In the latest update, I have provided information on the cross border conference in March, which will include the Taoiseach, Micheál Martin TD and NI Finance Minister, Conor Murphy MLA.
There is an update from the British Business Bank on payment arrangements for the Bounce Back Loan and advice from HMRC on VAT issues as a result of Brexit.
Yesterday, the Chamber met with the DfI Minister, Nichola Mallon MLA to discuss the NI Executive’s Programme for Government and the Draft Budget. We took the opportunity to stress again the importance of the Southern Relief Road for the Greater Newry Area.
Finally, we recognise it remains a challenging time for our retailers and hospitality businesses. The Chamber is aware of discussions about the possibility of a click and collect scheme for retail. If we hear anything further, we will advise our members.
Also, don’t forget to join our three Facebook Groups, which have been set up by the Chamber to support local businesses.
1. SHOP, DINE & STAY NEWRY – JOIN GROUP HERE.
2. NETWORK NEWRY – JOIN GROUP HERE.
3. JOBS NEWRY – JOIN GROUP HERE.
Colm Shannon
Chief Executive Officer
Newry Chamber of Commerce & Trade
UPDATE: POST-BREXIT CONFERENCE 2021
We are delighted to announce an update for Annual Newry & Dundalk Chambers’ Cross-Border Conference which will focus on sustaining and building cross-border cooperation and trade, which will include contributions from:
Micheál Martin TD Conor Murphy MLA
Taoiseach NI Finance Minister
The Taoiseach, Micheál Martin TD will deliver a video message to the conference.
The NI Finance Minister, Conor Murphy MLA will give an address on the theme of the conference.
DATE: Wednesday 10th March 2021
TIME: 9am – 1:30pm
COST: FREE
ZOOM: Virtual Conference
Other confirmed speakers include Oliver Mangan, Chief Economist at AIB, who will provide an overview of the Irish Economy Post-Brexit and COVID-19.
The conference will also include a joint presentation from the Chief Executives’ of Newry, Mourne and Down District Council and Louth County Council, on the theme of Newry-Dundalk,‘A Prospectus For Growth’.
As well as speakers from a range of organisations who will information on the advice and support available for businesses.
The NI Protocol has resulted in no hard border on the island of Ireland. But what support is available to help businesses involved in North/South trade?
Just over 3 months after the end of transition period, this Cross-Border Conference will provide businesses with an update on the challenges, opportunities and support available.
Key government representatives, policy officials and business advisers will set out the shape of future cross-border cooperation and trade for businesses.
THANKS TO OUR SPONSORS:
► Newry, Mourne and Down District Council
► Louth County Council
► InterTradeIreland
► Louth Local Enterprise Office
► M1 Corridor
CLICK HERE TO REGISTER.
NEW PAY AS YOU GO OPTIONS ANNOUNCED
FOR BOUNCE BACK LOAN SCHEME REPAYMENTS
The British Business Bank has announced further details of Pay As You Grow, which helps UK smaller businesses that have taken out a COVID-19 Bounce Back Loan to manage their cashflow and have a better chance of getting back to growth.
OPTIONS AVAILABLE:
Originally announced by the Chancellor in Sept 2020, Pay As You Grow (PAYG) will enable businesses who have started repaying their Bounce Back Loans to:
- Request an extension of their loan term to 10 years from six years, at the same fixed interest rate of 2.5%.
- Reduce their monthly repayments for six months by paying interest only. This option is available up to three times during the term of their Bounce Back Loan.
- Take a repayment holiday for up to six months. This option is available once during the term of their Bounce Back Loan.
Borrowers can use these options individually or in combination with each other and remain responsible for repaying their Bounce Back Loan and fully liable for the debt. Borrowers should be aware that they will pay more interest overall if they use one or more of these options, and that the length of the loan will increase in line with any repayment holidays taken.
COMMUNICATION:
Lenders will start to communicate Pay As You Grow (PAYG) options to Bounce Back Loan Scheme borrowers three months before repayments commence.
