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It is today, August 16th 2021, that the more relaxed self-isolation rules come into effect, which will be very much welcomed by employers right across Northern Ireland as well as England.

Double Vaccinated Do Not Have To Automatically Self-Isolate

If you are double vaccinated against the Covid-19 virus, and you come into contact with somebody who has tested positive, you will no longer have to automatically self-isolate. Instead they need to go for a PCR test on day 2 and on day 8 of what would have formerly been their 10 day stay in isolation. If someone does test positive though they will still have to go into self-isolation for 10 days.

There are other changes that have come into effect today, after a meeting by the Northern Ireland Executive last Thursday, in a bid to bring a sense of normality to the country.

Changes Taking Effect On August 16th 2021

Here are the changes being made as copied from an article on the BBC News website:

• ” The limit on numbers of people allowed to meet outdoors in private gardens will be removed.
• Further education and higher education and night classes will be able to return to full in-person learning
• So-called support bubbles will no longer exist
• The rule of six – the number of people allowed to sit at tables together in hospitality venues – will be scrapped (this will also apply to wedding celebrations and receptions)
• The requirement to maintain social distancing at all times on public transport will be lifted, to allow more people on buses and trains
• Conferences and exhibitions will be allowed to resume
• Outdoor raves will now be allowed
• Indoor premises and workplaces in Northern Ireland are still required to comply with a social distancing rule of at least 1m (3ft).

“That rule has been lifted in other parts of the UK and many people in Northern Ireland’s hospitality sector are keen to see it relaxed locally too.

“Nightclubs still do not have a reopening date.”

The changes will be roundly welcomed by businesses, obviously many in the hospitality sector would have liked the changes to have been even more wide ranging, but the momentum is now going in the right direction. People being admitted to hospital with serious coronavirus symptoms have not increased dramatically since the lockdown was first eased, which was widely anticipated to happen, so there has to be more positivity in the air throughout Northern Ireland.

A recent survey by Ipsos MORI revealed that there was a great demand for finance within the business community in Northern Ireland, but not all of this demand was being satiated as many businesses were unaware of how to tap into various funding options.

Cash Flow Shortages Due To The Pandemic

The demand for finance has been driven by cash flow shortages which are mainly due to the Covid-19 pandemic hampering trading over the last 18 months. There is also a desire from many firms to grow their business, which in many instances requires extra funding. Small businesses were especially likely to require these extra funding options.

85% of financial intermediary respondents who were surveyed (these respondents include accountants and lawyers etc) said that they found that many businesses they dealt with had very little awareness of the alternative funding options that were readily available, options such as marketplace and peer-to-peer lending.

Demand For Finance From Smaller Businesses Remains Strong

Mark Sterritt, UK Network Director, Northern Ireland at British Business Bank, was quoted in a recent article on Business Live, saying:

“It is good to see that the demand for finance from smaller businesses remains strong in Northern Ireland as we look towards a period of recovery and growth,”

“The survey also revealed a perceived gap in the supply of later stage equity in Northern Ireland. This presents an opportunity for smaller businesses to look at other funders and widen their connections to networks throughout the UK”

Finance Is Such A Vital Part Of Business

Finance is such a vital part of business, particularly when we go through a period like we have done this past year or so. Without funding sources and grants many, many more businesses here in Northern Ireland would have gone into liquidation. And of course the need for extra funding isn`t always required when a company is going through a rough patch, it can also be when they are forging ahead and need extra liquidity to be able to really grow their products and/or services.

So if you own or manage a business that requires funding at this present moment in time and you are unsure as to what options are out there for you, you can always get in touch with us here at WHR Accountants. We have helped many businesses, both small and medium size, find the right type of funding for their particular requirements.

For more details on our services please give our team a call on 028 3752 2909.

During the last month or so the news has been sobering viewing for all of humanity. There cannot be many climate change sceptics left as we see the devastation that a rise in temperature across the world is wreaking.

