The COVID-19 pandemic has been a process of starting over. There was a succession of lockdown orders that forced businesses to stay put or completely close down to prevent the spread of the virus. One day, they might be allowed to reopen only to have lockdown rules imposed again. Because of this, the British economy experienced a significant downturn. However, there is no other way but to try and try again.
Thankfully, respite from the pandemic is coming in. Despite the prevalence of coronavirus, life is moving forward because of vaccination. Now that the situation is getting better, businesses of all types are trying once again. Fortunately, the British government is there to provide the support they can give.
Some Government Incentives to Watch Out For
Whether you are a small or big business, you can take part in the business incentives provided by the government.
- Expect some tax changes that would take place over the next few years. These minor changes can help businesses with lower profits survive and recover.
- The income tax will also remain the same until the year 2026. That means no inflation can affect it.
- There is also a super-deduction capital allowance scheme being implemented. Companies that invest in qualifying plants and machinery could write off 130 percent of the capital investment against their final tax bill.
Make sure that your small business accountant knows about these incentives and apply them to your taxation.
Other Ways to Relaunch Your Business Post Pandemic
Aside from taking advantage of these government initiatives, you can also explore the following means to jumpstart your business in 2021:
Enhance the Safety of Your Business Premises
Although people are still struggling in the new normal, their fear of the virus will not quickly fade. It would be best if you make them feel safer by practicing the health guidelines and protocols set by the World Health Organisation. Keep that in mind until the rest of the population is fully vaccinated.
Set the lead and implement the protocols on your business premises. Allot a sanitation area in your shop. That way, people would feel more confident about your business’s safety.
Let Them Feel More Comfortable Through DIY Methods
In line with the previous recommendation, another creative tactic that can help people feel at ease with your business is to let them do things independently. Some stores have been used to offer direct assistance to clients, but now is the time to let that practice go. Remember that distance is still essential as a safety measure in any setting. Allow them to do things on their own so that they can feel more assured of their safety.
Give Out Discounts
Things might be right for you nowadays, and that is the same for your customers too. However, a discounted sale is still better than no sales at all. So go out there and promote your products and services at good prices. That way, you can provide your offerings while helping people. The act can encourage your customers to try your service again. This baby step could go a long way later.
Any business is bound to face challenges, whether it is COVID-19 or not. As an entrepreneur, you need to be creative and inventive to ensure your business lasts. So, be aware and take note of the existing initiatives of the government and find ways to make your business more attractive. Make sure to work with experienced accounting professionals as well. They could give you advice on what route to take next to make significant savings and grow your business more.
Should you need accountants in London, we can help. Cheap Accountants in London are your source of affordable yet quality accounting and bookkeeping services in the area. We provide a range of tailored accounting and taxation services to individuals, small businesses, and medium businesses in need of our help. Check out our packages to know more.