COVID-19 update: lockdown practices and loans for the self-employed

 In Analysis, Information, Legislation

What to do during the lockdown and Government help for the self employed.

We suggest that the following action should be taken so that everyone is as ready as possible for when life returns to normal.

1. Keep in touch with your clients

All businesses are different and there are any number of ways of doing this.

Whatever your business may be, if you do not stay in touch with your clients and business contacts, it is probable that they may forget all about you when normal life resumes.

2. Get your business records up to date

We suggest this is most important to do now when there is time on your hands. Otherwise, it may be forgotten when the lockdown is over and you find yourself with a deluge of other things to do.

If you would like help with this please call the office. Although most of us are working from home, the office is still open, e-mails and phone calls are still answered, and documents can be delivered here during normal office hours. We will put you in touch with one of the team as soon as possible.

3. Think about improving your systems 

When everything has gone quiet as it has done now, it is an opportunity to think about how you may work more efficiently, or with better information, in the future.

For example, we have a client who is looking for investment. Before the lockdown, the investors were looking for profit calculations on each of the products the client sells, which its systems were not able to produce. Now the investors are all hiding away and nothing is happening, there is time to get the system ready so that it can produce the calculations for when the investors re-appear.

Please call or e-mail if you have any questions.

Stop Press:

HMRC have advised that they will start issuing letters about now to self-employed business owners and partners inviting them to claim for help from the Government. Please bear in mind it might be a few days before you get the letter as the post nowadays is rather slow.

Please beware of e-mails and text messages purporting to come from HMRC.

They will not be genuine. HMRC will always contact you by letter in the first instance about assistance for business.

– By Stephen Handley, FCCA

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