Begbies Traynor Group – expert help for small businesses during the coronavirus crisis
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As businesses are left reeling in the wake of the escalating coronavirus crisis, the expert advisers at Begbies Traynor Group, the UK’s leading business recovery practice, are here to help every step of the way.
The company has a skilled team of business rescue professionals across more than 70 offices in the UK, including one in Inverness and four others throughout Scotland.
Here are some of the ways Begbies Traynor Group can help your business right now:
General professional business advice – advisors can provide support and guidance encompassing the full spectrum of business rescue, recovery, and finance options. Business rescue experts will talk you through the variety of routes open and suggest the most appropriate steps forward. Once a plan has been decided, you will be supported at every step of the way.
Time to Pay (TTP) arrangements and HMRC negotiation support – a TTP arrangement is essentially a payment plan with HMRC that allows for outstanding tax to be paid off through a series of affordable instalments across a set period of time. This could be a lifeline to businesses whose cash flow is likely to be strained for the foreseeable future. Successful negotiation is key. With years of dealing with HMRC, Begbies Traynor advisors can facilitate the negotiations with HMRC giving you the best chance possible of securing a TTP arrangement.
Raising additional finance – many businesses will be in need of an injection of funds over the coming months as previously guaranteed income dries up while outgoings and overheads continue. There are additional finance options including invoice factoring and discounting, traditional high street loans, asset finance, as well as more niche lending alternatives. Using an established network of lenders, Begbies Traynor can source this funding swiftly, getting much-needed funds into your company so they can be put to immediate use.
Emergency funding via the Coronavirus Business Interruption Loan Scheme (CBILS) – the government will back 80 per cent of the lending facility meaning the risk to the banks is heavily reduced therefore opening up loans and other finance agreements to companies which may not ordinarily meet the lending criteria. Up to £5 million worth of these loans will be made available to businesses with no interest being charged for the first 12 months. Products covered by the CBILS include traditional loans, overdrafts, asset and invoice finance, with both short and long-term options available. Begbies Traynor’s specialist business finance team can advise on the most appropriate funding channel for your specific needs before sourcing competitive terms from across the lending arena.
Assisting with debtor collections – the debtor collection team is on hand to help your relationship with debtors and assist with the collection of late debts if they have the potential to turn into bad debts. The team can advise on recovering commercial debts, even those already written off as uncollectible. Maximising debt collection activities should be a priority.
Company restructuring – advisors can provide a range of restructuring options from placing the company into administration while a strategy is formulated, or implementing a Company Voluntary Arrangement (CVA) in order to restructure existing debts and liabilities while allowing the business to continue trading.
Creditor pressure – creditors will understand the problems you are facing, and may well be experiencing similar issues themselves. The key is to communicate with them and arrange a mutually agreeable plan going forwards. Begbies Traynor advisors can provide sound and actionable advice to enable you to negotiate more favourable terms with your creditors, either as a short-term measure or a more long-term solution.
Call Begbies Traynor Group now for free advice on 0800 029 4074.
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