Daily update from UK Business Mentoring Group

Rent

A property management client of ours who works with landlords has told me, his advice to all landlords at this time is to be prepared to waive or roll up rent for companies having difficulties due to the current situation. He has made it clear that in the present climate it will likely be 9/12 months before a replacement tenant will be found at the earliest, so they are better off working to help existing clients through this period.

Obviously, landlords will make their own decisions, but I felt worth passing on.

Once more information is to hand re the business Interruption Loan Scheme I will get it out to you.

VAT/PAYE/Corp Tax

There is a helpline for businesses who can’t pay tax at present where instalment arrangements can be made/suspend debt collection proceedings/cancel penalties and interest.

At the present time I recommend all businesses consider deferring any tax as it is in effect an interest free loan.

The no is 0800 0159 559 open 8am – 8pm Mon – Fri and 8am – 4pm Saturdays

Priorities

At the risk of repeating myself, strong leadership and cash is what’s required at the moment – if you haven’t already forecast your cash for the next three or four months based on known income and then 50% of that and zero income suggest you do so asap.  

Personal-I know these are personal/minor but I have just been told Sky have just announced you can remove/freeze sports free until normal service starts and most gyms are offering free to freeze at present-all help personal finances for your staff and yourselves.

For more info on any of the above, please contact Paul Clarke at [email protected]