Sector Focus


Finance


Sponsored by: Lawrence Business Finance Sector Focus The latest news from the sectors that matter to business


Umbrellas everywhere – the sun must be shining!


By Matthew Lawrence, of Lawrence Business Finance


Mark Twain said a banker is a fellow who lends you his umbrella when the sun is shining but wants it back the moment it starts to rain – So is that what they’re doing today? No. What I believe is on


offer particularly with the “Bounce Back Loan”, is a genuine safety net.


The Bounce Back term loan is: • Easy to get • Low cost • Available over a long period • Repayment penalty free


So, Logic seems to dictate that taking out a loan would be a very sensible defensive measure. The problem is that we’re not all logical like Dr Spock, with money in our pockets, or when we’ve got a dream.


The risks for small businesses are: 1 Spending on the wrong things


2 Keeping a business afloat that shouldn’t continue


It’s old fashioned, but it’s important to understand your motivation and self-discipline before availing yourself of cheap and easy finance. If you’re business has been


good or if it’s been in decline Pre-Covid, but you have a clear plan to improve prospects, then Bounce Back, CBILS or other debt may make sense but… Beware of borrowing because an unexpected lifeline has been thrown to an already ailing business. Beware of borrowing


defensively (we’ll pay it back if we don’t need it) if you’re not confident you have the discipline to use the money well.


Matthew can be contacted on 01785 593244/ 07770 683874, or email matthew@lawrencebusinessfinance.co.uk W: lawrencebusinessfinance.co.uk


56 CHAMBERLINK June/July 2020


John Webber: Business rates reform is crucial


Colliers’ head of rating elected to RSA committee


Colliers International’s head of business rates, John Webber, has been elected to the 21-strong committee of the Rating Surveyors’ Association (RSA). The Birmingham-based business


rates expert said that reform of this area of taxation would be high on the agenda in his new role. The RSA is a professional


organisation for experienced chartered surveyors who specialise in the field of non-domestic rates and ‘can demonstrate that they comply with the highest of professional standards’. The association was founded in


1909 and has more than 550 members from private practice, corporate bodies, the Valuation Office Agency and local authorities. Its primary function is to work


with the various bodies responsible for the rating system, including the Valuation Office Agency (VOA) and local authorities in order to improve the non-domestic rates system. Mr Webber said: “I am delighted


and honoured to have been elected onto the RSA Committee, where I am determined to voice the aspirations and concerns of so many of our clients and colleagues.


“In setting out my case for


election through a secret ballot I made it clear that my election to the committee would not diminish me from speaking out on the need for reform or calling out the Government or billing authorities where I felt they could serve the ratepayers and businesses of this country better. “We are in an unprecedented


time economically and it is essential the rating industry does its part in helping UK businesses get back to work again properly again. “The present crisis has more than


ever illustrated the need for there to be proper business rates reform and a more equitable system, a re- look at the multiplier, a better resourced VOA and an improved appeals system. I will be working hard with other members of the committee to accomplish this.” Colliers business rates team is


one of the UK’s best in the field of rating and since 2010, it has saved £1.2bn for clients across the sectors. Through its rate account management, it manages over 50,000 properties and £500m in client funds per annum.


Parents missing out on benefits


Struggling parents who have seen their income hit by Covid-19 may be missing out on benefits they are now be entitled to, according to a top financial expert. Mike Jordan (pictured), who has been a financial


adviser for more than 25 years, says some parents who have been furloughed by their employers may not realise they can now claim child benefit. He said: “The current crisis has seen


many people being furloughed and some losing their jobs. But there will be some whose income previously disqualified them from receiving child benefit – because it was more than £60,000 – who will now be expecting to earn less in this tax year. “They may not realise it, but for those parents,


it would be worthwhile looking at claiming child benefit again for the current tax year. “Incomes have been affected so much by the


lockdown, and there have been a lot of measures announced to help people deal with it, but it’s easy to overlook existing things like child benefit. In the current climate, every little helps.” Since 2013, child benefit has been affected by an individual’s income, or their partner’s income. Once either of these incomes reaches £50,000, the amount of child benefit received starts to be reduced by one per cent for every £100 earned over £50,000. And once one of these incomes


reaches £60,000, the benefit is removed completely. As a result, many people no longer bother to claim child benefit, because their income disqualifies them from it.


“Child benefit can only be backdated three months and so, if you're not currently claiming but


your income is likely to fall below £60,000 for this tax year, it would make sense to submit a claim as soon as possible,” said Mr Jordan.


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