For December we are running our Christmas Countdown of Charities here at Norfolk Chambers, where throughout the month we will be sharing stories and updates from a variety of Norfolk Charities.
Below is a recap list of the Charities we shared last week, along with links to the posts we sent out on LinkedIn:
Commenting on the introduction of ‘Tier 4’ of Coronavirus restrictions in England, with many businesses once again forced to close their doors from 20th December, BCC Director General Adam Marshall said:
“Christmas was already cancelled for many businesses, but even more will now suffer as a result of this last-minute decision.
“While Government must act on public health concerns, it must also address the economic consequences of its actions. Will there be more help for firms being forced to shut their doors – and for those who have paid for stock they now can’t sell? What support will there be for companies whose cash flow projections have once again been thrown into chaos?
“The introduction of an additional tier without warning or additional help is a huge blow to businesspeople who wanted nothing more than to be able to trade safely through the holiday season and beyond.
“It is clear ministers across all four nations are now considering even tougher measures. With huge numbers of firms already on the edge, it would be unconscionable for further restrictions or closures to be announced without a more comprehensive package of support in place that gives businesses the confidence that ministers will stand by them through an uncertain year ahead.”
Commenting on the extension of government-backed loan schemes – the Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme and Bounce Back Loan Scheme – until the end of April, announced today by the Chancellor of the Exchequer, BCC Head of Economics Suren Thiru said:
“Cashflow remains an urgent concern for many businesses, so the extension to the government-backed loan schemes is a common-sense step.
“However, it is concerning that many firms who bank with non-accredited lenders remain effectively locked out of these vital financial lifelines. Government, regulators and banks must work together to ensure that all eligible firms can access this support to help them weather this challenging period.
“Government must also be ready to further expand the existing grant schemes to ensure that as many businesses as possible get access to the support they need.”
Commenting on the extension of the furlough scheme until the end of April, BCC Director of Policy James Martin said:
“The extension to the furlough scheme is a welcome move and will provide much needed certainly and support that many need to protect jobs and livelihoods.
“Over the coming months, the government should continue to listen to business and evolve it support measures with the on the ground impact of the pandemic. Further cashflow support will be needed for companies who are unable to operate for an extended period, or those who face reduced capacity or demand due to ongoing restrictions.
BAM Farrans Joint Venture (BFJV) are undertaking the main works contract for Great Yarmouth Third River Crossing on behalf of Norfolk County Council. BFJV is committed to a local supply chain and working with local companies. Over 80% of our sub‐contractors are Small and Medium Enterprises (SME’s) and will be key to the successful delivery of Great Yarmouth Third River Crossing.
If you are a SME, local subcontractor or specialist supplier interested in working on the project please email gy3rc@bamfarrans.com with contact details and type of works you are interested in.
With the busy festive season approaching, HM Revenue and Customs (HMRC) is calling on East of England’s 1,154,200 Self Assessment customers not to miss the 31 January deadline.
The 2019-20 tax return can be finalised at any time up to the deadline but HMRC is encouraging customers to complete it early to allow for more time to pay their tax bill or set up a payment plan.
Customers must complete a Self Assessment return if:
they’ve earned more than £2,500 from renting out property
they’ve received, or their partner has received, Child Benefit and either of them had an annual income of more than £50,000
they’ve received more than £2,500 in other untaxed income, for example from tips or commission
they are a self-employed sole trader whose annual turnover is over £1,000
they are an employee claiming expenses in excess of £2,500
they have an annual income of over £100,000
they have earned income from abroad that they need to pay tax on
HMRC’s Interim Director General of Customer Services, Karl Khan, said:
“The 31st January deadline for tax returns is still a few weeks away, but customers don’t have to wait until then. We’re encouraging them to beat the busy January rush and get their tax returns in now.
“We know that many people are affected by the coronavirus pandemic this year and we’re here to help if they need to spread the cost of their tax bill. It’s quick and easy to set up a payment plan online and there’s no need to call us to set it up.”
Once Self Assessment customers have completed their 2019-20 tax return, and know how much tax is owed, they can set up their own payment plan to help spread the cost of their tax liabilities, up to the value of £30,000. They can use the self-serve Time to Pay facility to set up monthly direct debits and this can all be done online. Interest will be applied to any outstanding balance from 1 February 2021.
To find out if they’re eligible, customers can visit GOV.UK to learn more about the service.
Customers can also now check on GOV.UK whether they need to declare, or possibly pay tax, on any ‘casual’ income they receive. The new interactive guidance is quick and easy to use and explains what individuals need to do if they receive non-PAYE income from:
• selling things, for example at car boot sales or auctions, or online
• doing casual jobs such as gardening, food delivery or babysitting
• charging other people for using your equipment or tools
• renting out property or part of their home, including for holidays (for example, through an agency or online).
