As the COVID19 pandemic sweeps across the globe we are all trying to take stock of how it will impact us. We have already seen the massive financial impact of the coronavirus on whole markets and industries such as manufacturing, tourism, hospitality and travel and the statistics are of monumental proportions. Take travel and tourism as an example: it accounts for 10% of the global GDP and currently it is estimated that 50 million jobs are at risk worldwide. Companies are closing down or simply halting all work resulting in a knock-on effect to smaller businesses. As a result, we are seeing this impact individuals typically the least well-paid and self-employed or those working in the gig economy or in part-time work with zero-hours contracts. The UK government has announced significant measures to attempt to safeguard jobs, guarantee wages and support the self-employed. However, there is still a lack of detail associated with these measures. Exactly how are they to be implemented and how will people manage the loss of income in the immediate short-term?
HOW DOES THIS IMPACT YOU?
CLIENT ASSISTANCE PROGRAMME
At Ten Forward we particularly understand the importance of control in enabling you concentrate on the important things. It is our view that we can provide some measure of calm and give you back a little control. We can provide solutions and give you a platform upon which you can attempt to wrestle back control of your business and personal finances. Having control over these aspects may give you some peace of mind and crucially, allow you to make important decisions. For example, which government initiatives can you take advantage of and which are the most effective for you.
To achieve this, we have launched the COVID19 Client Assistance Program. Because of the unprecedented times we are living in we have fast tracked this program and we are updating and developing it as the crisis develops. The program involves 4 clear steps.
DIAGNOSTIC REVIEW
During 1-to-1 sessions our client managers will guide you through a series of questions focusing on how the crisis has affected you. Our client managers have been trained and have an up to date pool of resources at their disposal.
GRADING & ANALYSIS
After the call our client managers will get straight into reviewing the results of the call. Most importantly they will grade your position according to the urgency and timeframe. We also match up which Government initiatives you are eligible for and how best to get access to them.
REPORT & ACTIONS
This information pack will be passed on to our senior accountants who then work on completing a report. The report will list the specific ACTIONS required and grade them according to urgency. It will also contain an explanation of which government initiatives you are eligible for and what the specifics of these might look like.
ONGOING SUPPORT
For some clients it will be essential to have ongoing support. Forecasting cashflows with different scenarios can give you clarity on what is required in the forthcoming months. This will help you identify any hazard points in the future so that you can begin dealing with them now.
VIEW ALL SERVICES
This program is aimed at giving you control even during such a tumultuous period. With the ever-changing situation being played out before us it’s important that you have the information you need to focus on what is important to you.
If you are interested in our COVID19 Client Assistance Program or would just like to know more about what government assistance is available to you then please click on the link below and book a meeting with one of our client managers.
LINKS FOR FURTHER INFORMATION
More information is available at http://gov.uk
Government website Click here
British business bank Click here
ALREADY A CLIENT?
Book your free consultation with your client manager today!
NOT A CLIENT OF OURS?
Not a problem, get in touch if you need interim support during this time. Contact us via the bookings link or contact us page.
PACKAGE SUPPORT MEASURES
This includes a package of measures to support businesses including:
- Coronavirus Job Retention Scheme
- Deferring VAT & SAs
- Self-employment Income Support Scheme
- Statutory Sick Pay relief package (SMEs)
- 12-month business rates holiday
- Small business grant funding of £10,000
- Grant funding of £25,000 for retail, hospitality and leisure businesses
- Coronavirus Business Interruption Loan Scheme
- A new lending facility from the Bank of England
- HMRC Time To Pay Scheme
HOW CAN TEN FORWARD HELP?
Wherever you are in the process, we’ll help you ensure that you get all of the support you need. Contact us today to let us know what you need help with.