19/01/2018
High Street banks and HMRC offer support to small firms affected by Carillion insolvency
Following their meeting earlier this week with business minister, Greg Clark *, Lloyds Banking Group, HSBC and RBS have respectively set up £50 million, £100 million and £75 million funds to help small businesses affected by Carillion’s insolvency.
In its statement announcing the new fund, Lloyds explained that it will…
“…provide a range of support for customers, including waiving upfront arrangement fees on overdrafts and invoice finance facilities to existing customers; and offering capital repayment holidays on existing loans for the most severely impacted customers.”
HM Revenue & Customs has also announced the range of advice and guidance it will provide to affected small firms through its Business Payment Support Service – which claims to “connect businesses with HMRC staff who can offer practical help and advice on a wide range of tax problems”.
BPSS services can include
- agreeing instalment arrangements if you’re unable to pay your tax on time following the Carillon collapse
- suspending any debt collection proceedings
- reviewing penalties for missing statutory deadlines
- reducing any payments on account
- agreeing to defer payments due to short term cash flow difficulties
HMRC can also provide workers and their families with cash support through the tax credit system.
The Credit Protection Association has, of course, been on hand to help its clients through wide-ranging crises since it was established in 1914.
Our staff have decades of experience in credit management and will do all we can to get your business thriving again. Our products range from credit ratings and company directories to debt recovery and tracing. We are ready to combat this crisis, so get in touch with our staff by the details below!
* ‘Protection Urged For Small Firms, Following Carillion Crisis’, CPA News, 18 January 2018