Published: 13/04/2020 By Andrew BaileyThe economic impact of COVID-19 is clearly going to be great, but the full force of this pandemic is yet to be fully felt.
In the weeks and months to come we are likely to see volatile financial markets, a rise in unemployment and the unfortunate failure of thousands of businesses worldwide.
Despite the ongoing efforts of the UK Government, the country is likely to experience a significant decline in economic growth and small to medium-sized businesses are likely to feel the brunt of this.
Here are some key facts that have already emerged:
• 6 in 10 businesses could run out of cash in three months
• 20% of businesses only have enough money for one month
• More than £400 billion of economic funding has been made available by the Government
• Rules around tax payments, debt and insolvency have been softened
• Bank of England base rate cut to just 0.1%
In light of this, it is important that businesses of all size seek support from their trusted advisors to help them survive and hopefully succeed in the months and years to come.
So why trust turpin barker Armstrong for business advice?
The present circumstances in the UK are here for all of us to deal with together and ultimately, we are here to support businesses during this time wherever possible.
If you are a business owner yourself or deal with clients who are in need of advice then please get in contact. We offer free no obligation initial reviews and the earlier that advice is sought the better.
At turpin barker armstrong we prefer to consider the short term position but with a focus on long term outcomes and results. Clients approach our practice via various routes whether that be through their accountant or solicitor. Or perhaps they found our website on google or through social media.
Our reputation has not been built overnight and it is through providing honest and transparent advice to businesses and individuals who find themselves in financial difficulty and who do not know where to turn.
Here is what our clients say about us….
‘’I have sent a client to Andrew for the voluntary liquidation of his company as they got into difficulties paying outstanding debts. I am really pleased. The work Andrew and his team carried out was competent, reliable and honest. The client is happy, and I will refer more clients to Andrew in the future.’’
Chartered Accountant – London (March 2020)
‘’It's rare that as an accountant I meet Insolvency Practitioners who speak in plain English. Andrew is one of those rare ones, I can and do wholeheartedly recommend him to clients and friends who require insolvency advice. If it's something you've been considering or need someone to refer your clients to, look no further than Andrew and his team. Friendly, straight-forward and fantastic at what they do.’’
Chartered Accountant – Surrey (March 2020)
Call us today on 020 8661 7878 to see how we can help you, or why not schedule a call at a time that suits you: