I'm in first 20 months of trading and struggling with cashflow to the point that I owe £11,500 for last year PAYE liabilities (which I can pay by end of August) but that leaves approximately 21k due for this year which they are now demanding in one payment. I full appreciate my liabilities and I have every intention of paying them, but like so many SMEs cashflow has been dreadful but feel we have now turned a corner and our monthly revenue is creeping up to around £60k so I believe with a bit of breathing space we could be very viable. Our target is £1m turnover in 2014 (when we submitted our last accounts we had turnover of £600k for a 6 month period). Is there any help/hope for us? We've worked so hard to this point just to give up now. I have until 15th August to 'propose' something to them before the next steps.
There are a number of options open to you but it is not possible to advise without reviewing the company’s financial position. We can arrange a free initial meeting to discuss this and the options available which range from financing, an informal time to pay arrangement to formal insolvency procedures. Please give me a call on 0800 644 6080 to arrange a meeting.
12th December 2018
Small and medium-sized enterprises (SMEs) across the UK are paying increasingly large sums of money to collect amounts owed to them by their clients and customers.Read More
4th December 2018
The number of independent retailers who closed down outlets during the first half of this year reached a record high level for any comparable period.Read More