Business owners secure £15 million in funding thanks to North East accounting firm
Leading North East accountancy and advisory firm, MHA Tait Walker, has helped business owners secure £15 million in financial support during the Coronavirus pandemic.
The firm’s team of accountants and advisors worked around the clock to understand the impact on trading abilities and develop forecasts for business owners. They were then able to advise clients on funding in line with the rules set out by the Government.
The firm has also been able to provide business support and expert advice to clients in order to claim other Government support, including grants and deferrals of income tax payments and VAT. The team has helped file more than 100 Coronavirus Job Retention Scheme claims to HMRC, helping to support a large number of North East businesses to retain staff through the lockdown and saving approximately 600 jobs, resulting in over £1.5m in CJRS grants for employers so far.
Andrew Moorby, Managing Partner of MHA Tait Walker said the support measures, while not the easiest to access, have given clients breathing space to cope with financial uncertainty and the need to lay off staff.
He said: “Since the onset of the COVID-19 crisis in March, we have had an influx of queries from clients worried about cashflow or the future of their business and we have been working hard to support them.
“For many businesses, accessing funds via the Government schemes has understandably proved to be a lifeline to protect their employees and prevent insolvency.
“As a firm, in addition to the £1.5m CJRS claims, we have been able to help our clients across the North East to secure £4m in R&D, £5m through the Coronavirus Business Interruption Loan Scheme and £5m in other tax savings, helping them ease their cashflow demands.”
The firm’s Corporate finance team is now helping business owners plan ahead as the nation looks to enter the recovery phase.
Andrew said: “There has been a lot in the Press around the Government incentives including CBILs and Bounceback loans, but practically these have been extremely difficult for some of our clients to access.
“Forecasts and business plans have been required and scheme rules have also changed during this period. The rules have also been interpreted differently across the industry by key funders.
“Our team has worked tirelessly to support clients and we have helped more than 50 businesses access £5 million in funding.
“We know that this is an uncertain time for a lot of businesses, but we are proud that we have been able to contribute to the continued success of our clients. We’re also looking forward to helping them to come back stronger post-lockdown with our vast network of funding contacts already proving key where government supported measures do not apply.”
