How to determine and obtain the right type of finance to support growth
How to determine and obtain the right type of finance to support growthIn today’s financial landscape, finding the best funder for your business is more complex than ever. The breadth of choice is vast and banks and other funders each have different areas of focus, which may change with economic conditions and the rationales for decisions may not be apparent from the outside. With 60% of UK SMEs looking to invest in their business in the next 12 months and 20% of UK SMEs planning to borrow in the same
R&D Tax Relief | Stepping out of the COVID crisis
Further easing of Covid restrictions offers an opportunity for a fresh start and to think about investment for the future. The Government confirmed in its most recent Budget, that it continues to place Research & Development (R&D) at the heart of its plans to boost the economy, with an ongoing target to raise total investment in R&D to 2.4% of UK GDP by 2027. As well as the provision of grants and subsidies, generous tax reliefs remain in place to support innovative businesses making investments in novel
How sustainable is your profit performance?
During the pandemic with restrictions in the UK and worldwide it’s been a challenging time for many businesses. However, in some cases not being able to operate at all or learning to in a different way has given businesses the time to stop and reassess their business and objectives and enhance their operations.The change in circumstances all businesses have had to navigate in this last year has created, for some, an opportunity to deep dive into the business and reconsider internal processes that may have
New survey to measure business sentiment on Plymouth Freeport
A new online survey aimed at decision-makers across Plymouth and the wider South West region has been launched by law firm Womble Bond Dickinson (WBD) to gain insights on how the Freeport will impact on their activities. WBD has recently seen a surge in enquiries from clients and regional business groups keen to learn more about the opportunities and implications that Freeports will bring and how they can prepare. The survey will be carried out throughout April and May and will measure business sentiment
Spring Budget is good news for businesses in Devon and Cornwall
The Government has revealed a number of new measures and extensions to existing support packages as part of the UK's long-term economic recovery plan. Rishi Sunak's Spring Budget has been built around a three-part plan for the economy, including protecting jobs and businesses, shoring up public finances and rebuilding the economy. Today's announcement shows that the Chancellor has listened to the concerns of the business community and delivered a budget that should help firms to survive and recover from
Cash remains top concern for lockdown-stricken firms
Results from the latest British Chambers of Commerce survey on the impact of Coronavirus on businesses show they have been pushed to the brink by the effect of multiple lockdowns. Among the sobering findings from the survey of more than 1,100 businesses are:Three in every five firms (61%) have seen their revenue from UK customers fall in the last three monthsAlmost a third (31%) of business-to-consumer (B2C) firms say they will run out of cash in the next three monthsA quarter of survey respondents (25%)
Riley Chartered Accountants joins Thomas Westcott team in Plymouth
Thomas Westcott Chartered Accountants has announced a further investment in its regional business by welcoming longstanding Plymouth-based accountancy practice Riley Chartered Accountants into the firm. The leading South West firm was announced as an official Patron of Devon & Plymouth Chamber of Commerce in December 2020. The latest move is part of Thomas Westcott's continued growth across the South West and the ongoing success of its Plymouth office, which has grown rapidly since the merger with
Listen to our new Chamber podcast now, with Fresh Air Studios
The Devon & Plymouth Chamber has joined forces with Fresh Air Studios in Plymouth to launch a brand new podcast for the South West business community and beyond. 'In Conversation With...' will feature personalities and business owners from across the region, with each episode containing two interviews. In 'Chamber Chat', podcast host and Chamber CEO Stuart Elford will chat with well-known local personalities such as Luke Goss, David FitzGerald and Luke Pollard MP, to find out more about them as people and
Chamber hits back at Chancellor's Kickstart Gateway comments
Following the Chancellor’s removal of the minimum placement criteria for small business on Friday, the Devon & Plymouth Chamber has learnt that this action was taken in response to the Treasury’s concern over providers who were failing to pass on the £1,500 training grant to employers and gateways being slow to respond to small business. For each placement, gateway providers receive £300 to support administrative costs, while employers are supposed to receive £1,500 per placement for help with setup
Thomas Westcott announced as Chamber Patrons
Leading South West firm Thomas Westcott Chartered Accountants has been announced as an official Patron of Devon & Plymouth Chamber of Commerce. The independent accountancy practice has 17 offices across Devon and Somerset and has played a prominent role in helping businesses improve their financial resilience in the face of the Covid-19 pandemic. Thomas Westcott’s position as a Chamber Patron reflects its status as a regional leader and a supporter of thousands of businesses in the South West. Patrons of
How Businesses can Take Back Control of their Outgoings
National restrictions continue to significantly affect businesses across the country. While non-essential retail, hospitality and leisure businesses have had to temporarily close during lockdown, those businesses which are still operating will also have been heavily affected by the pandemic. As such, there is an enormous pressure on businesses’ financial situation. They may be juggling reduced income whilst navigating new income streams such as various government support measures. Businesses might be
Grants for Plymouth businesses closed due to coronavirus
Plymouth businesses that have been forced to close due to the national COVID-19 restrictions will now be able to apply for financial support through Plymouth City Council. The Government’s Local Restrictions Support Grant (LRSG) scheme is available to support businesses that have been legally required to close and occupy a rateable property. Eligible businesses can claim the following grants, based on their rateable value:For properties with a rateable value of £15,000 or under, grants to be £1,334 per
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The Heart of the South Local Enterprise Partnership is currently consulting on its document entitled ‘Stepping up to the Challenge.’ This is a draft Productivity Strategy for the counties of Devon and Somerset. Our area compares unfavourably with most in the county in terms of the volume of the work achieved, per hour, spend on innovation, number of companies which export and overall how competitive our economy is. The strategy aims to double the size of the local economy by 2030 and improve our relative
