There is no doubt we are living in unprecedented times. The coronavirus has increased uncertainty to levels that we in the UK have not seen for decades.
The first thing to say however is that life goes on and to a large extent we can only deal with what is immediately in front of us.
The likelihood of our businesses completely closing down still remains low provided you do not deal directly with the public.
Hopefully, this will just be a short-term blip with things getting back to some form of normality by June/July.
But for many of us as business owners, the challenges being faced will probably be the toughest we will ever experience. Our problems are exacerbated because not only do we have to worry about our families and our income but we have the added pressure of our businesses and the people who depend on us for their living.
Whilst it is easy to say that life is the most important thing, which of course it is, the years of effort we have put into growing our businesses comes a close second. Many of us have invested so much of our lives into our businesses that the idea we could possibly lose it all through circumstances outside of our control is inconceivable.
However it goes without saying that the health and safety of individuals is the top priority. The government has put out advice on the measures all business owners should take to protect their employees. The current government advice can be found here and here.
However, the purpose of this article is to keep your businesses alive. We are focusing on the financial actions you can take and not the operational actions (e.g. home working, ensuring work teams include all family members and are not spread across various teams, moving staff from one activity to another etc…).
Here is our latest financial survival plan. It will continue to evolve as announcements are made.
To keep you up to date Friend & Grant will have a dedicated team set aside to ensure that you:
Get the right advice as it comes through. We will send regular bulletins on any financial assistance which becomes available.
Get the professional support you need to help make those hard decisions.
Below is a link of a brief video we did on 18/03/2020 detailing our survival action plan.
Our updated detailed survival action plan can be accessed here.
Our commitment to you
Andrew, Mark and the rest of the team are here to support you in these difficult times.
We are offering our clients a FREE ONE HOUR meeting to discuss the impact of the coronavirus on their business and what actions they can take. If our clients need help with time to pay arrangements with HMRC we will be pleased to liaise with HMRC on their behalf at no cost.
We will also be providing regular weekly updates over this difficult period and are looking to carry out a webinar in the very near future.
So if you have any concerns please call us or email Mark or Andrew.
On 6th April 2022 the employer’s national insurance rate increased to 15.05% from 13.8%. Employer’s NI is an additional tax liability payable by employers on the gross wages of their employees. For a company with 10 employees and an annual payroll bill of £300,000 this is an annual increase in costs to the employer of £3,750.
We deal with many affluent clients and it is interesting how attitudes to inheritance tax can vary significantly, even between people with similar levels of wealth. Some say that they have paid taxes all their lives – on their income, asset sales, property purchases – and begrudge paying the treasury even one more pound in inheritance tax when they pass. Others feel that it will be someone else’s problem, so why should they worry. Most people are somewhere in the middle.
This is a question that gets asked a lot. The simple answer is – it depends! The preparation of papers to obtain the grant of probate or grant of representation is the responsibility of the executors if there is a valid will, or if the deceased died intestate it will be the responsibility of the…
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Are you hungry for success? If you run a small to medium size business and you want to grow your sales, increase profitability and pay less tax then you have come to the right place.
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