Advice for businesses affected by the COVID-19 virus
The spread of the COVID-19 virus has put sudden financial pressure on thousands of businesses across the UK. Some businesses have seen an immediate and devastating impact on their cashflow, whilst others are coping but still concerned for the future. The situation is fast-moving and at this stage there are more questions than answers about how long the current crisis will last and how harmful it will be to businesses. If you run a business, you probably have many questions:
- What financial help will there be for my business?
- How long will the crisis last?
- What will happen if I cannot afford to pay HMRC?
- Will the bank offer to lend me more money so I can pay my staff?
- Should I carry on trading or close down my business?
At this stage, we are urging business owners to stay calm and take practical steps to protect themselves, their employees and their business. Think about distribution channels – if customers aren’t coming to you, how can you take your product or service to them? Concentrate on keeping you and your employees safe, as your business will struggle to continue if you have high rates of absence amongst your staff.
Over the coming days, more details will become available about the help which is being made available by Goverment, the banks and HM Revenue and Customs. In the meantime, here are some links to information for businesses on how to cope with the crisis:
If you have missed a tax payment or you might miss your next payment due to COVID-19, please call HMRC’s dedicated helpline: 0800 015 9559
If your business was already struggling prior to the emergence of the COVID-19 virus and you would like advice on your options for dealing with a pre-existing insolvency issue, please call us for expert, impartial advice. Call us today on 0114 285 9500. We can help.