The government’s coronavirus support schemes will be extended beyond the timetable for opening up the economy, to help recovery. ICAEW’s Tax Faculty highlights the main Budget announcements. The wide range of support announced includes extensions to the two major income support schemes alongside extensions of financial assistance in other areas, such as universal credit, tax credits and stamp duty land tax.
The phrase “Turnover is vanity, profit is sanity but cash is king” was coined for a reason. Few things are more important to any business than cash flow, as with a healthy cash flow, you can pay your debts on time, sustain your operations and expand your business. Without it, you’re only a few missteps away from financial ruin.