Companies with 31 December year-end date

Posted on 11th December 2022 by Streets -  Business Support

Image to represent Companies with 31 December year-end date

Have you considered any last-minute planning options if your company has a 31 December 2022 year-end date?

It is not too late to consider your options. For example:

  1. Expenditure on qualifying plant or other equipment may qualify for the super-deduction capital allowance. This would allow you to write off 130% of cost against your profits for 2022 if the purchase was completed before 31 December 2022.
  2. Which is the best option, to take 2022 bonuses before or after 31 December 2022?
  3. If you are expecting profits to reduce in the first quarter of 2023, perhaps making a loss in this period, would it reduce your corporation tax bill if you extended your accounting date to 31 March 2023, and use the first quarter losses earlier?
  4. Have you prepared a budget for 2023?
  5. Have you updated any business exit plans?

These options are the tip of the planning iceberg. Please call so we can decide if there are any options available before the 31 December deadline.

2023 is likely to be a challenging year with a projected recession, continuing high inflation and upward pressure on interest rates.

Make sure you don’t miss out. Take time out to consider your options now.

No Advice

The content produced and presented by Streets is for general guidance and informational purposes only. It should not be construed as legal, tax, investment, financial or other advice. Furthermore, it should not be considered a recommendation or an offer to sell, or a solicitation of any offer to buy any securities or other form of financial asset. The information provided by Streets is of a general nature and is not specific for any individual or entity. Appropriate and tailored advice or independent research should be obtained before making any such decisions. Streets does not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of obtaining Streets' visual or audible content.


The content used by Streets has been obtained from or is based on sources that we believe to be accurate and reliable. Although reasonable care has been taken in gathering the necessary information, we cannot guarantee the accuracy or completeness of any information we publish and we accept no liability for any errors or omissions in material. You should always seek specific advice prior to making any investment, legal or tax decisions.

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