Hereford and Ludlow-based accountancy firm Thorne Widgery is offering support to businesses as they deal with the economic fallout of the coronavirus pandemic.
In the last week, the Government has announced a raft of changes and billions of pounds worth of funding to help shore up the UK’s struggling small businesses.
To support these official measures Thorne Widgery has been preparing a number of useful articles for local businesses and has been supporting them with advice and a wide range of services.
Daniel Crowther, CEO of Thorne Widgery, says businesses need to be seeking professional advice now to help them succeed through these tough times.
“We have been doing whatever we can to help the businesses we work with during these uncertain times by offering support and advice,” said Daniel.
“The fact that we employ systems that allow our team and our clients to work remotely, means that whatever restrictions are in place we can continue to deliver a consistently high level of service and advice.”
Thorne Widgery is offering its support to any business that is struggling during these difficult times or may be unable to reach their usual professional advisor due to the disruption caused by COVID-19.
Daniel said: “It is really important that businesses take the time to speak with an accountant and find out what options are available to them to cut costs or make the most of the new measures that the Government is introducing.”
The firm said offers of loans of up to £5 million, with zero-interest for the first six months for small businesses were helpful, as were steps to cut business rates and pick up the bill for statutory sick pay, but that in reality, many businesses might have to take additional steps to maintain cashflow.
“To access loans, businesses will need to have up to date financial records, management accounts including future projections in the shape of cash flow forecasts and business plans. Therefore, it is absolutely essential that steps are taken today,” added Daniel.
“The Government has already provided a lot of support and made it clear that more is available, but businesses cannot rely on this help alone and need to consider what other options are available to them, including cost-cutting measures.”
Businesses should consider the deferment of tax payments, explained Daniel, who said that HMRC is already offering Time to Pay arrangements and may even waive interest and penalties on late payments for those struggling to make tax payments.
Businesses looking for tailored advice on the ongoing coronavirus crisis are being encouraged to contact Thorne Widgery, by calling 01432 276393 or by visiting www.thornewidgery.co.uk