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If your suppliers offer you goods or services on credit, this will have a beneficial impact on your cashflow. You will have had the benefit of using the goods or services supplied, and the funds to pay for them, initially, stay in your bank account.

This benefit can be multiplied if you are able to convert the supplies into cash sales as you could possibly have the funds to pay created by this revenue. In this way your purchases are self-financing.

The Scottish Government has announced a new £100 million package of additional grant support for small and medium sized businesses (SMEs) and newly self-employed people.

The money is allocated to three separate funds. The funds opened for applications on 30 April 2020 with the first funds expected to be paid out in early May. The funds are being administered by local authorities and Scotland’s enterprise agencies.

The Coronavirus Job Retention Scheme allows employers to claim cash grants of up to 80% of wages (capped at £2,500) for furloughed workers.

In the most recent update to HRMC’s guidance there is a clarification relevant to directors that are paid annually. The guidance confirms that company directors who are paid annually are eligible to claim, as long as they meet the relevant conditions for the scheme. A number of directors (usually sole directors / shareholders) of small businesses pay themselves a salary just once a year.