BTG
19/02/2021
BTG
VAT Reverse Charge: Assessing the impact on cash flow
Having already been delayed twice, the VAT reverse charge will finally come into force for those within the building and construction sector on 1 March 2021. This will see the way in which some companies operating within the industry change the way they handle, invoice and pay VAT. Read More
02/02/2021
BTG
Begbies Traynor and Rodgers Reidy Collaborate over Tucan Travel Administration
Specialist tour operator and travel agency Tucan Limited has ceased trading with the immediate loss of nine jobs. The company filed a notice of intention to appoint Gareth Prince, Mark Malone and Joanne Hammond of insolvency specialists, Begbies Traynor as administrators on 2 February 2021 after falling into unprecedented financial difficulties as a result of the Covid-19 pandemic. It is anticipated that the company will formally enter into administration on or before 16 February 2021. Read More
21/01/2021
BTG
630,000 UK businesses now in significant financial distress as new lockdown comes into effect
The latest Red Flag Alert research for Q4 2020 has recorded 630,000 businesses in ‘significant distress1’ after the largest numerical quarterly leap (73,000) in financially distressed companies since Q2 2017. This 13% increase (from 557,000 in Q3 2020) comes as the UK is plunged into another nationwide lockdown. Read More
18/01/2021
BTG
Brexit deal offers businesses new freedoms and red tape
An hour before New Year’s Day, at 11pm on 31 December 2020, the UK completed its formal departure from the European Union (EU). It was an unceremonious conclusion to the four-and-a-half-year saga since the referendum. Nevertheless, a new era has now begun – with new freedoms and new bureaucracies. On Christmas Eve, the EU-UK Trade and Cooperation Agreement (TCA) was agreed. Together with 2019’s Withdrawal Agreement, these two treaties now govern the UK’s future trading relationship with its largest, and nearest, neighbour – worth around £670bn in 2019. Read More
12/01/2021
BTG
Covid debt mountain looms when pandemic finally brought to heel
The latest UK national lockdown represents a new kind of challenge for the Government: to articulate to Covid-weary households and businesses that things will soon get better, but first they will worsen. An ambitious national vaccination campaign is underway, raising hopes that the end of the pandemic is in sight. However, at the same time we are in the grip of the virus with rates of infection soaring, exacerbated by a virulent new strain. The latest lockdown aims to protect the NHS and save lives, but it will also increase business failures. Indeed, once Covid-19 is finally brought to heel, the next challenge will be the Covid corporate debt mountain, amassed by companies forced to accept additional leverage through government loan schemes to bolster their survival prospects. Read More
22/12/2020
BTG
Retail and hospitality braces for a bleak winter as covid-19 takes its toll
In the run-up to Christmas, new data from leading insolvency firm, Begbies Traynor, has revealed the full impact of the Covid-19 crisis and tough trading conditions, which shows that nearly 40,000 (39,232) retailers – including both online and bricks and mortar stores – are now in significant financial distress. Read More
01/12/2020
BTG
Could the government pivot to a regional-focused SME lending programme post-CBILS?
After Prime Minister Boris Johnson reluctantly announced a second national lockdown in England on Halloween to suppress the second wave surge in coronavirus cases, Chancellor Rishi Sunak responded by extending the government’s flagship loan schemes. It was perhaps inevitable, but the current extension may be the last. Read More
19/11/2020
BTG
Pandemic to accelerate SME’s embrace of alternative lenders
The maturity of the UK’s private debt market over the last decade represents a significant silver lining for growth-focused SMEs navigating the intensifying second wave of the pandemic. Back in 2008, UK high street banks controlled over 90% of the SME market for refinancing and new lending, but they were also at the epicentre of the crisis, which limited liquidity. Read More
15/11/2020
BTG
Banks’ near-term compromised bandwidth may prompt SMEs to embrace alternative lenders
Britain’s recent descent into a coronavirus ‘second wave’ with the UK government succumbing to scientific and political pressure to enforce another national lockdown in England, will blunt the momentum of any short-term economic recovery. Early predictions of the cost in lost GDP in the fourth quarter is forecast to be shallower than the 25% plunge in the second quarter. Read More
04/11/2020
BTG
Winter is coming: making plans in unpredictable times
Many corporates of all sizes feel exasperated, but not surprised, by the enduring disruption to business activity caused by the pandemic. The intensified second wave has perhaps inevitably led to a second national lockdown in England for the coming month and possibly longer. Read More
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