07/07/2020 Forecasting is key to business success now more than ever

The speed and economic impact coronavirus (COVID-19) has had on businesses has brought to light the importance of having robust financial stress testing and forecasting in place. It is important for business owners to understand their position and keep doing so, to assist with planning and management. A well-constructed forward looking forecast will help with decision making and assist with any difficult situations.

Once this forward looking approach has been developed, it is important to ensure it is agile to account for the continually changing circumstances around coronavirus (COVID-19). This will help management think about actions to mitigate shortfalls and pinch points with cash flow.

The importance of planning and forecasting based on different scenarios won’t allow you to see into the future but it will increase the resilience of your plans during these uncertain times.

Our experts at Queensgate Management have been supporting East Midlands businesses for more than 10 years. If your business needs help with financial forecasting please contact us on 07917 373432 or email enquiries@queensgatem.co.uk for a free consultation.

08/07/2020 Rishi Sunak Summer Budget Statement update

Key points for you to be aware of from the Chancellor’s speech this lunchtime:

1. Job retention bonus scheme for employers bringing back furloughed staff from 1st November. £1,000 bonus for each of these returning from furlough employees still employed in January (minimum wage requirement)

2. Kickstart scheme for new roles created by employers for 16-24 years old – with the Government paying salary and associated overheads for 6 months (working for min 25 hours/week and on NMW)

3. £2 billion funding for Green Homes grant for all homeowners and landlords to access to improve the energy efficiency and insulation of properties – up to £5,000 voucher available per property

4. Boosting the housing market by immediately reducing stamp duty to 0% on house purchases up to £500,000 until 31/3/21

5. Hospitality and tourism businesses to receive 6 months VAT rate reduction from 20% to 5% until 12/1/21

6. Restaurants/cafes and pubs “eat out to help out” discount scheme to receive up to £10/head for diners eating with them Monday to Wednesday for the month of August.

Positive steps towards boosting the UK economy and the protection and creation of jobs across all industries.

06/07/2020 Firms Urged to Reinstate VAT Direct Debits

The VAT payments deferral scheme ended on 30 June 2020. Businesses that chose to defer VAT payments during the Covid-19 crisis should reinstate their direct debit to pay their next VAT bill on time, or risk being fined:

☑ Re-establish any cancelled direct debits in enough time for HMRC to take VAT payments.
☑ Going forward, ensure that VAT returns are submitted as normal.
☑ Pay the VAT in full on any payments due after 30 June 2020.

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02/07/2020 100% Success Rate with CBILS Applications

We are pleased to report that we have had a 100% success rate working with a number of clients securing over £5m in CBILS loans. If you or your client are in need of support with a CBILS application please contact us on 07917 373432 or email enquiries@queensgatem.co.uk for a free consultation. We are here to help.