Given the situation that we all find ourselves in with the Coronavirus pandemic we wanted to demonstrate that WD + Co can play a vital part in helping you through this as a trusted adviser. The intention is to communicate regularly with general thoughts that will hopefully be relevant to you.
Our business is in the same boat as everyone else and we are implementing our own “business survival plan” which we will monitor on an ongoing basis for now.
We have set out below some things you may need to immediately consider:
1) Cash is king and for now you need to take strong steps to preserve cash.
2) The Government has now outlined financing proposals to help including:
a) Grant aid
b) Loan guarantees
c) Rates holidays
Things are sketchy at the minute, but we are in the process of delving into the detail to see how we can help you access these funds. There is of course the danger that Government are slow at delivering and we need to factor in this possibility.
3) Some businesses will undoubtedly struggle to deal with HMRC payments in the short term relating to PAYE, VAT and corporation tax and we think we have to take the view that Government will be understanding towards businesses that can’t make these payments at the minute. Again we can help you here as the Government have announced a special phone line for a “time to pay unit”. We have telephoned it, but we didn’t find this particularly helpful at this time – perhaps this will change.
4) We are here to help and have expertise in all of the areas listed above and want to work with our clients to ensure that all of our businesses survive this crisis. Please contact us so that we can all help each other through this.
As the situation continues to develop our priority is to ensure the health, safety and wellbeing of our team, clients and business contacts. In line with Government advice many of us are working from home, however we are well set up to do so and are more than confident we will continue to deliver the very best of service that you would expect from all at WD + Co.