COVID-19 Coronavirus Help Centre for UK Businesses

Company rescue advice and Covid-19 support for limited companies

Last Updated: Tuesday 4th January 2022
The COVID-19 coronavirus pandemic has affected lives and livelihoods across the globe and hundreds of thousands of UK businesses have been left considering what the impact will be both in the short-term and also looking further ahead.

Many companies, partnerships, and sole trader businesses simply do not have the financial breathing space to manage an emergency cash flow situation – and this is the threat that COVID-19 poses to businesses across the country in a wide variety of industries and sectors - both during the lockdown last year, and also as they begin to navigate the equally challenging times which lie ahead.

So how can your business cope from the continuing financial impact of the Covid-19 Coronavirus?

 Talk to your business support network

  • Your business insurance might provide the cover you need if your business had to stop trading during the lockdown period. Check your policy wording as you might have Business Interruption cover in your commercial insurance policy – speak to your insurer if you’re not sure. Once you have confirmed that you have Business Interruption cover, you will need to check whether you have an extension for “notifiable diseases”.
  • Talk to your bank about possible emergency finance options. The Recovery Loan Scheme is designed as a direct replacement for the CBILS and Bounce Back Loan schemes which were made available to qualifying companies at the start of the pandemic. The Recovery Loan Scheme currently gives small and medium-sized business access to a loan of up to £2m, with the government providing security to the banks worth 70% of the value of the loan. The scheme will remain open until the end of June 2022.
  • If you have fallen into arrears with your tax liabilities, you may be able to take advantage of the extended HMRC Time to Pay Scheme which gives businesses additional time and breathing space when it comes to settling their tax bills including VAT, PAYE, and Corporation Tax.
  • Talk to the Government through their business support helplines, of which some are dedicated to coronavirus. They are designed to help small businesses with advice on how to minimise/cope with the impacts of coronavirus. The phone number is different depending on your business location:

England: 0300 456 3565
Scotland: 0300 303 0660
Wales: 0300 060 3000
Northern Ireland: 0800 181 4422

Get free professional advice

  • Take time to understand the options available to you and your business if cash flow worsens and the business becomes insolvent; that means there isn’t sufficient funds to pay bills as and when they fall due – such as suppliers, HMRC, or payments towards your Bounce Back Loan. Speak to one of our licensed insolvency practitioners completely free of charge and find out what options might be available to you.
  • Talk to a ‘Time To Pay’ specialist that can defer your tax payments to HMRC. When cash flow problems arise, companies often struggle to pay corporation tax, VAT, and/or PAYE on time. Our specialist HMRC Time To Pay team can negotiate on your behalf and have an exceptional track record in cementing more palatable payment terms between UK businesses and the taxman. 
  • If your business is experiencing a downturn in trade, restructuring your business operations could provide more time going forward to get back on your feet. Mitigating losses is key in times of financial distress so take advice on which parts of your business could be streamlined or cut back. Look into subscriptions and contracts that you could do without at the present time.
  • There are also formal procedures available to companies in the form of a Company Voluntary Arrangement (CVA) which shield businesses from creditor pressure and allow them to settle unpaid debts over time. A CVA is a type of restructuring procedure and can sometimes lead to Administration which protects a company and its creditors from further losses and aims to resurrect the business and ensure continuation of trade and employment.
  • And finally – if the regrettable situation of insolvency arises and your company has no option but to liquidate, company directors can get a free assessment for possible director redundancy pay of which the average payout is around £9,000.

Free business rescue and recovery advice from Begbies Traynor

If you would like specialist advice on any aspect of business rescue, turnaround, or possible recovery methods, the experts at Begbies Traynor are here to provide free advice and support. For a free confidential discussion with one of our experts advisers call us on 0333 009 6852.

Network of Over 100 UK Offices

Find your local Begbies Traynor Group office and speak to an adviser today.

Find your Local Office
0800 063 9221

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0800 464 0871

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
0161 837 1700

Call our Confidential Advice Line. Calls to this number are free of charge.

Call us now...
Request a Meeting

We invite you to come and discuss your enquiry with us at your convenience.

Request a meeting...
Begbies Traynor Group plc, announces that it has completed the acquisition of CVR Global LLP
CVR is a leading independent firm of insolvency practitioners, forensic accountants and experts in other related complementary disciplines.
Read More →
Coronavirus pushes financially distressed companies over the half-million mark
Number of businesses in significant distress stands at 509,000 – the highest number measured by the Red Flag Alert research
Read More →
BTG Advisory accelerates growth with appointment of four new partners to its London office
BTG Advisory, the boutique advisory arm of Begbies Traynor Group announces the appointment of four new partners to its Canary Wharf office
Read More →
Eighty jobs saved with £1m sale of engineering business
South Yorkshire company Newburgh Precision rescued through administration
Sale enables 75-year-old business to continue trading
Read More →
Join thousands of professionals by signing up for our updates
Analysis and Opinion from our Partners
Top Industry News
Register Now →

Advice you can trust

We are accredited by the following industry leading organisations

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ICAS | The Institute of Chartered Accountants of Scotland

Contact the Begbies Traynor Group team

or Find your Nearest Office

Here at Begbies Traynor Group we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY


This site uses cookies to monitor site performance and provide a more responsive and personalised experience. You must agree to our use of certain cookies. For more information on how we use and manage cookies please read our PRIVACY POLICY