Sundry Ways to Save Money or Improve Cash Flow
While businesses are struggling with cash flow and profitability the following areas might be worth exploring:
Time to Pay – All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay scheme. Please note that it is very important to contact HMRC before the tax payment is due. For more information click here.
MOTs – if your car van or motorcycle MOT expiry date is due on or after 30 March 2020 the date has been extended by six months. Vehicles must still be kept safe to drive but significant expense is delayed for 6 months. See here for further details.
Lorries, buses and trailers are exempt from needing an MOT for 3 months from 21 March 2020 See here for further details.
Renegotiate your mobile phone contract – this is something which we all forget to do but which can produce worthwhile savings. Contact your supplier and see what they can offer.
Business rate deferral – Some local authorities are offering businesses the option to defer payment for several months, your local authority web site or help line should give you further information.
Pavement licences – some local authorities are refunding the cost of pavement licences, contact your local authority to see what might be possible.