There are still a significant number of UK employees that are furloughed. Unfortunately, this scheme is scheduled to end 30 September 2021.
Businesses that are struggling to re-establish themselves following the downside effects of repeated lockdown, may be faced with difficult decisions as this deadline approaches. The pundits are expecting a significant rise in the unemployment numbers.
If you have concerns that you may be faced with laying off furloughed staff when the Coronavirus Job Retention Scheme closes, and are unsure how to plan for any changes, we can help.
The key is to create a forecast of business activity – based on current estimates – that highlights profitability, solvency and cash flow. Armed with this information, it will then be possible to try out different what-if scenarios and consider the options this process opens.
It is better to plan for these changes before they happen than to react when the changes have occurred.