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Uncertainty

Source: Other | | 06/11/2020

While politicians and scientists try and figure out the best way to control COVID, we are left to pick up the pieces and try and salvage what we can of our businesses.

Our economy is built on various, level playing field assumptions:

  • Same legal requirements, 
  • Same opportunities to trade, 
  • Access to our customers

COVID uncertainty has broken these assumptions. For example, regional variations in trading regulation, the breakdown of social contact between businesses and their customers and unequal access to Government support.

If, like most of us, you have built your business on the assumption that what was available yesterday will be available tomorrow, the uncertainty created by the COVID pandemic will have undermined your ability to trade effectively.
For many, those in the hospitality sector for example, will have suffered more than most as they are tossed from lock-down to easing of restrictions and back again. 

Grants, when they can be accessed, have helped with the financial pain created, but for many business owners, funding losses with taxable grants and cheap loans may be a viable stop-gap, but it is not a solution for all and certainly not a long-term solution.

There are signs that a vaccine may start to ease the situation in the coming months. Consequently, we may be approaching the end of coronavirus generated uncertainty. Like the marathon runner, pain kicks-in in the final third of the race, and like these athletes we will have to dig in and keep running.

Perhaps, when this is over, we can pick up the pieces and rebuild. This time it may be prudent to factor in uncertainty. COVID may not be the last challenge of this sort that we will have to face. 

 

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McAllisters is a partnership trading from Paxton House, 11 Woodside Crescent, Glasgow providing accountancy and tax services and general business advice and is a member of ICAS (Registration No 0342) and an FCA exempt professional firm (No 301235). Its VAT number is 261 3019 94

McAllisters (Scotland) Ltd is a related business providing tax and business advisory services to McAllisters and its clients. McAllisters (Scotland) Ltd is registered in Scotland (Registration number SC146856). Its VAT number is 624 0564 62.

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