COVID-19 – Positioning for recovery
Covid-19 - Business Revcovery | Blog | Invicta Accounting LTD

With the Isle of Man Government announcing their 6-stage phased plan to return to normal after Covid-19, we discuss what you should think about so that you and your company come out of this pandemic in a position to thrive.

First, the phased plan

  1. Construction sectors return
  2. Restoring non-essential shops and retail services
  3. Cafes and restaurant reopen
  4. Lifestyle and tourism businesses reopen
  5. Bars and nightclubs reopen
  6. Borders reopen – dependent on the state of the pandemic within the UK

There is no timescale on the phased plan but intimation would suggest that following each phase being introduced the government will monitor the cases and provided we don’t see a huge increase in positive diagnoses then the next phase will come in to play.

Some of you may have just returned to business and others may be primed and ready, hoping the current phase succeeds, below are our suggestions for an expedient and effective recovery.


Check guidelines

Although the industries are being phased back, you should ensure that you are still adhering to any protocols that are in place.

Consider your marketing strategy

This does not mean go out and employ an agency. But in the modern era social media is a powerful tool and represents a relatively low-cost route to promoting your business. Post to all that you are starting business again and let them know your hours. Let your clients now how you will be adhering to the protocols to return to work.

Check your support schemes

Make sure you check what support you received and what your obligations are in terms of returning to work. Manx Earnings Replacement Allowance for the self-employed, you must notify the Government when you return to work.

Review any deferred tax agreements made

This involves a little bit of forward planning, look ahead and see when your deferred VAT, National Insurance and other applicable taxes are due. Consider discussing a payment plan with relevant Government bodies to pay off over time rather than find larger sums of money in one lump further down the line.

If you require any assistance throughout the current pandemic and in planning your exit please contact us on any of our social media platforms or email us at info@invicta-accounting.com and we will arrange to contact you. We are offering free consultations to all businesses throughout this pandemic.

Please stay safe and respect the social distancing protocols.