6 easy things small business owners can be doing during lockdown
Here we go again, another lockdown! And whilst for many of us it’ll mean a change to our everyday life (yet one we’re all slowly getting used to), now is a good time to plan ahead to ensure your business can hit the ground running when things return to ‘normal’.
In this blog we look at six easy things you can do in order to help your business prepare.
- Make use of the new £9k business grant
Did you know that the Chancellor, Rishi Sunak recently announced a further £9,000 business grant for those in the leisure, retail and hospitality sectors? In response to the latest lockdown, the grant, which ranges from £4,000 to £9,000, is designed to help those out who will be missing out on business during the current proposed lockdown period. Take a look at our blog to find out more, and who’s eligible for the grant.
- Sort your accounting out
When you’re busy running your business, the last thing you want to be doing is sorting out the accounting yourself. From tax returns to payroll, regulations to legislation, there’s lots to be aware of and ensure you’re getting right in order to stay on the right side of the taxman.
So why struggle with it all yourself? Enlist the services of an expert accountant such as Vantage, who specialise in sole traders, limited companies, buy-to-let, and tax returns and advice. When business returns to normal you’ll be thankful for the extra help and expertise.
- Use social media to promote your business
Just because your doors are temporarily shut, it doesn’t mean your business is. So how do you reach out to your clients if you can’t see them face to face?
Facebook, twitter, Instagram, tiktok, LinkedIn, the list is endless! Social media is a fantastic way to keep the lines of communication open, and show your clients, both past, present and future, what you’re up to during lockdown. Be available to answer questions and offer advice and support, and possibly consider an ecommerce website if you’d like to start selling your product or service online.
- Have an early spring clean
Busy hands are happy hands, as the saying goes, and whilst it’s important to keep your business active during this third lockdown, it’s also a good idea to keep yourself moving. And what better way to benefit both you and your business, than by having a good old clean up and clear out.
Use this free time to clear old stock, maybe get those jobs done that have been lingering about, or even give your shop space a fresh lick of paint. Think about what you can do now to benefit your business when things return to normal, but that you don’t usually have the time for.
- Start planning ahead
Whilst the pandemic put a halt to fun events like birthday celebrations, holidays and weddings, unfortunately the mandatory events, such as tax returns and ensuring you’re paying the right amount of tax, will never go away (no matter how much we’d like them to!). So have a think about your year ahead and your financial obligations with HMRC.
- Payment relief is available
HMRC are offering a ‘time to pay arrangement’ whereby if you owe self-assessment tax and your bill is less than £30,000, you might be able to pay the tax due in monthly instalments. So if you’re finding yourself in a position whereby you’re unable to pay the full amount by the deadline, and you meet HMRC’s criteria, then this option is worth exploring.
Do note that this is something you’ll have to discuss with HMRC directly, as your accountant is unable to do it on your behalf. HMRC’s phone lines will also be extremely busy this time of year because of tax return season, so if this is something of interest you’ll need to speak to HMRC asap.
Ensure you act now!
If you are planning on taking advantage of the Self Employment Income Support Scheme 3rd grant, you only have until the 29th of January 2021 to do so. Visit HMRC’s information page, which includes the link that allows you to apply. Don’t miss out! Be sure to apply now.
How Vantage Accounting can help
Remember that you’re not alone when it comes to your accounting. Here at Vantage we help small businesses with their accounting needs every day, and our team of director-level accountants are happy to schedule a zoom call with you to discuss your business requirements. Alternatively take a look at our services to see what we offer.
We really look forward to helping you achieve your business goals in 2021, and making your accounting life easier. Hi Niels, from Zoe.
Note: All the information and advice in this blog post was correct at the time of writing.
