Coronavirus - useful tips for businesses and individuals

COVID Virus

Below we have detailed some of the actions you can be taking to prepare you and/or your business for the times ahead:

  • Call your mortgage lender and enquire on mortgage holidays.
  • Call all other finance lenders for information on payment plans and other support on offer.
  • Contact your bank to enquire on temporary credit card or overdraft limit increases.
  • Check your insurance policies; whether that is holiday insurance, business insurance or life insurance.
  • Confirm your tax bills earlier (Income Tax/ VAT/ Corporation Tax) to plan ahead. Make sure to call us if you need any information or have any concerns about making payments.
  • HMRC have said they will support businesses/individuals with tax payments. We will be sending out further guidance on this matter shortly.
  • Compliance deadlines, such as Companies House filings, are unlikely to change currently. Avoid penalties for non-compliance by making sure others can pick up workload where necessary.
  • Make sure to keep up to date with current government guidance. We will be providing updated guidance as and when it becomes available to us – watch out for these!
  • Speak to your suppliers and customers – communication is key. Make arrangements to keep payments flowing, consider payment plans where not already in place.
  • Perform a review of business costs. Identify any non-essential expenses and reduce these where possible.
  • Review your personal costs as if you can reduce your requirements for business withdrawals, this will help sustain the business.
  • Don’t forget to support other local businesses wherever you can – everyone is in the same boat!
  • And finally, remember to communicate with us as your accountants and business advisors. The sooner we know of any concerns or queries you may have; the sooner we can help you move forward.

Keep in touch

We keep our clients up to date with BIG changes via our tips and tax advice bulletins, which will be sent by email.

These will include deadline reminders, particularly HMRC related, legislation updates and tax planning ideas. Where a change affects a client directly, we will, of course, be in touch personally, but at least these bulletins will give our clients advance warnings of changes ahead. Simply complete the form below to register.

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Get in touch

Northampton: 01604 678470

Milton Keynes: 07957 601496

Corby: 01536 216157

Rushden: 01933 312950

Email website@elsbyandco.co.uk