Practical Guidance Note for the rural and farming community #3
COVID-19: Practical guidance for our rural and farming clients #3
Following on from updates #1 & #2 we continue to detail the finance and business information relevant to you as a rural client of Old Mill. Please take time to read and if you have any queries or would like further clarification on any topic please do contact your Old Mill adviser. We want to help wherever we can and your queries help us improve our knowledge on the concerns within the industry, so we can research and advise on what matters to you.
27th March 2020
Andrew Vickery See profile
Following Rishi Sunak’s announcements on the help and support for the self-employed we discuss the latest information here
You can also visit the government website for further details.
It’s important that if you are looking to defer your VAT payments you must cancel your direct debit to HMRC or it will continue to be automatically taken.
Full details on VAT deferral and implications can be found here
The government has given a three month extension to the filing of company accounts but it’s still quite possible for us to prepare your accounts and do any audit remotely in order to keep your business stable. We would advise that the option to delay your accounting process is only used as a last resort. In many cases the support options including the self-employed loan options will require the most up-to-date set of accounts and information.
To discuss your options further and to see if this is something that you should consider please speak to your adviser.
Below are links to the publications we have produced over the last couple of weeks. These should help you answer your current questions but, of course, the landscape is changing almost daily and we do advise contacting your Old Mill manager directly to discuss and review your individual situations.
COVID-19: Practical guidance for our rural and farming clients:
23 March 2019 – Practical guidance for our rural and farming clients #2
17 March 2019 – Practical guidance for our rural and farming clients #1
COVID-19: What you need to do in order to access government support
COVID-19: Self-Assessment deferrals
It has never been more important to have access to live financial data regarding your business. This information will give you a realistic overview for the viability of your business. In addition to this, a lot of the new loan schemes will require up to date accounts so do think about getting your records in earlier rather than later this year.
If you normally provide hard copy records or bring them into your local office and are unsure of the new procedures then please contact your adviser.
Above all, though, your Old Mill adviser is at the end of the phone or email to listen to you and answer your questions.
Keep an eye on our website for more information: om.uk.