With only two weeks until the 31 March deadline, there are a few tactical moves we can make to optimise your tax position. 

• Prepayments: If you have the cash flow, consider prepaying some expenses (like insurance, rent, or professional subscriptions) before 31 March.
• Employee Bonuses: If you are planning to pay staff bonuses, ensure these are “committed” to before 31 March to claim the deduction this year.
• Stocktake: If you hold inventory, remember to schedule a stocktake for the close of business on the 31st.
• Investment Boost: If you are planning to buy any new assets soon, now would be a good time if you have the cash flow, as we can claim 20% of the cost of a new asset as an expense upfront, thus reducing taxable income.

If you’d like to discuss whether a specific prepayment makes sense for your business, feel free to reach out.