Across the UK, lockdown is beginning to slowly lift. Many people are beginning to return to work after a period of furlough. Returning to work can be both daunting and exciting for those who have had a long period of time away from the workplace. Employers must now plan how staff can return in a safe and financially positive.
This month’s blog is offering financial advice to employers in relation to returning to the workplace after furlough. SCS Financial Management is here to help provide employers with financial advice on how to return employees to work effectively and support those who are still on furlough.
For more information, call us today on 01737 373707.
Have A Budget Plan
Many different trades have been impacted by the Government’s lockdown rules over a period of 4 months. Certain businesses are still not allowed to trade at all yet, and some may be doing so on a limited basis with staff either working from home, fully operational or on furlough. There are many common areas that businesses will need to consider when it comes to the workplace.
If you are in a position where your business is still not able to re-open or you are struggling to financially support your staff, we recommend you start a budget plan. You need to understand your income and outgoings. You should review all current expenditure and cancel any unnecessary outgoings and look to re-negotiate existing contracts for extra income.
At SCS Financial Management, we can provide efficient management accounting services to ensure you can understand your businesses’ financial performance during these unprecedented times. This means we can give you advice in order to improve your finances so you can support your staff in the workplace and on furlough while looking after yourself too.
Look Out For Further Government Announcements
Over the last 4 months, the Government has provided businesses with financial support. In May, it was announced that The Coronavirus Job Retention Scheme (the furlough scheme) would be extended from 1st of July. Under this scheme, previously furloughed staff can return to work at home or in the workplace from August. They can return for any amount of time and in shift patterns. Employers are still allowed to claim a furlough grant for hours not worked. However, from then, employers will need to start paying the employer’s national insurance and pension contributions.
In summary, from 1st of July to 31st of October, the furlough scheme becomes more flexible. More information can be found here. On October 31st 2020, the furlough scheme will close.
Apply For A Coronavirus Business Interruption Loan
If you are an employer who may require short-term cash flow support in order to further help support your employees, you may be eligible for a Coronavirus Business Interruption Loan. You can apply for this if you can show that your business would be viable were it not for the pandemic and if it has been impacted by Covid-19.
You will need to provide some supporting documents in order to prove that you can afford to repay the loan in the future. At SCS Financial Management, we can help you with the provision of the appropriate documents in order to make your claim. More information can be found on the link above.
Contact Us For Financial Advice
If you require professional financial advice regarding your business and the furlough scheme, get in touch with SCS Financial Management. We can provide you with the appropriate guidance moving forward to returning to work and keeping your business afloat. To book a consultation, call us on 01737 373707.
Alternatively, you can fill out our online contact form.