Coronavirus guidance

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Understandably, many emails and calls this week have been about Coronavirus.  I have spoken to quite a few people who are planning to work from home some of the week.  One office I know has split into three groups with each group working in the office one day then from home two days; I guess logic being if one group all get the virus, they still have a functioning team.

Most businesses will see a reduction in their income in the coming months.  In terms of cashflow our suggestion is to think about a business that is similar to yours but has a smaller turnover, say 50% or 75% – there are likely such real life businesses.  How would that business operate?  What would their costs look like compared to yours?  Now review your profit and loss account (e.g. past four quarters) line by line, which costs will have to be reduced?  Are there any payments you could delay including anything owed to HMRC?  Other ideas relating to finance and cashflow are as attached.

Do keep an eye on Government advice and assistance.  We will continue to complete accounts and tax returns in a timely manner.  If you are struggling to keep your records straight then please let us know.

Business ideas re Coronavirus