It now seems no longer a question of whether there will be a recession in the UK but of how prolonged this will be. 2009 therefore promises to be a challenging year for many businesses.

“With headlines about the credit crunch and recession featuring in our media every day, few of us can escape the predictions of further economic difficulty,” says Adrian Hemmings, partner at Simpkins Edwards. “However, we want to cut through the ‘gloom and doom’ and offer our clients practical advice to help navigate their businesses through these testing times. We have a number of services that focus on improving business performance - including cash flow planning, budgeting, refinancing and advice on implementing and utilising management information systems - and are encouraging clients to talk to us about their plans for their business over the next 12 months. There are also several Government initiatives that clients may be able to benefit from and we are on hand to assess the options on their behalf and to support any applications.”

For further information on how Simpkins Edwards can help your business over the coming months, please contact your engagement partner or speak to Adrian Hemmings on 01392 211233.

Some of the initiatives now available for businesses in need include:

Business Payment Support Service
If you are worried about meeting tax, National Insurance, VAT or other payments to HMRC, you can call their Business Payment Support Line for advice and options on your payments. For example, you may be able to arrange to make these over a longer period and HMRC may not charge additional late payment surcharges. For more information, visit the HMRC website: www.hmrc.gov.uk/pbr2008/business-payment.htm.

HMRC Business Payment Support Line: 0845 3021435

Real Help For Businesses Now
The Government announced this new package of measures in January in an attempt to ensure businesses can access working capital, trade and investment finance, and that banks can guarantee certain loan activity.

The packages include:

• Enterprise Finance Guarantee - for Businesses: The Government will guarantee bank loans to small and medium sized enterprises (SMEs) to 75% of loan value
• Capital for Enterprise Fund - for Businesses: A scheme targeted at economically viable SMEs who have exhausted normal sources of finance and would benefit from an equity injection and/or mezzanine loan to enable them to restructure their balance sheets and continue their growth

Businesses can find out if they are eligible by visiting the Real Help For Businesses Now website and answering a series of questions: www.businesslink.gov.uk/realhelp/finance.  

Coping with the credit crunch
Business Link is also offering help to businesses, with a free information pack, a business health check facility with an experienced adviser and further information and support on the website: www.businesslinksw.co.uk/creditcrunch.