COVID-19
KEY THEMES FOR YOU AND YOUR BUSINESS
These are extraordinary times for businesses. We know that and now, on a daily basis, statistics are confirming the point. On the one hand, UK grocery retailers have enjoyed record levels of sales in March. Up over 20% year-on-year, to levels exceeding Xmas peaks. And on the other hand, the closure of over 2,000 garden centres means that millions of plants, shrubs and trees may need to be binned over the next few weeks. Extremes like this are the new normal.
We can’t sugar coat that it’s tough for a lot of businesses out there. But what we can do, is share practical business advice – from cash generating ideas to how to engage with our people with technology. And we can all care for each other like never before.
At Cooper Parry, one of the phrases that underpins our values is ‘In it together’. Those three words could have been written specifically for these times. We are all in it together. And we will all come through it together.
In today’s update, we’ve asked our specialist tax teams to share some practical and new ideas around unlocking cash.
OUR THREE TOP TIPS FOR IMMEDIATE ACTION:
- If you pay your VAT by direct debit or any other automated system of payment, cancel it to secure the automatic VAT deferment;
- Focus on assessing short term cashflow (for the immediate 13 weeks in the first instance). Prepare in advance for any conversations with your bank.
- Keep reviewing which employees are business critical at this time and those that can be covered by the Job Retention Scheme.
If you want to catch up on any updates, you can do so here. More than that, you can always get in touch with our team of specialists with your specific questions. Stay safe and stay positive everyone.
PEOPLE. RETAINING YOUR MOST VALUABLE ASSET
Read about the Coronavirus Job Retention Scheme. We’ve never come across the government giving such support to help businesses and their employees.
AUTOMATIC VAT PAYMENT HOLIDAY
Read about the VAT payment holiday. Also read about the wider support being given by the DIT and customs.
BANKS & GOVERNMENT SUPPORTED LOAN SCHEMES
How should I approach my bank to manage my debt facilities, and how do I access the recently announced government loan schemes.
SELF-EMPLOYED
Income tax self-assessment payments due on 31 July 2020 will automatically be deferred. We’ve summarised here the key impacts on individuals.
HELP WITH COMMERCIAL RENTS & BUSINESS RATES
Every business will be impacted by COVID-19, read about the help announced with rent and business rates.
TECHNOLOGY & REMOTE WORKING
As businesses embark on “the world’s biggest work-from-home experiment”, everything we kicked about in our recent ‘Powering up your Digital Culture’ rings so true. There are 3 key themes (and great practical tips) that every business should consider. Right now.
UNCHARTED WATERS AND LOOKING AFTER YOUR PEOPLE
In these times, working together has never been more important. Or business critical.
The guidance on these web pages has been provided for general information only and has been prepared from a variety of sources which have not been verified by Cooper Parry. Government and Treasury guidelines are changing rapidly as the overall response to COVID-19 develops and our guidance is based on information available at the time of writing. Cooper Parry specifically disclaims any liability for any loss, damage or expense of whatsoever nature which is caused by your reliance on the guidance.
