Month: May 2020

What the revamped furlough scheme means for your small business

From August, small businesses will have to cover 20% of furloughed staff wages plus NI and pensions

As expected, Rishi Sunak has announced changes to the furlough scheme affecting small business.

  • August: small businesses will be expected to cover national insurance and pension contributions of workers on the Coranvirus Job Retention Scheme. For the average claim, this represents 5 per cent of the gross employment costs the employer would have incurred had the employee not been furloughed
  • September: businesses will have to cover 10 per cent of the wage costs of furloughed workers on top of NI and pension contributions.
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Q&A with ContractZen CEO Markus Mikola

The business landscape is headed toward a new normal due to the global coronavirus pandemic. Companies are relying more and more on digital channels to do business where work is accomplished through remote means.

Currently, this rapid digital adoption is manifesting itself through work-from-home programmes and e-commerce adoption, but companies must be prepared to shift more of their processes and workloads online to cope. Governance is one such business area that companies must seriously consider prioritising. Tasks involved in strategic discussions, policy making, and business agreements demand secure collaborative platforms to perform digitally.

We recently spoke with governance solutions

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7 ways to help your Coronavirus Business Interruption Loan get approved

Cash flow forecasting may boost your chances of securing a loan

During times of financial crisis, businesses are always advised that the key to survival is to keep a close eye on cash flow. But what happens if everything possible has been done and the company needs to secure a business interruption loan to get by? What can business owners do to increase their chances of getting approved and securing the money they urgently need?

Before completing an application form for a business interruption loan, business owners need to understand the true cash picture and how it might change in

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One in 10 small business owners contemplating suicide

Breaking point: 78% of small business owner-managers say their mental health has worsened because of the pandemic

One in 10 small business owners in Britain are considering suicide, according to their accountants, in their latest snapshot of SMEs.

Eleven per cent of small business owners are thinking of ending it all, overwhelmed by the coronavirus pandemic, while 78 per cent of SME owners have worse mental health, according to research from chartered accountants’ group ACCA and The Corporate Finance Network (CFN).

And 89 per cent of accountants say that their small business clients are generally under more stress.

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