As the pandemic continues to grow in the UK, businesses are currently faced with extremely difficult conditions and for most companies, business as usual is not an option. Due to the rapid spread of the virus and enforced lockdowns, for many, sales are minimal to negligible and businesses are being hit with serious cashflow issues and severe unexpected loss.
You’re not alone
But business owners shouldn’t feel alone. As Accountants and Advisors, we have a duty to identify ways to help you through these unprecedented times. And there are ways, many ways. We’ve seen daily, the government launch initiative after initiative, to give businesses and individuals the necessary support to try and survive. But in most cases, this money will eventually need to be paid back. They are important and needed but it’s hard sometimes to estimate just how long it’s going to take to get our hands on these critical funds.
In the initial rush of activity, we’ve seen advisors utilising the many funding opportunities made available for clients – like the one’s in the image below – but tax advice seems to be getting missed out of the mix.
Creating Cashflow from Tax Advice
The truth is, tax is a very real cost to businesses, but with the right advice you can identify major cash injections. If you’re a business owner reading this, valuable tax savings could help counteract some of the damage you and your business are feeling right now. There are essential and popular advisory opportunities that can get money back in a relatively short timeframe with HMRC.
You see, the beauty of tax savings is, no loans hanging over your head. Just money. Money back into your business, without creating debt. Take R&D Tax Relief as an example, you could claim up to 33% of the costs incurred on activities that are considered eligible. This money can be used for absolutely anything.
Let’s plan a way forward
Let us talk through the different options for you and your business and agree the next steps.