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      4 Things SMEs can do right now to combat the impact of Coronavirus

      These are unprecedented times for businesses and humanity itself. It’s easy to feel hopeless, particularly if you work in the retail , hospitality or tourism sectors or are a small business owner.

      Rubycom Ltd , Kingsford Business Club members in our Edinburgh space,  are a business offering part time Finance Director and corporate finance services to SME’s around Scotland. Kingsford spoke with Scott Davidson the founding director who provided a useful summary of the support available.

      COVID 19 Business support Scotland Coronavirus SME Grants Edinburgh

      Guidance on government support available for Coronavirus As at 30th March 2020

      Rubycom have produced this summary  setting out financial and other assistance that has been announced over recent days from HM Government, to assist companies deal with the Coronavirus epidemic.

      For some companies operating in certain sectors, this represents a significant challenge to the business, and in some cases presents a business continuity issue. Specific details on how to access some of this support will be forthcoming over the coming days. The team at Rubycom are on hand to assist with accessing the below assistance and with other aspects of the financial planning of your business over the coming weeks.

      1. Cash Forecasting

      First and foremost, Rubycom strongly recommend that if you are not already doing so, preparing a short term cash projection, by week for the coming thirteen weeks is something that all businesses should be doing, regardless of sector. Many of Rubycom’s existing clients already do this, and it certainly highlights cash issues on the horizon, quantifies any cash gap and can help identify actions to put in place to deal with such shortfalls.

      Rubycom have a simple template that is used for a short term cash forecast. If you require this for your business, or assistance in preparing, reviewing or testing a short term cash forecast please do get in touch.

      2. Business continuity insurance

      If your business is being seriously impacted by the Coronavirus epidemic, particularly if you are facing nil or very minimal revenue over the coming months, you may be in a position to make a claim on any business continuity insurance in place.

      Rubycom would recommend that you check to find out if your company or business is covered for business continuity insurance. If you have cover and your business is being seriously affected by the Coronavirus epidemic, it is recommended that you contact them soonest to discuss any potential claim.

      3. Look at Available government support

      The major specific assistance available is as follows :

      • Business loan interruption scheme : an application for this can be made through major banks (High Street banks) and will be capital / interest free for the first 12 months. It is understood that 80% of such loans will be unsecured. Furthermore, it is understood that such loans can be applied for from Monday 23rd March. Three months to ten year terms for loans. To apply approach your business bank team initially.
      • Job retention scheme : For those employees in furlough (ie sent home from work due to the Coronavirus outbreak, as long as they are eventually brought back to work)backdated to 1st March ’20, and can cover up to 80% of wage cost (including ernic) with cap at £2,500 per employee per month.
      • VAT deferral :The next quarterly VAT payment due by businesses is to be deferred. Payments are deferred from now until end of June and companies will have until 31st March 2021 to pay any deferred VAT.
      • Rates deferral / grant funding : see web site at coronavirus/ for more information. Businesses in different sectors can get different amounts of rates relief and possibly one off grants of 10k or 25k. It is also understood that local authorities have been told to be lenient on chasing outstanding rates and requests for extended payment plans. In the first instance, discuss with your local rates authority.
      • Support for the self employed : announced late last week. Information forthcoming.
      • HMRC : Although not official policy, over recent days Rubycom have found HMRC to be willing to look at payment plans for PAYE / NIC liabilities and to consider deferral of existing time to pay arrangements. Your cash forecast should indicate if this is something that you may require, and ifso, contact HMRC to request a payment deferral.

      4.  Free Support offered by Rubycom

      The team at Rubycom are happy to offer one hour of free support / consultation time for any businesses seeking support with cash flow as a result of COVID 19. See contact details below. Rubycom are a team of ICAS qualified chartered accountants, whose service is accessible.


      Scott Davidson MA CA Director Cell : 07794 229594

      Craig McGill MA CA Director Cell : 07967 182991

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