As we approach the end of the tax year, it’s the perfect time to get your finances in order and plan ahead. In this edition, we’re sharing five essential tax-year-end tasks to keep your business on track, plus a handy guide to tax-deductible expenses to help you save money.
We’re also looking at a hidden solution to the UK’s skills gap – parents returning to work – and how businesses can tap into this talented workforce with flexible working.
If you’re thinking about selling your business, recent changes to Capital Gains Tax mean early planning is crucial to avoid higher tax rates, learn more below and read our latest blog on this. And of course, we’ve got the latest team news to share.
Read on for expert insights and practical tips to keep your business thriving!
5 Things to Do Before the End of the Tax Year for Your Business
As the tax year comes to a close, here are five things to tick off your list to help set your business up for success:
- Mark Tax Dates
Make sure you’ve got key dates like 6 April (start of the new tax year) and 31 January (online tax return deadline) in your calendar. Don’t miss them! - Review Finances
Now’s the time to ensure all invoices and expenses are settled, so you can kick off the new year with a clear financial picture. - Maximise Allowances
Don’t leave money on the table! Be sure to claim any tax-deductible expenses, R&D relief, and other allowances available to you. - Check Payroll & Benefits
Double-check payroll accuracy, and consider tax-efficient benefits like the Cycle to Work scheme for a bit of extra savings. - Review Pension Contributions
Make contributions before the year-end to reduce your tax liabilities and build for your future.
Unlocking the UK’s Hidden Workforce: Parents Returning to Work
The UK’s skills gap is a growing challenge, yet one of the most overlooked solutions is right in front of us – parents who want to return to work but struggle to balance childcare with rigid job structures. With remote and hybrid working more common than ever, businesses have a golden opportunity to tap into this skilled, dedicated workforce.
At Richard Riley and Associates, we’ve seen firsthand how flexible working boosts productivity and morale. By focusing on outcomes rather than hours, embracing technology, and fostering open communication, businesses can create an environment where parents thrive – without compromising family commitments.
It’s time to rethink the way we work and unlock this incredible pool of talent.
Make Tax-Deductible Expenses Work for You!
If you’re an SME, freelancer, or contractor, understanding tax-deductible expenses can help you reduce your tax bill and stay compliant with HMRC. Our handy guide simplifies what qualifies as a deductible expense, making it easier to manage your finances with confidence. Want to optimise your tax savings?
Get in touch so we can share our Tax-Deductible Expenses Guide. Email admin@richardrileyassociates.co.uk or call 01865 817170.
Meet the Team: Tamsin Meredith – Accounts Assistant
Tamsin has been part of the Richard Riley and Associates team since 2016, joining us when her youngest started primary school. With a career that’s taken her from credit control at Blackwell’s bookshop and Pow Wow Water to the production line at BMW Plant Oxford, she’s no stranger to hard work! During her maternity leave, she put her time to good use by studying for her AAT qualification.
Now, Tamsin plays a key role in supporting our clients with their accounts, bringing her wealth of experience and attention to detail to the team.
Thinking of Selling Your Business? Plan Ahead to Avoid Higher Taxes
Recent changes to Capital Gains Tax (CGT) could significantly impact business owners looking to sell in the next few years. From April 2025, the CGT rate under Business Asset Disposal Relief (BADR) will increase from 10% to 14%, and from April 2026, it will rise again to 18%. For businesses valued under £1 million, acting before these changes take effect could mean substantial tax savings.
Selling a business is a major financial decision, and careful planning is essential. From ensuring your valuation is accurate to structuring the sale for maximum tax efficiency, early preparation can make all the difference. At Richard Riley and Associates, we provide expert guidance on tax planning, valuations, and negotiations, helping you secure the best outcome. If you’re considering an exit, now is the time to start planning – read the full blog here.
If you have any questions or would like to discuss your business’s finances, don’t hesitate to get in touch. We’re always here to help. Wishing you a fantastic month ahead!
Richard