Helping the Engineering and Manufacturing sector recover

The implications of COVID-19 has created many challenges for those in the engineering and manufacturing sector, creating diminished cash flow issues, staff shortages and forcing many businesses to change they way they work in order to comply with safe working environments. In order for companies to remain viable they will need to adapt to these changes, and quickly.

Our EQ Engineering and Manufacturing team have been supporting our clients in a variety of ways, by sourcing alternative funding opportunities for those who have had to close their doors, calculating and submitting furlough claims for their staff whose jobs cannot be carried out remotely or by helping them to redirect their cash reserves to help create vital equipment and resources needed during the pandemic.

Workers in this sector are generally highly skilled, and many have had to down tools during lockdown. Now, they are being asked to adapt to the social distancing measures which in some workplaces is almost impossible. Employees and employers are having to work together, and must share a common goal in order to bring their business back. Privately owned companies can reward long-term loyalty and offer share ownership through an Enterprise Management Incentive (EMI). We discuss the potential tax benefits to both employees and employers, providing they meet all the qualifying conditions in our previous article which you can read here.

For more information on how we can support your business, please contact our EQ Engineering & Manufacturing team on engineering@eqaccountants.co.uk or contact our Glenrothes office on 01592 630055.