Business Support following Mini-Budget

1. Energy costs

Available support

Energy Bill Relief Scheme, capping energy costs for six months for all businesses and charities. Caps are £211 per MWh for electricity and £75 per MWh for gas. In three months, Government will set out how longer-term support can be applied to vulnerable businesses.
Measures to help businesses reduce energy use, particularly focused on Small and Medium-Sized businesses.
West Midlands Industrial Energy Taskforce led by Repowering the Black Country and WMCA to support industry through the energy crisis and the transition to Net Zero.

How to access

Energy Bill Relief applied automatically by energy supplier. It will apply to fixed contracts agreed on or after 1 April 2022, as well as to deemed, variable and flexible tariffs and contracts. It will apply to energy usage from 1 October 2022 to 31 March 2023 for all non-domestic energy users. The savings will be first seen in October bills, which are typically received in November.
SMEs can find out more about publicly-funded programmes through their local Growth Hub (see links below under Support for Growth).
Focuses on energy exposed businesses with complex needs and don’t get bespoke support like big steel works or chemical plants. More detail at: www.wmindustrialenergy.co.uk

2. Cashflow

Available support

Reducing tax burden by repealing 1.25 percentage point increase to employer National Insurance Contributions (NICs).
HMRC Time to Pay facility for VAT bills.
Ability to flex CBILS and BBLs, For example, businesses are able to take a six month holiday in CBILS repayments once during the term of the loan or use the ‘Pay As You Grow’ option on BBLs.
Prompt payment terms.

How to access

With effect from 6 November 2022, NIC rates will reduce by 1.25 percentage points to (e.g. Class 1 main and additional rates to 12% and 2% respectively). Further details available from Gov.uk. From 6 April 2023, the NICs rates applicable in the 2021 to 2022 tax year will apply.
Onus on businesses to get in touch with HMRC (tel: 0300 200 3835).
Businesses to request via commercial lender. Background information is available at https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/
Businesses to explore options to keep cash flowing through supply chains with prompt payment terms. Support on offer through Small Business Commissioner.

3. Support for Growth

Available support

Growth Hubs signpost for business programmes – national, local and private sector.
Free and paid-for support from Chambers of Commerce and other business groups on specialist areas like export support.
Help with growth capital to support business expansion.

How to access

Discuss with local Chamber of Commerce or other business groups like FSB, Make UK, CBI and IoD.
Through lenders working with the Midlands Engine Investment Fund and the £25m West Midlands Co-Invest Fund is due to launch in winter 2022.

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