Christmas may be just ahead, but for the moment it’s peak budget season with many companies in the region busy planning for 2023. Last week’s statement by the Chancellor held little for businesses by way of an early Christmas gift. As my colleague, Michael Moore, commented in last Friday’s Lynn News, it’s certainly no longer ‘business as usual’ and definitely a moment to review any financial decisions for the coming year with your accountant.

The silver lining for many companies that are considering new machinery or equipment is the current capital allowance super-deduction scheme, which runs until 31 March. Under this scheme, previously announced by Rishi Sunak during his time as Chancellor, businesses can claim 130 per cent tax relief on eligible plant and machinery investments – in effect they gain more than they spend with up to 25p rebated for every pound spent. This presents a golden moment to upgrade operations, improve efficiency and productivity while reducing their tax bill.

Talking of taxes, the Chancellor confirmed that corporation tax will increase to 25 per cent on profits above £250,000 from 1 April 2023, and if looming HMRC payments are a worry for your business, a tax loan can help to spread payments on future and recent bills. If you need help with this or any other aspects of managing cashflow in the coming months, our team is here to help.

With rising inflation and interest rates, these are challenging times and planning ahead, making contingencies and safeguarding precious cashflow will be key to weathering the storm during the coming year. While many companies tend to look internally at tightening their belts when times are tough, being proactive and organising external funding to cover dips in trading can be one of the best ways to create stability. There are many firms which we work with who are genuinely shocked that they are sitting on existing assets which can yield cash back to their business, or that lenders will support them in buying new equipment to grow their operations.

As the old saying goes, if you don’t ask, you don’t get, and – a bit like the kids’ letters to Santa – doing so could bring an end of year gift that’s a pleasant surprise. Make this the moment that you explore new ways to shore up and protect your business’ finances and ensure that 2023 is as good as it can possibly be for your company