Businesses must take advantage of the latest lockdown financial support, says McGills Chartered Accountants

Accountancy firm McGills Chartered Accountants is encouraging business in and around Cirencester and Malmesbury to seek out help during the latest lockdown via the additional £4.6 billion of grant funding that has been made available by the Government.

The Chancellor Rishi Sunak has announced an additional package of support for businesses within hours of the nation entering a new lockdown.

Aimed at those worst affected by the ongoing pandemic, particularly those in the retail, hospitality and leisure industries, the new grants are aimed at helping businesses survive the latest challenging restrictions.

Under the new measures, a one-off top-up grant worth up to £9,000 per property will be made available for retail, hospitality and leisure businesses.

Meanwhile, local authorities will be able to access a £594 million discretionary fund to support other businesses affected by the ongoing pandemic.

Sharla Dandy, Partner at McGills Chartered Accountants, said: “Many businesses will welcome the latest package of financial support, especially those who have already been forced to close for much of last year.

“The newest measures are clearly intended to help those industries facing great difficulties due to the pandemic, but the additional discretionary grant will also help those in other sectors who have been adversely affected by the ongoing restrictions to daily life.”

Sharla called on businesses to seek out the latest financial support as early as they can to ensure they had the necessary cash flow to survive.

The latest support is in addition to the £1.1 billion of additional discretionary grant funding for local authorities and Local Restriction Support Grants worth up to £3,000 a month that were previously announced, as well as the furlough and loan schemes which were recently extended.

“Many business owners will be very disheartened by the latest lockdown, despite their desires to keep people and communities safe,” said Sharla, “However, it is important that they carefully assess their current financial position and seek assistance claiming the support that is available to them.”

Hundreds of businesses have relied on the advice and support of McGills Chartered Accountants during the last 12 months as they deal with the difficulties of the pandemic. If you require assistance with the Chancellor’s new financial support measures, please visit www.mcgills.co.uk.