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How we can help you?
 
Over last few weeks, we have been sending regular emails detailing the government support that has become available.  We have also updated our website almost daily and trust that you are finding it a useful resource.

We are also practically helping a significant number of clients with the following:

Financial forecasts

We are aware that funding institutions and particularly bank managers are receiving significant volumes of enquiries for the CBILS facilities that the government recently announced. To avoid the need for the bank or others to ask for additional information that will lengthen any process, (and therefore any facility draw down) it is essential that they are provided with the right information at the start of the process.  Failure to do this will result in long delays and ultimately may result in an unsuccessful claim.  One component of this includes integrated financial forecasts, (profit & loss, balance sheet and cash flow) built on robust assumptions that can be flexed for sensitivity analysis.

We cannot stress enough the importance of being proactive in applying for these loans. Given the demand for these facilities there is a natural delay in applications going through each step of the bank process, therefore if you feel you may need funding in the coming months we would advise starting your application as soon as possible.

Management accounts should also be kept up to date.

We have a team of experts who regularly prepare financial forecasts to enable our clients to borrow monies to expand, deal with unexpected events or facilitate business acquisitions.

We have already assisted a number of clients to successfully access CBILS facilities and are in the process of assisting a significant number of others. If you would like our assistance either in preparing an integrated financial model, or in reviewing your pack prior to submission to the bank, please get in touch with you Clive Owen contact or our Corporate Finance Partner whose email is angus.allan@cliveowen.com

Management Accounts

It is at times like now that businesses recognise the importance of having accurate up to date management accounts, so that they can see the financial position the business is in and the effect events have on their business.

In addition, the CBILS facilities are looking at historic financial information in order to assess the ability of the business to repay once normality returns. It is therefore key that your management accounts show a true reflection of business performance and demonstrate this clearly to the bank.

Over the last couple of years, we have developed Clive Owen Managed Services (COMS) which not only helps clients with the production of regular management accounts but also looks at the accounting software and processes to ensure they are fit for purpose.

If your current internal accountant is on furlough or you want an independent review of your accounting systems, please email ian.jarvis@cliveowen.com

Payroll

The government has provided further guidance about the job retention grant.  They now expect the scheme to launch on the 20th April with monies being paid within 4 to 6 days.

It is important that businesses have their reference number for PAYE online service. Whilst for most clients who have recently accessed the government gateway you will be able to add this service, we are aware that some clients have experienced problems with selecting the relevant options. If this occurs contact HMRC – 0300 200 3600 (Technical support) or 0800 024 1222 (COVID) as they will need to reset your registration. For those who have not previously registered online this enrolment process may take up to 10 days.

To claim, you will need:

  • your ePAYE reference number
  • the number of employees being furloughed
  • the claim period (start and end date)
  • amount claimed (per the minimum length of furloughing of 3 consecutive weeks)
  • your bank account number and sort code
  • your contact name
  • your phone number

The government have said that it is up individual businesses to calculate the amount that is to be claimed. At present, we do not know if we can submit this claim on your behalf. We are though in the process of developing a tool to help calculate the amount that can be claimed. If you would like more details, please contact ian.jarvis@cliveowen.com

Tax tips

We have pulled together a list of tax tips which businesses should find useful. Please discuss this with your usual contact to see how you could potentially benefit.

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Offices at Darlington, Durham and York. Registered Office: 140 Coniscliffe Road, Darlington,
Co Durham, DL3 7RT

A list of members is available at the above address.
Registered to carry on audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England & Wales. Clive Owen LLP is a Limited Liability Partnership, registered in England and Wales. Registration number: OC312218

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