With the upcoming financial year end at the end of March 2021 approaching, we wanted to share some ‘housekeeping’ tips.
Firstly, remember that this financial year will be affected by the pandemic and the various support schemes you may have ‘benefited’ from.
With that in mind, here are the top tips for preparing for this unique financial year end.
- Don’t forget to include any grants received to support COVID challenges in your accounts as income. These grants are taxable.
- If you have furloughed staff at any time during 2020-21, check that your paperwork is in good order including evidence to demonstrate that your business has been affected by COVID disruption.
- Quantify the amount of any losses incurred during the past year and start thinking about steps to minimise financial challenges ahead and make best use of tax losses.
- Before the end of your current trading year, and with the experience of managing the COVID challenges, prepare a budget for the next year.
Last, but not least, talk to MJB Avanti (08000) 388 799 before the end of your financial year so we can discuss your options to make the most of any strategies to safeguard your business finances before the end of the trading year.