What cash flow support is available for businesses impacted by Coronavirus?
HMRC coronavirus helpline
If you are concerned about cashflow or tax, HMRC have set up a helpline for businesses worried about not being able to pay their tax due to coronavirus. HMRC will discuss your specific circumstances to explore:
- agreeing an instalment arrangement
- suspending debt collection proceedings
- cancelling penalties and interest where you have administrative difficulties contacting or paying HMRC immediately
The helpline number is 0800 0159 559 – and is an addition to other HMRC phone contact numbers.
Opening hours are Monday to Friday 8am to 8pm, and Saturday 8am to 4pm. The helpline will not be available on Bank Holidays.
Negotiate with creditors and suppliers
If you risk struggling to make payments, contact your credit suppliers them to ask about repayment holidays, credits and overdrafts. You may be able to aid cash flow by relaxing repayments during the coronavirus outbreak.
Likewise, discuss arrangements with suppliers. You may be able to negotiate improved terms for payments and pricing with your suppliers.