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Covid Planning

Accountancy firm calls on the government to ‘think like an accountant’ and provide a 12-month plan on Covid support 

Kent-based accountancy firm McBrides Chartered Accountants is calling on the government to provide a full fiscal plan that outlines business help, loans and financing to cover the whole of 2021 rather than providing support and information piecemeal as matters develop.

Nick Paterno, managing partner at the firm says: “On Covid planning, in 2020 the government has had to make snap decisions as the pandemic evolved, asking businesses to change tack every few months sometimes with little notice with no certainty as to the support that’s going to be available to them in a few months time. 

“In 2021 government and businesses are more attuned to dealing with the issues thrown up by lockdowns and other pandemic measures so are in a better position to plan forward. Having a good idea of the support that’s available frees up SMEs to make decisions and for some (who remain relatively unaffected by the pandemic) to even grow in this period. 

“Owners of locked down businesses need more information to determine if they are able to continue to operate, albeit in a state of suspension, or whether they need to take more appropriate drastic action as they will not be able to survive in the longer term.

“SMEs and business leaders have been patient with the government and have run with the constant changes but it’s not sustainable in the long term. Businesses need to know that support is going to be there, if needed, for the whole of 2021. Every good business person knows, good financial planning and knowledge of the funding available to them over a calendar year is essential for survival. 

“So we would ask the Chancellor – share your 12-month spreadsheet with us and provide a package of support that’s calculated over that time period rather than continuing with adhoc measures which don’t give any room for planning.”

Blog by Nick Paterno of McBrides Chartered Accountants