The next six months are going to be the toughest some business owners will have ever faced. As the furlough scheme comes to an end and businesses are affected by new restrictions, here’s my guide on how to save your business and jobs.
There’s no escaping the fact that the next six months are going to be tricky and super hard for any business owner. None of us contemplating that this situation would go on for as long as it has done and new restrictions imposed in the UK are affecting a variety of sectors.
From a financial perspective, business owners have had VAT deferred, corporation tax may be due on October 1st and January 1st for profitable periods between December 2019 and March 2020. Self-assessment will be due by the end of January for a tax year that was profitable for so many who now face dwindled income. Many people haven’t made their tax payment on account in July 2020 and that will be due in January along with January’s payment.
Then there is the issue of rent from landlords, supplier costs that may have been deferred and loan repayments that will need to be made.
All of these payments are mounting up at a time when businesses may naturally be quieter and seasonal, or affected by latest restrictions.
If that wasn’t all doom and gloom enough the furlough scheme is coming to an end in October.
Business owners are understandably stressed, as it is, without the worry that stricter measures may still be introduced.
Before we all just hide away and cry tears into a bucket, we have to realise what is in our control and how we can best manage this. While this is not going to be easy, having a plan for this time is imperative for any business.
The Coming Out of COVID Business Finances Formula
Between April and August, I applied a coming out of COVID formula to all of our clients at Insight Finance Solutions. Keeping up to date with the latest legislation and opening lines of clear communication have meant that each of our clients is trading, they had a clear picture of what they needed to do and they knew exactly what support was available to them. Each client followed the strategy we laid out and even though it has been the most difficult time in business, each one survived and some even thrived.
Access the Masterclass
I have created a short masterclass that we have provided for any business owner looking for guidance at this time.
This 30-minute presentation is available to watch for free here.
Please click here to access the masterclass and make a note of the points you can work through with your accountant to make sure you have a plan in place.
As ever, if you need help and guidance at this time, please contact us directly to chat about your business in confidence.