Practical Tips for the business owner - COVID-19
WHAT TO DO NOW:-
To keep as much liquid cash in the bank as possible, we recommend to action the following steps now:
Call you mortgage company to get a mortgage holiday in place
Call HMRC to put a payment plan in place for Corporation Tax
Cancel any Direct Debits set up with HMRC so that you can pay manually at the new deadline dates given
(VAT and Self Assessment postponement will happen automatically and you do not need to call HMRC)
Before you make the call to HMRC , please ensure you have the following information ready:
Company information
Address
Registered office
Tax references
If you don't have this available, speak to your accountants BEFORE you call HMRC because they will need this information to add to your account.
Take a name and reference of the call. HMRC’s dedicated helpline for COVID-19: 0800 0159 559
You may need a coffee or twoo - the lines are really busy, so be prepared to be on hold
ADD IMPORTANT DATES TO YOUR DIARY
The due dates may make things a little confusing. Please add these NEW due dates to your diary and send an email to your accountant so they have a record of this.
WHAT YOU NEED TO DO ABOUT YOUR ACCOUNTS/BOOKS & RECORDS
HMRC will no doubt ask for information about your income and expenses.
It is critical to ensure that your books and records are kept up to date so decisions can be made.
This will allow for any type of funding application to happen more efficiently. Whether it be for the banks through the ‘Business Interruption Loan’ or eligible grants through HMRC.
If you do your books, please make this a priority if you require funding.
If your accountant does your books, please provide them with the data they need to bring them up to date.
CASHFLOW
Keep a close eye on your cash flow. Put in place an emergency budget and cash flow forecast.
It's critical for you to understand how long the cash you have in the account will last you (cash burn). If you are no longer trading or are on hold, how far will the cash stretch ?
From there, we can work out when you need funding by, how much you need and over what period.
HOW TO MOVE FROM A FACE TO FACE BUSINESS TO AN ONLINE /VIRTUAL ONE
If you have found yourself in a position where you can no longer operate because you rely on customers coming to you or it’s a face-to-face service, now is the time to brainstorm new solutions and ways to keep afloat or revamp how you do things.
Booking in meetings and calls
For example, you can use products like Youcanbook.me where you can then ask customers to book in a time slot to speak to you via a call or video.
Sending information to customers
You can use products like Mailchimp to email customers directly and as often as you need.
In whats app, you can send ‘broadcast’ messages which is similar to a ‘bcc’ email.
Books and Records
If you have found yourself in a situation where you now have to gather a year's worth of data, rather than spend hours putting it into a spreadsheet, why not look into cloud products like Xero and Receipt Bank. With expert help, this can be done in a very short time.
Cashflow forecasts
Most people would use excel for this, but if you can get your books all in the cloud, there are various tools such as fluidly that can connect to the cloud accounting software and help you with the forecasting process automatically.
Why Cloud?
The purpose of bringing your business into the cloud is to ensure you have data available, when you need it. Now is a great time to review processes and bring your business in line with where you need it. You can keep track at any time and know when to make important calls.
COVID-19 OFFER FROM SOARING FALCON
At Soaring Falcon we specialise in moving people to the cloud and using all of the tools. It's not scary for us as we use the tech stuff all the time. We are here to help you and support you. Thats why, during this time, we are able to offer a one off price for 1 year, *softwares Xero & Receipt Bank for £20+VAT per month (payments to commence 1 July 2020)
If you would like our help, please click here to book in a virtual call with one of the team
*this price relates to the software only and not accountancy services - but we can give some of our time to show you how it works (its a little tricky for also to give lots away at the moment )
For further updates and our tips, please visit our website - Soaring Falcon’s dedicated page to Coronavirus Help
We are here to help you and please stay safe
Alex Falcon Huerta FCCA
PS. Good luck to all the parents who are teaching their kids of if they have virtual classes.
Sticking to routine times as much as possible seems to be the common theme Im hearing.
Contact hello@soaring-falcon.co.uk or use our booking system above
LINKS
ABOUT SOARING FALCON ACCOUNTANCY AND THE FOUNDER ALEX FALCON HUERTA FCCA
Alex is a speaker and Founder of Soaring Falcon Accountancy. She is at the front end of the changing accountancy industry and has worked with some of the most agile and progressive small businesses in the UK. She is particularly interested in the ways that technology and entrepreneurship have accelerated what is possible for her clients and the accounting profession.
Alex has been recognised by global accounting technology pioneer Xero, as their Most Valued Professional in 2017, this is the culmination of being at the closest point of new technology adoption, a desire to bring a new way of working to every business, and a passionate belief in the potential of change. She was also an advisor to the UK government’s All Party Parliamentary Group in 2018, sitting on the technology board, her role is to inject the voice and experience of entrepreneurs to steer strategy and remove barriers to international trade and investment at this critical time.
As an entrepreneur Alex recognises that her life through business has not always been easy, and she recognises the hard work, determination, development of skills, and the support of others that is required to deliver your life goals. This what she puts into the hands of enterprising businesses and accountancy firms that want to succeed.
Expect to come away with practical advice you can action
