After my somewhat downbeat last post, I’m pleased to say I feel more positive this week.
Despite what I said earlier in the my posts, we are entitled to the small business grant (link) notwithstanding sub-letting a room via Regus. It took some effort to get hold of the council and after making no progress, I got my MP involved who helped expedite matters.
I have really felt the pressure of being under lockdown over the last few days.
The weekend was lovely, helped by the continued blue sky and sunshine. I was hoping this week would allow me to make some good progress on that long list of things to do, but it just hasn’t happened despite trying really hard.
We are now half way through April, and so far 2020 has flown by.
I’ve a real mixed bag of emotions to talk about today. Over the Easter weekend I spoke with several friends whose businesses are on their knees. There is no sign of the promised support from the Government, because it’s just taking so long to actually get the forms, or speak to someone or whatever is it that is actually needed to get the grant, or a loan. These are people who know what it is like to work hard and it’s heart breaking for them to sit on their sofa at home, wanting to get stuck in and rescue their business but not being allowed to. This stress then leads directly to a sudden loss of income whilst at the same time having to pay their business and personal bills is beyond words. All I can do is listen and try to keep their spirits up.
Several really nice things happened yesterday. Two clients got in touch out of the blue to check how WE were faring. Not the business, not their investments, but how my team & I were coping. What an absolutely lovely thing to do. We were chuffed to bits.
A fairly short one today.
We managed to complete the task of writing to every one of our fee paying clients with an update yesterday, which means it took 6 working days. The letter was on top of various other communications we’ve issued since the virus shook the financial markets in late February. We’re very pleased with that. We’ve also had some really nice feedback from clients too.
The lovely warm weather in Kent made Sunday in particular feel like it was a mid-August, and that we’d probably be whizzing off on holiday sometime soon. In fact we were supposed to have flown to The Highlands on Sunday for a week away from the usual day to day routine. Oh well, this time next year maybe?!
I managed to tune out of work over the weekend, which is a skill I have learned over the years otherwise as a business owner, you run the risk of being too immersed in the situation, losing sight of what’s really urgent and also seeing productivity drop as you become too mentally exhausted to function properly
As well as reacting to the economic turmoil, we have to carry on running Gibson Lamb too. It’s our business year end on 31st March so I’ve been getting the accounts in order, and one of our crucial (and obligatory) insurances – Professional Indemnity – comes up for renewal on 31st March as well.
My legs ache, which means the new exercise regime associated with ‘stay at home living’ is reaching areas not usually reached!
Yesterday was the busiest day since this crisis started, with every email answered seemingly generating two new emails. The phone was ringing a lot too, and occasionally I struggled with ‘bandwidth’ on the office phone via my PC, but I reverted to using my traditional home phone instead.
I’ve just been out to post a tax year end letter and go for a jog in the sunshine, with the former being urgent work as far as I’m concerned and the latter my ‘out the house exercise’. Did I make a strategic error there, combining the two?
Boris has announced the inevitable shutdown, so I’ve collected a few bits from the office to make my home set up slightly better but I’m lucky to have a pretty good configuration already. I will miss my standing desk though, so need to work on a way to replicate it in a home environment.
I’m not one for blogging every day or every week, but the world has been turned upside down in 2020 and I thought it might be cathartic to write about the challenges we face.
Our clients are worried about their health, their families and their investments. We are worried about these things too.
I am also worried about my business, the impact this could have on my family, my employees and the viability of the businesses that we rely on to support us.
I was pottering around the M25 on Tuesday morning when the nice man on Radio 4 explained that National Savings rates were being reduced dramatically from May 2020.
Answer: It is where companies use marketing to appear socially responsible
The Renewable Energy Guarantee of Origin scheme was intended as a simplification, but has become a loophole
In the words of the UK’s energy regulator Ofgem, the ‘Renewable Energy Guarantee of Origin’ (REGO) scheme is designed to “provide transparency to consumers about the proportion of electricity that suppliers source from renewable generation.”
Yesterday’s budget took place on a Monday for the first time since 1962 and was delivered by ‘Fiscal Phil’ who seemed in a jovial mood. Here is our usual summary of the main changes that relate to individuals. As with every Budget, the devil is often in the detail. As more details come to light we will let you know.
With the UK’s deficit coming down and the government getting better at collecting tax, there was some room for manoeuvre. The reception in this morning’s papers is generally positive.
I was listening to the radio on the train whilst commuting into London earlier today, hoping I wouldn’t reach the part of the journey where the signal drops out just as the news broke, but fortunately I was able to listen live to the speeches made by Jean-Claude Junker and Theresa May. The terms of Britain’s exit from the European Union have been agreed.
Change: definition: To make something different.
Gibson Lamb’s raison d’être is to help people achieve their personal goals and it is only right and proper that the owners and team follow their dreams and aspirations too.
The Budget speech commenced with an explanation that the UK’s economic growth is confounding the experts and employment is at a record high. The Chancellor however continued to tighten the country’s belt as we prepare for Britain’s new global future.
There is quite a lot of talk in the press at the moment about the future viability of the State Pension, especially whether the costs are affordable over the longer term.
Yesterday Philip Hammond, delivered his first and last Autumn Statement. Much has been written since about his attempts to ensure Britain is – in his words – “match-fit” in time for the triggering of Article 50 early next year. And while we all hope that the Great British economy is more Andy Murray than Wayne Rooney on that fateful day, rather less has been written about how the announcements might affect your finances.
Wikipedia tells me that Yogi Berra, a Major League Baseball player in the post war years, was the first person to say ‘it’s déjà vu all over again’ and that phrase seems quite relevant this morning with another ‘shock’ election result, this time in America.
As regular readers of our blog will know, until recently we were expecting the Chancellor to announce significant changes to pensions at the Budget, but thanks to a last minute change of heart, pensions escaped without any significant tinkering for which we are grateful. It’s likely George will return to pension legislation in the future, but for now at least tax relief and pension lump sums remain unchanged.
Following my previous blog post about how it seemed likely that higher rate tax relief would be removed at the Budget in a few days’ time, I now have an excuse to merge a blog post about technology and pensions! I know, terribly exciting isn’t it!