Be aware of copycat HMRC websites and phishing scams. Customers should always type in the full online address www.gov.uk/hmrc to get the correct link for filing their Self Assessment return online securely and free of charge. They also need to be alert if someone calls, emails or texts claiming to be from HMRC, saying that they can claim financial help, are due a tax refund or owe tax. It might be a scam. Check GOV.UK for information on how to recognise genuine HMRC contact.
Great Yarmouth’s Third River Crossing is one of Norfolk County Council’s most significant infrastructure development projects in recent years and will integrate with several other local development projects set to transform the town of Great Yarmouth.
The Great Yarmouth Third River Crossing will link the A47 at Harfrey’s roundabout to the port and the enterprise zone on the other side of the river. The bridge will ease traffic congestion on the town’s roads, shortening journey times and improving journey reliability, as well as supporting wider plans and work to maximise investment, regeneration and economic growth opportunities in the town and wider borough.
Construction work is set to begin on the Third River Crossing early in January 2021, with more than 50 local employment and training opportunities being created by the main contractor BAM Farrans and the wider supply chain during the delivery of the project, leaving a lasting legacy for the local area and its people.
BAM Farrans Joint Venture Project Director Tony Mulholland said “We’re thrilled to be involved with the construction of Great Yarmouth’s Third River Crossing, which will offer in excess of 50 employment and training opportunities for job seekers, students, graduates and apprentices through ourselves and our supply chain within Norfolk.
“Whilst constructing the new lifting bridge, our positive presence in Great Yarmouth will be felt through our community engagement, local recruitment and local spend. We will be working with local schools to involve children in the project and will be encouraging local businesses to become part of the supply chain, playing an important role in the construction of this iconic bridge. We will be working with Norfolk County Council and Norfolk Chamber to provide more details on these opportunities in the coming weeks.”
Councillor Martin Wilby, Norfolk County Council’s Cabinet Member for Highways, Infrastructure and Transport said: “I’m delighted to see work on the long awaited Third River Crossing get underway and the commitment BAM Farrans have made to supporting the local economy.
“As well as providing jobs, it will make it much easier for people living and working in the borough to get around and provide crucial support to the town’s key industries, including those linked to the offshore energy and maritime sectors, tourism and manufacturing. This is more important than ever now as we seek to help Norfolk’s economy recover from the effects of the coronavirus pandemic.”
Nova Fairbank, Head of Policy for Norfolk Chambers said: “A third river crossing in Great Yarmouth will help to improve that connectivity and create new jobs, of which 30% will be jobs for a local workforce. It will improve links across the town and to the rest of the region and reduce congestion. All of which will save local businesses time and money, whilst allowing them to increase economic growth.”
The welcome news of works beginning in January 2021, follows an official letter from the Department for Transport, received by Norfolk County Council on Wednesday 25 November 2020, which confirmed the approval of the government contribution of £98 million, coinciding with the Chancellor’s Spending Review, enabling the construction of the new bridge following the conclusion of a year-long development consent order process.
The project is expected to cost £121 million overall, with the remainder of funding coming from local sources.
There’s no doubt that many business owners and managers will have hundreds of questions and concerns about the direct impact of Brexit on organisations. But what about the effects on the end consumer? It’s essential that businesses understand how buying trends and consumer rights may be affected to help you plan ahead.
Through our Brexit Hub, we offer support on a business-to-business basis to ensure you are trading under new rules and regulations. However, below are some areas where your customers could be impacted. These areas are purely predictions and possible scenarios and are not certainties, but hopefully they can provide some clarity for your business.
Consumer rights
Many EU-based consumer rights have been incorporated into UK law so there shouldn’t be much difference whether there is a deal or no-deal. These unaffected rights include refund protection.
As of the 1st of January 2021, if you buy goods from Europe to sell to your customers with a refund policy, it would be a good idea to speak to your supplier about if this will change and update your own policy to reflect any updates. If consumers wish to seek legal action against EU based traders, enforcement from a UK court may be more difficult to achieve.
Tariff increases
Some tariffs could increase – your business may be in a position to absorb some of these costs, or you might have to adjust the prices of your products which could alter your customer’s buying habits.
Product delays
It’s possible we could see logistical delays as we approach the transition date. Especially in the instance of a no-deal, many goods including fresh food imports could be in short supply. It may be worth exploring a strategy on how to manage your customer’s expectations if you are worried about shortages.
Pound to euro
It’s difficult to say whether the pound will rise or fall following the transition date if we get a deal. And it’s possible that with a slight drop in the pound, this won’t have a significant impact on consumer prices. However, a no-deal scenario could amplify this impact considerably and costs could rise if you import certain goods.
For December we are running our Christmas Countdown of Charities here at Norfolk Chambers, where throughout the month we will be sharing stories and updates from a variety of Norfolk Charities.
Below is a recap list of the Charities we shared last week, along with links to the posts we sent out on LinkedIn:
With the deadline for the end of the Brexit Transition Period fast approaching and Prime Minister Boris Johnson warning there is a “strong possibility” of no deal, Norfolk Chambers of Commerce wishes to assure its members and the wider Norfolk business community that we are here to provide guidance and support through the potentially troubled waters ahead.
