The current economic conditions have undeniably created tough times for businesses throughout the UK, but a range of help and support is available. Although not fully comprehensive, this page contains a listing of organisations and/or schemes that provide this support.
Business Link has published new information on its website on how to deal with financial difficulty.
This guidance provides information on how to avoid insolvency and what your options and obligations are if you do find yourself in financial difficulty.
If you cannot pay your debts, or if your business' debts are greater than the value of its assets, then you are, or your business is, insolvent. If you cannot pay these debts quickly, then your insolvency may lead to bankruptcy or your business being wound up.
Insolvency is a complex and sensitive subject, but there are steps you can take that may help you to manage your cashflow and avoid insolvency. For more information, see the Business Link sections on
• how to improve your cashflow • guide on how to get help and advice about your debt problems • guide on how to avoid insolvency
Business Link has a new interactive tool on its website that helps you analyse key areas of your business' operations to help you improve performance. It looks at finance, sales, administration and your relationships with customers, suppliers and staff.
The tool can help you work out how to overcome financial or operational problems that your business may be facing. It also explains how you might prepare your business for future growth.
Businesses who take action during a recession and plan for the short and medium term should be able to come out the other side stronger. The guides, available from the left hand side, are available to help you plan for uncertain times.
Managing a business can be challenging enough at the best of times but, in this difficult climate, finding business finance and getting practical advice is critical. The government has launched a revised package of measures that will help viable businesses with temporary cash-flow difficulties.
Grants and Government Support or Business Support Finder
In the current climate, businesses are finding it increasingly hard to access the finance they need, particularly working capital. The Enterprise Finance Guarantee is a guarantee facility for small businesses intended primarily to improve the availability of working capital through term loans and the consolidation of overdrafts. Under this scheme, the Government will guarantee lending to viable businesses to ensure that they can get the working capital and investment that they need. The finance will need to be accessed via the banks.
EFG scheme
The Business Debtline website is designed to help any business which has cash flow or debt problems. Business Debtline provides free practical advice that is designed to help businesses successfully manage their way through financial difficulties. The Business Debtline also offers a range of FREE fact sheets to give businesses more information on different aspects of debts and arrears.
For more information call 0800 197 60 26 to obtain free confidential advice or go to the website:
Business Debtline
The UK Insolvency Helpline is a free, independent and impartial debt advice service. It offers an interactive online resource which enables all types of commercial entities the opportunity to have direct access to the UK’s most skilled professional advice on all debt and insolvency issues.
For more information call 0800 074 69 18 or go to their website:
UK Insolvency Helpline
HM Revenue and Customs has introduced a new, dedicated Business Support Service designed to meet the needs of businesses affected by the current economic conditions. This targeted support will give businesses a fast and streamlined service for arranging to pay their HM Revenue and Customs (HMRC) tax bill to a timetable they can afford. In addition to this, HMRC will offer further practical help by not imposing additional penalties or surcharges on the tax within a time to pay arrangement.
Businesses worried about being able to meet tax, National Insurance, VAT or other payments owed to HMRC, or anticipate that payments coming due will cause problems, they can call the Business Payment Support Line for help.
For more information call 0845 302 1435 or go to their website:
Business Support Payment Service
If you require help with something in this section, please contact us.
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