Helping businesses come out of lockdown

The last few months have been hectic at Wilkinson & Partners helping our clients to access whatever government funding they could, in order to keep their business afloat.

Whilst there is still work to be carried out to support clients who have been adversely affected by COVID-19, in the past couple of weeks we have seen a change in emphasis on the support our clients need.

A reminder!

Businesses still have to carry out routine tax and accounting duties. This includes preparing accounts, calculating and submitting income, corporation tax and VAT returns, as well as filing relevant documents with Companies House. Let us know if we can help you with any aspect of these routine compliance tasks.

Planning for the future

With many businesses having to look at how they operate as they come out of lockdown, we are increasingly getting involved with helping clients (and new clients) on the following matters:

  • Business plans which set out how they will function under the 'new normal'. These plans may consider different methods of operating their business, considering social distancing measures and the effects these may have on income (and therefore) profit. In some cases the business plans may address new routes to market in order to diversity the business to meet future demands.
  • Cash flow forecasts that enable business owners, and lenders where appropriate, to see how the business is likely to perform in the coming months and what affect this will have on cashflow and liquidity.
  • Management accounts which are produced on a monthly basis to give an accurate and up to date picture on how the business is doing and if changes need to be made to improve the trading situation.
  • Tax reviews to help firms get their tax returns submitted to HMRC well before the end of July 2020, so that if they have recently recorded losses, these can be set against any payment on account taxes which are due on 31 July 2020.
  • Starting a business by offering guidance on the validity of the venture, how to structure and finance it and what tax and accounting duties will need to be carried out and how often.

We are currently helping businesses of all sizes, from sole traders to large corporates to help them get ready for the future. If we can do the same for you, do get in touch by contacting our Bingley office on 01274 518200 or the Ilkley office on 01943 817045. Alternatively you can email us at office@wilkinson-partners.co.uk