With Government Support Finishing Soon – What’s Your Plan?
The end of the support doesn’t mean the end of your business!
Various forms of support that have been available throughout the pandemic are soon coming to an end. Business rate relief, the furlough scheme, grants from the local council and a freeze on winding up petitions are all about to finish.
In addition to this, Bounce Back Loans are due to start being repaid, HMRC will be out in force collecting overdue debts, landlords want backdated rent and will be able to evict tenants from them at the end of June.
All these factors need to be considered as well as how they will impact your business. Now is the time to plan!!
Creditors have been starved of cash this last 18 months and in most cases have been unable to enforce debts in the normal way.
It’s critical that you review your Cash Flow and factor in all debt repayments to see exactly where your business stands.
If this exercise makes for scary reading, speaking to creditors early and negotiating new terms should be near the top of your list. Don’t wait for bailiffs to appear on your doorstep.
Seeing accurate businesses financials and cash flow projections early will allow you to make better decisions.
Don’t put off taking professional advice, there are more formal restructuring procedures that can help ease your cash flow and safeguard the company’s future.
If you need some assistance to plan or talk through your situation I’m going to drop a meeting link in the comments.
All the best,
Chris
I'm Chris Worden, Managing Director at 1st Business Rescue. With over 7 years of experience, I help UK directors navigate the complex world of UK corporate insolvency. We offer free and independent advice to UK directors and advise them about what options may be available to them if their limited company starts to struggle.
I am passionate about helping other directors overcome their business challenges and get back on their feet, as I was once in the same position as them. I had a business that became insolvent, and the advice out there was confusing and overwhelming. I am here to provide honest and valuable advice to UK directors.
I am proud to say that we are one of the only 5-star corporate insolvency companies on Trustpilot with hundreds of 5-star reviews, and we publish videos weekly on our YouTube channel. Our channel is designed to educate UK directors about insolvency and debt advice. Check it out here:
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