KMA Accountancy – Preserving Cash

“KMA Accountancy – Preserving Cash”

 

 

In this video Kim talks about what you can do as a small business owner to preserve and conserve cash during the Coronavirus crisis.

 

Hi. Kim here from KMA Accountancy. As you can imagine, I’ve been supporting my clients and talking to them about how we can all work together to get through the whole Coronavirus issue that we face right now. So, one of the main things that came out of a meeting I had with a number of business owners this morning, was obviously the worry about cashflow and what can they do. Well, in essence, there’s quite a bit actually that they can do. Clearly, they can take advantage of the government help that’s out there. And obviously that falls in a number of ways. 

So, you’ve got the Coronavirus Business Interruption Loan Scheme, you’ve got the Job Retention Scheme, otherwise known as furloughing, fallowing, whatever you want to call it. And obviously you’ve got the help for self-employed. And I’ll discuss those in a different video. But what I wanted to talk to you was about basically preserving your cash. 

Clearly, it’s going to be really important to make sure that you do conserve your cash as much as possible over the coming weeks and as we go through this. So, what I wanted to suggest was clearly it’s really important for you to go down both your personal and your business costs and look at what cash you absolutely have to spend. Equally, take advantage of the different schemes that the government’s got. So at the moment, obviously you can defer your VAT payments. So, from the 20th of March to June, you don’t have to pay that quarter’s VAT. Clearly, you have to pay it and it does have to be paid before the 31st of March, 2021. But that will just help to tide you over this particularly difficult period at the moment. Equally, if you have a payment on account, then again that’s due to be paid at the 31st of July. So again, you can defer that. Now that does still have to be paid by the end of January, but again, it will just give you a bit of breathing space. 

Equally, if you’ve got your corporation tax or PAYE bills coming up and you’re worried about paying those, it makes sense at the moment to pick up the phone and organise a time to pay with HMRC. We believe that they’re being very benevolent right now and are listening on a case by case basis. And those are going through, we believe, without interest at the moment in the short-term. Obviously, if you’re looking to delay for possibly more than three months, i.e., 6, 9 months, 12 months, they will look at that one in its own right. But again, there is lots of stuff out there to help you, so do take advantage of all of this and give your business the best possible chance to survive. 

Equally, think about the future and really start pulling together and building a stronger business for the future, be it systems, processes, marketing, and even revisit that business plan, but really important to make sure you understand what your cash requirements are, so definitely pull that cashflow together. And obviously, you can speak to your accountant now or us for help on that. 

 So, I hope that’s helpful. If you need any help, just shout.

Otherwise, look out for some more of my videos on what help is available.

KMA Accountancy Business Survival Toolkit

martin-sanchez-Tzoe6VCvQYg-unsplash

 

That’s it from Kim at KMA Accountancy, the most recommended and referred Accountant in South Manchester and Cheshire.

 

Please follow us, like, comment and subscribe to us (KMA Accountancy) on YouTube where you will find lots of other videos.

Click the link here to go to our YouTube channel. KMA Accountancy YouTube Channel

 

That’s it for this edition of KMA’s Help videos regarding Coronvirus and help available to small businesses.

If we can help with anything included in this edition or if you’d like to talk to us about anything Accountancy or Business Development, please get in touch.

Call us now on 0161 410 0020.

 

Disclaimer
The comments above do not count as advice on which you should rely on. It is provided for general information purposes only. Professional or specialist advice should always be sought before taking any action relating to the above. We make no representation, warranty, or guarantee that the comments above will meet your requirements. The comments above are subject to change.

 

Tags: , , , , , , , , , , , , , ,

Get in touch

0161 410 0020
info@kmaaccountancy.co.uk

KMA Accountancy
Progress House
17 Cecil Road
Hale
Altrincham
Cheshire WA15 9NZ

Latest news

Bounce Back Loan

In this video Kim talks about "The Bounce Back Loan Scheme" that was announced on Mon 27th April 2020. It will be open for applications from Mon 4th May...

How to Get Paid & Cashflow Management Best Practice

In this videos Kim shares Best Practice, quick wins and how to have the very best Credit Management Process and ensure you get Paid thus ensuring great Cashflow Management!

Tweets @KMAltd