Helping your business through Coronavirus Outbreak

We’ve been talking to clients’ who have a wide range of concerns about their business. Now more than ever, it’s vitally important to keep on top of your business finances before it gets to crisis point eg :-

  • Problems paying wages

  • How to pay suppliers

  • Collecting outstanding invoices

  • HMRC payments due VAT, PAYE, Tax

  • Running out of money

  • The list goes on

The Government are looking at initiatives to help businesses, it is likely that any request for help in this area will need to be supported with cashflow projections and management accounts.

We’ve helped numerous business through “Crisis Management” over the years, including creating cashflows to identify crisis points, reviewing business systems and marketing opportunities.

We can also help with approaching your bank for assistance.

If you’re worried about the impact of Coronavirus on your business and unsure of the best course of action, please get in touch with Sara or Gillian

There are a variety of grants, funds and loans available and are covered in more details in links below.

  • Coronavirus Job Retention Scheme for Employers - option to furlough workers and receive 80% grant including Directors (no operational work to be undertaken only statutory tasks eg filing obligations - only covers PAYE salary, not dividends).

  • Self Employment Income Support Scheme - receive 80% grant based on profits - conditions apply

  • VAT Deferral - for returns 20 March to 30 June 2020 - cancel d/ds in place, payable March- May 2021

  • Income Tax Deferral - payments due July 2020, deferred to Jan 2021

  • HMRC Time to Pay - for business owners and self employed concerned about paying taxes

  • SSP - covers up to 2 weeks SSP per eligible employee absent due to Covid19

  • Scottish Government Coronavirus Business Support Fund - specfic sectors receive funding £10k-£25k

  • Coronoavirus Business Interruption Loan Scheme - Funding available via accredited lenders.

  • Covid19 Corporate Finance Facility - purchase of short term debt (large firms only)

  • Utilities and Suppliers - you may be able to negotiate different payment arrangements, contact them to discuss.

  • Companies House - 3 month extension to filing date, must apply before filing deadline.

  • VAT Making Tax Digital deadline 31/3/20 extended to 1/4/21

Sara JaconelliComment