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COVID-19

This page is currently dedicated to providing our clients and partners up to date information, advice and interpretation of current events that impact the financial and business landscape.

We acknowledge that a number of businesses and individuals have an array of concerns, therefore we will be posting regular updates and frequently asked questions in order to provide our current and future clients with a valuable resource.

Questions we have received

In order to support businesses in these challenging times we are offering a no strings attached FREE consultation with a member of our team.

During the meeting we will set out your options and outline some key strategic advice to help you get through this period of trading.

Please contact us via online or by telephone to arrange an appointment:

 

E   enquiries@portlandaccountancy.com

T   0161 826 0118 

“I run a small business and I’m worried that I won’t have the cash to keep paying my bills, what should I do?” 

First of all, don’t panic! This is an anxious time for everyone with bills to pay and there are a number of solutions and support on offer to reduce the burden.  

We recommend that you take this time to look at collecting from any customers that have yet to pay and to get in contact with your landlord and your main suppliers to discuss payments terms. 

In addition, income tax payments due in July 2020 have been deferred to January 2021 and it is possible to request an extension to payment of corporation tax and VAT payments. 

In addition to your business, consider your personal finances. Mortgage providers have agreed to offer 3 month payment holidays to any individuals impacted by the virus. 

During these difficult times we are here to help, therefore we are offering a free consultation for anyone that is impacted by Covid19 to help discuss your options and set you on the right path. 

To book an online session please contact us: 

E   enquiries@portlandaccountancy.com

T   0161 826 0118 

“I own a limited company and pay myself a salary, but I don’t have any other employees. I can’t work due to the quarantine, what are my options?” 

We have had a number of people query the government support due to the packages for employed and self employed being announced separately.

We can confirm that there are a number of factors taken into consideration including the method of pay/remuneration, how long the limited company has traded. As a general rule, HMRC have offered indications that they will cover the salaries of employees including directors however they will not reimburse or support any dividends.

 

Portland Accountancy can provide bespoke company and tax advice to help you with your application as well as support you with your future trading.

To get in touch please email or call at:

E   enquiries@portlandaccountancy.com

T   0161 826 0118 

“I am self-employed and I cannot continue to work due to social distancing. Should I apply for a loan or should I make an application for income support?” 

There are some 4 million self employed individuals who have seen significant disruption and have, until recently, been made to wait for government support. The good news is that the chancellor has extended support to small business owners with a variety of both general and targeted measures aimed at reducing the burden on business. 

Income support will be based on self assessment returns and will guarantee 80% of the net income recorded in your past 3 tax returns. The monetary support is forecasted to be available in June, therefore we recommend that businesses review their debtors to collect cash and draw up a brief profit and cashflow forecast. This will be an invaluable tool to help you obtain the trumpeted business interruption loans and also help you focus your energy on cutting costs and maximising cash. 

 

At Portland Accountancy, we can advise and support you throughout the submission process in order to provide a quick and efficient result. If you have any questions on how to adapt your business, proceed with applications and make the most of the support on offer. 

To get in touch please email or call at :

E   enquiries@portlandaccountancy.com

T   0161 826 0118 

“I run a number of businesses including a hotel, restaurant and a bar. I know that there are government grants and that I can get support to pay my staff while we’re closed but when can I expect to get some money and how?” 

The government announced emergency support for business on 18 March specifically targeted at your sector. You can make a claim for cash grants which are tied to the rateable value of each property you operate in. You can even claim if the property is exempt from business rates. If you are not certain of your situation, we can help explain your options. 

The system for claiming financial support for employees who are unable to work will go live in April and will operate through your employer PAYE scheme. We are advising our clients on a number of solutions to bridge the gap in finance between now and eventual receipt of funds, including negotiating with suppliers and applying to the business interruption loan scheme. 

Should you have any questions on how to apply or submit your records in support of your application, 

To get in touch please email or call at :

E   enquiries@portlandaccountancy.com

T   0161 826 0118 

2 APRIL 2020 - PRESS RELEASE
PORTLAND ACCOUNTANCY HITS THE GROUND RUNNING

A new accountancy practice set up by Infinity’s founders has hit the ground running as business owners seek help amid the coronavirus crisis.

Portland Accountancy, based at our headquarters at Clippers Quay, Salford Quays, is focusing on providing advice and support to owner-managed companies and the self-employed across Greater Manchester.

It is led by Infinity partners Daniel Finestein and Sarah Butler, who are both vastly- experienced chartered accountants. 

Portland’s core offering includes providing accountancy services and business advice to a range of clients, from start-ups and partnerships to multinational companies.

The practice also provides statutory accounts, bookkeeping, corporation tax, payroll and management consultancy services to companies and individuals across a variety of sectors, such as property, retail, leisure, media, creative and technology.

Since the coronavirus crisis took hold, Portland has been helping clients seeking advice about the government’s business support package, how to maintain cash flow and deal with suppliers, deferring tax payments, personal finance matters, providing forecasts to access the new business interruption loans, and other issues.

Conscious of the challenging trading climate for businesses, Portland is offering a free, no-strings consultation with a member of the team, who will set out the options for companies and provide strategic advice to help them through this period.

Portland also has a dedicated website page to keep clients and the wider business community up-to-date on the evolving crisis and its impact on the financial and corporate landscape.

Sarah said: “While it may seem an unlikely time to have launched a new business, our energetic, practical and commercial approach to supporting clients through the current crisis is being well-received.

“Our plan has always been to expand the team and our service offering either organically or through acquisition, and this is something we intend to pursue. “However, for now our focus is on helping clients to get through the current crisis.”

For more information contact us via:

E   enquiries@portlandaccountancy.com

T   0161 826 0118