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How to spot signs of customer or supplier insolvency Despite the total number of corporate insolvencies in Q1 2021 (January to March) decreasing by 22 per cent from Q4 2020, the withdrawal of Government support schemes in the next few months will likely lead to an increase of pressure on struggling businesses. The knock-on effects of suppliers or customers entering insolvency procedures can be potentially disastrous for any business. If issues are not addressed quickly with a business plan swiftly put into place, customer or supplier insolvency can disrupt supply chains or even grind them to a halt. You must [...]

All you need to know about the Recovery Loan Scheme The government has revealed new statistics to show how the Government-backed loans have supported businesses through the pandemic - including the Bounce Back Loan scheme, which provided a loan roughly every 20 seconds since its launch last May. The recent announcement from HM Treasury stated that: Three Bounce Back Loans were issued every minute since May 2020 launch Emergency loans provided almost £180 billion in total since March 2020 The Covid Corporate Financing Facility (CCFF) scheme alone supported firms responsible for 2.5 million jobs Government-backed loan figures Loan Type Value [...]

Alternative business funding – what to consider? A number of the Government stimulus come to an end in March 2021 including deferred payments to HMRC for VAT, and Corporation Tax etc. which will fall due for payment in March albeit these can be spread over 11 months.  These measures coincide with the winding down of the Furlough Scheme in April 2021, placing a further financial burden on many businesses. We will shortly enter a phase where traditional bank funding will become more difficult to secure. The market to re-bank a business with another high street bank will become increasingly difficult.  [...]

Remember Brexit? Comments from Charles Brook, Partner at Poppleton & Appleby. For most of the UK population, Brexit will seem like last year’s big deal in the swell and the wake created by COVID-19. Indeed, with all of the economic and social damage created by Coronavirus and the impact that will be experienced for potentially years to come, some may wonder why we should get all heated up again over Brexit which you might be forgiven for thinking cannot possibly make matters worse.  This, however, would be wrong. If Britain doesn’t affect a structured Eurozone Trade Agreement before the end [...]

Coronavirus Job Retention Scheme extended to March 2021 The latest update from Rishi Sunak confirms the government has chosen to extend the furlough scheme until the end of March 2021 as the second wave of the pandemic and increase in lockdown measures threaten to drive business uncertainty and unemployment. On Saturday 31 October, it was announced that the government were extending the Coronavirus Job Retention Scheme to support businesses and individuals through the next phase of response to the pandemic. However, following the first extension announcement, it has been decided that further extension to the furlough scheme and increasing support [...]

Protect and preserve your business The pandemic continues.  Comments from Allan Cadman, Partner at Poppleton & Appleby and North West Chair at R3. Seven months in and just a few weeks after a brief sense of light relief, we are now plunged back into an as yet, unknown period of severe restrictions on the fundamental freedoms that we ordinarily take for granted. A total of 7.8 million people and rising across the north of England are now in the highest alert level, not to mention the lockdowns affecting our Celtic friends and neighbours. This will give no comfort to the [...]

We are aware that following the COVID-19 pandemic the business world has changed, with many saying it has changed forever. The normal working week for many businesses now includes remote working, in particular operating from home and juggling many other demands in the process. As far as businesses are concerned, one of the overriding concerns is the possibility of a world recession and, if that is the case, how long it will last and how damaging the impact is likely to be. The reality is, no one really knows. The only certainty is that one way or another, the last [...]

Update for Coronavirus Job Retention Scheme To ensure we are providing you with as much support and information regarding the  Government’s Coronavirus initiatives, here are the latest updates regarding the Coronavirus Job Retention Scheme (CJRS) for furloughed employees.  Chancellor Rishi Sunak in yesterday’s briefing confirmed that all furloughed payments will be paid by the end of April, with all applications to be made online through a government portal, which is set to open on the 20th April.  Applications should be made by whoever operates your PAYE scheme, either yourself as the employer or the third party who does it on [...]