I am currently working with a number of Small and Medium sized Enterprise (SME) clients on the CFO consultancy side of my business services, helping them protect their businesses as far as possible during this stormy period of fear and uncertainty caused by the global COVID-19 virus pandemic. The goal focussed on coming out the other side of the storm, and, if possible, in a position to maximise the opportunity presented by a potential increase in capacity as spending taps are turned back on by clients and consumers.
This note is intended to provide thought provoking and helpful financial sign-posts, and is split into 3 sections (parts A & C are within separate posts for ease of digestion):
A) Leadership focus to build business resilience
B) HMRC opportunities for businesses
C) Top 10 financial incentives that may be available + latest government update
(B) Linking to Point 3 - Cashflow in the previous post - on the topic of business protection, UK HMRC have recently announced new measures for delaying any payment due to them (Corporation tax, PAYE, NI and VAT) by businesses concerned with the negative impact of the uncertainty around coronavirus on their cashflow. So most businesses! I am strongly recommending to all my clients that they explore the opportunity this presents. Protecting the cashflow, the business oxygen supply, is financial priority number 1 at a time of significant uncertainty. If a delayed payment plan can be agreed over one or more of these areas of business taxation, this could significantly help increase the cash runway available, free up liquidity for other purposes, and serve to protect the business. How far HMRC are likely to enable payment deferrals for is currently unknown, and is likely to be on a case by case basis. Here are the links for specific information, including telephone numbers required to move this forward.
In addition, within the links above, is a pdf detailing the UK government support for those affected by COVID-19, including the guidance around reclaiming statutory sick pay.
Links used:
Comments