In the race to have everything done before the Christmas closedown, make sure to take some time to look at your cash flow and plan for the new year.
January is a month with some key tax dates, a lot of things falling due on 16 January, in particular. As well as the usual PAYE return dates, GST returns for both November and December are due in January. For many, January can also be a big month for provisional tax.
In December and early January, while many businesses can reap the seasonal retail reward, balance sheets can also show heavy expenses with gifts, entertainment, holiday pay, summer hiring and penalty rates. If the Christmas closedown is followed by a lull in consumer spending while your regular customers take a break on the beach, cash flow can slow to a trickle.
Make sure you can take a break yourself, without staying awake wondering how you’re going to pay for it. Plan ahead to make sure you’re covered. Contact us if you think cash flow will be tight and you’d like to talk through options for how to manage it best.