It’s vital over the next couple of months that businesses preserve cash so they can meet their fixed costs and other essential outgoings.
These are some practical steps you can take to help you through:
Delay tax payments – Call the HMRC helpline to discuss delaying tax payments to help with cash flow. 0800 0159559
Loans – The temporary Coronavirus Business Interruption Loan Scheme (CBILS), will give businesses access to bank lending, overdrafts and other financial solutions to help them through the COVID-19 crisis.
Sick pay – Small and medium-sized businesses will be able to reclaim a refund on Statutory Sick Pay (SSP) for employees affected by coronavirus (this may take a few weeks to process!)
Business rates relief – To help High Street businesses in England, all retail, leisure and hospitality business will no business rates in 2020-21. Businesses do not need to take any action. It will apply to the next council tax bill in April 2020.
For detailed information visit Gov.uk website: https://www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19
Please do get in touch if the team at Accountancy4U can help.
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