Tax is inevitable, and with limited planning options, it’s out of our hands. Let’s focus on making enough money that tax matters less.

So, let’s shift our attention to what we can control before the tax year wraps up…

Questions/Prompts that immediately come to mind presently include:

1. Am I using the right trading vehicle for my business? Lots has been written about sole-trader vs limited company, but the tax regimes have changed over recent years, would you be better with an LLP or a traditional partnership?
2. Are you registered for the right VAT scheme? Yes, there are several!
3. Have you made the most of your ISA allowance and considered topping up your pension?
4. How are your financial KPI’s tracking? How will your Q1 management accounts look? Are you smashing your turnover target, maintaining or improving gross profit, and holding too much or too little stock?
5. Are you planning any capital expenditure? Or conversely, looking to sell a capital asset? If so, do you need to do that before 31st March/5th April?
6. Should you be taking advantage of the Marriage Allowance (don’t get too excited it’s only worth £252, but any tax saving is better than none)?
7. If you are managing an IHT mitigation plan, don’t forget the importance of each tax year.
8. Take the time to have a meeting (or at least a ‘phone call) with your accountant at this time of year, most tax mitigation strategies can not be applied retrospectively.
9. If you operate a company and haven’t paid yourself enough to cover your personal allowance, do something about it in March (AKA payroll Month 12) by paying a bonus. Also, don’t forget the (miserly) dividend allowance.
10. Check your NIC record is complete, the state pension isn’t huge, so make sure you can qualify for the maximum by paying “enough” NIC in each tax year. (The self-employed should pay Class 2 NIC via their Tax Return as Class 4 NIC on profits does not count towards state benefits).

We work alongside ambitious business owners, providing high-level accounting support with a personal, no-nonsense approach. Instead of just crunching numbers in the background, we become an extension of your team—aligned with your goals and ready when you need us.

Whether you’re planning for growth, preparing to exit, or simply looking to streamline your financial operations, we’re here to help you stay ahead.

Our VFO services convert your financial data into clear insights, empowering you to make smarter decisions, achieve your goals, and simplify compliance. If you’re not getting proactive support from your accountant, let’s connect and see how we can assist.