Coronavirus updates: Please see our central area for regular updates, guidance and details of our own preparations and services. More >>
Coronavirus updates
Our central area for regular updates, guidance and details of our own preparations and services. Plus, our interactive Business Support Tool.
Supporting you through unprecedented times
As uncertainty continues around Coronavirus (COVID-19) in the UK, we wish to reassure all of our clients and contacts that our team is ready to assist you as usual. This page contains our summary of the support available, as well as our own preparations.
The risks and challenges that all businesses face are quickly evolving and as such, we are regularly reviewing and learning how best to serve you. Clearly, this will be a learning process, however we are confident that we can continue to offer a high quality service throughout this period.
This is in part due to our investments in recent years in upgrading our IT infrastructure, as well as the determination from our fantastic team to meet client needs.
The situation and Government’s response is fast moving and as such we see it as our duty to help clients, by sharing and discussing in more detail, the support available to them. We will therefore be regularly updating this page and sending various client communications during this period.
We would like to extend our thoughts and best wishes to all of our clients, contacts and colleagues during this uncertain time.
Set up a response team: Assign responsibility, form a team to identify your business vulnerabilities, establish contingency plans and carry out internal communications.
Review your business risks: Review your liquidity, funds held in reserve and your demand side risk, supply chain risk and your workforce mobility.
Confirm your contingency plans:
Assess how a temporary office closure, more expensive suppliers or delivery delays will impact your business. Do you have sufficient cash flow and reserves to overcome these challenges?
Check your supply-chain: Is there any likely disruption to your supply-chain? Consider whether you should ration critical parts, pre-book rail/air-freight capacity, use after-sales stock as a bridge until production restarts or try to gain higher priority from your suppliers.
Review your funding and cash flow support:
Speak to your bank relationship manager about solutions they may be able to offer, such as a temporary overdraft or loan facility. We have been speaking to our contacts at the banks to stay up-to-date with solutions they are offering.
Check your insurance policy: You may need to check the terms and conditions of your insurance policy to ensure that you are covered under your business interruption insurance.
Review your HR policies:
Review your sickness, absence and reporting policies/processes to check they are fit for purpose and are feasible for the business. Are your team able/prepared to work from home and has the technology and systems that will enable this been tested?
Check your audit:
Do your auditors consider the new risks to your business and follow the new guidelines set out by the ICAEW? From an accounting point of view, asset valuations may be impaired and inventories may need to be written off.
Read further commentary from our team on these points here.
Support for individuals
Self assessment tax bills deferred: Self assessment income tax payments due on the 31 July 2020 (the second payment on account for 2019/20) will be deferred until the 31 January 2021. This will not require an application. Penalties and interest for late payment will not be charged in the deferral period.
Financial support package for self-employed: The Chancellor has announced a Self-employment Income Support Scheme (SEISS) providing a grant to the self-employed worth 80% of their average monthly profits - up to a maximum of £2,500 a month - to help them cope with the financial impact of coronavirus. Rishi Sunak said the cash will be paid in a single lump sum, but will not begin to arrive until the start of June at the earliest, due to the complexity of the scheme. You can see further details of this scheme here.
Financial support package for self-employed: The Chancellor has announced a Self-employment Income Support Scheme (SEISS) providing a grant to the self-employed worth 80% of their average monthly profits - up to a maximum of £2,500 a month - to help them cope with the financial impact of coronavirus. Rishi Sunak said the cash will be paid in a single lump sum, but will not begin to arrive until the start of June at the earliest, due to the complexity of the scheme. You can see further details of this scheme here.
Self assessment tax bills deferred: Self assessment income tax payments due on the 31 July 2020 (the second payment on account for 2019/20) will be deferred until the 31 January 2021. This will not require an application. Penalties and interest for late payment will not be charged in the deferral period.
Mortgages: Mortgage lenders will offer at least a three month mortgage holiday so that people will not have to repay their mortgage. You should speak to your mortgage provide to discuss their terms and eligibility.
Those renting: The government will bring forward emergency legislation to protect private renters from eviction. But will also avoid "passing on the problem" by "taking steps to protect other actors in the economy". Further details are expected to be announced.
Those living abroad: Guidance has been issued for British people living or travelling overseas following the outbreak. Find the updated guidance on .gov here.
Mortgages: Mortgage lenders will offer at least a three month mortgage holiday so that people will not have to repay their mortgage. You should speak to your mortgage provide to discuss their terms and eligibility.
Those renting: The government will bring forward emergency legislation to protect private renters from eviction. But will also avoid "passing on the problem" by "taking steps to protect other actors in the economy". Further details are expected to be announced.
Those living abroad: Guidance has been issued for British people living or travelling overseas following the outbreak. Find the updated guidance on .gov here.
All clients: Please notify us as soon as possible if you experience any business interruption or personal difficulties so that we can prepare and do all we can to assist you.
Office opening and post: All our team are working remotely from home and available for meetings via our video conferencing facility. We regret that we are not currently able to schedule client visits until further notice but have put in place provisions to continue to accept deliveries/post.
Payroll: Given the speed of change we urge clients to send payroll information as soon as possible, regardless of previously agreed timetables. This will help us to build in a safety time buffer for any unforeseen disruption.
Audit: We are currently assessing our working practices and talking directly with clients about our plans. We will ensure that we continue to comply fully with the required standards.
Our people
To ensure that we can continue to provide our services to clients we have in place:
A remote technology IT system which allows our firm to work from home where necessary;
A phone infrastructure which allows calls to be automatically re-routed to staff who are working from home;
Encrypted file/document sharing platforms eliminating the need to mail or hand deliver sensitive documents;
Video conferencing technology to conduct meetings and connect colleagues in multiple locations;
A response team which is in communication regularly to review and coordinate our actions;
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A remote technology IT system which allows our firm to work from home where necessary;
