Lite Tax Financial Checklist for businesses during Coronavirus (COVID - 19)

Here at Lite Tax, we care about our clients. We’ve put together a checklist for businesses to run through and look at all opportunities presented to them during Coronavirus. We’re in this together.

Phone 01275 541807 for more Information or advice on steps you may not have yet thought about.

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Coronavirus Business Interruption Loan Scheme - Applications

UPDATE: Lite Tax are helping with CBILS Applications. Don't struggle with your accounts & cashflow figures. See how we can help

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Recommendations and options for Personal, Business & Buy-to-Let

Support from Financial Institutions

A 3 month Mortgage “holiday” is available from most lenders.
Personal ? Business ? Buy-to-Let ?

HM Government has announced £330bn available to businesses. This can be repayed on negotiated terms or extended loan.

Personal ? Business ? Buy-to-Let ?

HM Government has announced £330bn available to businesses. This can be repayed on negotiated terms or extended loan.

Personal ? Business ? Buy-to-Let ?

Speak to your local council about the options available to you on this. They are usually offering a repayment plan after.

Personal ? Business ? Buy-to-Let ?

Add to the end of your existing loan.

Personal ? Business ? Buy-to-Let ?

Speak to your provider. You should be able to either negotiate, extend or agree a repayment plan.

Personal ? Business ? Buy-to-Let ?

This is personal choice. Payments can always been made up afterwards.

Personal ? Business ? 

This is personal choice. Payments can always been made up afterwards.

Personal ? 

Recommendations and options for Business & Buy-to-Let

Support from the Government

Designate furloughed employees and apply to HMRC. Max £2,500 per employee PCM. Furloughed employee is “one asked to stay away from work because of Coronavirus” and cannot work for your business throughout this period.

A NEW online portal is currently being developed.

Cash grants Available for Retail, Hospitality and Leisure business £10-25k.

Local authority should write to you.

Business ? Buy-to-Let ?

Don’t pay any business rates.

Local authority should write to you.

Business ? Buy-to-Let ?

Don’t let HMRC chase you for VAT Payments & PAYE, chase them !!

VAT payments suspended until 30/6/2020 and have until 5/4/2021 to make good any underpayment.

Business ? Buy-to-Let ?

https://www.gov.uk/difficulties-paying-hmrc

Don’t let HMRC chase you for Corporation or Personal Tax, chase them.

July POA deferred until January.

Business ? Buy-to-Let ?

https://www.gov.uk/difficulties-paying-hmrc

Pays 80% of profits – Not available if profits over £50K

Pays in June HMRC basing this on last 3 years tax return.

Business ? 

Rebate Scheme being developed watch for details.

Business ? 

Recommendations and options for Business & Buy-to-Let

Support for your Business

Collect any debts outstanding as quickly as possible – Agree terms where payment is difficult.

Business ? Buy-to-Let ?

Talk to creditors if you think you are having trouble paying them to terms.

Business ? Buy-to-Let ?

Think about what you are cutting don’t kill the business. Invest in Marketing.

Business ? Buy-to-Let ?

Defer expenditure on new capital equipment until times get more certain. Remember not all companies will be as successful as you, prices may well reduce.

Business ? Buy-to-Let ?

Generate cash by deferring any old/obsolete stock.

Business ? Buy-to-Let ?

Cut staff to a skeleton, remember that you can use the Job Retention Scheme to pay non productive employees.

Business ?

If you are covered by loss of earnings make a claim.

Business ? Buy-to-Let ?

Do not sit on high deposits in one account. A run on a bank although unlikely could see amounts over £85k not covered.

Business ? Buy-to-Let ?

We're in this together.

We're different, we love speaking to people. Call now for a free chat to discuss how you can overcome business uncertainty.

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Paul Light

Managing Director


Paul brings a number of years’ experience to Lite Tax Ltd and a pragmatic approach to problem solving. He gained experience in the construction industry, a large motor group and financial services sector where he attained the level of Group Financial Director before starting his own practice in 2003.
Paul prides himself in being able to make the often mundane subject of tax and accountancy understandable and, he claims, even interesting on a good day!
He is a member of the Chartered Institute of Management Accountants (CIMA) and has the international designation of Chartered Global Management Accountant (CGMA) and also holds a Masters in Business Administration (MBA).
Life outside of work sees Paul, a family man, travelling, enjoying sport and socialising. He is often found in South East Asia where he has family, business interests and a portfolio of property.