From time to time, we may spot issues when preparing accounts or tax returns that indicate problems that we subsequently help you solve.
But, the problems we are going to identify in this way generally relate to past events, and these events may or may not be capable of an effective resolution due to the passage of time.
For example, if your business provides company cars and fuel for both private and business mileage, the car users will be paying tax for the use of the car and for the provision of fuel for private journeys. The car fuel taxable benefit is expensive, and, in many cases, it is worth crunching the numbers to see if this car fuel benefit can be avoided by the employee paying back the cost of any private fuel provided.
This payback process needs to be completed by the 6 July following the end of the relevant tax year. Miss the payback deadline and any opportunity to save employees from the tax charge will evaporate.
Or, perhaps your business may start to experience a drop in sales or increases in costs. Profits may be falling and cash resources dwindling. Before you run out of cash and hit your overdraft limit pick up the phone so we can help you brainstorm some ideas to ease the situation.
It is doubtful that all the political and economic challenges will resolve in 2024, but reacting swiftly to challenges as they occur is the best way to minimise any downside risks.
Pease do get in touch if you need help.
