Now that most of the government measures seem to have been deployed I figured it would helpful to do a recap of the actions that you should take (or not take) over the coming weeks to help your personal and business finances:
- It now seems like most Councils/Local Authorities are accepting applications for the Small Business Grant. Previously, the guidance had been that they would contact you but this doesn’t seem to be the case. If you’re eligible, I wouldn’t hang around. Go onto your Council’s website, find the Business Support – COVID-19 section and complete the form. Its very straightforward and takes 2 minutes as long as you have all the information to hand. Here’s a video showing the form for my local Council (Cheshire West) just so you know what to expect -> https://www.loom.com/share/d470227a52f241149fb7a6c05f5174ac
- Determine which staff members are going to be furloughed and provide confirmation to them in writing. Sample letter here.
- Create a 180-day contingency budget based on the furloughing that you have implemented and the grants that you have or will receive. Get the budgeting template here
- Defer any VAT payments that may be due between now and June.
- Don’t make any self-assessment payments in July. These have been deferred until January 2021.
- If you’re self-employed this article hopefully makes it a little easier to assess your eligibility for the Self-employment Income Support Scheme (SEISS) ->Summary of the Self-employment Income Support Scheme (SEISS)
- If you have a mortgage contact your mortgage provider to request a 3 month payment holiday.
- If you’re renting contact your landlord and discuss deferral of your rent. The government confirmed on the 19th March that landlords will not be able to start proceedings to evict tenants for at least a 3 month period.
- Keep any eye on the HMRC website for details of the portal where you will submit information about your furloughed employees. I will also track this and let you know as soon as I see anything.
- If your business premises are rented contact your landlord and discuss deferral of your rent. Following the Chancellor’s announcement on 23rd March no business will be forced out of their premises if they miss a payment in the next 3 months.
- If appropriate, apply for the Coronavirus Business Interruption Loan Service (up to £5m loan with no interest for first 6 months). You can find a list of CBILS approved lenders here.