UHY Hacker Young
168 Church Road
Brighton & Hove
Phone +44 1273 726 445
Fax 01273 731 821
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Our analysis of the balance sheets of more than 13,500 SMEs in the UK shows that the average SME now has only 95% of the cash (or other easily realisable assets) to pay those debts due in the next 12 months.
1,452 UK restaurant businesses and 526 UK pub businesses went insolvent in 2019, highlighting the weak state of the leisure industry as it entered the Coronavirus-related disruption.
HMRC’s Business Payment Support Service (BPSS) has been overwhelmed by enquiries from businesses and self-employed individuals impacted by the Coronavirus outbreak with some callers put on hold for as long as 48 minutes.
UK Export Finance have extended their insurance policy for exporters to cover all key global business jurisdictions in response to Covid-19, protecting UK businesses from non-payment of contracts from overseas customers.
On Saturday 4 April 2020, the Government released much awaited updates and further guidance on the Coronavirus Job Retention Scheme (CJRS).
If you are worried about your cash position or you’re uncertain of the impact COVID-19 will have on your business then I recommend preparing financial forecasts as soon as possible.