Linda Grant, Dunedin Advisory Development Director, offers some steps businesses can take to help ease the pressure during this challenging time.
UK businesses and individuals are facing unprecedented challenges in all areas of work and life which can threaten livelihoods and cause business distress at an alarming pace.
Here’s some steps businesses can take to help ease the pressure.
- Ask customers to pay outstanding invoices to ease cashflow.
- Look at your Business Insurance to see what your cover includes – Business Interruption cover might be available to you and may include ‘notifiable diseases’.
- Speak with your landlord who might take a view on your current situation and potentially consider reduced rates/deferred payments or even a rent break.
- Talk to the government business support lines in Scotland on 0300 303 0660 – the Coronavirus Business Interruption Scheme will shortly be rolled out across the country with loans of up to £5m with no interest due for six months.
- Talk to your bank about emergency finance options.
- Apply for a Small Business Grant – the £3K grant available to 700,000 of Britain’s smallest businesses has increased to £10K.
- Consider business lending – £330bn of government-backed loans and guarantees on attractive terms are now available to businesses.
- Factor in business rates holiday for businesses involved in the retail, hospitality or leisure sector with no business rates payable for 12 months. If the rateable value is less than £51,000 a cash grant of £25000 may also be available.
- Get professional help – speak with one of our licensed insolvency practitioners who can assist in negotiating with HMRC in areas such as ‘Time to Pay’ agreements. HMRC have already announced they are waiving late payment penalties and interest for missed tax payments.
Be reassured that the team at Dunedin Advisory is currently fully operational and we have implemented a series of measures to ensure our business and individual clients continue to receive a quality service within the confines of recommended guidelines.
If you feel you need specialist advice to discuss your situation or any aspect of business rescue, turnaround, potential recovery methods or insolvency, we can offer initial free advice. Please contact us on firstname.lastname@example.org or call 01592 630085 | 0141 280 8670 | 01382 250695