The Business Exchange Bath & Somerset Issue 16: Summer 2020 | Page 36

Reducing costs during Covid-19 Many businesses are struggling to meet their outgoings with a reduced or Richard are endeavouring to help clients at this time of hardship in conjun partners; assisted and encouraged by our regulator the Financial Conduct been adversely affected during the lockdown, we recommend that you rev current situation of less business activity and therefore lower values to in Premium savings may be possible to achieve by: Reducing cover for : • Assets - stock if this is lower • Motor vehicles – if you have laid your vehicles up, make a Statutory Off-Road Notice (SORN). You may be able to get a reduction of premium from your insurer although not all insurers can do this. • Review the need for non-essential covers such as personal accident or other covers no longer needed Reducing financial estimates for: • Business Interruption – your gross profit/revenue will probably be lower • Employers Liability – premium based on wages which may have reduced if you have laid off staff • Product Liability – premium based on turnover which may have reduced • Marine cargo/Goods in Transit – premium based on volume of goods moved. Deferring expenses until you can return to normal operations • Pay for your renewal by month in one lump sum • Reduce monthly payments wit up to 3 months: • Premium Finance issues may directly with lender with the sh loan period. It also vitally important to ensure any new business activities that y as delivery services. You must als any changes of circumstances su unoccupancy, or occupation. These points are for guidance unique and their insurance positi to ensure that your policy accurat need right now. For more info: www.markrichard.co.uk [email protected] 0117 947 9514 WHAT HAPPENS WITH BREXIT You said you were getting bored with the constant Well, there’s nothing like a global pandemic to sw We interviewed customs, import, export and inter Director of Customs Bureaux for his insight on w What’s the latest Brexit news we should be concerned about? The current state of claim/counter-claim with Michel Barnier, the EU’s Head of the UK Task Force and David Frost, the Prime Minister’s Europe Advisor, is such it is reported that the Prime Minister will become involved in the coming weeks. Boris Johnson will attempt to perhaps hammer out an acceptable UK/EU agreement, before the projected last six months to finalise the written form of the hoped-for agreement. If no agreement is reached, then the potential for an exit on World Trade Organisation (WTO) terms is more likely, though by no means certain as a last minute deal may be arrived at. What should businesses be preparing for now? As it is still uncertain as to whether or not an agreement will be reached, companies should continue with contingency planning for an exit on WTO terms, which will require export and import entries for consignments to and from the EU member states and make arrangements to be able to re-claim VAT on EU sales. Do you think businesses are where they should be with preparations? Especially now Covid-19 has diverted attention away from the subject I believe that a great number of companies that have only been selling goods to customers within the EU, as opposed to internationally, have not made sufficient progress with their contingency planning for 31st December. Of course, Customs Management Bureaux can help companies to accelerate and sharpen the focus of their end of year planning.