You cannot have missed the headlines: a spike in energy prices is here and the ever increasing costs will be crippling for businesses.
At Swoop, we have assembled a task force to help customers navigate a big increase in outgoings. Keep an eye on the Swoop newsletter – updates and further information will be published there in the coming weeks.
Not signed up? Make sure you receive your email newsletter here.
What can you do now?
There may be opportunities for you to switch to a better energy tariff, or other ways to protect cash flow – upload your energy bill to Swoop so our energy task force can check if there are savings to be made.
You should also ensure that you’re paying VAT at the correct rate. For some businesses, this is 5% rather than 20%. Check you are paying the correct amount as the difference this makes to your cash flow could be a game changer.
In the meantime, keep your eye on the news: after the announcement of Liz Truss as our new PM, the UK SME community (and indeed consumers) wait with bated breath to hear her plans to tackle the energy crisis.
It is anticipated that there will be a range of measures including grants, VAT and business rates holidays available to help businesses through what is hoped to be a temporary crisis.
Andrea Reynolds, Co-founder and CEO at Swoop says:
“Help and reassurance cannot come soon enough. The new Prime Minister must make tackling this crisis an absolute priority. What is lacking just now is the kind of detail that will allow businesses to prepare in this crucial period running up to Christmas. The government’s habit of responding to problems rather than anticipating them, as seen throughout the Covid pandemic, is a habit that needs to be broken.”
As before, we will share what we know when we know it in the newsletter.
If you are really worried about your cashflow, upload your energy bill to Swoop and see what our task force can do to help your business shore up cash.
Small business energy prices:
Firms may be offered grants to pay for energy:
Only one supplier has fixed business energy deal from October: