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Donna@haslewoodaccountancy.co.uk

Running your business with COVID-19

COVID-19

I can completely understand the impact of running a business with what is going on in the world a challenge. But, I thought there are things that we can do that can try and get some kind of normality whether we are in isolation or seen as a ‘key worker’. Here are some steps we can all take to take some control back.

1. If you have a mortgage, give your mortgage provider a call, talk to them and see what options you have for assistance or a mortgage holiday (please ensure your credit rating doesn’t get affected.

2. Are you VAT registered, usually get a rebate and due to submit a return in the next 6 weeks, focus on getting your VAT return completed as soon as you can.

3. Are you worried about struggling to pay your bills due to cancellations, stock supplies etc? Ring around your creditors and see if payment holidays or new terms can be agreed.

4. If you need to hold meetings, make use of technology such as Zoom, Skype or Facetime.

5. Talk to HMRC – they have a dedicated line for self employed and businesses that will struggle as a result. The number is 0300 456 3565. They should discuss with you and advise on your tax and any benefits that are applicable to you.

6. Take a look at your bank statements and see if there are any expenses that you may not need for a while or are no longer applicable / relevant.

7. Be Savvy with food, go through your cupboards and freezers etc and use up ingredients that we have rather than replenish with more. Save ourselves some money, and be creative with new recipes.

But out of all this, please look after yourself and your family, take time out, go for a walk, meditate, read a book, or do something that can switch off. Our mental health right now is No1!

Take care