As we head toward 31 March, now’s a good time to stop and ask yourself this question.
For many business owners, the answer is yes. Maybe income is higher than expected, margins are tighter, there’s a new income stream, or plans changed partway through the year. The good news? There’s still time to review things before year-end — and that can make a real difference.
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If your income or profit is up
If it’s been a stronger year than you expected, there may be ways to manage your tax position before 31 March, including:
· Bringing forward planned asset purchases (equipment, tools, technology, vehicles)
· Writing off bad debts that are genuinely unlikely to be recovered
· Making sure all business expenses have been captured (subscriptions, insurance, software, home office, vehicle use)
· Reviewing salaries or shareholder payments to ensure they’re structured appropriately
· Checking provisional tax estimates so there are no surprises later
The key is timing — once 31 March passes, the options tend to narrow.
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If profit is down or you’re facing a potential loss
If this year hasn’t gone to plan, there are still things worth reviewing before year-end, such as:
· Making sure personal and business expenses are clearly separated
· Reviewing stock values and identifying any obsolete or slow-moving stock that may be written down
· Checking whether repairs and maintenance have been treated correctly
· Reviewing shareholder wages to ensure you aren’t paying tax on income that hasn’t been generated
· Considering whether changes in business activity need to be reflected in the accounts
Losses aren’t wasted — but they’re generally applied to future years. Getting things right now can still benefit you going forward.
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The takeaway
If your business has changed this year — higher income, lower profit, new income streams, upcoming purchases, or tighter cash flow — now is the best time to talk about it.
A short catch-up before 31 March can often:
· Reduce surprises at tax time
· Improve cash flow planning
· Put you in a stronger position for the new financial year
If you’d like to book a quick pre-31 March check-in, get in touch — even a brief conversation can make a big difference.
