Friday 03rd July 2020
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Welcome for government help but firms urged to seek advice in ‘worrying time’

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The chancellor’s employee support measures to help businesses through the virus emergency have been welcomed but any firms facing difficulties have been urged to seek early professional advice.

Mark Upton (right), Eastern chair of insolvency trade body R3 and a partner at Ensors Chartered Accountants in the region, said: “The measures...are a positive step and will go some way in providing businesses with the financial help they need to support and retain their staff and weather the economic storm.” But he added: “However, time will tell whether this package is enough. Detail on how this package of support will affect those who are self-employed or on zero hours contracts is needed as these groups are particularly financially vulnerable in the current climate. As well as support for maintaining employment, other help is needed. The VAT payment holiday is welcome, but the same could be done for other taxes. Despite the support the Government is providing, we are aware that this is a worrying time. Any directors or business owners whose businesses are in difficulty or are starting to see signs it will struggle should seek professional advice as early as possible.”

Commenting on the government's package, Suffolk Chamber chief executive John Dugmore said: "...Whilst we await the detail, on face value it looks an impressive programme to initially reassure many hard-pressed employers with the aim of giving confidence to thousands of Suffolk businesses to continue trading in the future."