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COVID- 19: The UK’s Finance industry extends it’s support

The onset of the Coronavirus pandemic has wreaked havoc around the globe. Be it physically, emotionally and financially, it’s impact has seen a rippling effect across all facets of daily life. The public policy introduced by governments and administrations to limit the spread of COVID-19 has brought about disruptions in the smooth functioning of companies and industries. This has led to operational turmoil and resultant economic consequences.

All over the world but in the UK specifically, it is not necessary to wait for the GDP numbers to know that the virus is moving from screens of the financial market traders to the real economy. As the spread of COVID-19 continues, risky assets and commodity prices fall sharply accompanied by low yield of government bonds say outlooks done for UK growth. Uncertainty of the financial market has reached extreme levels. All these factors are likely to materially weaken the United Kingdom over the next few months. Supply chain disruptions and decreased activity will affect cash flows and working capital of companies. This economic upset is primed to impact small businesses, demand and supply.

But not all is doom and gloom. In the light of this solemn economic downturn, banks and finance providers are recognizing the slump and are committed to extending support to viable businesses for continuation of trade. They are also extending their support to small businesses by providing extensions to overdraft, fee waivers and other working capital facilities to ensure that short term issues don’t impede seamless business functioning.

Similarly, building societies, credit card providers and savings banks are also lending a hand to the distressed financial situations of individuals impacted by the Coronavirus. They seem to have recognized that due to a fall in income or unexpected expenses can take a toll on one’s savings and in line with the same, they are reaching out to offer repayment reliefs for loan or mortgage payments, fee reductions and other capital facilities.

With respect to both these situations, the key factor is to seek help when required and keep the necessary documentation at the ready to prove the need for financial help. Contacting a provider or financial consultant at the earliest is advised.

The government is also doing its best to ensure that citizens are not left high and dry during this time of panic. The HMRC has set up a dedicated helpline for individuals and businesses who have any questions or concerns about tax payments due to the Coronavirus.

Practical help and suggestions are given by over 2000 experienced call executives to support the self-employed and organizations when required. The number to dial is 0800 0159 559. Available from Monday to Friday 8AM to 8PM, and Saturday 8AM to 4PM. Not available on bank holidays.

The HMRC has also come out with specific alternatives for those who are not able to pay their taxes due to the Coronavirus. They are:

  • A system of payment in instalments
  • Suspension of debt collection
  • A cessation of penalties and interest if one finds it difficult to contact or pay HMRC immediately

Given the impact and evolving situation of the coronavirus globally, we understand the concerns and ramifications businesses must be dealing with. We take this opportunity to affirm that DataTracks is fully committed in ensuring very minimal interruption in the work and in servicing our clients. We are together in this. If you think we can be of any help, drop an email at enquiry@datatracks.co.uk