We face more tough times with the latest Covid restrictions, but there is support out there for struggling businesses.

Nottinghamshire has returned to Tier 3 – also known as the ‘Very High’ alert level.

The area has dealt with significant disruption over the course of this year, and as we approach Christmas, there seems to be no relief from the trading and financial pressures placed on the Nottinghamshire business community.

The government’s measures to combat the economic effects of coronavirus include the furlough scheme, which has been extended to March31. Although the government schemes continue to provide valuable support to local businesses, for some it will simply not be enough, and professional support may be needed.

So what does being in a Tier 3 area actually mean for businesses trying to find a way through this crisis?

THE IMPLICATIONS OF TIER 3 FOR BUSINESSES IN THE NEWARK AREA

Which businesses can open under Tier 3 restrictions?

• Non-essential shops
• Hairdressing, nail, and beauty salons
• Gyms, leisure, and sports venues (apart from dance and fitness classes)
• Wedding ceremonies can continue to take place with up to 15 people attending, but wedding receptions are banned

Which businesses have to remain closed in Tier 3?

• Hotels, B&Bs, guest houses, and campsites

• Hospitality businesses, unless serving takeaway food and drink or offering delivery, drive-through, or click-and-collect services

• All indoor entertainment/tourist venues (including those located within an outdoor entertainment venue)

If Newark and the Nottingham area remain in Tier 3 over the Christmas period, these restrictions will stay in place.

Our team of licensed insolvency practitioners at UK Liquidators can provide reliable, professional advice for businesses in the area on how best to deal with the coronavirus restrictions.

There may be a number of appropriate rescue and recovery measures available to businesses experiencing financial decline due to the pandemic.

Here are just some of the ways the team at our Nottingham office can support your business at this time:

* Tailored insolvency advice: You may be able to enter a formal insolvency procedure, such as company administration or a CVA, protecting your business from creditor legal action and providing a clearer path through the crisis.

* HMRC Time to Pay: HMRC extended their Time to Pay scheme earlier in the year, and this provides up to 12 months’ additional time to pay your tax arrears. We can advise on your company’s eligibility for this scheme, and negotiate with the tax body on your behalf if required.

* Liquidation support and guidance: We can act as liquidators to close down your company in an orderly manner if no other options are viable, and also advise on whether you can claim redundancy pay as a director.

Source: NewarkAdvertiser