Is your business experiencing increased cashflow pressures?
Perhaps your business is feeling the squeeze as a result of decreased trading on the back of the recent pandemic together with the current cost of living crisis. Just as consumers are feeling the pinch the cost of doing business has also surged and this may be causing you increased cashflow problems, perhaps you are experiencing increased pressure from creditors or maybe there isn’t enough cash to pay the wages – whatever your situation we are experienced in these matters and help you navigate your way to a solution.
This increased cashflow pressure could also be caused by having to make additional repayments for Bounce Back Loans or other finance taken out during the pandemic. If you are struggling with these demands we can help. We have over 20 years’ experience helping businesses in financial distress.
Some of the options available to you could include:
- Talking to your lender about the Pay As you Grow (PAYG) Bounce Back Loan scheme – this was introduced to make it easier for companies having difficulties repaying their BBLs by allowing them to defer repayments for a further six months or to extend the length of the Bounce Back Loan.
- Setting up a Time to Pay (TTP) arrangement if you owe money to HMRC – which allows you to repay your tax arrears over a period of up to 12 months. We would open up negotiations and facilitate these discussions on your behalf.
- Assessing whether your company’s problems have taken it beyond the point of rescue making the company insolvent and if there is no likelihood of being able to turn the situation around provide you with the support you need to close down the business.
Will HMRC give my company Time to Pay?
If your business is having problems paying its tax bill or arrears you may be
able to agree a ‘Time to Pay Arrangement’ with HMRC allowing you to pay
your tax in instalments over a longer period. We can help you negotiate such
an agreement. HMRC are flexible (within limits) although basic criteria will
need to be met. QAll taxes can be subject to Time to Pay arrangements but
it’s often used for Corporation Tax, VAT and PAYE in relation to companies.
So, what are your options if you can’t pay back your Bounce Back Loan?
First of all don’t worry – there are thousands of company directors in the same position. Whatever you situation speak to a member of our expert team for advice and support. Our initial consultation is always free and confidential.
How can we help?
Above are just some of the possible options available to you and other businesses in your situation. However, it is vital you seek expert help and advice as soon as possible. The sooner you take action the more options will be available to you and the business.
Call our expert team today for a free and confidential initial consultation on 0800 331 7417 and let us help you ease the pressure
