Making sense of finances during the pandemic and beyond
A blog by Peter Graham
Chair of Staffordshire Chambers of Commerce Money Matters Forum
With the year we have had there has been no shortage of topics to discuss at the Money Matters Forum.
The Jobs Retention Scheme and furlough, bounce back loans, CBILS, SEISS, restart grants and deferred VAT payments are just some financial initiatives thrown into the mix in the past year. Add in the November and March Budgets for good measure and it is easy to see why business needs more financial help and guidance than ever just to keep up.
I am honoured to hold the chair of the Money Matters Forum. I am a corporate tax partner at RSM, based at their Stoke office from where I head up the national capital allowances team.
I am ably supported by the Chamber’s Growth Hub funding advisor and grants and funding expert, Matt Hustwit.
We were delighted that Glyn Jones, Bank of England deputy agent for the West Midlands could join us at our last meeting. Glynn has been with the Bank of England for 10 years and prior to that was lead economist at the regional development agency, Advantage west Midlands.
Glyn led a discussion on the economy both current and future considering the pandemic. Whilst the easing of lockdown measures provides businesses with light at the end of the tunnel, members of the forum felt that continued support by the Government is essential until the economy is back to full capacity.
We also discussed the budget changes including the new capital allowance super-deduction which was welcomed by the forum. This should encourage capital investment by businesses in Staffordshire as lock down measures are eased.
The announcement of an increase in the corporation tax rate from 19 per cent to 25 per cent from April 2023 was expected, however protection of small businesses with the continuation of the 19 per cent rate for profits less than £50,000 was a welcome boost for small firms.
We are also fortunate to have Ryan Cartwright of the British Business Bank as a forum member. The British Business Bank is a government-owned business development bank dedicated to making finance markets work better for smaller businesses. They facilitate finance to start a business, grow to the next level, or to innovate and stay ahead of the competition.
Going forward the forum will be occupied by how firms are going to move on once all the government support comes to an end. We will continue to formulate our representation and lobbying activity to government as part of the British Chambers of Commerce (BCC) network.
We are always keen to welcome new forum members so that we have representation from all shapes and sizes of business in all sectors. We meet quarterly and meetings usually last for about two hours maximum.
If you would like to find out more about what we do or are considering joining the Money Matters Forum, please email Matt Hustwit: email@example.com
If you want to talk about any business issues, you can call the Chambers switchboard on 01782 202222 or call the Stoke and Staffs Growth Hub Helpline on 0300 111 8002 or email: firstname.lastname@example.org
To join the Forum discussion click here Hot Topics — Staffordshire Chambers of Commerce
See how banks & suppliers view your Limited Company credit score with My Business Profile from Experian.
Includes a 90-day free trial followed by a discounted subscription for Staffordshire Chamber members and customers off £12.50 + Vat per month (50% discount) for continued usage. Cancel at any time.
Check and improve your business credit score
Being denied company credit can be bad news for your business, especially if you need finance to grow.
If your business has been refused credit or struggled to secure new finance, you’ll know how that can impact your plans. But is relying on your personal finances really the answer?
With My Business Profile, you get full visibility of your business credit profile, enabling you to understand what’s affecting your company credit score and preventing you from being able to obtain that all important company finance.
How does My Business Profile help?
- Find out the top 5 factors influencing your score
Give yourself the best chance when applying for business credit, by working on the areas that are affecting your score
- See what lenders see when making credit decisions about your business
This is one of the only reports of its type to include commercial CAIS data, making it the most accurate and fully comprehensive view of your own business credit profile
- Automatic Alerts
Receive alerts about significant changes, so you can act quickly to reduce any negative impacts to your score
- Customer Support
On-going advice and support to help make your business credit score the best it can be