2020 has been a year of profound change and challenge for every business in the United Kingdom. The aftermath of the COVID-19 pandemic is likely to cause lasting, deeply-felt damage to the British economy. It is, therefore, crucial that your business has a plan for riding out the immediate shock, as well as recovery. The British Government’s Coronavirus Job Retention Scheme should make this much easier if you employ it properly. While the Government initially intended for the scheme to act as a short-term measure to keep people in employment, they have recently decided to extend the CJRS until the end of October.
Also, the CJRS has been expanded to allow people to work part-time. This means that you can start bringing back your staff to work on a part-time basis, while the British Government pays their wages for the time they don’t work. By utilising the scheme, you can ensure that you limit the impact of COVID-19 on your business and activity, as well as keep as much of your staff as you can. If you are unsure of how best to utilise the CJRS, you should consider consulting with an accountant for assistance.
David Beckman Co. Ltd. is an Accountant Leatherhead. In addition to providing generic accountancy services, the team can assist you in developing a unique approach to utilising the CJRS, as well as financial planning throughout the COVID-19 crisis. Your business’ recovery from the crisis is going to depend mainly on how you plan and make the most of the opportunities that are currently available- and an accountant in Leatherhead can assist you with this. By using the CJRS until it is phased out in October, you can get your business up and running again and gradually bring back more, and more of your staff as the British economy continues to open back up.
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