Worried About What to Do?

It is important that small businesses take urgent action to protect their livelihoods as far as possible in this difficult time.

We recommend all businesses consider taking the following steps.

HMRC or other government payments upcoming?

Do not allow HMRC or other government debts to put your business under undue strain. HM Government has already announced a substantial expansion of Time to Pay for HMRC clients and we anticipate other entities, such as Local Authorities, will follow suit.

You can contact HMRC’s dedicated COVID-19 hotline on 0800 0159 559. They are open 8am to 8pm Monday to Friday, and 8am to 4pm Saturday.

Plan.

Understanding your cashflow is vital. Take the time needed to build a cashflow forecast for the next 12 months. This will allow you to understand the level of support you may require to keep afloat, and where costs can be saved.

Research.

Research and identify the support available to you. This is likely to come from two main sources: the government and your bank. Take time to find the support that is available, so you can factor it into your decision making.

Discuss.

Agree what actions you will take based on your cashflow forecast, and consider what government or other support you may need to access to plug the gaps. Make sure you take account of all support available, such as the cash grants for those subject to Small Business Rates Relief or Rural Rates Relief.

Act.

Once you have a cashflow forecast and have accounted for all support available, it is still likely your business will need to change significantly to survive. This will mainly involve cutting costs, but for some businesses who can continue to operate, it will also mean supporting revenue.

Monitor.

Monitor your situation daily against your cashflow forecast, and adjust your forecast as required as things change and develop.