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A new survey of businesses in Yorkshire published by Begbies Traynor shows thousands of firms are worried about their financial situations following the pandemic.

Begbies Traynor, a company that specialises in business restructuring, found that over 31,000 of the businesses in Yorkshire that took part in the survey were experiencing financial difficulties in the second quarter of the financial year, which is a rise of 8% on the number that were in that position last year. This suggests that the virus and lockdown have already taken a toll, despite the efforts of the government to mitigate them.

In total, there were 2,000 more Yorkshire firms struggling with their finances at the close of June 2020 compared with 2019. Furthermore, the Yorkshire regional managing partner at Begbies Traynor, Julian Pitts, has pointed out that it is likely to be in the year’s third quarter that the real damage caused by the pandemic becomes apparent.

He then went on to add that:

“With Government initiatives to rescue businesses winding down, and others to get companies started again being rolled out, we will imminently begin to see the real impact of coronavirus on the UK.”

He concluded by arguing that the situation would almost certainly worsen before any improvement was witnessed. Firms who are in this position may decide to get help from a business accountant in South Yorkshire who can advise them on tax relief and other strategies that might enable them to turn their financial situations around.

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