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Pension Reform - Important Employers Update

info@majical.co.uk (Malcolm Farrar) — Tue, 27 Mar 2012 15:19:25 GMT

At the March Meeting of the Chamber Of Commerce on Monday 19th March, members were 'entertained' by Darren Brotherton the Devon and Cornwall Account Manager for Scottish Widows in the Boardroom of the Green Bank Hotel. Darren was introduced to the Chamber by Angus Stott of Vision IPF. Darren outlined to the meeting the impending pension provision requirements for all businesses. It was something of an eye opener when it became clear that not only do the new requirements include all businesses regardless of size but that time is running out to get things in place.

Everyone is involved - even small businesses
The government continues to keep the pressure on in ensuring that employees make proper provision for their retirement in addition to the state pension. Beginning in October 2012 all employers commence being required to automatically enrol eligible employees in some type of pension scheme regardless of the size of the business or number of employees. The introduction of the reforms to the different business sizes is spread out over the next five years but even those with a few years to go should begin planning now as last minute arrangements could fall foul of a 'log jam' of applications to the pension providers.

Get it right or pay the price!
Previous initiatives to improve employees' pension provisions (Graduated Pensions, SERPS, Stakeholders etc.) have tended to drift, with smaller businesses often being exempt from the regulations. This time its different, with all employers being required to provide minimum standards of pension provision to their employees automatically and with substantial penalties (one off and accumulating fines) to those who fail to do so.

Learn more
To find out more about the pension provision requirements follow the link Pension_Reform_Employer_Information. If you need more detail or want discuss matters in person you can contact Angus Stott either by telephone on 07525 144160, via the Vision IFP website www.visionifp.co.uk or by email at angus@visionifp.co.uk

New Bank lending Initiative

info@majical.co.uk (Malcolm Farrar) — Sun, 25 Mar 2012 12:58:44 GMT

New Bank Lending Initiative Targets Smaller Businesses
A new bank lending initiative was announced by the Government recently. The Chamber of Commerce welcomes this announcement by the Government of this new initiative to make £20bn indirectly available to small and medium enterprises (SME’s) in funding. The scheme will be operated by the National Loan Guarantee Scheme (NLGS) and will work through the government providing guarantees to the banks for their own borrowing. This will enable lenders to borrow funds more cheaply than they normally could. The banks will then in turn pass on the cheaper funding in the form of lower interest rates. Sadly, not all banks have agreed to participate, so far only Barclays, Santander and Royal Bank of Scotland(RBS) have signed up to the scheme.

In view of many banks’ reluctance to lend in the recent past, unless this new willingness to lend is effectively communicated to all local branch staff the scheme will be not be as successful as it could be. If your business is in need to borrowing for refinancing, expansion or development why not go into your local branch today and ask them about their favourable new rates under this scheme and see what they can do for you? Do not forget to tell us about your experiences in particular how those with new businesses and those wishing to expand are treated.

As soon as we have more information the Chamber will pass on further details to our members.

Minimum Wage Increase

info@majical.co.uk (Malcolm Farrar) — Sun, 25 Mar 2012 12:53:18 GMT

Business costs continue to rise - Visitor numbers ?
On Monday (19th March 2012) the government, announced a 1.8% increase in the National Minimum Wage with effect from 1 October 2012 to £6.19 for workers over 21. For workers who are under the age of 21 the rates will remain unchanged but the rate for apprentices will rise by 5p to £2.65 an hour.
For small businesses who are having to cope with increased prices and costs in most areas of their business the increase will no doubt come as an additional burden on top of major rises in overheads such as fuel and the increasing cost of resources (although, for their staff, a welcome if below inflation wage increase!). Ultimately, these additional costs will have to be passed on to the consumer which will no doubt be reflected in a rise in the cost of living. With the already high (and increasing) price of fuel there is a real fear that this will have a particular impact on areas such as Cornwall which relies heavily on tourism (and seasonal staff) to maintain its economy.
With concerns already mounting that this coming Easter will see fewer visitors in towns such as Falmouth, the coming tourist season may not provide sufficient reserves to see some businesses through the winter. However, the Olympic events and related activities should go some way to improve matters and provide a welcome boost to visitor numbers.
There is no doubt that the current financial climate is contributing to an increasingly difficult business environment but Falmouth’s unique position as a industrial, business and tourist centre should provide invaluable advantages for offsetting the increased costs and maximising the opportunities to be found.

Olympic Torch Comes to Falmouth

info@majical.co.uk (Malcolm Farrar) — Tue, 20 Mar 2012 18:21:15 GMT

The Olympic Torch Relay begins in Cornwall and will be passing through Falmouth on 19th May. A range of events have been organised to celebrate and enjoy this once in a lifetime opportunity to get involved with the Olympics! The events include a helicopter flypast, Cornish gig display, sporting activities, dance and music performances and a whole lot more. For more details see www.falmouth.co.uk/homepage/olympic-torch-relay and keep checking as more events will be posted nearer the day.

Hodgsons ‘Money Matters’

info@majical.co.uk (Malcolm Farrar) — Thu, 08 Mar 2012 13:00:09 GMT

Hodgson Accountants has recently issued their latest newsletter. It covers a diverse range of subject matter from Pension Changes to Tax Efficiency and Renewable Energy some of which will be of interest to most business owners. To see more follow the link Money Matters Mar 2012.

