Supporting Business Owners In The Wake Of COVID-19

Whilst we are all trying to navigate our way through the situation created by the Covid-19 pandemic, we want to offer some practical business advice to those suffering the ongoing financial effects.

Many businesses have been left floundering in the wake of the ongoing covid 19 pandemic which is why our expert advisers are here to help you get back on your feet. Our expert team of business rescue professionals can advise you no matter where in the UK you are, and regardless of the problems your business is currently facing. Don’t hesitate to get in touch.

As businesses across the country start to try and find their place in a post-pandemic world, a degree of uncertainty can be felt and it is clear that life as we once knew it isn't going to return as smoothly as we might once have imagined.

Many businesses are experiencing a very slow recovery as changing consumer habits mean that on the whole, people are choosing to play it safe. We can’t know for sure how long this situation will continue and understand the distress that such uncertainty can cause. This is why we have sourced the finest and most experienced business rescue experts in the country: to help you and your business through this difficult time.

Our Covid-19 Business Rescue Plans include help and assistance with the following:

General Business Advice

Most business owners have not been in this position before and are unsure of what kind of help they need. We can offer support and guidance via our business rescue experts who will talk you through business recovery options. Our business rescue team can explain the variety of options open to you and suggest the most appropriate path forward. We will be with you every step of the way, guiding your business through to full recovery.

Time To Pay And HMRC Support

If you are unable to pay your taxes on time, you have the option of negotiating a Time to Pay with HMRC. This can lift the pressure as it means being given additional time to settle your HMRC obligations. Put simply, this arrangement is a debt repayment plan for your taxes. It is agreed between you and HMRC to allow you more time to pay your companies Corporation tax, VAT and PAYE.

This could be a lifeline to many businesses. However, successful negotiation is key. You may feel more comfortable with one of our professionals having these discussions on your behalf.

We have years worth of experience dealing with HMRC and understand the pressure they can put on you. We can offer you the best chance possible of securing a TTP arrangement.

We can offer both long and short term solutions for most of your Covid-19 business issues and help you come to a satisfactory resolution

If you would like specialist advice on any aspect of Covid-19 business rescue, the experts at Debt Helpline are here to provide professional advice and support.

For a free confidential discussion with one of our expert advisers call us on 0333 300 3490 or fill out our contact form.

Traditional Finance Options

We can aid you by talking through a variety of traditional finance options to address your company debts, including traditional high street loans, asset finance, and other, more niche lending alternatives.

Assisting With Debtor Collections

Many companies are struggling right now and some will fail to manage collecting outstanding invoices or other money owed to your company. Our debtor collection team is able to help manage your interaction with debtors and assist your company with the collection of late debts.

We can also advise you on recovering commercial debts, even those already written off as uncollectible. When your own finances are balancing on a knife edge maximising your debt collection activities should be a priority.

Personal Liability

Both limited company directors and sole traders could experience personal debt as business problems spill over into their personal life. As a business owner, you may find yourself using personal funds to keep your company afloat. When you are doing your utmost to keep your company alive and kicking, the last thing you need is your personal financial position being threatened. Let us help you.

Business Restructure

If you need to consider business restructure, in order to save the business, we can advise you on a range of restructuring options, from placing the company into administration while a strategy is formulated, or implementing a Company Voluntary Arrangement (CVA) to restructure existing company debts and liabilities while allowing you to continue trading.

Winding Up Petitions, CCJs And Statutory Demands

As creditors grow increasingly anxious, there is often an increase in Winding Up Petitions (WUPS), Statutory Demands, and County Court Judgments (CCJs) issued as companies turn to attempt to recover money owed. If you receive such a claim, it is vital you take swift action. The longer a WUP or CCJ remains outstanding, the more the risk to your company.

Debt Helpline can help you challenge this action, however, speed is of the essence. You should make it a priority to seek expert advice as a matter of urgency.

Creditor Pressure

Late payments at this current time could be potentially catastrophic to small businesses and make the difference between staying afloat or going bust. You may find yourself getting hounded for payments more aggressively than normal as your creditors grow increasingly nervous. They themselves understand the problems you are facing no doubt they have their own, experiencing similar issues themselves. Communication is key. Maybe you can arrange a mutually agreeable plan going forwards.

We can offer you actionable advice so you can negotiate more favourable terms, either as a short-term measure or a more long-term solution.

Emergency Finance Options

Due to Covid-19, your business might need help by way of:

The Coronavirus Business Interruption Loan Scheme -

  • This is for smaller businesses with a turnover of less than £45 million
  • Offers up to £5 million in finance
  • Business loans, overdrafts, invoice finance and asset finance available
  • The First 12 months of interest and lender-levied fees covered

Bounceback Loans

  • Bounceback loans are for SMEs, micro businesses and other businesses requiring smaller loans
  • They are for between £2,000 and £50,000
  • Repayments are over six years
  • First 12 months of interest payments covered by government
  • No repayments during the first 12 months

The Future Fund -

  • Convertible loans from £125,000
  • Must be at least 100% match-funded by third-party investors.
  • Designed for companies with good potential that typically rely on equity investment
  • Eligible companies need to have previously raised £250,000 or more in equity investment.

We can offer advice on these funding schemes aimed at businesses experiencing acute financial distress who may have been locked out of earlier finance packages.

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