“With many organisations in the business events, accommodation and meetings sector still seriously struggling with cash flow, ahead of the Chancellor’s Spring Budget statement beam is calling for greater flexibility and understanding from HMRC about payments,” says Simon Richards, treasurer of beam and managing director of Convenus.
“The Government needs to recognise that, although they have bookings for events in the near future, many businesses in the sector still have significant cost liabilities but very little income – and they won’t be paid until those events have taken place. On top of this, they are now repaying bounceback loans and about to pay higher NI and VAT. The rising costs of fuel and food are also challenging.
“We need recognition that the cash flow of our industry is unique and, without this recognition from HMRC, recruitment and recovery will not start for many months to come.”