Put finance at heart of juggling act

Lancashire businesses continue to face a Covid juggling act, from navigating the financial changes in support from government, to the threat of a viral outbreak in the workplace and the wider knock-on effect that such an event brings.

Whilst hugely welcome and a lifeline for many, owners and managers should look beyond the financial support made available by the chancellor and ensure they are utilising every opportunity to boost their cash flow and plan ahead.

Surrounding yourself with good advisors is essential. A proactive, available and committed adviser can be a business’s best ally in navigating their way through the challenges of today – and we haven’t even thrown a potential Brexit ‘No Deal’ decision into the mix of what Lancashire businesses face.

There are several proactive steps that businesses can take to boost their cash flow, mitigate risk to their operational capacity and maintain continuity – which we hope your advisers are making you aware of, together with the constant changes to the support available.

Prioritising your year-end accounts, for example, will provide a vital picture of the last 12-months, along with all upcoming tax liabilities, ensuring that you can effectively plan.

R&D Tax Relief is another way of providing an immediate cash boost. HMRC is continuing to refund R&D Tax Relief claims, something which could be hugely important to those who are eligible.

Surrounding yourself with good advisors is essential

Local lockdown cash grants, the Job Support Scheme (both ‘Open’ and ‘Closed’), and Self-Employment support are all fantastic incentives to boost your bottom line. Yet those relying solely on Government aid are missing out on the opportunity to leverage the fantastic talent within Lancashire.

Tap into your network and identify those who are a real asset, as their skillsets and expertise could be the solution to ensuring your company’s strength and resilience during these uncertain times.

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