The practical May checklist for UK Limited Company Directors

If you do nothing else this month, work through this list.

Remuneration

Review your salary and dividend strategy for the new tax year. Ensure it aligns with projected profit and personal income needs.

Corporation Tax

Estimate this year’s liability based on expected profit. Divide it monthly and provision accordingly.

VAT

Check that VAT collected is clearly separated in your forecasting. Avoid using it to fund operating costs.

Margins

Identify your most profitable service lines. Are you focusing on them, or are low margin services consuming time?

Pricing

Have you reviewed prices in the last twelve months. If costs have increased and pricing has not, margins have already reduced.

Cash Reserves

Set a target reserve level. Three months of operating costs is a common benchmark.

Strategic Planning

What does success look like in twelve months. Revenue growth, improved margin, reduced hours, property acquisition, pension funding.

May is quiet enough to think clearly. That makes it powerful.