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Cashflow has never been more important for businesses than in 2020. The Coronavirus pandemic has shaken businesses to the core and with the potential of a second wave a potential second wave, company owners are left wondering if their business can survive another lockdown.
With government support tapering and uncertainty about what the next few months hold, cashflow forecasting is vital to understand the position of the business. Historically, many owners have worked this out in their heads or in convoluted spreadsheets but the danger is that something gets forgotten and a large, unaccounted for, outgoing could cripple the business.
Now, more than ever, accounting software is vital. A simple, easy to understand, forecasting tool that helps businesses understand their financial position and identify areas for concern, before they become overwhelming, is something that can help businesses navigate the turbulent months ahead. By understanding the business needs in advance, company owners can try to mitigate any risks identified, putting them in a stronger position to survive any further lockdowns that may come.
Our job is to guide you through the implementation and interpretation of the data in order to provide accurate cashflow forecasting. Making the process as simple and easy to manage as possible will ensure that you have real time data, providing accurate updates at any time to help underpin any vital business decisions that need to be made.
The Flexible Furlough Scheme was launched by the Government on the 1st July as the next stage of the coronavirus job retention scheme. It was designed to replace the initial furlough scheme and provide employers with more flexibility with regards to bringing staff back to work on a part-time basis.
Full details of the scheme can be found on the GOV.UK website however, the following provides a useful summary of the key points:
The scheme is operational from 1st July 2020 until 31st October 2020.
Claims can only be made for an employee under the new scheme if they were furloughed under the old scheme for 3 consecutive weeks between 1st March 2020 and 30th June 2020. This means that the 10th June 2020 was the latest date by which an employee must have been furloughed for the first time.
There are exceptions to this rule which include military reservists and employees returning from statutory parental leave.
All employees who were part of the old furlough scheme are eligible for the new flexible scheme.
From 1st August employers must start paying NI and pension contributions again.
From 1st September employers must contribute towards the cost of employees’ wages again. The amount of government support available will be tapered until the end of October.
Employers are able to decide the working hours and shift patterns of their employees. This provides companies with the flexibility to utilise staff as much, or as little, as needed.
Working patterns will need to be confirmed weekly in order to make a claim under the scheme.
Working patterns must be notified to employees in writing.
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