• Gwilym Davies

Covid Tax Toolkit 2.0 – leave no stone unturned

It’s hard to believe (and accept) that we are almost 12 months into the Coronavirus pandemic now. And even though there is light at the end of the tunnel with several vaccines, you can’t help but feel like things have got just that bit worse.

We’ve seen the government extend initiatives and launch new ways to give businesses and individuals the necessary support to try and survive. But businesses are being hit relentlessly with cash flow issues and unexpected loss. The rules constantly changing making it incredibly difficult to forecast and put robust plans in place.

This is when the tough need to get tougher.

Leave no stone unturned!

Many business owners probably feel like they are at the end of the line. Let’s help find them a lifeline. As Accountants and Advisors, we have a duty to ensure no stone is left unturned. I’m pleased to see so many of you continuing to support your clients, keeping them up to date, and helping them access much-needed support packages.

But there are still many ways to work together to help businesses to survive these horrendous conditions. I’ve seen our awesome 1%ers posting on social media, getting emails out, updating groups, some bringing tax into the mix. Legends! 😍

However, there’s still loads of scope to talk tax advice with clients, it is an area many are yet still to explore.


Creating Cashflow with Tax Advice in the mix

Because the truth is, tax is a very real cost to businesses. To fail to reduce it, is to miss out on money that should be working for your clients. Having an awareness of the tax consequences of grants and loans when using them is vital. You don’t want to walk into unexpected tax charges…..Martin Lewis ahem.

With the right advice, you can identify major cash injections for your clients. Valuable tax savings could help counteract some of the damage your clients are feeling right now. There are essential and popular advisory opportunities that can get money back in a relatively short timeframe with HMRC.

You see, the beauty of tax savings is, no loans hanging over your head. Just money. Money back into the business, without creating debt. Take R&D Tax Relief as an example, you could help claim up to 33% of the costs incurred on activities that are considered eligible. This money can be used for absolutely anything. 💥💥

It’s time the tough got tougher.

Out of all the ways you can support clients, we know that you can generate paid work, too. There’s so much support to offer in this period. Some of the biggest cash injections, bits of advice, and savings are delivered through classic, chargeable ways. Once tax advice is delivered, savings are made, and you get paid.

Now is the perfect time to prospect too. Many advisors will fail to explore tax advice and reliefs for their clients. At a time when they need this advice most. Show those clients you’ve been after, what you can do for them!

Your Covid Tax Toolkit 2.0

We’ve taken the Covid Tax Toolkit from March 2020 and produced an updated version. The toolkit includes a new infographic, overview summary for clients, detailed checklist, and all the resources to reach out to your clients.

Please download the Tax Toolkits

Again today, you are more important than ever for your clients. You have clients who still need your guidance but there are only so many things left to do; tax consultancy should be a key component of your strategy.

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