UK Business Energy Market Outlook 2021

Posted 11 February 2021 | | 0 Comments

It is widely accepted that the COVID-19 global pandemic has fundamentally changed how the business world operates. Most businesses have been forced to adapt and for many, their workplaces were empty for much of 2020 as their staff worked from home. Consequently, business managers were less focused on their company’s gas and electricity needs. However, as we start to see the green shoots of positive change, it is now time for businesses to reconsider their energy procurement needs.

Business confidence builds, energy markets rally

Thanks to the rapid roll out of COVID-19 vaccines across the UK and the government starts to plan for the relaxation of lockdown, business leaders are considering how to adapt to the impact of changing business practices over the last twelve months.

Energy markets have rallied over recent weeks, reflecting increasing global fuel demand. Economists are predicting a rapid pick up in economic activity around the world as we move further into 2021 and this is likely to lead to energy prices continuing their climb.

In early December, the news of successful COVID-19 vaccine trials triggered a boost in confidence in oil markets which led to a surge in fuel and energy prices. Between start December to mid-January, Brent Crude Futures – a key driver for UK wholesale energy prices - have seen oil prices climbing by over 15%. On the back of these increases and recent colder weather, gas and electricity prices have soared by 24.72% and 17.06% respectively. To keep these increases in context; prices are still between 30% (electricity) and 13% (gas) cheaper than prices were in Autumn 2018.

As you consider your own business’s re-opening plan, it’s important to re-evaluate your energy procurement.

Does your pre-lockdown business energy contract still apply to your new way of working?

As part of your recovery plan, this is a good time to consider switching energy suppliers as your business needs shift into a new gear.

Given the key focus for businesses returning to the office being the safety of staff, it’s understandable that optimising utility contracts is perceived as being less critical. However, given the current strain on company cashflow, it is worth noting that there are savings to be had by doing your research now.

BSA Buying Group’s energy procurement experts can help cut energy costs

This is where BSA Buying Group can help. Over the last 15 years we’ve helped UK businesses of all sizes and sectors minimise their energy costs (and 25 other cost categories) and we’re confident that we can secure the best business gas and electricity prices for your business.

Our energy procurement specialists remove the hassle, are completely independent of the energy markets and are ready to find a tailored package that suits your long-term energy requirements.

Free energy cost forecasting dashboard

For a limited time only, BSA Buying Group offers its energy clients with one year’s free access to a utility management dashboard, presenting a regularly updated forecast of your energy costs for the next three years. It provides alerts at specific points in the financial year in line with your company budgets so you can take advantage of cost savings and reduce the risk of future energy price rises.

We know how important it is to free up cash in these challenging times, and BSA Buying Group can optimise your energy costs. Contact us today for a no-obligation discussion on 0800 254 0344.

by Matt Roper | 11 February 2021

Reclaim your Corporation Tax via GDPR Tax Credits

Posted 8 February 2021 | | 0 Comments

Cybersecurity has become a top priority for businesses adapting to remote working. What is becoming clear is that the threats to companies from data breaches caused by hacking has become a major headache for company bosses. A recent BT Security survey of over 7,000 business leaders, employees and consumers from around the world found some startling findings - 84% of business leaders admitted that their organisation had experienced data loss or another security incident in the past two years; less than half of respondents had received training on data security and only one in three were fully aware of their organisations' policies and procedures for protecting data.

Research has shown that at least 90% of UK companies are GDPR non-compliant even though many think they are. For example, Is your company registered with the Information Commissioner’s Office (ICO)? Millions of UK companies are not.

Now that the PPI Claims bonanza has ended, many of the claim companies and law firms involved in claiming PPI for clients are retraining as they see the next big opportunity is to claim GDPR compensation from companies. If you google ‘GDPR compensation No Win no Fee’ you will find more and more claim firms are popping up, looking for claimants. The media are increasingly reporting GDPR data breaches and the eye watering fines – you may recall British Airways were recently fined £20m for data breaches.

Ideally every company should be preparing a GDPR Compensation claims pot in case of being sued but the reality is that the vast majority don’t and so that protection fund instead ends up expanding the declared gross profits, resulting in more Corporation tax being paid.

We at BSA Buying Group are working with a team led by the former head of data privacy at 3 major banks, who have also advised clients such as Dell, Volvo and Hilton Hotels. They specialise in GDPR Tax Credits and have developed algorithms to calculate the level and value of GDPR claims risk specific to an individual company. Typically, once they understand what a client does to acquire, hold and use data they can put a £ value on that risk; as a result of this they can reclaim up to 2 years Corporation Tax from HMRC for our clients. As of the start of 2021 they had put through over 30 cases and HMRC have approved the full claim in every single case.

The reason why we’ve teamed up with these GDPR specialists is not just because they can generate significant cash for clients within 4-6 weeks. They equally see the importance of companies getting to grips with the GDPR non-compliance once the risk has been quantified. Our partners have developed GDPR expert software which guides the client to reduce future risks of being sued.

There are no upfront fees for the GDPR Corporation Tax reclaim service so if you would value an informal chat with our GDPR specialists about your own position and would value both a cash injection and future guidance to mitigate your risk of being sued for GDPR non-compliance, call 0800 254 0344 today.

by Matt Roper | 8 February 2021