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 will relate back 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 6th of July following the end of the relevant tax year (usually, the 5 April). Miss the payback deadline and any opportunity to save employees from the tax charge will evaporate.
Or your business may start to experience a drop off in sales or increases in costs; profits may be falling and cash resources dwindling. Before you run out of cashflow – hit your overdraft limit – could you pick up the phone so we could brainstorm strategies to ease the situation?
As we approach the new year, make your “top of the list” resolution a promise to call us if you start to encounter business or personal financial issues causing you concerns.
The railways have a relevant exhortation, see it, report it, sort it. As soon as you become concerned, pick up the phone.
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.
And we can help.