The recent Coronavirus (COVID-19) outbreak is understandably causing concern for businesses throughout the country. Following the Budget & subsequent COVID-19 briefing updates, the Government has announced a range of extraordinary measures aimed at assisting those companies affected at this time.
Table of Contents
- What are the Extraordinary Measures?
- What are our financial services?
- What are your different financial options?
- How can you get in touch?
Here at The Insolvency Experts, we have a wealth of experience in advising companies on their financial options, particularly at times of financial pressure.
We look to find the best possible solution whatever your situation, so at this time of unprecedented difficulty and uncertainty for many companies, we believe we can be of great help. For a full rundown of the measures announced by the Government, you can request our detailed PDF.
For now, we can summarise some of the key measures announced, as well as a few key points on how we can help businesses around the UK at this time.
Extraordinary Measures include:
• Giving all retail, hospitality and leisure businesses in England a 100% business rates holiday for the next 12 months.
• A £10,000 cash grant to businesses eligible for small business rates relief.
• The Government will fully meet the cost of providing statutory sick pay for workers self-isolating for 14 days in businesses with up to 250 employees.
• A “Coronavirus Small Business Interruption Loan Scheme” whereby the Government will guarantee up to 80% of the value (up to £5m) of loans introduced. This ensures businesses can access the first six months of that finance interest-free, as the Government will cover the first six months of interest payments.
• Larger businesses will be supported by a new lending facility agreed with the Bank of England (we will keep you updated as this develops).
• HMRC Time to Pay relaxation.
Our financial services include:
• Support with cash flow modelling and sensitivity analysis, ensuring you have visibility of the pinch points in your cash cycle and can plan accordingly.
• Funding advice and access to funds through both Government-backed, and other commercial lenders.
• Provide advice on negotiating a creditor stretch to make money go further.
• Negotiate with HMRC to delay PAYE, VAT and Corporation Tax payments.
• Provide help to shape Business Continuity Plans and IT infrastructure to support remote working practices.
• Look at tax-efficient strategies to recoup much needed money for businesses such as R&D and Capital Allowances.
Different financial options
If you were not in previous financial difficulty, but have now been adversely affected by these unprecedented times, you can explore our Business Rescue service to find out about any other financial options you can consider in addition to those currently announced by the Government.
If you were previously facing financial pressure and these latest developments have pushed your business to the brink, you should look into your options around a Company Administration or CVA, with our experts happy to discuss these with you in more detail.
If you were already considering a company closure of some form and recent developments have confirmed this course of action in your mind, we can advise on Company Liquidation in general, or an MVL or CVL specifically.