If you're worried about cashflow, we've put together some tips

1. Collect your income

First things first, make sure you have made efforts to recover anything anyone owes you. If emails are getting you nowhere, then pick up the phone.

2. Make a list of everything you owe.

Include wages, all the outstanding invoices from suppliers, direct debits and standing orders. It sounds obvious - and you may already have this to hand, but now is the time to look at it more closely.

3. What can you afford to cut back on?

If your sales are likely to slow, do you really need high stock levels? Is it crucial right now to buy milk and coffee for the office? Is your electricity bill set at a level that assumes normal consumption? What are the 'nice-to-haves' you really don't need just now?

4. Talk to your suppliers

If cash is still tight, consider calling up key suppliers and having a discussion about extending / revising your payment terms. If they have sufficient cash reserves, and your business is important to them, they may be in a position to extend more favourable credit terms.

5. Time to Pay

Make sure you pay anything on which there may be interest. For now, don't rush to pay your VAT, PAYE or Corporation Tax. Give HMRC a call and discuss a 'Time to Pay' arrangement - which may give you some much needed breathing space.

6. Check your rates relief.

The Chancellor announced further relief available to businesses in England last week - and the Scottish Govt have announced they will follow suit.

7. Apply for the COVID19 business interruption grant.

Again - this was announced last week in the budget and the Scottish Govt have announced a £320 million package of support for small business. We will post more details as we get them.

https://www.gov.scot/…/gbp-320-million-package-of-support-…/

8. Consider your income stream

Are you able to diversify at all to generate more income? Are you able to expand an online business? Can you meet with your clients through virtual tools like Skype and Zoom? This won't be the case for all businesses - but thinking creatively about how you deliver your skills may well generate enough cash to pay the wages.

9. Could you be eligible for R&D tax credits?

This is an underclaimed tax credit which could see you claiming money back from the taxman. If you are innovating in the fields of science and technology, you may be entitled to money back. Please do get in touch with us if you feel you may be eligible.

10. Are your records straight?

Make sure your bookkeeping is up to scratch - and up to date! Claim every penny of recoverable VAT by keeping all your VAT invoices and receipts. Make sure you don't put any invoice through twice. Automate your processes, using tools like Xero and ReceiptBank, so you can be sure that the right information is there - and quickly.

If you need any help with any of this, please feel free to give us a call. We'll happily have a free of charge chat with you to discuss your circumstances and see if we can help.