Opportunity Knocks For New Innovative Businesses!

info@majical.co.uk (Malcolm Farrar) — Thu, 08 Mar 2012 11:31:46 GMT

The new Tremough Innovation Centre adjacent to the University Campus Tremough offers an unrivalled opportunity for Cornish businesses to join a business support and development facility that is second to none. A recent visit by members of the Chamber to the new centre revealed modern, energy efficient and technically advanced office accommodation designed to promote a collaborative, vibrant and synergistic approach to business. The centre is aimed at new and growing businesses in the creative, media, eco and environmental sectors which have a strong potential for productivity and growth. The office accommodation provided is intended to be affordable and flexible by offering a range of units from 12 sq.m to 62 sq.m of benefit to both embryonic and longer term business tenants.

The pioneering TIC project has been led by Cornwall Council, and supported by Cornwall Development Company (CDC). Investment has been provided by the ERDF (European Regional Development Fund) Convergence Programme and the South West RDA (Regional Development Agency). It is the second innovation centre to be completed in Cornwall over the past two years, with the highly successful Pool Innovation Centre (PIC), which opened in July 2010, already exceeding all targets. Both centres are operated by Plymouth University.

To learn more about the Centre see here TIC Summary or to make an enquiry visit the website at www.plymouth.ac.uk/enterprisesolutions .

New Business SMART Courses at Tremough Innovation Centre

info@majical.co.uk (Malcolm Farrar) — Thu, 08 Mar 2012 00:22:49 GMT

The SMART Enterprise programme is designed to assist new businesses develop by providing training support and advice in setting up and growing a new business The programme is has a choice of two course elements:

Business Beginnings - for those starting out in business.
Business Enterprise - for people who have been self-employed for a while but have never received any formal business skills training.

The programme has run successfully for the past 3 years from a number of venues in Camborne, St. Austell and Truro and have taken self-employed people from the Falmouth area onto the course. This year the programme is continuing to be provided at different locations across the County but now it is also being offered the at the new Tremough Innovation Centre in May.

The course is very short, only 7 sessions, and has been Government funded so there are no course fees to pay, just a college administration fee of £50. The programme includes the help of a professional business mentor on a one to one basis.

For more infomation see here for Business Beginnings and here for Business Enterprise.

Mary Portas High Street Report Published

jeremy@prestongoldburn.com (Jeremy Edwards) — Tue, 13 Dec 2011 16:35:41 GMT

Today Mary Portas has today published her much anticipated report which makes interesting reading for those in the retail sector. More particularly, Ms Portas suggests local government should accept responsibility for some of the problems currently befalling high streets/ town centres throughout the land. However, the report also suggests that local authorities have to be part of the solution to improving town centres and that they should work alongside members of the community to promote change. All those in business will welcome the reduction of red tape but great care has to be taken to ensure that members of the public are protected from rogue traders.

I welcome the suggestion of a National Market Day. From my childhood days, I remember how many of the towns in Cornwall were a hive of activity on market day.

Free parking schemes also are a welcome suggestion, which can lead to increased footfall in town centres. Unfortunately, our local authority sees parking charges as an extra revenue stream. As a major tourist centre this is to be expected, but during winter I believe greater efforts should be made to reduce parking fees to encourage the local population to visit our town centres. The report very importantly highlights the cost of local business rates and the burden it places on new businesses. I for one welcome a review of this area.

Luckily, we in Falmouth have already put in place a successful BID project and our centre is very proactively run by Richard Gates. Let us all take food for thought from this report and in the new year join together to form a consultative body to focus on this report and suggest ways forward for our local community.

For further details of the report follow the link below:

Jeremy Edwards
Chairman
Port of Falmouth Chamber of Commerce.

http://www.bis.gov.uk/assets/biscore/business-sectors/docs/p/11-1434-portas-review-future-of-high-streets.pdf

E Petition for Dredging Falmouth Harbour is launched

jeremy@prestongoldburn.com (Jeremy Edwards) — Thu, 08 Dec 2011 14:13:35 GMT

"Falmouth For Orders" Dredging A Deep Water Channel In Falmouth Harbour

Responsible department: Department for Energy and Climate Change

FALMOUTH FOR ORDERS CAMPAIGN We want the government to fully support the dredging of Falmouth Harbour. This will secure the future of the Ship Repair Yard, and will also bring new opportunities into the harbour i.e.;- renewable energy, cruise line business, cargo handling. It will also help Cornwall as a whole, with the Cruise liners bringing tourists to the area. And safeguarding employment, and creating opportunities for Apprenticeships in the Ship Yard.

to register follow the link below:

http://epetitions.direct.gov.uk/petitions/24572

Premier Inns Planning Application causes Controversy

jeremy@prestongoldburn.com (Jeremy Edwards) — Wed, 07 Dec 2011 17:19:58 GMT

Premier Inn Planning Application Causes Controversy

There is also some concern regarding the proposed planning application for a Premier Inn to be built in Falmouth. I agree with the town manager Richard Gates that the proposed injection of capital by a major multinational is to be welcomed as it shows that Falmouth is a good place to do business in. Likewise I remain concerned on the impact it will have on existing traders and businesses in the locality. If it creates much needed jobs this will be a major bonus to the community as a whole. However, this must not be at the risk of harming local businesses which will result in profits moving out of Cornwall. If as a result of, increased footfall more tourists and businessmen visit Falmouth provided local goods and services are used. It is also vitally important that the local residents opinions are canvassed, as unlike many others Falmouth town centre is heavily populated and as such any proposed development will impact on their lives with the increased traffic noise and loss of parking spaces in the area.
If you have any objections to the application please visit the Cornwall Council website to make your opinions known.

Regards

Jeremy Edwards
Chairman