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Loss of income, grants and Covid-19. Why you should start your self-assessment early in 2020?

2020 has been a tumultuous year for all sectors, especially when it comes to finances. There’s been a huge amount of uncertainty that has plagued the year with its various ups and downs as lockdown was implemented and gradually lifted over the following months. However, with further restrictions now in place and COVID-19 cases rising once again, uncertainty has continued to plague the entire business landscape. Here’s some great reasons to get your self-assessment early, get on top of your finances and balance your books as we continue towards the end of the year.

Reducing risk Certainty is one of the most valuable things your business can have right now, and managing risk is a key aspect of creating certainty. In these increasingly uncertain terms, making sure you’re on top of your finances, and your taxes specifically, will give you a much better idea of where you stand financially in the long term. Which brings us to…

Planning for next year The COVID crisis has been an opportunity for us all to reflect on our businesses, both in terms of how they operate and considering their direction. Knowing what’s going on with your finances with give you the information you need to continue and refine those considerations, giving you a better idea of what your business will be capable of going in to 2021. You can use this financial knowledge to make sure your core operations are properly costed and within budget, make sure you can fulfil any new regulations that may come in surrounding social distancing, and make plans for any business development projects you may be working on. Furthermore, if it transpires you are owed money by HMRC, you may be able to receive your refund much earlier and more efficiently than usual, without having to deal with the clogged phone lines of the April rush.

Time to account for complications This year has come with its fair share of new processes and systems for UK businesses across the Government’s furlough scheme, the job retention scheme and a myriad of other, more specific assistance for certain sectors, such as Eat Out to Help Out. Depending on your business, these schemes may have formed a large part of your cash flow over the year and will need to be incorporated into your self-assessment. This will be a new process for a lot of business owners, so taking the time to get it right and avoid any fines from HMRC will be of utmost importance. Thankfully, minc is able to assist with this. Check out our financial services here.

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