Before going into the update from the last 24 hours, I wanted to begin with this question:
“Why did you get into your business in the first place, what made you form your business, what’s your biggest driver and what do you love about it?”
Think about that for a minute! You’ll hopefully realise that yes, we as business owners, are in for a bit of a bumpy ride, but as one of my favourite mentors says, “You’ve not come this far, to only go this far!”. We are the owners of our business, and while we guide the business through this period, let’s try and do it with a smile on our faces, and give out positive vibes to our teams, not negative vibes!
Your daily update from Zoo Accounting about the Coronavirus.
- The Prime Minister held yesterday’s press conference with the Chancellor, Rishi Sunak.
- The aim was to help reassure businesses that the government are going to support us through this – although measures were announced/confirmed, we are awaiting full details.
- Mortgage “holidays” have been announced for those in financial difficulty – this will be a 3-month break, without any penalties. The impact on your credit file is yet to be confirmed, but it’s strongly believed there will be no negative impact.
Here’s the current list of banks and what they’re offering:
- £330bn in loans and £20bn in other aid announced to protect businesses facing a loss. Full details to be confirmed. It’s said these will be available next week, and we’ll email details as soon as we have them.
- Emergency legislation to be put before MP’s, including giving police and immigration officers the power to detain people and put them into isolation.
- All McDonalds restaurants in the UK and Ireland will become takeaways and drive-thrus. This is very important for my son who orders McDonalds 8 days a week!!!
- It’s great to see some meetings coming through on the calendar, please feel free to book yours here: https://calendly.com/wayne-zoo/15min
- There are strong rumours that IR35 has been deferred, yet to be confirmed by 100% reliable source, but this hopefully will be in the next 24 hours – and about time!!!
Zoo Accounting Daily Tip
While we work on getting your live cashflows built, think about what payments you’re going to make. The government has announced they will support struggling businesses who are or will struggle to pay their bills. So, if you have 2 bills to pay, one is your wages and the other is your PAYE or VAT bill, pay the wages and keep your business running. Hold off on HMRC payments, if you can’t ‘afford’ them. You will need to call HMRC and tell them and arrange a payment plan. Here’s the telephone number: 0800 0159 559.
Let us know how you get on with them, so we can share with others.
Q&A Section
We’ve had quite a few questions come in, so we thought we would create a Q&A section. Please feel free to email us any questions you have. I will email you back asap…but please bear with me.
Q. In previous emails you made reference to government grants being made available to small businesses. Do you have any more information regarding this and eligibility?
A. The government has confirmed full details will be announced next week. As soon as we know we’ll share it with you, as there’ll probably be a backlog once claims go in, so we want you to be at the front of the queue.
Q. I’m interested in the cashflow service. What does it include?
A. We are in the process of importing all information from Xero into the cashflow software. We’ll then need to run through setting this up, which will take about 2-5 hours per client. Once this is done, we’ll be in touch with clients to run through some things, and then we’re good to go and your cashflow will be emailed to you and updated regularly. To help with the accuracy of the cashflow, we recommend Receipt Bank to be used as much as possible.
Zoo Accounting