The last 18 months have thrown up plenty of challenges for SME businesses – and as we move into the next era in our brave new world, it seems there are going to be a whole lot more…
Virtually every cost seems to be on the rise whether it is energy, transport or raw materials – and the skills shortage is also driving up wage bills to unprecedented levels, and that’s after you’ve spent a fortune trying to attract and recruit the people you need in the first place!
IT’S ALL ABOUT TIMING
All this means forward planning has never been more important: it’s no good looking back after the end of the fiscal year and wishing you’d taken advantage of the various tax breaks or grants available…. by then it may be too late.
At Afford Bond, we’re not just about putting your accounts together at the end of the year, we see our role as being a trusted advisor and partner, helping you to prepare and ‘future-proof’ your business as much as possible.
BEING AHEAD OF THE CURVE
We stay up-to-date with forever changing government policy and legislation to make sure you can mitigate the harsh winds of today’s economic climate as much as possible.
In recent weeks we have helped clients to:
REDUCE THEIR CURRENT YEAR CORPORATION TAX LIABILITY – AND GET A REFUND!
Having up-to-date management accounts for clients is of paramount importance, especially when costs are escalating. If a business is incurring losses in the current year, this means they may be able to reduce the amount of Corporation Tax payable for the previous year – and potentially receive refunds for earlier years too. This has an immediate impact on cash flow, which can be really vital for any business.
CLAIM TAX REFUNDS AND CREDITS FOR R&D COSTS
Identifying and quantifying eligible R&D costs allows clients to claim tax refunds and tax credits. By staying close to our clients and understanding their business, we ensure that claims are made as soon as possible. Thanks to our advice, a client in the professional services sector has just received a refund of £70k, while another in the food sector has reduced their Corporation Tax liability by £235k.
CONCENTRATE ON THEIR BUSINESS BY OUTSOURCING PAYROLL
One of our hospitality sector clients has experienced significant challenges in the last 18 months – not least the complexities of payroll when they had staff on many different work patterns, some going into and then coming out of furlough etc. Moving to our outsourced payroll service and using our support and assistance to navigate the challenges associated with applying for available funding has freed up their time to concentrate on running the business which is now fully operational again.
To find out more about the Afford Bond approach, and how it could benefit your SME business, why not get in touch with Director, Paul Edwards for a no obligation chat – Paul.Edwards@affordbond.com