EQ Chartered Accountants - Premier Partner Feature on COVID-19 support

Tuesday, 31 March 2020

Ross Oliphant, Partner at EQ Chartered Accountant, discusses how support has been achieved and what EQ have done to reassure their clients. Ross begins by saying, “Although our offices across Fife & Tayside are closed following Government advice, our systems allow us to work from home meaning all of our operations are still running and that any impact to our clients is minimised. Our immediate concern is finding ways to help our clients who are suffering cashflow problems and to do what is needed to understand what struggles each client is facing. Communication continues to be key and we are still available via phone and email.”

Read more about how EQ are supporting their clients on their website here. https://www.eqaccountants.co.uk/eq-will-continue-to-support-you/

Ross goes on to explain, “After speaking with our clients, especially those in the retail, hospitality and leisure sector, their collective fear was the lost or deferred revenues that were disrupting their cashflow. Our job is to reassure the client and work hard to find solutions to their problems by discovering what support is available to them. The Scottish Government has released a range of financial support measures including the Coronavirus Business Support Fund.

Administered by the local authorities, these one-off grants are aimed to protect jobs, prevent business closure and promote economic recovery. There are two types of grant available to ratepayers:

  • £10,000 grant to ratepayers of businesses in receipt of the Small Business Bonus Scheme or Rural Relief. Business with a rateable value up to £18,000 are eligible. You can also get this grant if you applied for Nursery Relief or Disabled Relief but are eligible for the Small Business Bonus Scheme.
  • Retail, hospitality and leisure business ratepayers with a rateable value between £18,001 – £50,999 can apply for a one-off grant of £25,000.

We ask that businesses visit the Fife Council website to check their eligibility and apply for the grant.

Another issue our clients are facing is how they can continue paying their employees during this period of lockdown. The Coronavirus Job Retention Scheme, announced by the UK Government, will cover 80% of an employee’s regular wage or £2,500 per month if they meet certain criteria. To guide our clients, we designed a helpful factsheet and example letter which can easily be found on our website. https://www.eqaccountants.co.uk/coronavirus-job-retention-scheme-the-key-facts/

For clients who require short term cash flow support, I suggest they approach their lender to enquire whether they can apply for a Coronavirus Business Interruption Loan. We can assess your financing requirements and have detailed the key features and eligibility criteria on our website. https://www.eqaccountants.co.uk/coronavirus-business-interruption-loan-scheme-cbils/

We have the skills and expertise to help with the application process so get in touch with your usual EQ contact about your circumstances. You can find our up to date contact details on our website www.eqaccountants.co.uk/people.“

You can find more updates on the support available during the ongoing COVID-19 pandemic from EQ on their website via https://www.eqaccountants.co.uk/category/covid-19/.

To discuss your own circumstances or for help with the application process, please email Ross at [email protected].