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News

Small businesses voice cashflow fears as UK economy prepares to open shop

Thousands of small businesses say they are firefighting immediate concerns such as cashflow pressures and resuming operations safely ahead of lockdown lift

Small businesses are seeing their survival instincts kick-in amid fears over their ability to access cash required to operate post-lockdown.

The latest research from ACCA (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN) highlights the growing number of SMEs seeking reassurance on how to manage their cashflow as the UK comes out of the Covid-19 lockdown.

5 years ago

News

SMEs count the cost of COVID-19 on their mental health

Results announced during Mental Health Week reveal what accountants are hearing from their SME clients

Accountants are taking on the pressures of their SME clients about the impact of Covid-19, reveals the latest weekly ACCA UK and The Corporate Finance Network (The CFN) SME Health Tracker.

5 years ago

News

Survey finds two thirds of SMEs won’t be able to pay their deferred tax liabilities in six months’ time

An expert panel of accountants representing over 16,000 SME clients in the UK have reported that 61% of firms that made enquiries for CBILS are still awaiting a response, with just 4% progressed to full application and 9% accepted.

Findings also reveal that 55% of clients have decided to defer their tax payments.

5 years5 years ago

News

Businesses need Longer-term Support to Survive Release of Lockdown

The Corporate Finance Network is calling on the Chancellor to consider a further overhaul of the CBILS scheme, or to supplement this with other grants to support the working capital needs of the country’s SMEs as he announces that the furlough scheme is to be gradually withdrawn.

Research from nineteen accountancy firms,

5 years5 years ago

News

Easing of the Lockdown for Businesses

Please note: This news item has now been superseded by more detailed guidance for employers issued by Department for BEIS on Monday 11th May which can be found here

Following the Prime Minister’s address to the nation yesterday evening (Sun 10th May, transcript here) I received many messages asking my opinion on what that meant for xx business or yy business and I think that the following must be possible before a business is ready to re-open:

If your staff can work from home,

5 years5 years ago

In the Press

Banks have let us down: CBILS still not working says The CFN

On 5th May, The Corporate Finance Network researched its accountancy members to ascertain their latest experiences of attempting to secure a Coronavirus Business Interruption Loan (CBILS) for their SME clients. Despite the much-heralded launch and apparent success of its younger sibling, the Bounce Back Loan on 4th May, CBILS still plays an important role in the rescue and recovery of more sizeable SMEs,

5 years1 year ago

News

The CFN raises awareness that some areas of UK are receiving more support than others

Kirsty McGregor, Chairman of the national accountancy group, The Corporate Finance Network, has identified that some businesses are missing out on extra grant support because their area hasn’t launched a top-up grant scheme, whereas other areas have provided that for their local businesses.

She explains: “As part of our work across the country,

6 years6 years ago

News

Bounce in SME confidence weakened by more small firms deciding to fold

Accountants representing over 20,500 SME clients in the UK have reported more businesses have decided to dissolve or liquidate in last week, despite a bounce in confidence about the long-term situation due to the Covid-19 pandemic.

The results are revealed in the latest ACCA UK and The Corporate Finance Network’s (CFN) SME Health Tracker,

6 years ago

News

Accountancy profession calls for changes to Furlough Scheme

The Corporate Finance Network is proud to have launched an initiative to raise awareness of the incredible pressure which independent accountancy firms are suffering on behalf of their SME business clients and to support the whole nation. This has been no more apparent than this week, when, as a result of the HMRC application process for the Job Retention Scheme for employers claiming a furlough grant for <100 employees,

6 years6 years ago

News

Survey lifts immediate concerns among businesses, but outlook remains rocky

Access to cash in the short and medium-term is still an uncertainty for many businesses as they struggle with trading conditions created by the Covid-19 pandemic, reveals the latest results from ACCA UK and The Corporate Finance Network’s (The CFN) weekly poll of accountants working for approximately 11,500 small business clients across the UK.

6 years ago

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