News

Preparations Checklist
31 March 2020

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

More details regarding the Government’s measures outlined above can be found on our COVID-19 Business Support Hub by clicking here.

Here to Help

This checklist, while detailed, is not comprehensive and we recommend that you speak with us to put a clear plan of action in place to address the short and medium-term impact of this crisis on your business.

We are helping a number of businesses with their preparations for Coronavirus and are standing by to assist you. To find out how we can help you and your business, please contact us.