Fires Raging Out Of Control

As we write this fires are still raging out of control in Greece and Turkey, there have been terrible fires in parts of the USA, floods in China, Germany and Belgium in areas that have not been susceptible to flooding previously which has led to the loss of homes and lives. Closer to home there have been floods in London.

A report yesterday by the UN has laid the blame squarely on the shoulders of us humans, with carbon emissions and deforestation the biggest problems. The report claimed that some of the climate changes are already irreversible and that if we don`t act now then there will be even more catastrophic consequences.

Creating A Carbon Neutral Business

With all this in mind I think the time is definitely ripe for businesses to ensure they are as carbon neutral in their work practices as they can be. Also there could certainly be opportunities in the future if they can provide products and services that are environmentally friendly as these could be in very high demand.

I am sure there are many firms here in Northern Ireland who have already adapted their business but for most there will be much to do.

11 Ways Towards A More Sustainable Business

Here are 11 ways to make your business more sustainable, which have been copied from the Green Biz website:

1. “Offer remote work
   As more work gets done online, there is less need for people to be in a physical office. Remote work has taken off over the past few years, allowing employees to have work-life flexibility and substantially reducing their time spent commuting.

This is great for the environment. Fewer cars on the road, idling in traffic, equates to less carbon dioxide (CO2) being emitted into the air.

This small change can help reduce traffic and a business’s overall carbon footprint. Further, with fewer people in the office, companies can save money usually spent stocking, lighting and heating the workplace.

2. Provide public transit commuter benefits
   When employees do need to be in the office, how their commute contributes to greenhouse gas emissions still can be influenced.

Public transportation (buses, trains, vanpools) is the greenest way to commute, and companies can encourage employees to take advantage of these transport options.

Small businesses can provide employees with public transit benefits that help the environment, either directly or through their human resources (HR) software.

To provide these benefits directly, many city transit agencies offer subsidized passes for businesses. Alternately, these benefits may be available to add through HR software that centralizes all benefit programs.

3. Use sustainable products
   The items companies purchase to ensure their workplaces function well — be it printer paper, cleaning products or to-go containers — can be deleterious to the environment due to the processes that go into making them.

For all those paper items commonly used, such as rolls of toilet paper and reams of printer paper, office managers can look for labeling that says it is made from post- or pre-consumer waste. Recycled products such as these maintain a circular economy and reduce overall waste.

For cleaning products, there is a whole cottage industry of green cleaners that don’t include toxic chemicals, opting instead for natural ingredients that work just as well. Using these products keeps toxic ingredients out of the streams and their waste out of landfills.

4. Make use of secondhand finds
   Decking out the office doesn’t have to mean paying top dollar for brand-new furniture.

It takes a lot of energy and raw material to make all those new tables, chairs, couches and desks. Companies can go the green route instead by finding beautiful vintage pieces to fill out their offices or opting for recycled furniture.

This ensures that fully functional furniture won’t be tossed into landfills in favor of the newest styles. Who wouldn’t want some incredible mid-century furniture in their office?

5. Reduce, reuse, recycle
   The best way to keep waste out of landfills is by never sending it there in the first place.

The order of the Rs is important. First, companies should endeavor to reduce usage where they can. Instead of disposable cups, plates and utensils (not to mention coffee pods), they can opt for real glass and ceramic alternatives.

Reuse items whenever possible. In the warehouse, instead of throwing out structurally intact boxes, they can go another round. In the office, employees should be encouraged to use both sides of the printer paper.

When reducing or reusing aren’t possible, recycling is the next best thing. Many cities helpfully provide bins for this and have made the recycling process less complicated, so it’s much easier to leave the trash can entirely empty these days.

6. Compost
   Another way to divert waste from landfills is to compost. An increasing number of cities are capable of composting just about any organic matter.

The difference between that banana peel in the compost and that banana peel in the dump is what it becomes. In the dump, it slowly decays and off-gases methane, a much more destructive greenhouse gas. In the compost, it decays quickly and becomes soil for gardens and parks.

The workplace is a perfect place to implement a compost program. All those lunch leftovers can be turned into soil instead of methane.

