Businesses confident in their ability to access finance, but supply chain struggles loom

Businesses attending our Finance focus webinar are confident in their ability to access the funding to support post-COVID growth but point to serious supply chain challenges over the next 12 months.

Over 100 business leaders joined us for our Finance focus webinar to help them understand and prepare for the challenges in a post-COVID and post-Brexit economy and seize opportunities for growth.

Delegates were asked in a series of polls whether they were confident that they would be able to access the finance they needed to support growth – 90% of those attending were ‘confident’ or ‘very confident’ that the cash will be there.

However, there are challenges on the horizon for businesses with international or complex supply chains.

Jennifer Williamson, Accounts, Tax and Outsourcing Partner and webinar chair, said: “41% of delegates told us that they are already experiencing problems in their supply chain with a further 17% expecting to experience problems in the very near future.

Supply chain challenges are the result of the perfect storm of Brexit, COVID, the temporary closure of the Suez Canal and a spike in demand. We expect supply chain issues to continue for at least another 12 months.”

The Kreston Reeves Finance focus panel included:

• Andrew Tate, Partner and Head of Restructuring and Transformation
• John Walsham, a Funding and Business Development Consultant
• Laurence Parry, Tax Partner
• Kim Williams, Financial Planner
• Rupert Moyle, Partner and Head of VAT and Duty
• Rachel Emmerson, Business Advisory, Accounts and Outsourcing Senior Manager

The panel discussed and took questions from business leaders on the following business-critical themes over the one-hour webinar:

• Financial planning for businesses
• Growth strategies and funding for growth
• Raising finance
• Buying a business
• Corporate tax considerations – share schemes, new super deduction and expanding overseas
• Business recovery and transformation
• VAT and Brexit

Jennifer said: “Our final poll question asked the extent businesses have explored R&D tax credits. Whilst 41% have taken advantage of the regime, 43% told us that they have not looked at how the regime might help their business.

“R&D tax credits allow some businesses to offset the cost of research and development against corporation tax and is one of the government’s most successful and longer-lasting reliefs. It is available on a wide range of research and development, and we would urge businesses of all sizes to consider if they are eligible to take advantage of the regime.”

In addition to our live webinar, our tax and VAT specialists have produced a series of more in-depth, technical updates for you to watch on demand. Access the recordings here.