We are all waiting on more announcements to come but there are a few things that you can do to help.
The key point is to arm yourself with as much information about your own finances as possible. Do not make rash decisions and do not worry about what the business next door is doing. Everyone has their own circumstances so no one business is the same.
- PLAN, PLAN, PLAN!! Spend time on the phone to all of your creditors to understand the position or impact of payment holidays or missed payments.
- Look at how much cash you need to survive through the next few months. Look at your costs going out and spend only on essential items. Make sure you know what needs to be paid and when.
- Look at the money coming in and when you can expect to use the cash. Phone your banks to establish if there is any overdraft facilities or credit cards available to you. This is NOT about maxing all of these out at all but knowing if they are there should you need them.
- Look at your policies and procedures especially when it comes to employed staff and how much money is needed to pay their wages. Also consider what can be done to reduce these costs i.e reduced hours, SSP or pay reduction as opposed to redundancy. Speak to a HR specialist for more information.
- Upgrade technology where it is needed so you can continue to work remotely but make sure the cost is outweighed by the benefit. Have a look at your business model and consider what could be done to bring your business online as opposed to face to face. Consider any additional services you could offer or generate passive income?
- Keep looking at gov.uk for more information and limit your social media intake!
HELPLINES
HMRC have set up a help line specifically for the self employed and businesses for advice on tax etc who may be struggling.
The Coronavirus helpline : 0300 456 3565
Also there’s also an HMRC number for anyone with any tax worries, whether it is that they can’t pay, want to stop payments or just need something clarified. Personal Tax, VAT, PAYE or Corproation Tax.
The number is 0800 0159 559.
Barclays have a helpline for small business customers to talk about overdrafts and short term loans.
The number is 0800 1971 086
It has been made really clear that the UK Government do not want businesses to go under and are trying to provide as much help as possible!!
For further information and support please email us at enquiries@cedarhouseaccounting.co.uk
