Covid-19

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 0117 318 0675 for more Information or advice on steps you may not have yet thought about.

Support from Financial Institutions

A 3 month Mortgage “holiday” is available from most lenders.

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

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

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

Add to the end of your existing loan.

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

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

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

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.

Apply through your bank from 23 March 2020.

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

Local authority should write to you.

Don’t pay any business rates.

Local authority should write to you.

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.

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

July POA deferred until January.

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

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

Rebate Scheme being developed watch for details.

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

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

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

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.

Generate cash by deferring any old/obsolete stock.

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

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

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

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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