Falmouth Chamber of Commerce | for Business in Cornwall

Monday, Mar 27th

Last update:04:10:14 PM GMT

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Late Payments - More Legislative Protection

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Jeremy Edwards (Chairman of the Chamber outlines the recent legislation which should improve the protection availble to suppliers suffering from 'late payers'.

On 16 March 2013 the Late Payment of Commercial Debts Regulations came into force which will affect all traders involved in the supply of goods and services. This is an invaluable piece of legislation in the war against those who are regular late payers who use credit facilities of their suppliers to ‘fund’ their own businesses.


'Business Boost' - Grant Funding for Small Businesses

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Business Boost was launched by Cornwall Council and the L.E.P. as it was recognised that national grants such as the Regional Growth Fund are a good support mechanism for established manufacturing companies with project teams. Cornwall Council and the L.E.P. understood that the majority of Cornish businesses are small and would be unlikely to be able to draw up and submit detailed bids for projects under the times scales under which the Regional Growth Fund operates. Consequently, the Council and L.E.P. bid for money from the Regional Growth Fund and combined this with some of its own money to create a £17 million pot. This is called Business Boost.

The original four funds that made up Business Boost were launched in May 2012 and one of them will be available until March 2015. This will allow small businesses the time to put a project together and submit bids outside of the time constraints of the Regional Growth Fund. Early contact with the relevant contact point in the guidance link above is strongly advised if you believe your business fits the criteria of one of the funds. The Rural Business Investment scheme has been added in the last few weeks as a fifth fund under the overall Business Boost programme. The programme is administered by the Cornwall Development Company which is an arms length company of Cornwall Council. For more information and to find out how to make an application follow the link: http://www.cornwalldevelopmentcompany.co.uk/investment-funds/business-boost.html 

Hodgsons ‘Money Matters’

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Hodgson Accountants has recently issued their latest newsletter. It covers a diverse range of subject matter from Accounts Records to The Chancellors Autumn Statement and Renewable Energy some of which will be of interest to most business owners. To see more follow the link Hodgson Spring Newsletter 2013

Government announces less regulation

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The Government has announced details of its new 'one-in, one-out' approach to regulation. From 1 September 2010, Ministers will not be allowed to introduce new regulations imposing costs on business or the third sector without identifying current regulations with an equivalent cost to be removed. Regulations made in response to emergencies or to address systemic financial risks will be excluded from the rule. The Government has also confirmed in response to comments on its 'Programme for Government' that it is reviewing specific areas of burdensome regulation such as employment law and health and safety.

Many thanks to Thomson Reuters Global Resources and Incomes Data Services 2010 for reporting this.

Business Leases – Renewal

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Renewing the lease – protected under the Act or not.

Under Part II of the Landlord and Tenant Act 1954 (The Act), a tenant occupying business premises generally has the right to renew its lease when the lease comes to an end. The landlord can only object to the renewal on certain legal grounds (which are outlined below).

Any business lease that has the protection of the Landlord and Tenant Act 1954 incorporated into it will not automatically end on the expiration of the lease. It can potentially run on indefinitely until one of the four trigger points occur with rent still being paid at the same rate as was paid during the lease term.

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