Due to Coronavirus some businesses will be faced with loss of trade whilst others will no doubt experience staff shortages due to illness or fear of it. UHY Hacker Young’s advice is to avoid over-reacting but prepare for a period of disruption.
Read the key points of the article below:
Now is the time to plan for damage limitation. To make decisions about the action you should take, you need to understand your cost base and embark on some kind of financial modelling, using your intuition about likely scenarios. On the other hand, if your business is already facing financial problems, insolvency advice is needed.
Keep your people safe
Ensure that your staff have enough information to recognise symptoms of corona virus and that there is a clear reporting system in place. Develop an action plan for your workplace so that if any team member, or visitor, is suspected of having the virus steps can be taken immediately to mitigate its spread. Make sure that all of your team are aware of the plan.
Employees have a right to be paid in full if an employer instructs an employee to stay away from work because, they have just returned from a virus hotspot. However, if an employee refuses to come to work their rights to be paid are severely limited.
Read the full article written by Andrew Hulse here!