It's time to be confident as the UK emerges from lockdown02/07/2020
There’s no doubt that lockdown has been an effective way of avoiding nationwide tragedy – but it’s also been a difficult time for businesses. Those companies which have weathered the storm have done so with a significant amount of government aid. According to the latest Treasury figures, more than 304,000 businesses across the country have accessed over £40 billion in loans through government-backed schemes.
JW Hinks’ Managing Partner, Neal Aston, says the firm has remained busy throughout this period supporting its clients: “We are very proud to have been able to help businesses continue to function through lockdown, and now we’re ready to move into a more normal business environment, when we think our business advisory services will be vital to our clients’ recovery and continued prosperity.”
The release from lockdown continues on Saturday the 4th of July with pubs, cinemas, restaurants, and other public-facing businesses reopening their doors. However, the situation in Leicester, where a “local lockdown” has been initiated, should serve as a reminder to us all that we need to adhere to social distancing laws if we want to avoid further restrictions.
Government loans, along with other types of assistance such as the Coronavirus Job Retention Scheme (CJRS) allowing employers to furlough employees, bring fresh tax challenges for British businesses. One example is the June 30th end to the deferral of VAT payments due to COVID-19. At the same time, the results of Fair Tax Mark’s annual survey show that the public’s appetite for “decisive action” against tax evasion and avoidance has increased. This sends a clear message: now is the time to really be on top of your tax. That means making sure you fulfil your legal obligations – but not paying more than you have to. Proper tax management is, in other words, crucial if you want your business to recover in post-lockdown Britain.
Another way to support your business is to get back in contact with your customers, and make sure that they’re thinking about you. You need to make the most of the tools available to you in order to do so. That includes new practices, like Zoom calls and digital marketing – although lockdown might be over, there is no guarantee everyone is emotionally ready to jump back into “business as usual”. Remote options are likely to remain an important tool for the foreseeable future.
At JW Hinks, we think now is the time to be positive. Britain is emerging from lockdown bruised but not beaten. The worst should be behind us, but that doesn’t mean that it’s plain sailing from now on. As we continue to deal with the ramifications of the COVID-19 pandemic and our response to it, British business will continue to face new – and sometimes unexpected – challenges. At JW Hinks, we’re dedicated to helping businesses meet these challenges head on.
If you would benefit from expert advice, ensuring you don’t fall foul of unknown pitfalls, and helping to save you time and money, then give us a call for a free, no-obligation, enquiry on 0121 456 0190. Find out how we can take a load off your shoulders, leaving you free to focus on what you do best – running your business.