Additionally, those who faced unexpected changes may need to react. This includes those who faced reduced profits due to the pandemic or were forced to work from home.
She continued: “If you made a loss for the year despite any Covid support payments, if you have not already done so, consider how best to claim tax relief for this.
“You can claim to carry back the loss for up to three years to set it against profits in those earlier years and claim a tax repayment.
“If you had to work from home during the 2020/21 as a result of the lockdowns, you can claim £6 per week as a tax deduction for the extra costs of working from home. If you didn’t claim this during the year through your PAYE tax code, you can claim it through your tax return.”