With lock-down now upon us, Alextra Accountants will continue to be open, providing a remote service for businesses and individuals, with our staff members working from home.
Whilst we continue to have regular contact with our clients by way of calls and emails providing the latest updates and measures set out by the Chancellor, we will be regularly updating our website so that you have access to the latest information and support options that the government have and will make available.
Please note, further guidance is to be released by the government that sets out how to apply for and/or access the support options. We will provide updates as soon as the information is available.
Key Actions To Take And Contingency Plans To Make
These urgent actions apply to businesses and companies regardless of size.
This is the guidance we are giving to the many businesses we are advising, many of whom are now working from home and wondering where to start.
Last week’s announcement from the Chancellor set out a raft of measures to assist businesses which could make a vast difference to many. Some of the detail which will enable you to access these packages is still to follow. There are, however, a number of actions that businesses can undertake to prepare for speedy applications and to prioritize what is most time-critical.
As you would expect, banks and HMRC are being very supportive of the businesses we are advising through these very challenging times.
You should be considering the following:
• Coronavirus job retention scheme for those businesses who have concerns around staff
• Remote working/Early Holidays/Short Time Working/Sick pay/SSP/Travel Policies/Health and Safety Policies/Redundancies
• Maintain an open dialogue with Customers Suppliers Contractors and Trading Partners
• Time to Pay: Defer VAT/PAYE/NIC/CIS/MGD payments for pre-agreed periods
• Defer Rates Payments where you are able to
• Where applicable, claim new business rates reliefs
• Maintain an open dialogue with landlords – agree Rent
• Prepare updated Bank Facilities including Capital Holidays
• Coronavirus Business Interruption Loan Scheme. These are loans, not grants.
• Defer Capital Expenditure
• Apply for a reprieve on finance repayments in respect of Hire Purchases of Leasing – three to six months or more if you can
• Improve and accelerate Income
• Credit Control is of tantamount importance
• Reduce the amount of stock you carry
• Review your insurance policies
• Review your contracts and advance orders
• Review your routes to market
• Review and where possible revise your T&C’s
If you wish to discuss any of the above key actions or contingency plans, then please do not hesitate to contact us. Or in the instance you have concerns about the immediate viability of your business, again, please get in touch with us.