COVID-19 is with us for the foreseeable future. We’ve put together one place you can find the latest information and strategies for what you can do as a business owner to get you through this.
You can jump ahead to the sections you’re most interested in, using the links below:
- Cash flow, funding and resourcing
- Furloughing 3.0
- Specific help for Wow clients
- Help for all businesses
- Key resources
Our advice to business owners remains to be calm, be positive and be decisive. You’re not alone. Take care of yourself, your team, your clients and your community – seek the opportunities that will undoubtedly arise and monitor your cash position daily.
How should I manage my cash flow?
Your first focus should be on your cash flow. We’ve put together some resources to help including a guide on setting up payment plans with HMRC, a simple cash flow monitoring tool, and tips on managing your personal finances. There are the areas to look at first:
- Consider deferring your tax payments. We’ve produced a short guide to setting up a payment plan with HMRC.
- Defer payment of business rates. Look at holding off your business rates payment while you check with your local authority to see if you are eligible for any of the concessions.
Should I take out funding?
The government has put systems in place to deliver access to loans and grants. In reality, it may take weeks until the cash hits your bank account. If you need a cash injection within the next six weeks, our advice is to seek alternative funding as soon as possible.
The government has replaced the CBILS and Bounce Back loans, which closed on 31 March 2021, with a new scheme: Recovery Loans, which launched on 6th April 2021. Up to £10 million is available per business until 1 January 2022 when it will drop to up to £2 million. The actual amount offered and the terms are at the discretion of participating lenders, with the government guaranteeing 80% of the finance to the lender until 1 January 2022 when it will reduce to 70%.
Experience shows that the sooner you seek funding, the greater the chance of success. If you struggled to get finance before this, you are unlikely to get funding now.
For Wow clients specifically:
This is what we’re doing to bring us all together to support each other through this and to extend a (virtual) arm around you. If you’re a Wow client and would like to find out more about any of the initiatives below, please email your Wow Accountant. They’re all part of your Wow service.
How we can help any business
There are many ways we can help you, here are a few options:
Our key resources and tools at a glance:
- A tool to see what support you and your business can access, and how you can access them
- An overview of Furloughing 3.0
- An overview of the Self-employment Income Support Scheme, and how you can make a claim against it
- Our simple cash flow monitoring tool
- The small business COVID-19 survival guide with 90 tips for entrepreneurs which our co-founder Paul Bulpitt helped put together (mentioned above)
- A guide on how to set up a payment plan with HMRC (mentioned above)
- Our advice on whether you should take out a recovery loan
- Tips on managing your personal finances through this time
Please always remember
The resources contained in our Support Hub are intended to help you and your business and are no substitute for professional HR & legal advice. Each business is different and you should get professional advice relating to your specific circumstances. If you’d like to be put in touch with someone, please let us know.