Comment from beam on the Chancellor’s Spring Budget statement

Simon Richards, treasurer of beam and managing director of Convenus said

beam welcomes many of the new measures that the Chancellor has announced today. Many will benefit either all of us or beam members who are small businesses;  but we will have to keep on campaigning for the specific recognition that the business events, accommodation and meetings sector needs to address the cashflow issues that are hindering its recovery.

“The reduction in fuel duty and raising the threshold for NICs are good news, so too is the increase in the Employment Allowance. But, as we announced before the Budget Statement, the industry needs greater flexibility and understanding from HMRC about payments. Although many businesses in the sector have bookings for events in the near future, they 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.

“It is evident that the need for all business events sector companies to join the BVEP campaign and register under one of three SIC Codes, particularly 82302, is even more urgent so that the Government has the data to recognise the sector’s issues more clearly.”