With gloomy economic forecasts in the news, Swoop is your partner in ensuring your business has the funding it needs to ride out the storm.
Liz Truss has announced a price cap freeze on business energy prices – at the same price per unit as households – for the next six months.
See the Twitter thread here.
Economists around the world agree that a global recession is on the cards. As we emerge from Covid and face the new realities of Brexit, this downturn has come at a bad time.
At Swoop, we know that cash flow is the lifeblood of a business. Since Swoop was founded, we have been committed to helping businesses find funding for growth under difficult circumstances. Whatever is coming down the track towards us, our job has not changed.
This cost of living crisis information hub has been created to be your resource for funding through the coming downturn. As the situation develops, we’ll be providing insights and solutions here to meet the changing needs of SMEs in an uncertain economy.
The Swoop team will be adding to this page regularly over the coming months to ensure that you have the information you need to act in your business’s best interests.
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.
Even when not in use, ‘vampire’ machines and devices such as computers, printers, and copiers, continue to burn energy in ‘sleep mode’. Turn off everything you can at the end of the business day.
You can’t make savings if you don’t know what is using what or where the wastage is. An energy audit runs a fine-tooth comb over the business, revealing all the areas where savings can be made.
Don’t fiddle with the heating and A/C controls. Constant adjustment wastes energy and costs money. Set a comfortable temperature and let the thermostat to the rest.
Warm and cool air needs to circulate to be effective. Obstructing the air flow from vents with furniture or other obstacles will make your heating and A/C less efficient and consume more energy.
Even with the cost of installation, it may work out cheaper in the long run to heat your premises with natural gas than higher priced electricity.
Air conditioning is costly to use, with the typical central A/C unit consuming 3500 watts per hour when running. Other cooling methods, such as desk and ceiling fans run for a tiny fraction of this energy cost. A/C systems also need clean air flow for best efficiency. Changing filters every six months can cut 5 to 15% off your air conditioning’s energy consumption.
It costs money to heat water. Consider ways to lower the hot water use in your place of business. This means everything from leaky hot water taps to over-filled kettles and unnecessary vehicle cleaning.
It may not reduce your business energy consumption, but it could lower the price you pay per unit. If you can switch supplier without incurring a penalty, shop around for the best quote available.
19 October
Latest CPI inflation figures
The latest consumer prices index (CPI) figures will be released on 19 October, as inflation approaches the highest levels since at least 1990.
CPI is currently 10.1% and is expected to rise further in the months ahead.
November
Autumn budget delivered
The Autumn Budget normally takes place in November but may well be announced earlier Now Liz Truss has taken office.
Specific measures to tackle inflation and reduce energy bills will be top of the agenda, but a range of targeted support could also be announced for businesses.
1 January
New VAT penalty regime and corporation tax deadline for 2021/22
A new VAT penalty regime will come in effect on 1 January whereby any UK VAT returns will be subject to the new penalty regime for late returns and/or payment.
The deadline for corporation tax submissions for the financial year 2021/22 is also 1 January.
21 January
Deadline for capital gains tax for 2021/22
The deadline for capital gains tax to be paid on assets sold in the 2021/22 financial year is 21 January.
March
Budget 2023
The Budget normally takes place some time in March and sets out the government’s full plan for the year ahead, including its forecasts for the trajectory of the UK economy.
While there will be a slew of announcements by the new Prime Minister before Budget 2023, it is still an important date in the calendar for businesses.
31 March
Deadline for submission of 2021/22 company tax return
31 March will be the deadline for submitting your company tax return for the previous financial year (i.e., 2021/22).
Be sure to submit your return by this date to avoid penalties.
1 April
Business energy price cap could rise
On September 8th 2022, Liz Truss announced a six-month price cap freeze on business energy prices, at the same unit price as households. As the six month window finishes on March 8th 2023, it will interesting to see if this date is still important, as a business energy price rise was due for this date, prior to the September 2022 announcement. Watch this space.
5 April
End of 2022/23 financial year
The financial year 2022/23 will end on 5 April.
6 April
Beginning of financial year 2023/24
The new financial year for 2023/24 will begin on 6 April, hopefully bringing with it some respite for businesses after what will no doubt be a challenging winter.
19 october
Latest cpi inflation figures
The latest consumer prices index (CPI) figures will be released on 19 October, as inflation approaches the highest levels since at least 1990.
CPI is currently 10.1% and is expected to rise further in the months ahead.
If you’re worried about the impact of inflation on your business, check out our bundle of support.
November
Autumn budget delivered
The Autumn Budget normally takes place in November but may well be announced earlier once the new Prime Minister takes office.
Specific measures to tackle inflation and reduce energy bills will be top of the agenda, but a range of targeted support could also be announced for businesses.
1 January
Energy price cap to rise, new vat penalty regime and corporation tax deadline for 2021/22
The energy price cap will rise again on 1 January, following Ofgem’s decision to review the cap quarterly rather than bi-annually. A significant increase from the current average of £3,549 is expected.
A new VAT penalty regime also comes in effect on 1 January whereby any UK VAT returns will be subject to the new penalty regime for late returns and/or payment.
The deadline for corporation tax submissions for the financial year 2021/22 is also 1 January.
21 january
Deadline for capital gains tax for 2021/22
The deadline for capital gains tax to be paid on assets sold in the 2021/22 financial year is 21 January.
March
Budget 2023
The Budget normally takes place some time in March and sets out the government’s full plan for the year ahead, including its forecasts for the trajectory of the UK economy.
While there will be a slew of announcements by the new Prime Minister before Budget 2023, it is still an important date in the calendar for businesses.
31 march
Deadline for submission of 2021/22 company tax return
31 March will be the deadline for submitting your company tax return for the previous financial year (i.e., 2021/22).
Be sure to submit your return by this date to avoid penalties.
1 april
Energy price cap to rise
The energy price cap will rise for a third time on 1 April, with some experts predicting a hike to more than £6,000 for the average household.
5 april
End of 2022/23 financial year
The financial year 2022/23 will end on 5 April.
6 april
Beginning of financial year 2023/24
The new financial year for 2023/24 will begin on 6 April, hopefully bringing with it some rest bite for businesses after what is shaping up to be a challenging winter.
See if Swoop can help protect your business's cash flow by uploading your business energy bill
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