Talk to us, we are all in this together. The situation we face is one we cannot change. We must accept that and it’s the same for everyone – we know because our business depends on your success. Contact us to discuss how we can assist in protecting your business’s survival.
We are living in unprecedented times. Few alive today have experience of such drastic measures as those to fight the coronavirus, and certainly not in peacetime. From politicians to healthcare workers to business owners, people are having to respond to novel and frightening circumstances and to a new and ever-changing situation.
We pro-actively closed our physical office, but we are most certainly not closed for business. Our staff are working remotely to support our clients and our full range of services continue to be available thanks to our use of cloud technology.
We will continue to complete your accounts, VAT, payroll and tax returns in a timely manner but right now, these may not be your most urgent issues.
How can we help right now?
In such a rapidly changing and demanding economic situation, you’re probably asking yourself what your immediate next steps should be.
Based on our experience and Government statements, we will help you to find and understand guidance:
- the key Government websites where you can access the latest information.
- the package of measures set out by the Chancellor to help people and businesses through the period of disruption.
- a Business Emergency Action Plan which will help you plan for the worst as you hope for the best.
Our key immediate recommendations
- Ensure you have an idea of your cashflow.
While uncertainty of income makes this more challenging, it is important to assess potential damage to your business and what additional cash you may require.
Our expertise in advising businesses at all stages of their lifecycles means we can help with on cashflow forecasting and management. Please contact us for support.
- Consider employee costs.
Coronavirus has forced unprecedented economic conditions upon most businesses, putting many in the unwelcome position of having to rationalise costs – and employees are usually the biggest cost for businesses. Contact us to explore all available options including the announced job retention scheme and self-employed income support.
- Defer taxes and renegotiate payments
For VAT, the next quarterly payment due between 20 March 2020 and 30 June 2020 will be deferred until the end of the 2020/21 tax year.
- For personal tax and the self assessment scheme
The payment due on 31 July 2020 for all self-assessment income will automatically be deferred until 31 January 2021.
- HMRC Time to Pay
Proactively discuss deferment with the authorities. Taxes (corporation tax, PAYE etc) may be deferred on a case-by-case basis for businesses and self-employed people in financial distress.
Details of how to contact HMRC are available and we are here to help
- All other costs require review
Examine rent, rates, expenses and suppliers and personal costs. Three month mortgage payment deferrals are being granted to those in need.
Above all, please check out the valuable advice and guidance that we’ve prepared and which you will find below.
Remember – we are here to help you every step of the way. Our business depends on your business
Our Articles and Resources
- Coronavirus Business Support (businesssupport.gov.uk)
- COVID-19: guidance for employees (gov.uk)
- Coronavirus Business Interruption Loan Scheme (CBILS) – for Businesses and Advisors (British Business Bank)