How can the legal sector plan for cashflow?

The relentless business world in which we operate continues to evolve and the list of matters for business owners to consider is ever growing, especially in the light of HMRC reforms.

HMRC recently announced that the ‘Income Tax: basis period reform’ has been delayed until at least April 2024. This may give businesses a little more breathing space, however, if and when the reform is enacted, there are a number of matters to consider, not least the impact on cashflow.

Another significant cashflow issue for a business arises on the entry and exit to the business of any owner. As such, it may be beneficial to look at prospective partner changes in conjunction with the Income Tax: basis period reform to determine what affect this will have in the coming years. This will give businesses the best chance to plan for any future cash requirements.

Please get in touch with our Legal team if you would like to discuss anything. You can find contact details on the Our People section of the Larking Gowen website. Alternatively, call 0330 024 0888 or email enquiry@larking-gowen.co.uk.

John Atkins