How should I manage my cash flow?
Your first focus should be on your cash flow. We’ve put together some resources to help including a guide on setting up payment plans with HMRC, a simple cash flow monitoring tool, and tips on managing your personal finances. There are the areas to look at first:
- Consider deferring your tax payments. We’ve produced a short guide to setting up a payment plan with HMRC.
- Defer payment of business rates. Look at holding off your business rates payment while you check with your local authority to see if you are eligible for any of the concessions.
Should I take out funding?
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The government has put systems in place to deliver access to loans and grants. In reality, it may take weeks until the cash hits your bank account. If you need a cash injection within the next six weeks, our advice is to seek alternative funding as soon as possible.
The government has replaced the CBILS and Bounce Back loans, which closed on 31 March 2021, with a new scheme: Recovery Loans, which launched on 6th April 2021. Up to £10 million is available per business until 1 January 2022 when it will drop to up to £2 million. The actual amount offered and the terms are at the discretion of participating lenders, with the government guaranteeing 80% of the finance to the lender until 1 January 2022 when it will reduce to 70%.
Experience shows that the sooner you seek funding, the greater the chance of success. If you struggled to get finance before this, you are unlikely to get funding now.
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For Wow clients specifically:
This is what we’re doing to bring us all together to support each other through this and to extend a (virtual) arm around you. If you’re a Wow client and would like to find out more about any of the initiatives below, please email your Wow Accountant. They’re all part of your Wow service.
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Wow Workshops
We want your business to be in the best possible shape. With this in mind, we’ve launched a series of workshops for Wow clients only. The Wow Workshops are small group workshops that are practical, collaborative, and hopefully inspiring!
Friend in Need
‘Friend in need’, Wow’s Mental Health Support Network is designed to support the wellbeing of you, your family and your team. The service includes a 24/7 helpline run by experienced therapists and advisors and a range of online services. The ‘Friend in Need’ programme is powered by industry leaders, Health Assured.
Free HR helpline for Wow clients
We’ve arranged for Wow clients to be able to call and get free advice on this and any other HR queries they have. We’ve emailed all Wow clients the details on how to access the helpline.
How we can help any business
There are many ways we can help you, here are a few options:
R&D tax rebates
If you have invested in a project that has developed your business, we can help you claim back money from HMRC
Accessing government initiatives
If you need a hand accessing the measures announced by the government
Cash flow
If you need some more complex forecasting done or want to look at your options in more detail
Our key resources and tools at a glance:
- A tool to see what support you and your business can access, and how you can access them
- An overview of Furloughing 3.0
- An overview of the Self-employment Income Support Scheme, and how you can make a claim against it
- Our simple cash flow monitoring tool
- The small business COVID-19 survival guide with 90 tips for entrepreneurs which our co-founder Paul Bulpitt helped put together (mentioned above)
- A guide on how to set up a payment plan with HMRC (mentioned above)
- Our advice on whether you should take out a recovery loan
- Tips on managing your personal finances through this time
