Henry and Banwell Chartered Accountants > News > COVID-19 > What’s Next After Furlough?

What’s Next After Furlough?

  • Posted by: Michael Winkelmann

The Coronavirus Job Retention Scheme, more commonly known as furlough, ends on 39 September 2021 and we are not anticipating any further extensions.

If your business is back trading normally them this will make no difference to you but, if you are still reeling from the impact of Covid and lockdowns there will be difficult decisions to be made.

First you will need to decide how your business will continue in the medium term while the virus is still in the community. Will you continue working from home all or part of the time? Will you continue to run a takeaway service alongside, or instead of, dining in? Will you scale back your operations to match demand or are you ready to get back out there, all guns blazing?

Once you’ve decided how your business will look you need to put together a business plan to achieve this. You will need to match the income to the costs and the right human resources. You will need to develop your new organisation chart of full and part time roles and then decide how your existing staff fit into these new roles.

It may be that some of your staff are unsuited for the new roles so they will need retraining. There will be a cost associated with this. Perhaps you wish to retain a few more staff to cover potential sickness and/or childcare? Or it may be that you need different staff. If you have more staff than roles then redundancies may be required. You should take advice on how to do this legally but also do it kindly. There may be notice periods and redundancy packages to pay out.

As always we can help you to plan all this so that you have a stronger business to take you forwards.