Preparations Checklist

To help you plan through this pandemic, we have put together a checklist to help you mitigate some of the business impacts: 

  • Consulting with employees on matters including:
    • Statutory sick pay
    • Coronavirus Job Retention Scheme
    • Redundancies and layoffs
  • Defer tax payments by establishing Time to Pay agreements with HM Revenue & Customs (HMRC), for:
    • PAYE
    • NIC
    • CIS (Construction Industry Scheme)
    • VAT
    • MGD (Machine Games Duty) 
  • Claim business rates reliefs and grants announced by the Government, via your local authority
  • Consider using the Government’s Coronavirus Business Interruption Loan Scheme 
  • Consider using the three-month rental moratorium on commercial leases
  • Prepare new or updated bank facilities, including overdrafts and capital holidays 
  • Liaise and notify customers, suppliers, contractors and trading partners of your contingency plans
  • Defer capital expenditure 
  • Defer finance payments, hire purchase and leasing 
  • Accelerate income, where possible
  • Update credit control procedures 
  • Reduce stock levels 
  • Review insurance policies 
  • Review all contractual obligations and advanced orders 
  • Review your business’s terms & conditions

Here to Help 

This checklist, while detailed, is not comprehensive and we recommend that you speak with us to put a clear plan of action in place which can address the short and medium-term impact of this crisis on your business.

We are helping several businesses with their preparations for Coronavirus and are standing by to assist you. To find out how we can help you and your business, please contact us.

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Wilder Coe Ltd
Our mission is to care for each of our clients so that their expectations and goals are met and exceeded. So whether you’re looking for tax minimisation, wealth maximisation or simply a professional service with a personal touch Wilder Coe Ltd’s partner-led approach, combined with a commitment to developing an understanding of your business and a rapport with you and your staff, ensures that you and your business always get the right level of attention and service you need.

We are a multi-faceted practice providing a wide range of professional business services including accountancy, auditing and taxation. For more information, please contact us.