HURST sets up taskforce to steer companies through coronavirus crisis
Accounting and business advisory firm HURST has set up a taskforce spearheaded by three partners to help clients battle through the coronavirus crisis.
Nigel Barratt, the head of HURST Corporate Finance, tax expert Adrian Young and Narendra Mistry, who heads the firm’s payroll bureau, are leading the initiative.
They are supporting clients with a variety of special projects to improve their financial headroom, including negotiating with HM Revenue & Customs on Time to Pay, VAT and other tax arrangements.
The HURST team is also: • Advising on how businesses can recover grants to cover wages for staff who are being furloughed (temporarily laid off); • Assisting companies with cashflow modelling and financial forecasting for the short and medium-term; • Undertaking a review of external funding options through mainstream banks and tier two lenders; • Developing a range of tax strategies to help businesses to release funds, including research and development claims.
The firm’s move follows the series of measures announced by Chancellor Rishi Sunak to support businesses through the current crisis.
These include allowing VAT payments until June 30 to be deferred until the end of the tax year and self-assessment payments due on July 31 to be deferred until January 31.
The Chancellor also said employers would be able to recover 80 per cent of the cost of furloughed workers, up to £2,500 per month.
Nigel Barratt said: “We recognise that this is an unprecedented and worrying time for many of our clients and we are determined to help them battle through this crisis so they emerge in good shape once things revert to normal.
“Our staff across a range of teams are focusing on supporting our clients during this period in our role as the trusted adviser to many of the north west region’s best entrepreneurs.
“We’re all used to working remotely, and the team is assisting clients using a variety of online collaboration tools at all hours.”
HURST specialises in advising owner-managed and entrepreneurial businesses turning over £5m-£50m a year across all sectors.