This year has been and continues being very challenging for businesses due to the Covid-19 pandemic. We are all navigating unchartered waters and adapting to the many changes our businesses are facing each day. With further changes ahead as the UK prepares to leave the European Union, it has never been more important to assess the strategies we have in place to ensure the financial health of our businesses.
The Chancellor of the Exchequer, Rishi Sunak, delivered his Winter Economy Plan in late September outlining further measures to support businesses and workers for the next six months. In this newsletter, we offer insights into his statement and outline how our experts at Queensgate Management can support your business in the months ahead.
CBILS and Bounceback loan applications
The Chancellor announced that the above loan funding application period is being extended to the end of November 2020. Our experienced staff at Queensgate Management can support your business in preparing financial projections for your chosen funder and liaise with the funder on your behalf. This makes the process more manageable allowing you to concentrate on the day to day running of your business.
It was also announced that the period for repayment of these loans could be extended up to 10 years from the original five years. Our Queensgate Management team can help you model various scenarios and repayment periods as part of our services.
Every business is having to adapt and change how they deal with their customers, suppliers and employees. Financial modelling gives the management team insights as to how the future may look and if any funding support is required.
Job support scheme and short term cashflow
We can help you model the cash requirements for the next 12 weeks and train your staff on how to update this going forward. This may be useful for identifying the impact of staff re-organisation in terms of the Job Support Scheme from 1st November. This scheme is available to all businesses even if you haven’t previously furloughed staff.
VAT deferral payment scheme
Businesses who deferred their VAT payment due between 20 March and 30 June 2020 were due to pay the deferred VAT by 31 March 2021. HMRC will be releasing details of a repayment scheme allowing businesses to repay the deferred VAT over 11 equal installments up to 31 March 2022. You will be required to opt in to the scheme for which details will be released in early 2021.
Our team of trusted advisors at Queensgate Management can help you model if you will be able to fund the deferred VAT entirely in March 2021 or if the installment scheme is something you need to apply for.
Queensgate Management making business more manageable, profitable and enjoyable.