To help you navigate this fast-changing environment, our collaborators at KPMG have produced some useful resources to help you navigate and plan for the changes that may be needed in response to COVID-19.
They are also hosting a series of webinars where a range of both KPMG and industry experts will be on hand to discuss critical business issues related to COVID-19. Visit their dedicated hub to register for an upcoming session or access on demand recordings.
In a recent webinar, Lizzie Smith and Haroon Ahmed from KPMG talk us through cash flow forecasting and the tools available that you can use to respond to changes quickly.
‘Understanding the Impact of COVID-19’ is a checklist to aid your business in planning, guiding you through; crisis management & business continuity planning, actions to undertake, supply chain & operations, business impact, financial & external factors and people.
‘Preparing and planning for an uncertain world’ is an interactive COVID-19 business readiness assessment. It’s designed to help your business consider stress testing and planning for a range of scenarios and outcomes, ultimately helping you make the decisions and plans to deliver business resilience.
‘COVID-19 Job Retention Scheme (CJRS)’ takes you through the scheme under which HMRC will reimburse 80% of ‘furloughed workers’ wage costs, up to a cap of £2,500 per month for each furloughed employee. The JRS payment is a grant to cover most of the wages of the people who are furloughed. The JRS is open to all UK employers who operate a PAYE scheme. Affected workers will need to be designated as “furloughed workers” and the employees will need to be notified of the change.
‘COVID-19 Response Assessment’ is a tool that aims to help you assess the completeness of your immediate response to COVID-19. Based on KPMG’s Enterprise Resilience approach you have the option to answer questions on your Financial, Operational or Commercial resilience. Upon completion, you will receive a report providing practical considerations and potential actions that you may wish to take.
Due to the fast-changing nature of the situation please refer to KPMG.co.uk for the most up to date information.