Coronavirus Update from PKF-FPM at 7pm on 17th March 2020
17 Mar 2020
We write with an update further to our previous COVID-19 client briefing on 12th March 2020, which included specific guidelines for Ireland and Northern Ireland –Â Found Here
As we move through this very difficult time, the preservation of cash and managing cashflow will be critical to survival and positioning ourselves to be stronger and more agile businesses going forward, but we MUST get there.
We are conscious that the situation is evolving, as highlighted by the UK Chancellorâ€™s Statement at 5pm today, however businesses must demonstrate agility and pro-active measures which businesses can take on the island of Ireland and we will endeavour to keep you briefed on changes as they arise.
We know a number of our clients are currently due to pay taxes at this time of year, be it quarterly or bi-monthly VAT, Corporation tax, or monthly PAYE taxes.Â PKF-FPM are advising our clients to pause and develop a funding plan which could include the deferral of these payments within a wider robust business continuation plan that is aimed at preserving cashflow and your business.
PKF-FPM suggest the following strategies below for business owners to immediately implement in order to mitigate against a sustained impact on profitability which will lead to a liquidity crisis.
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