Updated: 4th May 2020
As businesses across the country face disruption in the wake of Covid-19 coronavirus challenges, Real Business Rescue is here to support you and your company with a range of specialist services.
When cash flow takes a hit, limited company directors are often left with the challenge of juggling various bills that need to be paid using reduced income that will not stretch far enough. When faced with paying either HMRC or a supplier with whom there is a long-standing relationship, often it is the taxman which ends up going unpaid.
While tax arrears are common, maintaining open and honest communication with HMRC during this time is vital. You may be able to enter into a payment plan known as a Time to Pay (TTP) arrangement, which would give you the time and space to clear your arrears through a series of monthly instalments.
Setting up a TTP arrangements requires careful negotiations which takes into account your company’s ability to pay, along with HMRC’s desire to see your arrears brought up to date in a swift and timely manner. Offer too little and the proposal will be unattractive to HMRC; offer too much and doubts over your ability to keep to the agreement may be raised.
Through our specialist HMRC support service, Time to Pay Experts, we can conduct these negotiations with HMRC on your behalf; maximising your chance of success and minimising the stress to you. We will take care of the whole process from initiating contact with HMRC, through to drafting a proposal which is bespoke to your company’s financial situation.
From traditional loans, through to invoice finance and asset-based lending, securing finance for your business can be confusing. However, knowing which product is best for your business and what is a reasonable amount to expect to pay for finance can save your company thousands of pounds over the life of the agreement.
Current business disruption means the need for commercial finance has never been greater, nor has the array of funding channels on the market. In response to the coronavirus crisis, the government has introduced the Coronavirus Business Interruption Loan Scheme (CBILS) and latterly bounce back loans in an effort to help company’s secure finance and ease cash flow concerns; these are in addition to the funding options already available through both high street banks and niche lenders.
The experts at UK Business Finance can help you understand the difference between CBILS and bounce back loans, as well as how alternative funding options may be more appropriate and cost-effective for your company’s precise needs. Using our established network of lenders, we can scour the market to source the most competitive rates as well as getting these funds into your company swiftly, allowing them to be put to use immediately.
Outstanding invoices can drain a company’s cash flow even when trading is on the up; during challenging times, it even more important that you have the processes in place to recover funds owed to your company. When cash flow is tight, maximising the funds coming into your business can provide the financial stability it needs to weather the current storm.
Whether you have one unpaid invoice which is causing you concern, or a ledger full of debt which is proving to be uncollectable, our specialist credit control support team can help. Business Debts Recovery are experts in collecting historic debt on behalf of businesses, even when traditional recovery methods have been exhausted. We can also assess your current credit control processes, highlighting areas which are ripe for improvement, minimising the risk of bad debt in the future.
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