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Does your business have a March year end date?

Does your business have a March year end date?

29 January 2024

Businesses with a 31 March 2024 year-end should proactively assess opportunities, including bonuses, investments, and securing future support. A pre-year-end review is advised for all businesses, emphasizing the importance of maximizing planning options amid current economic challenges.

Ignoring tax planning concerns, businesses with a year-end of 31 March 2024 should actively explore business planning opportunities.

For example:

  • Do directors need to review year end bonuses or final dividends?
  • Have capital expenditure budgets been considered? Should large investments in acquisition of new assets be completed before or after 31 March? What are the tax implications?
  • Based on recent management accounts, what changes can be made in the final months of your trading year to improve liquidity, profitability and solvency?
  • Start considering now how you will approach your bankers or business funders for continuing support next year. Are current challenges likely to result in a cashflow difficulties?

We have two months to consider your planning options. Once the 31 March 2024 Rubicon is passed, many planning options will disappear.

Many firms have a 31 March year end, but this heads up to have a pre-year end review apply to all businesses, whatever their accounting date.

There are enough negative economic challenges at present and making the most of planning options before the end of your trading year makes sense.

Please call so we can organise a planning session with you.

Source: Other Mon, 29 Jan 2024 00:00:00 +0100

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