With furlough and other coronavirus support due to end soon it’s a good time to look at your business finances.
Coronavirus government loan schemes and deferred tax payments coupled with difficult trading conditions have led to a substantial increase in liabilities on the balance sheets of many companies.
If your business is suffering from financial stress you need to get the right advice as soon as possible. If you are extending supplier payment terms, cutting back on stock to help cash flow, struggling with tax debt, have insufficient funds to pay directors or are not able to invest in equipment or technology, you need to get advice right now before cash flow problems get out of control.
It is vital to plan ahead as you steer your way out of the pandemic. You might want to consider your options to restructure your balance sheet to ensure you can manage your future business cash flow needs.
The government backed Recovery Loan Scheme (RLS) is to help businesses as they grow and recover from the disruption of the pandemic and offers loans up to £10m for individual businesses which can be used to help cash flow management or for growth and investment. The scheme is due to close on 31 December 2021 but this date may be reviewed.
Further information can be found here.
You may need specialist advice whether this scheme is right for you. Speak to us and get the advice now so you can consider your options.