CBILS, furlough, and HMRC Issues

In the current economic climate, many businesses are facing financial difficulties and may be considering liquidation. If you are in this situation, it's important to be aware of the various government support schemes available to you, including bounce back loans, CBILS, and furlough.

Bounce back loans are loans of up to £50,000 that are 100% guaranteed by the government. They are designed to help small and medium-sized businesses that have been impacted by the pandemic to access finance quickly and easily. If you have already taken out a bounce back loan, you may be able to apply for an extension or a repayment holiday if you are struggling to make repayments.

CBILS (Coronavirus Business Interruption Loan Scheme) is another government-backed loan scheme that is available to businesses that have been affected by the pandemic. Loans of up to £5 million are available, and the government guarantees 80% of the loan. CBILS loans are designed for businesses that would be viable if it were not for the pandemic, and are intended to help them to survive and recover.

Furlough is a government scheme that allows businesses to place employees on temporary leave and claim back 80% of their wages, up to a maximum of £2,500 per month. This scheme has been extended several times, and is currently scheduled to run until the end of September 2021. If you are considering liquidation, you may need to consider the implications of furlough for your employees, and ensure that you have made appropriate arrangements for their redundancy or re-employment.

If you are experiencing HMRC issues, it's important to seek professional advice as soon as possible. HMRC has a range of enforcement powers that it can use to collect outstanding tax debts, including seizing assets, winding up companies, and pursuing directors personally. It's important to understand your options and obligations, and to take action to avoid or minimize the impact of HMRC action on your business and personal finances.
 

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