15 Point Business Action Plan - Coronavirus (COVID-19)

by Director of Tax, Debbie Franklin

1. Stay Safe

Your business definitely won't survive if you don't!

2. Try not to panic

Time wasted reality may not be as bad as the anticipation

3. Check Insurance Policies

You may have cover

4. Small Business rates relief grant

Apply now if you should be on business rates such as Serviced Accommodation or holiday lets

£10,000 automatic.

Retail hospitality and leisure £25,000 if

Rateable value £15-£51k

5. Business rates holiday

Retail hospitality and leisure and nurseries

6. Furlough Employees

80% of wages paid via payroll up to £2500pm

Don't reduce all hours?

Take HR advice

SSP for employees isolating <250 employees refunded

7. Mortgage Holiday

Speak to your lender

For buy to let pass benefit to tenant

8. Speak to your Landlord

See if they will consider a rent deferral period

9. Time to pay arrangement

PAYE, VAT, Corp Tax

Phone 0800 0159 559

10. VAT and SA Deferral

VAT due between 20 March and 30 June deferred until up to 5 April 2021

Self assessment payment 31 July deferred to 31 January

11. Apply for benefits

If self employed, universal credit or employment support allowance

Further measures?

12. Business Debt

Speak to your lender if struggling to pay

13. Government Backed Loans

Speak to your bank or visit https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/

14. Stop all non-essential spend

Self explanatory

15. Keep updated

Watch daily updates.

CBI are running daily Access to Finance webinars which may be useful visit https://www.cbi.org.uk/events/daily-coronavirus-webinar-access-to-finance/

We are here to help.

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