The domestic reverse charge is a major change to the way VAT is collected in the building and construction industry and will affect both suppliers and…
We are in unprecedented times and facing uncertainty as the Coronavirus pandemic evolves. We want to assure you that your team at PKF Francis Clark is fully committed to the safety and health of our employees and our communities whilst ensuring minimal disruption to our work and client service during this critical time.
Some of the specific steps we have taken are:
- We have a Covid-19 team which meets daily to review the latest Government guidelines.
- We have the technology infrastructure to allow our firm to work remotely which we are now doing by using video conferencing and Skype.
- We have reviewed our business to identify critical services and taken steps to secure these (e.g. payroll).
- Our staff receive regular communication updates and know what action to take if they or a member of their family display any symptoms.
- We are providing regular information to our staff and encourage regular Skype meetings to maintain contact to ensure the wellbeing of our employees.
- We have cancelled or postponed all of our events, networking and training in the short-term and we are implementing different ways to deliver these.
Things are likely to get challenging over the coming weeks and months and we are here to help.
Keep calm and have a plan
We thought we would share some advice and actions from our own Covid-19 response team:
- Employees – ensure everyone is aware of the latest guidance and protocols that are in place for their welfare. Ensure they can work as efficiently as possible. Consider key employment cover over the coming weeks and months. In relation to Furlough, consider the Job Retention Scheme.
- Cashflow – consider the impact on your cashflow and the possible disruption to your business. Talk to your funders as soon as possible. Also consider the Business Interruption Loan Scheme.
- IT – monitor and continuously stress test your IT infrastructure for increased remote working.
- Finance – review your existing finance / lending documents to ensure you have the flexibility you are likely to need. Arrange additional sources of capital should cashflow become an issue. Also consider the Covid Corporate Finance Facility.
- Suppliers – keep communicating with key suppliers to ensure their continuity of supply and source alternative suppliers as back-up.
- Customers – provide reassurance, manage expectations and inform them of your contingency plans.
We hope you find this helpful as you plan for what’s to come.