Local Life - Wigan - August 2020

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38 Business View Navigate Your Way Through the Next 12 Months by Chris Alcock - CMA Accountancy It has been an extremely difficult few months for all of us and particularly for those that run a small business. However, there is no better time to take stock and think seriously about your business and how to move forward in the next 12 months. Firstly though, let’s recap on the key support tools that are still available to business. • Job Retention Scheme – This scheme will run through to October. Changes have been made to make the scheme more flexible to allow part time claims and employers will have to contribute to the claims. • SEISS – The self-employed grant scheme has been extended and self-employed businesses can make a 2nd claim in <strong>August</strong>. • Time To Pay – Tax deferral schemes are available for VAT, Corporation Tax and Self Assessment tax payments. These have been very useful to manage cashflow but these payments will still be due in the next year. • Government back loan schemes – Businesses can still access both the CBIL’s and Bounce Back Loan schemes to provide a loan with preferential rates and payment holidays. • Business Rates Holiday – Business rates holidays and cash grants are available from the local authorities. These schemes have had tremendous impact on businesses and in many cases have allowed them to retain staff, and to buy time to assess and manage the obvious impact that the lockdown has brought. There is no question that business stability, in the short and medium term, will be affected by this. The steady stream of reliable revenue from regular customers that you depend upon may be affected, and there is no doubt that the global lockdown has hit supply chains which could impact on your ability to trade effectively and profitably. Helping your business survive these turbulent times and emerge as a stronger and more resilient business must be your key objective: here’s three tips to help you do that: • Build a Business Continuity Plan – Developing a plan will aid decision making, ensure you access the right support and grants and maximise opportunities to preserve your cashflow and profitability. • Prepare a 3-month cashflow – With all the uncertainly around, a short term cashflow is vital. This will ensure that you manage expenditure by prioritising essential expenses, focus on outstanding amounts owed by customers, remembering to be considerate though. If you are a business that has accessed a Bounce Back Loan, don’t waste this on unnecessary expenses, and use it wisely to build your business back up. • Collate a 12-month Profit Forecast – Once you have stabilised cashflow, you should prepare a profit forecast for the next year. This should be based on where you want the business to get to in 12 months’ time. This will help you focus on the amount of business that is required to get you back to where you would like to be.
39 At this crucial juncture for business, we feel it vital for business owners to consult with their accountants, to discuss problems before they get out of control and identify and implement actions to overcome these. Agreeing these actions is vital to keeping your business moving forward and by regularly reviewing performance with your accountant, you can get knowledgeable and independent input on how you and your business are performing. If you’ve not yet met with your accountant since the lockdown started and you’re uncertain of the value that they can add to your business anyway, then we are happy to arrange an free initial consultation with you to discuss your future business needs. We can meet in our office or over a Zoom call to discuss your requirements. CMA Accountancy have a range of solutions to assist businesses of all sizes, starting with our Essentials package for start-ups and sole traders, the Growth package to help you take control of your accounts and the Premier package designed to help you drive your business forward. If you decide that we can help you overcome the challenges ahead, you can choose from one of these packages or design a bespoke support package that meets your immediate needs. And finally, we couldn’t finish this article without mentioning the benefits of cloud accounting and in particular Xero. This has proved invaluable over the past few months as we have been able to offer hands on support, using up to information, to help clients tracked their cashflow, apply for loans and discuss payments plans with HMRC. If you have any questions regarding Xero, Making Tax Digital, Apps or switching to an online accounting system please do get in touch. Chris Alcock ACMA - CMA Accountancy 39 Skull House Lane, Appley Bridge, <strong>Wigan</strong>, WN6 9DR Tel: 01257 255521 Email info@handsonaccounting.co.uk web www.handsonaccounting.co.uk Ready for the New Normal? SA deadline AE VAT Benefits SA The world is changing, can your business thrive in the New Normal? CMA Accountancy offers business advice and accounting solutions for all sizes and types of businesses. Help your business thrive and call us today for a free consultation www.cma-accountancy.com info@cma-accountancy.com Skull House Lane, Appley Bridge. 01257 255521
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Local Life - Wigan - August 2020

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