Press release: Business Secretary chairs first taskforce to support small businesses and workers affected by Carillion insolvency

A taskforce set up to monitor and advise on mitigating the impacts of Carillion’s liquidation on construction firms, particularly SMEs and those working in the sector, has met for the first time today (18 January 2018). Building on a series of meetings held by the Business Secretary this week with trade associations, unions and banks.

Chaired by Greg Clark, with support from the Small Business Minister Andrew Griffiths, the taskforce’s attendees included representatives from leading business bodies, the construction trade sector, unions, banks and government.

Chaired by Greg Clark, with support from the Small Business Minister Andrew Griffiths, the taskforce’s attendees included representatives from leading business bodies, the construction trade sector, unions, banks and government.

The taskforce will act as a means to work together to ensure the impact of the Carillion insolvency on the firm’s employees in the private, as well as public, sector is minimised and to help them recover.

In a constructive meeting, members of the Government’s Taskforce on Carillion spoke about a range of issues, ranging from support by banks, the support on offer from HMRC for businesses, the offer from the Construction Industry Training Board for apprentices, and identified how relevant information can be shared to keep people in work and training.

Greg Clark, welcoming the input of all the members, said:

Today’s meeting is the next step in a series I have held this week. It got key people round the table to drive forward steps that we believe can give confidence to workers and the supply chain; support from banks, the ability to link workers with employment and support for apprentices.

I am determined that collectively we will take the steps necessary to give workers and businesses the information they need at this difficult time.

Issues to be covered in the next meeting will include job matching and contract matching.

Today (18 January 2018), the Business Secretary has praised several banks who following his request have committed to providing support to small businesses affected by Carillion’s insolvency. This follows a meeting he held with them yesterday, where he asked them to commit to supporting SMEs affected.

HMRC’s announcement highlighted several ways that the Business Payment Support Service can help those affected, including:

*agree instalment arrangements if you’re unable to pay your tax on time following the Carillion collapse
*suspend any debt collection proceedings
*review penalties for missing statutory deadlines
*reduce any payments on account
*agree to defer payments due to short-term cash flow difficulties

Today’s taskforce meeting follows action outlined by the Department for Business, Energy and Industrial Strategy to address concerns set out earlier this week.

Source: HMRC

Press release: Business Secretary welcomes action by banks to support small businesses affected by Carillion

The Business Secretary Greg Clark has today (18 January 2018) welcomed the decision by several banks to set up funds to support small businesses affected by Carillion’s insolvency.

Today, Lloyds Banking Group has launched a £50 million fund, HSBC a £100 million fund and RBS has made £75 million of assistance available.

It follows a meeting held by Greg Clark yesterday with banks where he discussed further support and advice that could be provided by the banks for small businesses affected by Carillion’s liquidation.

Greg Clark said:

I welcome this quick and positive move by banks including Lloyds, HSBC and RBS. This follows my meeting with the banks yesterday where I challenged them to see what further support they could provide for SMEs affected by Carillion’s insolvency.

It is essential that small businesses exposed are given the support they need by their lenders, and I look forward to other banks following suit.

HMRC has also outlined the support being offered to those businesses contracted to Carillion that may be concerned about their ability to pay tax. HMRC are providing practical advice and guidance to those affected through its Business Payment Support Service (BPSS).

This follows action outlined by the Department for Business, Energy and Industrial Strategy to address concerns set out earlier this week.

Source: HMRC

Confident UK SMEs go back to basics to support growth in 2018

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The post Confident UK SMEs go back to basics to support growth in 2018 appeared first on Small Business.

Source: SmallBizUK

Why startups should always buy refurbished IT

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The post Why startups should always buy refurbished IT appeared first on Small Business.

Source: SmallBizUK