7. Use sustainable packaging
   For businesses that sell and ship products, packaging is a major part of the operation. From the packaging that each unit is sold in to the mailers and boxes they are eventually shipped out in, this material adds up quickly.

A survey done by the shipping service Sendle found that 64 percent of consumers would be more likely to make a purchase from a retailer that offered compostable packaging (especially if it didn’t cost more).

Recycled paper and cardboard are tried and true sustainable packaging options, but there have also been strides toward creating completely compostable packaging that results in zero waste at the end of its cycle.

8. Make energy-efficient upgrades
   Becoming energy efficient doesn’t only help to shrink carbon footprints, it also helps to reduce a company’s energy bill.

Many simple things can be done: use energy-efficient appliances; move to LED lights; automate lights with sensors; use smart thermostats; take advantage of natural light; and supply staff with laptops instead of desktop computers.

Saving money and saving the planet are not mutually exclusive.

9. Use green web hosting services
   Websites use energy, too. The servers that host a website’s data are constantly on, using up copious amounts of energy.

Luckily, companies can choose where their data is stored. More and more, eco-conscious companies are offsetting that energy usage to go carbon neutral.

Google has done a lot to decarbonize its data centers and claims that its cloud services produce zero net carbon emissions. And the largest cloud computing provider out there, Amazon, has promised to achieve the same by 2040 through wind and solar farms.

10. Do business with green businesses
    Web hosting isn’t the only way businesses can go carbon-neutral with the companies they choose to operate with.

From software companies and food and beverage brands to apparel labels and shipping carriers, carbon-neutral vendors can be found across every major industry. For many small businesses, their supply chain also will have a big impact on their own footprint.

Again, becoming a sustainable business depends on the companies they support.

11. Buy carbon offsets
    Finally, for whatever portion of a company’s carbon footprint that can’t be reduced through changes, the purchase of offsets can move the needle to carbon neutrality.

Businesses can use a variety of carbon marketplaces to both calculate and offset their emissions. When choosing, it’s important to search for third-party certification and the projects the investments are made in. “

Hope the above information is useful, that is all for today, if you need our services for anything please give us a call on 028 3752 2909.

A report by the Ulster Bank has shown that, whilst business activity in July had increased, the rate of expansion had slowed down compared to June`s levels. This is perhaps understandable as there was a splurge of activity as many of the major lockdown restrictions eased in June, leading to a rise in optimism and spending. This has now slowed down quite considerably according to the latest indexes.

Something else to take note of was that prices increased for the 5th consecutive month, leading to speculation that inflation could be an issue in the coming months.

Moderation In The Rate Of Expansion Expected

Speaking about the report, Ulster Bank chief economist Richard Ramsey is quoted in the Belfast Telegraph, saying:

“Northern Ireland’s private sector started the third quarter with its fourth successive month of output growth.

“However, the pace of growth eased in July in common with nine other UK regions. A moderation in the rate of expansion was expected following the boost to activity in earlier months that followed an easing of lockdown restrictions.

“Nevertheless, Northern Ireland firms posted the slowest rate of output and new orders growth in July amongst the 12 UK regions.”

“Meanwhile inflationary pressures continued to intensify with local firms reporting a record rise in input costs for the fifth successive month.

“Manufacturing, construction and retail are all experiencing extreme input cost inflation with PMI readings of over 90.”

Supply Chain Disruption

And speaking about supply chain disruption he said:

“Bureaucracy related to Brexit was the most frequently cited reason for a further lengthening in delivery times.

“In some respects, there is a three-speed recovery happening, with manufacturing and services continuing to record robust rates of growth in output and new orders.

“Retailers however, recorded slower rates of growth across these measures whilst the construction industry has seen its performance go into reverse.”

Difficulties Within The Construction Industry

And on the contraction of the construction industry he said:

“These difficulties within construction are linked to severe cost increases and supply-chain difficulties which have triggered a slump in confidence within the sector.

