As we’ve said before, managing cash flow is going to be fundamentally important to business survival over the coming months. Prepare a detailed cash flow and track progress day by day. As Ian Girling, Chief Executive, Dorset Chamber of Commerce, said in his video this week, it will be important that we all honour our commitments, as best we can, but that we collaborate – every business will be impacted by the virus, every business leader understands the challenges. Talk to your creditors and discuss what can be done.
If you have not done so already, reach out to your bank – you won’t be the first to have called them, and you certainly won’t be the last. Although they may not yet have all the details from the government of the specific criteria for the loans and grants, they will be able to help you.
If you are struggling to get in touch with HMRC to defer a payment, we suggest keeping a log of all calls made (even if you can’t get through) and not paying the tax liability until you’ve managed to speak to an HMRC adviser. The HMRC helpline number is 0800 0159 559.
You can read more advice from us, in our latest HMRC Time to Pay advice blog.