When businesses found themselves in the eye of the Covid-19 storm during 2020, government assistance like furlough, grants and deferred tax payments all helped them stay afloat.

But all this help is set to bring a few financial surprises in 2021, and, with Brexit thrown into the mix, businesses may find themselves ill-prepared for the changes to come.

Accountancy firms know what 2021 has in store and can help companies navigate their way through the uncharted territory that lies ahead.

Here are five ways accountants can help ensure businesses survive and thrive beyond Covid:

1.  Changes imposed because of the pandemic will affect company tax returns and accounts for several years to come. An accountant will stay abreast of any developments to keep your finances one step ahead.

2.  Grants, furlough money and rate relief payments are all considered income and are taxable. Many businesses may not be aware of this – an accountant can help plan for any unexpected additional tax payable during the year.

3. Deferred tax payments will become payable in the first few months of 2021 and loans will also need to be paid back. Accountants can make sure finances are healthy enough to deal with this.

4.  Brexit will bring changes to the UK’s corporate reporting regime. An accountant can cut through the complex detail and find out exactly how it affects any particular business.

5.  Accountants can still offer traditional help such as mentoring, advice on strategy and structure and managing payroll, budgeting and cashflow.

If you need guidance or advice, our experts are here to help.

Call us on 0161 341 0368, or email info@parallax-consultancy.co.uk. You can also contact us using the form on our website.