Coronavirus update – Beech Business Services and Barlow Andrews

Coronavirus update – Beech Business Services and Barlow Andrews

The Chancellor yesterday announced a further series of measures to financially help individuals and businesses affected by COVID-19.  Please see below for further details.

One place for advice is https://www.gov.uk/government/topical-events/coronavirus-covid-19-uk-government-response which includes a specific sections related to employers, employees and businesses.

In terms of planning advice, we have ourselves prepared a plan to support our clients and staff as conditions change over the coming days and weeks. If not already done so, we recommend that you conduct something similar. Areas that we recommend, but not limited to, you consider are as follows;

Financial
• Look at the businesses expected future cashflows for the next 3 months
• Consider the impact of a reduction in trade on your overall facilities
• Look at your position with slow paying customers and determine actions
• Look at payment terms for suppliers
• Enter into agreements where necessary for longer payment terms
• Contact your bank and other funders – are loan holidays available, are new loans available?
• Is alternative funding available?
o Qualification for business rates relief/holiday? This applies to all retail, hospitality and leisure businesses. Contact your local authority for more details, they are expected to receive guidance in the next few days.
o Grants to businesses – if you qualify for Small Business Rate Relief you will be contacted by your local authority, there is no need to apply.  If you don’t and believe you qualify, you should contact your local authority.
o Support for the self employed – you may be able to make a claim for universal credit
o Reclaim of SSP expenditure – no details of this yet
• Review HMRC debt
o Contact HMRC for time to pay if needed

Employees
• Communication with employees re latest Government health advice
o Self-isolation policy
o No shaking hands and limit social contact
o Review sickness policy and advise staff of sick pay if needed.
• Remote working policy
o What remote working will entail
o Setting those relevant up so they can work from home
o Review staff as to who may need to work from home
• Customer visits/ meetings
o Virtual where practical
• Defer anything non-essential
• Bring forward anything possible if normal trading is impacted

Customers/clients
• Advise customers what your firms plans are at this time
• Limit contact with customers where possible / practical

Suppliers
• Get in touch with key suppliers, IT and other, to ensure continuity of support and what their plans are

The government has also delayed the introduction of the off-payroll labour/IR35 reforms for private sector businesses until 6 April 2021. Self-employed individuals will still need to consider their existing IR35 obligations when accepting work but a delay in placing new obligations onto engagers will prevent further disruption to the contractor market for the 2020/21 tax year.

If you need assistance with any of the above please get in touch with your usual contact