As we have moved into the new tax year, since 6 April 2023, the March hares have had their opportunity for madness and there is just a glimmer of warmer weather ahead. And perhaps, we may even witness a growing measure of control over rising prices.
There were a few good tidings for business owners in the recent Budget, for example, the unlimited expensing (100% write-off) of qualifying capital expenditure for companies, and the abolition of the lifetime limit on pension pots.
But whilst we may draw deeper breaths and enjoy the sun on our faces in the coming weeks there are still challenges ahead and we would do well to be mindful…
Is now a good time to take stock? To quantify any damage to balance sheets and to reappraise our trading prospects in the coming year? We would say yes, it is.
And whilst we can undertake this “planning” while we soak up the spring sun, it is more productive to give yourself half-a-day away from your desk and create a formal business plan that you can use to measure performance in the coming months.
Every business and business owner will have a unique set of circumstances to deal with during 2023. If you are keen to make the most of any upturn in trade, now is the perfect time to consider your options.
We can help.