Managing your business cashflow through these tough times (Updated 27th March 2020) - Evolution Financial Planning

We’re in unprecedented times, that’s for sure. I don’t think any of us thought at the start of 2020 that this would be the situation the world would be facing: a global pandemic unseen in generations before.

If you’re self-employed, a freelancer, or the owner of a small business, you will no doubt be feeling somewhat lost at the moment, and probably overwhelmed by the amount of conflicting information out there about what help the Government is offering you. Added to the fact that you may well be managing the logistics of attempting to homeschool your children during the day alongside working remotely too, it’s totally understandable that you’re feeling as you are.

Here is a short list to what may be available to you to help you and your business during these difficult times (please note, all of these schemes are dependent on certain criteria being met; please see the source document for more detailed information).

If you are a small business owner, the following assistance may be available to you:

  • Coronavirus Job Retention Scheme
  • deferring VAT and Income Tax payments
  • a Statutory Sick Pay relief package for SMEs
  • a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
  • small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
  • grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
  • the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
  • a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
  • the HMRC Time To Pay Scheme [Source:] [Further information available via HMRC here:
  • **JUST RELEASED**: Details of further assistance for self-employed and freelance workers:
  • Self-employed people will be able to apply for a grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month. At least half their income needs to have come from self-employment as registered on the 2018-19 tax return filed in January – anyone who missed the filing deadline has four weeks from now to get it done and still qualify. The scheme is open to those who earn under £50,000 a year – up to 3.8 million of the 5 million people registered as self-employed. Unlike the employee scheme, the self-employed can continue to work as they receive support. The money, backdated to March, will arrive directly into people’s banks accounts from HMRC, but not until June. The grants will be taxable, and will need to be declared on tax returns by January 2022.
  • Please note that if someone has a small Ltd Company as a trading company then their salary is covered by the Coronavirus Job Retention Scheme.  Please note that only PAYE is covered not Dividends.

There is a lot to take in, to read through, to analyse and to reflect on, so I’d really suggest you be kind to yourself and read all of the information through when you’re ready and feeling able to. There will be help out there for you in some way, but I totally understand how helpless and lost you may be feeling at the moment.

As well as the Government-backed help for business owners, of which I’m sure there will be more to come over the coming weeks and months, it is also be a good time to get on top of your own business cashflow and really look at what money you’ve got coming in and going out.

Cashflow management really is the crux of a business. I’ve developed a FREE Cashflow for Business Owners spreadsheet, which is your first step to navigating your way through these difficult times. The spreadsheet will help you to clearly set out your cash in-flows and cash-outflows over a 12 month period, enabling you to update in real-time to make sure your projections are accurate.

For those of you who want to drill down into even more detail, there is a weekly flow tab too, where you can accurately track your business incomings and outgoings on a weekly basis.

To get hold of your FREE download, just sign up below:

Get your FREE Cashflow Tracker!

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Managing your cashflow at a time like this has never been more important. In my Facebook Group, The Money Mastery Collective, you can join like-minded women to gain top tips and guidance from me. Join us there now, we’d love to see you.