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Preparations Checklist
31 Mar

Preparations Checklist

To help you plan through this pandemic, we have put together a checklist to help you mitigate some of the business impacts:

  • Consult with employees, on matters including:
    • Statutory sick pay
    • Coronavirus Job Retention Scheme
    • Redundancies and layoffs
  • Defer tax payments by establishing Time to Pay agreements with HM Revenue & Customs (HMRC), for:

    • PAYE
    • NIC
    • CIS (Construction Industry Scheme)
    • VAT
    • MGD (Machine Games Duty)
  • Claim business rates reliefs and grants announced by the Government, via your local authority
  • Consider using the Government’s Coronavirus Business Interruption Loan Scheme
  • Consider using the three-month rental moratorium on commercial leases
  • Prepare new or updated bank facilities, including overdrafts and capital holidays
  • Liaise and notify customers, suppliers, contractors and trading partners of your contingency plans
  • Defer capital expenditure
  • Defer finance payments, hire purchase and leasing
  • Accelerate income, where possible
  • Update credit control procedures
  • Reduce stock levels
  • Review insurance policies
  • Review all contractual obligations and advanced orders
  • Review your business’s terms & conditions

More details regarding the Government’s measures outlined above can be found on our COVID-19 Business Support Hub by clicking here.

Here to Help

This checklist, while detailed, is not comprehensive and we recommend that you speak with us to put a clear plan of action in place to address the short and medium-term impact of this crisis on your business.

We are helping a number of businesses with their preparations for Coronavirus and are standing by to assist you. To find out how we can help you and your business, please contact us.

 

 

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