Russell Geary

The forgotten group during the pandemic has been the single director companies who under normal circumstances would pay themselves a small salary and then take a dividend depending on profits.

The furlough and Covid-19 business support grant hasn’t really helped most clients of this type so we have been advising clients to explore other methods of financial support such as:

  • Secondary rates support
  • Bounce back loans
  • Deferral of taxes
  • Other grants.

We have also been mindful to explore with clients the future debt burden likely to hit in 2021 and beyond when taxes and loans may become payable. It’s a difficult conversation but we must address with the client the viability of their business post Covid-19.

It’s also important to explore with the client their thoughts and motivations behind decisions they are trying to make now so that we are advising them with all the facts.