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
- NIC
- CIS (Construction Industry Scheme)
- VAT
- MGD (Machine Games Duty)
- Claim business rates reliefs and grants announced by the Government, via your local authority
- Consider using the Government’s Coronavirus Business Interruption Loan Scheme
- Consider using the three-month rental moratorium on commercial leases
- Prepare new or updated bank facilities, including overdrafts and capital holidays
- Liaise and notify customers, suppliers, contractors and trading partners of your contingency plans
- Defer capital expenditure
- Defer finance payments, hire purchase and leasing
- Accelerate income, where possible
- Update credit control procedures
- Reduce stock levels
- Review insurance policies
- Review all contractual obligations and advanced orders
- Review your business’s terms & conditions
This checklist, while detailed, is not comprehensive and we recommend that you put a clear plan of action in place to address the short and medium-term impact of this crisis on your business.
