Clients who are concerned by the uncertainty created by the Brexit vote should contact us. There are steps we can all take now that will ease our progress through the transition.
Essentially, we need to be financially fit. The areas of our businesses that we should fine tune are:
- Record keeping. There has never been a time when fast access to financial data has been more important. If you don’t use accounting software now may be a good time to research what is available.
- Cash flow. Maintaining liquidity, cash in the bank, or spare capacity in your overdraft facility will make it easier for your business to weather the storm. Credit is likely to harden as time progresses. Dust off your credit control procedures and offer a selection of payment options including payment by credit card.
- Reconsider investment decisions and focus on those that will enable you to increase sales or reduce costs.
- Take a hard look at costs and trim any “gym membership” type expenditure that no longer makes a positive contribution to your business.
- Cast around for alternate suppliers that offer a better price deal.
And last but not least, take advice. If you have any concerns about the effects of the vote on your business, please call.
- Employment of someone to work in your home - January 27, 2022
- Are you eligible for local authority grants? - January 25, 2022
- Self-employed tax twisters - January 19, 2022
- Landlords and tax – the basics - January 18, 2022
- More time to file tax returns and pay tax due - January 13, 2022
- Are you registered to use MTD for VAT? - January 11, 2022
- Don\’t forget to declare COVID-19 grants - January 6, 2022
- Will your earnings exceed any of these amounts in 2021-22? - January 5, 2022