FSB Newsletter - Friday 7 January 2022

News 7 Jan 2022

COVID-19: THE LATEST

For all the latest news and updates, visit our Covid-19 Hub.

NET ZERO

Our Sustainability Hub has everything you need to help you on your journey to net zero.

EU TRADE

If you are a UK business which trades with Europe, keep track of the latest changes and developments via FSB's Transition Hub.

NEWS & OPPORTUNITIES

Late payment risk grows
FSB’s most recent research into the issues affecting small businesses has found that 3 in 10 business owners report experiencing an increase in late payment of invoices over the past three months, while 8% have experienced other forms of poor payment practice. Overall, nearly 1 in 10 (8%) say late payment is now threatening the viability of their business – working out at 440,000 firms at risk. Mike Cherry, FSB’s National Chair, said: “The pandemic is absorbing bandwidth, and rightly so, but policymakers need to understand that late payment is the issue that keeps thousands of entrepreneurs up at night, and one that has worsened in lockstep with lockdowns. We need to see words turned to action.”

New customs controls
The first day of 2022 saw a new customs controls regime for businesses moving goods between Great Britain and the EU. We have previously flagged concerning levels of unpreparedness among small businesses which will be affected by the rules change (if your business is encountering problems, please let us know). Businesses with questions about the new rules can call the HMRC Customs and International Trade helpline on 0300 322 9434, 8am-10pm Mon-Fri, or use the webchat page. Exporters can send queries to the export support team, while there are various webinars here.

Haulier guidance
HMRC has published a leaflet for hauliers, “Moving goods from the EU to Great Britain”, here.  

Fresh funding for omicron-hit businesses
Businesses in England which have been most affected by the impact of the omicron variant will be able to apply for council-administered grants to help them cope, the Government has said. Hospitality, leisure and accommodation businesses will be able to apply for up to £6,000, based on the rateable value of their premises. The Statutory Sick Pay Rebate scheme will also be brought back.

Marquees and markets
Hospitality businesses in England no longer need planning permission to put up marquees on their land following changes to permitted development rights, which were first introduced as a temporary measure at the beginning of the pandemic. Under the changes, announced last month, councils will also no longer need planning permission to hold an outdoor market. FSB welcomed the move, following a public consultation, calling it a “sensible deregulatory measure” that will remove barriers for small firms. Read more here.

Online retailers require Strong Customer Authentication
UK Finance is reminding all retailers with an online presence that they must update their online shopping pages to allow Strong Customer Authentication by 14 March. Customers “will be asked to verify their identity, for example, through their banking app or a one-time passcode via text or phone call”, UK Finance said. Card issuers will start declining some non-compliant transactions from 18 January, to prompt retailers to update their sites.

National Security and Investment Act
The National Security and Investment Act came into force on 4 January, meaning that the Government has new powers to “scrutinise and intervene in certain acquisitions made by anyone, including businesses and investors, that could harm the UK’s national security”. Guidance for businesses and investors on what the new Act will entail is here.

Making Tax Digital for VAT
HMRC is urging all VAT-registered businesses to sign up for Making Tax Digital for VAT in advance of the 1 April deadline. FSB’s Mike Cherry said: “We have worked hard to ensure Making Tax Digital launch dates were adjusted to give small businesses more time to prepare and allow more competition to open up in the accounting software market.

UKCA webinars
The Business Department has published its schedule of upcoming webinars for businesses on how to comply with the UK conformity assessment framework, required for goods sold in Great Britain, along with webinars on Northern Ireland’s different requirements.

Seafood fund grants
Businesses involved in fishing, processing, or aquaculture can apply for competitive grants of between £250,000 and £5m from the UK Seafood Fund’s £65m Infrastructure Scheme, with a webinar on 12 January offering more information.

VAT reverse charge webinar
HMRC is holding a webinar on 13 January on how to apply the VAT reverse charge for construction services – sign up here.

FSB webinars: eat, accelerate, project-manage
We are holding a trio of webinars next week, on: how your diet may affect your productivity (11 Jan); how to accelerate towards your business goals (12 Jan); and how to manage property and construction projects (13 Jan).

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