Coronavirus: support for businesses
In such a rapidly changing and demanding economic situation, many businesses are asking themselves what their immediate next steps should be. Based on our experience, our conversations with businesses and banks, and the guidance issued by the UK Government, here are some of the key areas where we can assist you.
The economic challenges presented by coronavirus make creating or revising financial forecasts even more crucial. We have experience helping a range of businesses to plan, budget and forecast cashflow. Our services include:
- Creating fully integrated budgets incorporating profit & loss, balance sheet and cashflow statements
- Developing flexible forecasts allowing users to sensitise by amending assumptions
- Generating weekly or monthly cashflow forecasts to see businesses through the coronavirus pandemic
- Critiquing existing forecasts
- Assisting you in compiling a business plan to support your fundraising efforts
As an employer, you may have been put in the unwelcome position of having to rationalise costs by reducing working hours or salaries, furloughing staff under the Coronavirus Job Retention Scheme or making redundancies.
If your business is facing difficult decisions, care and compliance with employment law are essential. You’ll get the professional guidance you need from our specialist HR consultants.
Of the government’s support schemes for people and businesses, the one we’re asked about most frequently is the Coronavirus Job Retention Scheme. We can help you and your team by:
- Supporting the leadership of the business in determining how to operate the scheme
- Assisting with the HR aspects of operating the scheme by providing you with relevant advice and the documentation required by HMRC
- Preparing the necessary financial details of the scheme and processing the employee information
- Liaising with HMRC and uploading all the required information to the HMRC portal
With the increasing financial pressure on HMRC, we expect to see greater numbers of HMRC enquiries and we would therefore strongly recommend that you take out tax fee protection cover. As a client of BKL’s we can offer you a tax fee protection service. Please speak with your BKL contact who will be able to provide you with a quote for this service.