will of course need to be repaid and grant income will not. Government support is important, and vital, but we’re still uncertain as to how long it’s going to take to get our hands on these critical funds.
Many businesses have already looked into utilising the many funding opportunities made available to them – like the ones in the image below – but tax advice seems to be getting missed out of the mix.
Make the most of debt-free tax savings
Tax may have been front of mind as a worry, but you may not have considered that tax advice can help you identify savings too.
Valuable tax savings could help counteract some of the damage being caused to your business. There are some essential (and very much legitimitate) opportunities that may be being missed, that could get money back to you in a relatively short time frame from HMRC.
The beauty of generating cash through tax savings is that you won’t have a loan hanging over your head when business is back on track. You can get money into your business without having to worry about any debts. Take R&D Tax Relief as an example, if you’re eligible, you could be claiming up to 33% of the costs incurred on your business activities. This money can be used for absolutely anything.
Let’s us help you plan a way forward
Find out if there are steps you can take to make tax savings. Get in touch and we can talk through the different options with you, and agree next steps.
We can, and will, help you get through this.