More than 1 in 10 businesses have revealed it is impossible or unviable to open up ahead of the UK lockdown being lifted on 4 July
More SMEs have reported greater levels of stress and anxiety due to Covid-19, finds the latest results from the ACCA UK and The Corporate Finance Network (The CFN) SME Recovery Tracker: Featuring insights from accountants working with the small business community.
The survey of accountants, representing more than 22,000 SME clients, shows tension and strain on anxious SMEs ahead of 4 July. 71% of accountants reported their SME clients had shared feelings of being more stressed and anxious than usual, up from 69% two weeks ago.
Despite businesses across the country preparing to trade again, businesses are reporting significant concern over future finances. This week’s Tracker shows more than two thirds of businesses will be unable to meet deferred tax liabilities within the next six months.
The results which closed on the 30 June also show:
- 2.9% of SMEs say they’ve decided to liquidate their business.
- 15% say they feel that social distancing requirements as they currently stand will make it impossible/ unviable to reopen their business – a sign of reality kicking-in for many SMEs
- 28% have altered credit terms with customers in a bid to ensure their survival for foreseeable future
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