“Both construction and retail expect activity to be lower in 12 months’ time.

“However, services and manufacturing firms remain optimistic and expect strong growth in the year ahead.”

There are certainly obstacles ahead in the economic recovery process, but we are sure that these hurdles can be overcome and we can all look forward to a more prosperous future.

I know, you could just say we are slightly biased! But we can see, as accountants ourselves, how much firms need the benefits a professional accountant can bring them, particularly after the last 18 months.

Building Your Business Up Again

As the vaccines seem to be working so spectacularly well, not maybe with preventing the rate of infection but by decreasing the chances of people getting seriously ill with the Covid-19 virus, we are inching closer to the time when all restrictions will be completely lifted and everyone can concentrate on getting on with their daily lives.

This is the time when businesses need to prepare themselves to build their business back up again to pre-pandemic levels (if they have not yet done so) and to ensure they position themselves in the market so that they can maximise their potential.

Make Sure You Have All Bases Covered

To be able to do this and be one of the firms that really begins to thrive as 2021 progresses they need to have all bases covered. They need to be able to invest in their business, be that with new equipment, new products/services or additional staff, but without putting their future at risk, so always knowing how much expenditure they can afford at any particular time. They need a solid business plan drawn up which has both short term and long term targets covered. It will need to be a flexible plan to be able to deal with all eventualities in these turbulent times, but it should never give up on the long term goals that the business has set itself.

They may need some additional funding to reach these goals, so knowing what funding is available to them, the best places to go for that funding, how to apply for it, along with securing any grants that are open to them, is a vital area for all businesses.

Taking Advantage Of Any Tax Breaks

They also need to ensure they are paying the correct amount of tax through each stage of the year, whilst also taking advantage of any tax breaks that may be available. On top of this there is all the general accountancy that requires taking care of, as well as any auditing or payroll work that is required.

It is quite an exhaustive list, so rather than businesses trying to do all this themselves, as well as managing sales, orders and staff etc, the wise thing to do is leave this work to a conscientious, professional accountancy firm like WHR Accountants. Why not partner with us, we can give so much value to your business, whether it is a small or large outfit. For more details on our services give our friendly team a call on 028 3752 2909.

There are high hopes that the High Street Voucher scheme, which is due to be launched in September, can provide a real boost to local businesses, helping to get consumers connected with their local shops once more.

The Registration Process Starts Next Month

Everyone over the age of 18 in Northern Ireland will receive a pre-paid card worth £100 to spend in their local shops, the cards will not be able to be used to buy products or services online. The registration process to receive these cards will start next month and SDLP Economy Spokesperson Sinéad McLaughlin is hoping that the vast majority of shoppers will use the cards in locally owned independent businesses, to show their support for the local economy and shops that are the lifeblood of a particular area.

Providing A Lifeline To Struggling Retailers

Talking to Belfast Live, she said:

“The High Street Voucher scheme can provide a lifeline to struggling retailers, providing the vouchers are used in the way intended.

“Many brick and mortar retailers have suffered by being unable to trade normally during the coronavirus pandemic. This additional spend could be of enormous benefit to them – and for some retailers will be the difference between closure and continued business.

“I would encourage people to use this money to support locally owned independent retailers. While I realise this might not be suitable for everyone, these are the businesses who lost out the most during the pandemic, with many being completely closed for long periods of time.

Small, Locally Owned Businesses Contribute So Much

“I know many of our local businesses are struggling after reopening their doors. Many of these small locally owned businesses contribute so much to life in our local communities and are part of what makes areas unique.

“Their bespoke offerings also help encourage our tourism trade. If we lose them, they are unlikely to be replaced.

“The vouchers will also be of enormous assistance to those families and individuals who have lost income from the pandemic and are in financial hardship.

“I know that others who have not experienced financial distress will consider using their vouchers to support local charities or help foodbanks.

“I have no doubt that these organisations would appreciate it during what could be a difficult winter for many people.”

Let us hope that the voucher scheme is a great success and helps local businesses after a chastening 18 months.