01 January 2021, are you ready?
A question posed across the media and all government departments to the business community throughout 2020.
Whilst there are things you can prepare for, many will ask “Prepared for what?” as they try to disseminate the tangible actions amongst the barrage of information.
We would like to assure you that as soon as further information becomes available, we will strive to cut through the jargon and bring you clear advice.
The EU-UK Joint committee have come to an agreement in principle on the Northern Ireland protocol. Whilst this is a positive step forward, we are awaiting the conversion of this agreement into crystal clear guidance for the business community moving forward.
There has been a positive response to the updated UK Border Operating Model from the International Meat Trade Association (IMTA). However they have stressed that clarification is needed on important details such as the certification for imports, check frequency from July next year and the locations of the Border Control Points where these checks will take place.
IMTAs CEO Katie Doherty made the following statement regarding veterinary checks, with particular focus on short shelf life products:
“Many have referred to the EU-New Zealand veterinary equivalence agreement which reduces physical checks to just 1% as a potential model for the UK-EU arrangement, but that still has significant potential implications for businesses and consumers. The 1% is random and the fact that you might be picked for the 1% checks itself makes supply chains trickier to manage. Even with the 1% physical checks, the EU-NZ vet equivalence agreement still requires 100% ID checks”
She added, “We have deep concern about the government’s UK Global Tariff which lays down the tariffs that will apply to goods not covered by a quota or free trade agreement. For meat, we need at least the same volume access to the product from the EU at the end of the transition period. It is imperative that a deal is achieved by the UK and EU that secures tariff and quota free access for meat as it is in the interests of importers, users of imported inputs such as manufacturers and consumers. We are not self-sufficient and we need imports to complement UK domestic production to ensure food security, consumer choice and availability of product year-round whatever the outcome of negotiations.”
There has been an update to the UK Governments Border Operating Model, this contains all details on how our border with the European Union will work and will be introduced on 01 January 2021.
Explaining the importance of the new model, Liam Smyth, Director of Trade Facilitation at the British Chamber of Commerce, said that the “announcement of a revised Border Operating Model provides some more of the detail that was missing from the version published less than 12 weeks ago. Duty deferment accounts and postponed VAT accounting will both help firms’ cash flow as we enter a period of huge change at our borders. However, as highlighted in our recent unanswered questions document, businesses still have many areas where they urgently need more certainty, such as how the border between Northern Ireland and Great Britain will operate, clear guidance on rules of origin, which will only be done by ramping up government engagement with business.”
Elizabeth de Jong, Policy Director at Logistics UK, commented: “Clarification on the arrangements for the UK’s borders with the EU at the end of the Transition Period is welcomed by our members, the organisations charged with moving goods and services to and from our nation’s largest trading partner. It is imperative that businesses seeking to sell their goods to companies in the EU make the most of this guidance to speed up their preparations and ensure that their paperwork is in order on 01 January 2021. Logistics organisations need their customers to prepare if they are to maintain the smooth flow of goods to and from the EU” She also called for greater clarity over the movement of goods between Great Britain and Northern Ireland, describing detail as necessary so that “businesses can plan and logistics operators avoid delays”.
As we head into the final month of 2020, the time until the transition date decreases, and the probability of a no-deal increases. Whilst this hangs in the balance, some businesses may feel inclined to wait until the last minute to see what deal comes through. However, this strategy can be incredibly damaging to your organisation and the Norfolk Chambers of Commerce recommends preparing for any scenario, deal or no-deal. No matter the outcome, significant changes to your organisation will be required. To help you prepare, we are offering businesses free support through our online Brexit Hub and if you haven’t capitalised on this opportunity, then we urge you to do so at your earliest convenience – our business advice lines are becoming busier as we hurtle towards the deadline.
We are all hoping for a deal to come to the table, but what is the potential impact of a no-deal Brexit on your business?
Limited access to European markets – It’s possible that without a deal, there may be restrictions when bidding for contracts in the EU. This could also apply to delivering contracts that are already in place.
Disruption to supply chains – One of the big concerns is the potential disruption to supply chains through changes in tariffs, other costs and changes with import and export controls.
Higher tariffs – A result of a no-deal Brexit is the increase of tariffs on products imported from and through the European Union. Depending on the product, costs could rise drastically, and this may impact on your customers.
Tax changes – If your business uses European Union tax structures, then this will most likely be affected. It could take time to implement and develop alternative UK tax structures, slowing down business operations.
Changes to data protection – At present, the UK adheres to the EU’s GDPR (General Data Protection Regulation) when processing data. If this changes, then existing databases may need to be reviewed and adjusted to fit with new regulations.
Although this may all seem daunting, you’re not up the creek without a paddle. the Norfolk Chambers of Commerce are to help, no matter what happens on January 1st. You can access our comprehensive and easy-to-use Brexit Hub full of free resources by clicking here. You can also phone our expert trade advisors on 01603 625977.