Business Bulletin: Issue Number 40

ACT NOW TO PREPARE YOUR BUSINESS FOR NEW RULES ON 01 JAN 2021

There are now under 50 days until the end of the transition period and the current rules on trading with the EU will no longer apply. Businesses will see changes whether the UK reaches an agreement with the EU or not.

Regardless of whether the UK reaches a trade agreement with the EU, from 1 January there will be guaranteed changes to:

• The way your business can import and export goods
• The process your business follows for hiring people from the EU
• The way your business will be able to provide services in EU markets

Unless you take action, there is a risk your business operations will be interrupted. You should also check with your suppliers and customers that they are taking action.

Businesses will play an essential role in ensuring a smooth end to the transition period and Central Government will be there to support you.

Help is available. To best prepare your business you can:

1. Check what actions you need to take by visiting gov.uk/transition
2. Contact the Cambridgeshire & Peterborough Combined Authority Growth Hub to receive dedicated one-to-one support for your business
3. Attend government webinars for additional support, you can sign up to attend BEIS webinars using the link below
   

VAT deferral update

If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can:

• pay the deferred VAT in full on or before 31 March 2021;
• opt in it the VAT new payment scheme when it launches in 2021;
• contact HMRC if you need more help to pay

Find out how you can pay your deferral VAT and access support with paying your VAT here.

Support for business leaders through our peer networks programme

The Cambridgeshire & Peterborough Combined Authority is considering launching a pilot of the Peer Networks programme which is funded by Central Government to support business across our region.

Sponsored by the Department for Business, Energy & Industry Strategy, the Peer Networks programme has a vision to create interactive groups consisting of 8-11 business leaders to work collaboratively to tackle the common issues facing the region’s small and medium sized enterprises.

If there is demand, the group will typically meet fortnightly as part of a series of two or three-hour sessions, totalling 18 hours of action learning.

Sessions are set to be led by an experienced facilitator utilising action learning to help business leaders come together to overcome the current business challenges but also recognise and seize new opportunities, while also building a trusted network of new connections.

To launch the programme, we are looking to gauge demand from local businesses that meet the below eligibility criteria:

• Operated for at least one year
• At least five employees
• A turnover of at least £100,000
• An aspiration to rebound and improve business output

Leaders of businesses that qualify should click on the below link to register their interest in the scheme.

Should this programme launch and be successful, we hope this pilot can be converted into an ongoing programme of support for businesses looking to grow.

Register your interest in our potential Peer Networks programme