As businesses look to rebuild and recover from the trading challenges of COVID-19 in the coming weeks and months it is vitally important that they manage and maintain good cash flow to ensure they remain viable and can trade. To manage cash flow effectively, businesses need to be able to forecast how they will perform.…
An important element of healthy cash flow is the credit control process. Smaller businesses in the UK have historically struggled to recover payments, especially from larger clients. To help, the Government has tried to introduce new legislation. However, in many cases, it has lacked the bite to be effective. It is, therefore, often up to…
HM Revenue & Customs (HMRC) has now published detailed guidance for operation of the Coronavirus Job Retention Scheme, which is intended to reimburse up to 80 per cent of the wage costs of a ‘furloughed worker’. The guidance confirms a number of points including: The scheme applies only to workers who were on the payroll…
The UK Government has taken unprecedented steps to support businesses affected by the economic impact of the Coronavirus pandemic, announcing billions of pounds of funding and finance to help them during these challenging times. Although some aspects of the Government’s plans are yet to be finalised, we are providing you with a roundup of the…
To help you plan through this pandemic, we have put together a checklist to help you mitigate some of the business impacts: Consult with employees, on matters including: Statutory sick pay Coronavirus Job Retention Scheme Redundancies and layoffs Defer tax payments by establishing Time to Pay agreements with HM Revenue & Customs (HMRC), for: PAYE…
Small to medium-sized businesses in the UK are now able to apply for finance via the Coronavirus Business Interruption Loan Scheme (CBILS) to help them deal with the operating costs of their business and to assist with maintaining cash flow. To help you apply for a loan, we have answered some common queries below: Am…
Many businesses will be struggling with a variety of issues due to the impact of the Coronavirus outbreak, but a key consideration for many will be employment costs and staff safety. The Government has taken significant steps to help businesses protect jobs by introducing measures that seek to subsidise wages and provide refunds for those…
Following the announcement that businesses will be reimbursed by HM Revenue & Customs (HMRC) for 80 per cent of the employment costs of ‘furloughed’ workers for at least three months from March, the Chancellor has announced a similar scheme for self-employed individuals. The Self-Employed Income Support Scheme (SEISS) will pay self-employed individuals an amount equivalent…
To support UK businesses, the Government has confirmed that commercial tenants that are unable to pay their rent due to disruption caused by the Coronavirus pandemic will not face eviction. The Government had already banned evictions on private residential tenants but has now confirmed that the three-month moratorium on evictions and debt enforcement will be…
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