The coronavirus pandemic has crippled a lot of businesses and left some struggling. No one knows when this pandemic will come to an end, and it will be unfortunate if your business does not survive this virus attack that got the whole world trembling.
To help your business survive the Coronavirus crisis, our expert advisers/team are here to assist you during these tough times. We have our skilled team of business rescue experts across the UK; you can count on us for assistance, advice, or help regardless of your business location as well as the problem your business is facing. Contact us now on 0800 975 0380 for free advice.
Our professionals, across the country, can recommend and implement practical steps to ease short-term problems with cash flow and also set up plans to protect the prospects of your company in the long run.
We have the required skills and experts that can recommend the best solutions – sourcing for emergency funds, negotiating with creditors, or arranging a Time to Pay arrangement with HMRC – to keep your business alive during this difficult period.
What can we do to help you during, and after, the Coronavirus pandemic?
General professional business advice
You may not be certain of the type of help you need when you are in a difficult situation, but you know you need assistance. Regardless of the type of help you need, you can count on our team of highly skilled experts for professional business advice that cuts across business rescue, recovery, and finance options.
Our experts can guide you through different routes and practical solutions available to your business. We will not leave you to act alone after deciding the best plan for your business, we will work with you, side-by-side, through this difficult period.
Emergency funding via the Coronavirus Business Interruption Loan Scheme (CBILS)
At the recent budget, it was announced that the CBILS (designed to ease access to business funding) will temporarily replace the existing Enterprise Finance Guarantee Scheme. This newly introduced scheme allows the government to cover 80% of the lending facility; thus, reducing risks to lending bodies (banks) and granting loans and other finance agreements to businesses who may normally not meet the lending requirements.
Based on the security given to banks by the government, directors will not be asked to provide a personal guarantee for money borrowed. Businesses will be able to access loans of up to £5m, and no interest will be charged for the first 12 months. The Coronavirus Business Interruption Loan Scheme covers different finance products like overdrafts, traditional loans, assets, and invoice finance; these options are available for both the short and long term.
You can count on our business finance experts if you need advice on the best funding options available to handle specific needs before looking into competitive terms from across the lending arena.
Raising other types of additional finance
In the months to come, a lot of businesses will need funds to sustain operations as previously guaranteed income diminishes but overheads and outgoings stay constant. We can help you with different additional finance options available to your business, such as traditional high street loans, invoice factoring and discounting, niche lending alternatives, and asset finance. We’ll use our network of lending partners to get the funding to you in the shortest time possible.
Time to Pay Arrangements and HMRC negotiation support
Because of the current Coronavirus pandemic, more businesses now have more time to settle HMRC obligations – based on the announcement made at the recent budget, which extended the existing Time to Pay (TTP) scheme.
A Time to Pay arrangement is a plan with HMRC that allows businesses to pay outstanding tax across a given period in instalments. This payment plan will benefit businesses that are likely to face cash flow problems. In situations like these, having a successful negotiation is crucial. And seeking help from a pro to negotiate on your behalf will help reduce the stress and provide comfort.
We are well-experienced with dealing with HMRC as we talk to them nearly everyday; thus, you can count on us to facilitate negotiations that offer the best TTP arrangement.
Assisting with collecting in money owed to you
We are aware that a lot of companies are struggling during this period and it is very possible some companies will not be able to keep up with outstanding invoices or funds they owe your company; as a result, you should welcome late payments, and in some cases, bad debts.
You can rely on our debtor collection team if you need assistance with how you relate with debtors as well as debts collection, especially if they are likely to turn bad. We can advise on how to recover commercial debts, even debts ruled as un-collectable. Every penny matters, especially in this difficult moment; thus, it’s paramount to maximise debt-collection activities.
Company Restructuring
To save your business as a whole from collapsing, there are times when undertaking a company restructuring process is important. The process may involve reform of your company’s operating structure, like shutting down unprofitable/unproductive arms of your business.
You can count on us if you need advice on the different restructuring options available to your business – options like implementing a Company Voluntary Arrangement or placing your company into Administration while developing a strategy. These options allow your business to continue with trade as you restructure existing debts and liabilities.
Handling Winding-up Petitions, County Court Judgements and Statutory Demands
During this coronavirus crisis, a lot of companies may experience cash flow problems and company creditors will become more anxious; thus, we should expect more Winding Up Petitions (WUP), County Court Judgements (CCJs) and Statutory Demands issued as companies seek legal routes to recover funds owed.
If any of these actions have been taken against you or your company, it is important you act swiftly to address the matter. You are more likely to lose your company the more you leave a CCH or WUP unattended to.
In as much as there are ways to counter such actions, you need to act fast. It’s vital you seek advice from professionals as soon as you can if you are presented with a CCJ, WUP, or Statutory Demand.
Redundancy claim advice
We clearly understand that you are likely concerned about your employees and how the current pandemic may affect them if there are no improvements in the months to come. We can recommend specialist redundancy claims companies that can offer redundancy advice for yourself and your staff.
Reducing creditor pressure
Everybody to get anxious when a client or customer fails to make payments when due. Late payments, under normal circumstances, may not be convenient, but at a time like this, late payments may likely pose a threat to cash flow. As your creditors become more nervous, you may be harassed for payment more quickly and more aggressively than before when you miss a payment.
Have at the back of your mind that a lot of businesses across the country, and the world at large, will be affected by this Coronavirus crisis. Your creditors will understand the issues you are facing and it’s also possible that they are going through similar problems. Communication is crucial at this point. Contact your creditors and come up with a payment plan that will benefit both parties.
You can come to us for advice or solutions (either short-term or long-term) that will help you negotiate mutually agreeable plans with your creditors.
R&D tax credits
Considering all avenues to generate cash for your business is a wise decision, especially if you have a tight cash flow. You can check to see if you are qualified for R&D tax credits. Businesses across all sectors and industries, be it large corporations or SMEs can access R&D tax relief. We can help you check if you qualify for R&D tax credits, and if you meet the criteria, you can use this as an avenue to get cashback to your business.
If your business is experiencing financial difficulties due to the epidemic caused by the Coronavirus, there are helplines you can reach out to for support during this period.
Personal guarantees and personal liability advice
Sole traders and directors are likely to encounter personal debts as business problems spread to affect their personal life. To keep the company functional in the coming months, business owners are likely to use their personal cash.
If your company cannot make relevant payments, it may call in personal guarantees that you listed previously for an existing loan. The last thing you want as a company director or sole trader is to threaten your financial position when giving your best to keep your business/company afloat financially.
Free business rescue and recovery advice from Forbes Burton
If you need professional advice on any area of business rescue, recovery, or turnaround method, you can get all the help, free advice, and support from us. Give us a call now on 0800 975 0380 for a free private discussion with any of our experienced advisers.
Also, we can arrange a meeting with you via Skype, Zoom, or Microsoft Teams with one of our experts to discuss the position of your company and map out strategies for the future. Call us on the above number or email us on [email protected] for more information.
Regardless of what lies ahead during this coronavirus crisis, we will provide you will all the help, guidance, support, and advice you need through this difficult time.