Lenders will inform their customers about PAYG directly, so borrowers should wait until they are contacted by their lender before enquiring about the scheme.
Lenders will advise customers about how their payment profiles may change according to their choices under the scheme. Businesses first began to receive BBLS loans in May 2020 and the first repayments will become due from May 2021 onwards.
CLICK HERE FOR FURTHER INFO.
CLAIM VAT REFUNDS IN NI OR THE EU,
IF YOU’RE ESTABLISHED IN NI OR THE EU
This guidance explains how Northern Ireland and EU businesses can claim refunds of VAT incurred on goods in the EU and Northern Ireland using the EU VAT refund system.
The NI Protocol to the Withdrawal Agreement means that Northern Ireland maintains alignment with the EU VAT rules for goods.
Under these arrangements from 1st January 2021, the EU legislation for VAT refunds continues to apply in Northern Ireland in respect of goods only.
EU rules will not apply to supplies of services in Northern Ireland. For information on how to reclaim VAT incurred on services, see sections 4 & 5 of Notice 723A.
Supplies of goods and services made elsewhere in the UK will be subject to UK rules. Any reference to the UK in this guidance must be read in context of processing VAT claims on goods traded in Northern Ireland.
CLICK HERE FOR FURTHER INFO.
UPCOMING EVENTS FOCUSED ON THE BRCD
The Belfast Region City Deal (BRCD) is of fundamental importance to the future of Northern Ireland’s economy. This £1 billion deal will help harness additional investment, create new jobs and accelerate inclusive economic growth across the District Council Areas covered by the deal. Newry Mourne and Down will receive significant funding as part of the deal.
In the coming weeks there are a series of Renewed ambition events focused on the Belfast Region City Deal. If you are interested in joining any of these events you can find out more information below.
BRCD – DIGITAL & INNOVATION
A focus on the integrated Innovation and Digital Investment Programme which targets £400 million of government and partner investment.
DATE: Thursday 17th February 2021
TIME: 10am
It will create world-class centres of innovation excellence supporting the delivery of more and better jobs by driving innovation and increased productivity.
These innovation centres of excellence will be underpinned by targeted investment in the region’s digital capability, providing Challenge Funds to support our SMEs in their digital innovation journey and a Smart District to demonstrate our digital innovation capability.
The BRCD investment will also deliver a programme of regional hubs and testbeds to spread our digital innovation capability and provide infrastructure-enabling funds that will allow next generation digital capability to be deployed and tested.
CLICK HERE TO REGISTER.
BRCD – TOURISM & REGENERATION
A focus on the tourism and regeneration programme, which aims to create a regional, sustainable, year-round tourism product.
DATE: Friday 18th February 2021
TIME: 10am
BRCD will invest over £300 million in world-class visitor attractions and regenerating our high streets, encouraging visitors to stay longer and spend more, spreading the benefits across the region and throughout the year and driving footfall towards our town and city centres.
The investments by government partners will help leverage private sector support and investment which will be critical in reimagining our town and city centres and delivering the BRCD partners’ ambitions for the tourism industry.
CLICK HERE TO REGISTER.
WORKSHOPS IN POST-BREXIT CUSTOMS PAPERWORK & PROCEDURES
The first few weeks of the EU-UK Trade and Cooperation Agreement have not been easy.
There have been difficulties with rules of origin, Incoterms and Customs declarations, leading to confusion and delays. There are already calls to renegotiate this young agreement.
These impacts have emphasised the importance of understanding the new agreement, the changes in trade rules and how to comply with Customs red tape.
Trade Advisers’ Customs Workshops address all these issues and they have spaces on our forthcoming events:
► 26th February 2021
► 11th March 2021
► 29th March 2021
These are day-long events conducted over Zoom and designed to be highly interactive with participants encouraged to raise questions relating to their concerns.
The workshops start at 9:30am and finish at 4pm.
Their trainers have deep experience of EU Customs and HMRC and funding is available from InterTradeIreland and HMRC.
CLICK HERE FOR FURTHER INFO.