--- title: New Year Resolutions for 2020 description: This week, most businesses return to work following the Christmas break and we take a look at our top 5 New Year Resolutions for businesses in 2020. image: https://blog.shorts.uk.com/hubfs/Stock%20images/Business%20man%20with%20the%20text%20A%20Goal%20without%20a%20Plan%20is%20Just%20a%20Wish%20in%20a%20concept%20image.jpeg --- [![Shorts_logo_White](https://blog.shorts.uk.com/hubfs/New%20Site%202018/Shorts_logo_White.svg "Shorts_logo_White")](https://www.shorts.uk.com/) [Blogs & News](https://blog.shorts.uk.com/) > [Team News](https://blog.shorts.uk.com/topic/team-news) # New Year Resolutions for 2020 David Robinson - 6 January 2020 ###### Select topic - Please Select - [ Audit ](https://blog.shorts.uk.com/topic/audit) [ Business Taxes ](https://blog.shorts.uk.com/topic/business-taxes) [ Radius – R&D Tax Relief & Patent Box ](https://blog.shorts.uk.com/topic/radius-rd-tax-relief-patent-box) [ Corporate Finance ](https://blog.shorts.uk.com/topic/corporate-finance) [ GENUS Management Accounts ](https://blog.shorts.uk.com/topic/genus-management-accounts) [ VAT ](https://blog.shorts.uk.com/topic/vat) [ Private Client ](https://blog.shorts.uk.com/topic/private-client) [ Payroll ](https://blog.shorts.uk.com/topic/payroll) [ EOT ](https://blog.shorts.uk.com/topic/eot) [ International Taxes ](https://blog.shorts.uk.com/topic/international-taxes) ![featured image](https://blog.shorts.uk.com/hubfs/Stock%20images/Business%20man%20with%20the%20text%20A%20Goal%20without%20a%20Plan%20is%20Just%20a%20Wish%20in%20a%20concept%20image.jpeg) This week sees the return to work for most businesses following the Christmas break.   With a fresh approach often the intention in the new year, here are our top 5 new year's resolutions for 2020. ## 1 Don't put off claiming R&D Tax Relief Claims are often overlooked because business owners over-estimate the level of innovation required to claim when all that is required is an appreciable improvement to science or technology.  Research and Development (R&D) tax relief was introduced to incentivise companies to innovate using the tax system.  Make 2020 the year that you find out how easy it really is to make your innovation pay.  **[Find out](https://blog.shorts.uk.com/rd-tax-credits-explained) **more about R&D tax reliefs, or read about whether you could be eligible to claim with 11 easy to follow questions.   [![Download](https://no-cache.hubspot.com/cta/default/2442072/f983f442-7199-4129-a7f9-51c52123cc3c.png)](https://cta-redirect.hubspot.com/cta/redirect/2442072/f983f442-7199-4129-a7f9-51c52123cc3c)   ## **2 Is 2020 the year to begin thinking about how to exit your business?** If you are a business owner who would like to understand more about: - Selling your business to a trade buyer - How to exit your business via a management buyout - Protecting your position on sale and maximising net proceeds Then our free breakfast seminar will provide you with the information you need to plan your sale. [Reserve your place](https://www.eventbrite.co.uk/e/your-roadmap-to-planning-a-successful-exit-from-your-business-tickets-85231603019?__hssc=216275785.19.1578303611207&__hstc=216275785.9011952eac9f255424057261ffe2b8c4.1477580985840.1578298112112.1578303611207.1867&__hsfp=1603390744&hsCtaTracking=7eda1a06-e9ac-45e9-a859-644af01272fa%7C236e2926-4e65-42fe-8019-032df19f7417) at our free breakfast seminar to be held on 12.02.20 at the Advanced Manufacturing Park, in Sheffield.  [![Book my place](https://no-cache.hubspot.com/cta/default/2442072/7eda1a06-e9ac-45e9-a859-644af01272fa.png)](https://cta-redirect.hubspot.com/cta/redirect/2442072/7eda1a06-e9ac-45e9-a859-644af01272fa) ## **3 See if funding is available to help grow your business** Is your business looking at raising funding in 2020?  We have been involved in the decision-making process for many clients considering obtaining additional finance for their business and have supported a large number through the funding process.  This varies from making an initial introduction through to ‘holding their hand’ through the whole process.  We are often involved in preparing and providing information to funders and comparing the offers received. Speak to a [member of our team](https://www.shorts.uk.com/corporate-finance/) to find out more. ## **4 Make sure your tax affairs are up to date** HM Revenue & Customs (HMRC) has revealed that in the year to April 2019, it brought in a record total of £627.9bn up 3.6% (£22.1bn) on the previous year.  £34.1bn of this was from additional tax generated through investigations; anyone who submits a tax return is a potential target.  