We’re all experiencing uncertainty within both our personal and business lives and we want to hopefully give you some guidance, as we as a small business are having the same worries. In times of adversity, it is how you respond that will have the lasting effect. First and foremost, the health and wellbeing (mental and physical) of you, your friends, family and colleagues is of the upmost importance. Regardless of what happens over the coming months, look after each other.

Businesses
Most businesses are experiencing a downturn at the moment. As an individual, if you can continue to support businesses where possible then please do so. From a business perspective, last week’s budget announced help on the horizon, although it’s not fully clear at the moment as to how it will logistically be implemented so we will be following up with further details:

• Government Grant of £3,000
• Government Backed CV Loan – up to 80%
• Statutory Sick Pay – For employees affected by CV
• Universal credit and support allowance for the S/E
• Business rates relief
• Government refunded SSP for SMEs

In the coming days/weeks/months we expect further government announcements providing additional backing to businesses and individuals.

Homeworking
We appreciate that home working for a lot of Trades isn’t feasible. If you have the ability to allow your staff to work from home, it is important to check with your insurance provider that you are covered. Communication in these circumstances is absolutely key. We use Zoom at TOA for face to face meetings over the net, and over the coming weeks we will be pushing clients to use this for meetings with ourselves.

Homeworking not an option
Its difficult to plumb a sink in from home, or landscape a customer’s garden. However, this will not last forever, so what you can do is speak to suppliers to see if there are any savings to be made which can be passed on to customers, you can speak to customers to assure them that you are doing everything to help them moving forward and that you will be firing on all cylinders when it is safe to do so. Use any down time to plan a marketing campaign, bring your invoicing up to date, use your time to promote other businesses. Helping others is a simple act of kindness, but will be remembered by those in need.

The 5th April is also approaching, so getting records up to date will be very useful for accountants like ourselves and will also assist in obtaining refunds and plan on any future tax liabilities. This will help ease cashflow burdens going forward. A storm can be weathered and preparing now will make you and your businesses stronger for future challenges.

Thank you

Finally, a massive shout out to the people helping in communities, lorry drivers delivering food, everyone staying positive and finally the guardian angels that work in the NHS.

If anyone that works in the NHS wants the form processed to reclaim their Uniform Tax Refund for 19/20, then we will do this free of charge. Drop us an email at team@theonlineaccountant.com with Name, address, phone number and position within the NHS and we’ll be in touch.

As always, if there is anything we can do to help you out from both a business and personal perspective, then drop us a line and we will do our best.

Matt and Rhys
The Online Accountant