September 20 Newsletter
August 31, 2020
We hope that this newsletter finds you and your families well.
In this newsletter we will be looking at resilience, understanding the latest government scheme changes and our app of the month!
BUSINESS UPDATE
Resilience
One thing we'd like to talk about this month is resilience.
What
Business resilience begins with an understanding that workflows must be preserved in order for organizations to survive unexpected events. An often-overlooked challenge of business resilience planning is the human element, whereby individuals in a chaotic situation must be prepared and educated on how to respond accordingly.
In the midst of the Covid-19 crisis, we have become painfully aware of the fragility of supply chains, health care, and other critical systems. Many leaders have announced the intention to build back their businesses more resiliently, but not many know how to do so. Few business schools teach resilience, and today’s managerial toolkit is dominated by financial performance management. As a result, very few companies are able to explicitly design for, measure, and manage resilience.
Why
We can usefully define resilience as a company’s capacity to absorb stress, recover critical functionality, and thrive in altered circumstances.
Resilience is especially important today because the business environment is becoming more dynamic and unpredictable. There is no better example of system stress than the coronavirus crisis.
If you would like to find out how resilience could help your finance department, then please get in touch for a free of charge chat.
GOVERNMENT SUPPORT UPDATE
More changes are happening in the coming months with the Coronavirus Job Retention Scheme (in addition to the flexible furlough scheme which started on 1st July), here is a summary:
September
Government willl pay 70% of wages to a cap of £2,187.50 for the hours the employee doesn't work. Employers will pay ER NICs, pension contributions and 10% of wages to make up 80% total to a cap of £2,500.
October
The government will pay 60% of wages up cap of £1,875 for the hours the employee does not work. Employers will pay NICs, pension contribtions and 20% of wages to make up 80% total up to a cap of £2,500. The scheme closes on 31st October 2020.
February 2021
The government will pay a Coronavirus Job Retention Scheme Bonus of £1,000 for every employee who has been furloughed and is still employed on 31st January 2021 (subject to conditions). Please see here for the latest information.
The Self-Employment Income Support Scheme has been extended. If you are eligible you will be able to make a claim for a second and final grant from 17th August 2020. These are the main points:
Amount
Taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months' worth of profits, and capped at £6,570.
Eligibility
HMRC will contact you if you are eligible, this will be based on the same criteria as used for the first grant. You will also need to confirm that your business has been adversely on or after 14th July 2020.
Please see here for the latest information.
Please get in touch if you would like any advice or help in relation to the schemes.
Grants of up to £5,000 available to help SMEs recover from COVID-19:
Amount
This package will include grants up to a maximum of £5000, however, most grants will be around the figure of between £1000-£3000.
Eligibility
The grants, which do not require any match-funding, are designed to:
help businesses access specialist professional advice in response to the impact of COVID-19 e.g. human resources, accountants, legal, financial, IT / digital.
purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify in response to the global pandemic.
These grants are in addition to a £10m package previously announced specifically for businesses in the ‘visitor economy’ sector.
Contact us
App of the month
Receipt Bank is a great tool that will sort the data entry (and turn you paperless) in 3 simple steps
Snap it
Use your phone to take a picture of all bills and receipts
Send it
Forward any emails with PDF attachments to your receipt bank email address
Sorted
The paperwork is now all saved in Receipt Bank and Xero. Now your free to focus on what really matters, growing your business.
Fetch
Fed up of logging into websites to download bills each month for your accountant?
Set up Fetch and Receipt Bank will even do this for you as well!
Contact us
Until next month,
Stay safe,
Katherine, David, Kasia and Joe
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