However, you can ensure peace of mind: - Our [Tax Investigation Service](https://www.shorts.uk.com/professional-fee-protection/) provides you with support when you need it most. - Our [VAT experts](https://www.shorts.uk.com/business-taxes/) can help you thought the maze of complex VAT legislation, and help you make sure that your business doesn't make any VAT mistakes in 2020. - Our Employment Tax specialists can ensure your [exposure to payroll risk is limited](https://blog.shorts.uk.com/tax-enquiries-payroll-your-business-protection). If you would like to discuss any of the above with a member of our team, then click below to [start your journey with us](https://www.shorts.uk.com/contact/) today. ## **5 Make sure you and your business are covered for the unexpected**** ** Have you thought about what might happen to your business if; - You or one of the other business owners dies?  Who would receive the deceased’s share of the business? Would the other business owners have the funds immediately available to purchase this interest, potentially from the deceased’s family? If this is not the case, there is the very real risk that the business interest could be sold to a third party, or the deceased’s family are subsequently forced to become involved with the business on an ongoing basis. - You or another key person suffers a critical illness or even dies?** ** How would it affect your company’s ability to maintain turnover or generate profit?  Would you have the funds available to finance the exercise of replacing this key individual? Are there any debts within the business that would need to be repaid? **[Find out more](https://www.shortsfs.com/protection/) **about the protection options available. [![Contact us](https://no-cache.hubspot.com/cta/default/2442072/0e09363a-89a7-482c-9eac-7e7ce33cbf13.png)](https://cta-redirect.hubspot.com/cta/redirect/2442072/0e09363a-89a7-482c-9eac-7e7ce33cbf13) - [15 Ways to reduce Corporation Tax](https://blog.shorts.uk.com/how-to-reduce-corporation-tax-15-top-tips) - [What is a holding company?](https://blog.shorts.uk.com/what-is-a-holding-company) - [VAT & Landlords - Option to Tax](https://blog.shorts.uk.com/vat-landlords-the-option-to-tax-property) - [Tax efficient profit extraction](https://blog.shorts.uk.com/business-tax-efficient-profit-extraction) ![author](https://blog.shorts.uk.com/hubfs/Team%20profile%20round%20images/David%20Robinson%20Round%20circle.jpg) #### David Robinson As a Tax Partner, I advise clients on all aspects of UK tax, ranging from business taxes, transactions and private client matters, helping to achieve the objectives and aspirations of businesses and their owners. [View my articles](https://blog.shorts.uk.com/author/david-robinson) Tags: [Team News](https://blog.shorts.uk.com/topic/team-news), [Business Taxes](https://blog.shorts.uk.com/topic/business-taxes) Share this on - - - [Questions? Get in touch with us](https://www.shorts.uk.com/contact/) ###### Tax Saving Guide 2026-27 Written especially for entrepreneurs and owner-managed businesses, this guide is full of planning ideas and tax risks to avoid. [ Download now ](https://info.shorts.uk.com/en-gb/tax-saving-guide) ![Tax saving guide 2026-27](https://blog.shorts.uk.com/hs-fs/hubfs/Tax%20saving%20guide%202024.jpg?width=375&height=465&name=Tax%20saving%20guide%202024.jpg) ###### Related articles ##### [Tax-free Christmas gifts for employees](https://blog.shorts.uk.com/tax-free-christmas-gifts-for-staff) ##### [Reclaiming VAT – how it works and how to do it](https://blog.shorts.uk.com/reclaiming-vat-how-it-works-and-how-to-do-it) ##### [Incentivising key employees with an EMI Scheme](https://blog.shorts.uk.com/incentivising-key-employees-emi-scheme) ##### [R&D tax relief claims crackdown](https://blog.shorts.uk.com/rd-tax-relief-claims-crackdown) ###### Latest articles [A case of aggressive tax avoidance: Glasgow Rangers Football Club](https://blog.shorts.uk.com/aggressive-tax-avoidance-affect-you) [What is VAT? - Complete Guide (Updated for 2025/26)](https://blog.shorts.uk.com/what-is-vat) [Ashgate Hospice Sparkle Night Walk 2026](https://blog.shorts.uk.com/ashgate-hospice-sparkle-night-walk-2026) [Stocktaking guide for UK businesses](https://blog.shorts.uk.com/stocktaking-guide-for-uk-businesses) [Supporting the Chatsworth Cascade for future generations](https://blog.shorts.uk.com/supporting-the-chatsworth-cascade-for-future-generations) [Deal of the Year win at Insider Dealmakers Awards 2026](https://blog.shorts.uk.com/deal-of-the-year-win-at-insider-dealmakers-awards-2026) [Football shirt Wednesday: Backing England in style](https://blog.shorts.uk.com/football-shirt-wednesday-backing-england-in-style) [Understanding lifetime trusts: the basics](https://blog.shorts.uk.com/understanding-lifetime-trusts-the-basics) [Close company directors face new HMRC detail requirements in 2026](https://blog.shorts.uk.com/close-company-directors-face-new-hmrc-detail-requirements-in-2026) [Shorts advise Harris Irwin Architects on successful growth funding.](https://blog.shorts.uk.com/shorts-advise-harris-irwin-architects-on-successful-growth-funding) #### About Us Use this little footer to reinforce your message about who you are and why people love working with you. 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