Top 8 Tips To Get Your Business Ready For 2021
2020 had enough surprises for all of us. To make sure your business is ready for the new year, we have put together a checklist for you with our Top 8 Tips from a legal perspective with things that we suggest you do to avoid surprises and disappointment and to get your business ready for 2021.
1. Check Your Furlough Application Deadlines
With the extension to the furlough schemes, tighter claim deadlines have been introduced. If you would like to claim for November 2020, the deadline is the 14th of December 2020, and for December 2020 claims the deadline is the 14th of January, 2021. With tighter deadlines, HMRC will also tolerate fewer excuses for late submissions. Excuses include serious illness, fire and theft. The full list of excuses can be found here.
2. Check Your SEISS Application Deadline
If you are eligible for the third Self-Employment Income Support scheme, you have until the 29th of January, 2021 to submit your application. To be eligible, your business must have been continuously impacted by COVID-19 between November 2020 and January 2021. The maximum amount of money you can receive this time around is £7,500 which will be paid in one lump sum.
3. Get Ready For Brexit
As of the 1st of January, the United Kingdom will officially leave the European Union. This will mean several changes for businesses across the country. Whether you currently employ EU nationals or are looking to employ them in the new year, be aware of the new employment and immigration legislation regarding the rights of EU nationals living and working in the UK. New EU workers coming to the UK will have to have a Skilled Worker Visa and you, as the employer will have to apply for a Visa Sponsor License. We have written about the new rules and regulations here.
Import and export terms are also changing if you import or export from the EU, check here for what you need to prepare for.
4. Review Your Contracts
The pandemic has significantly changed the way we all work. This should be reflected in all your contracts. Whether it is changing the designated place of work on your employee’s contracts, to amending terms and conditions for your business partners and clients, it is time they reflect our new ways of working. Furthermore, now more than ever having contracts with your partners and clients is essential in the safe operation of your business.
At GWA Law we write bespoke contracts, tailored to your business needs, this way you won’t fall foul to the free templates you can find on the internet.
Contract reviews and drafting are all included in our retainer packages, starting at just £99/month. As an added guarantee, if regulations or the law changes within 12 months of us creating the contracts for you, we will amend your contracts and policies for free.
Read more about our retainer packages here. Other perks include a will, 24/7 hotline for your legal questions and our Debt Recovery services
5. Protect Your Business
After the year we have all had, it is time to think about how you are protecting your business but also yourself. Did you start up during 2020 and need overarching business protection? Or do you already have a plan, but you are not satisfied with the terms and conditions? Our trusted partners at 3 Pillars Financial Planning are experts in all things business protection, but if you are looking for personal insure, they are also the ones to go to.
Contact them here.
6. Get Your Books In Order
Cashflow is more important than ever. In the current climate, you need to have your books to be able to take on 2021 with your full potential. Poor cashflow planning results in over 50,000 businesses closing each year. To avoid closure or insolvency, plan your cash flow ahead of the new year, to understand your business’ position and identify tactics for growth. Our trusted partners at Argus Accounting are experts in all things accounting and would be happy to help you in all your accounting matters.
Contact them here.
7. Review Your Business Lease
After working from home for the majority of the year, you might want to re-negotiate your current office lease for better terms for when you are ready to return. You might even decide not to return to your offices in 2021, in that case, you might want to look at terminating your current lease agreement. This is something we can also help you with, drop us an email at firstname.lastname@example.org to arrange a free review of your business lease.
8. Plan for redundancy
If your business is in a position where you are having to make redundancies, you have a legal obligation to provide a fair process to your employees. In one of our previous articles, we have detailed how you can make your redundancy process ethical and legal. Read it here. If you don’t follow the relevant processes you open yourself up to unfair dismissal claims at the employment tribunal. If that has become the case, our solicitors with over 7 years of experience can represent you, you can find more information about our representation services on this page.
By following these 8 steps you can make sure that you won’t encounter any surprises come January 2021. What steps are you taking to get ready for the new year? We would love to hear from you in the comments below.
If you have any questions regarding any of our services mentioned in the article, please do not hesitate to get in touch
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This publication is a general guide and summary of the law and should not be construed as legal advice. It should not be acted upon or relied upon in any way and should not replace legal advice which is bespoke to your particular circumstances.
GWA Law 2020©
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