Top tips for the new financial year

With the 2024/25 financial year underway the Ellis & Co team is in the midst of yearly planning with our clients, ensuring that they are fully prepared to take on the next 12 months and add to their business’ success.

So how can you make the most of this brand new financial year? We take a look below…

Review the previous year

How did your business do over the past year? Now is the time to reflect on the performance of your business, identify areas of improvement and where your business has thrived. Using this information, you can subsequently plan for the year ahead in a much more detailed manner.

Know the opportunities

As well as understanding your financial responsibilities throughout the year, it is also key to learn where you could be missing opportunities (and subsequent cost savings). Speak to the experts to find out where you may be missing out on opportunities relevant to your business; this could be anything from taking advantage of government incentives, R&D tax credits, grants or even new technologies that would benefit your business.

Set goals

With data from the previous year and insight into the opportunities available to your business, it is then time to set your goals for the coming months. It is crucial that you make these goals realistic and have a plan of action in place that will help you to drive these forward. Of course, your chartered accountant will be on hand to support you in establishing these goals.

Prepare for any changes ahead

Every new financial year will see changes on the horizon, and in 2024/25 one of the biggest changes will be ‘basis period reform’. This will change the way in which small businesses report their profits; simply put, from April 2024 businesses will be required to report on any profit or loss that may arise within a tax year, no matter what the accounting date is.

As a result, those businesses with accounting dates that align with the end of the tax year will not have overlapping basis periods and therefore will no longer pay tax on their profits twice and claim overlap relief.

Director here at Ellis & Co, John Farrell has said:

“The beginning of a new financial year is always an exciting time for Ellis & Co as we support our clients to plan for the year ahead. With so many opportunities out there for businesses to take advantage of 2024/25 looks set to be a brilliant year!”

Are you looking for support in planning for the 2024/25 financial year? Speak to the Ellis & Co team today to find out how we can help.