A PwC climate change manager has warned companies they have just three weeks to register for upcoming government legislation, the Carbon Reduction Commitment (CRC), and not until the end of September, as many businesses believe.
From 30 September approximately all companies which spend about £500,000 on its annual energy bill are required to register under the CRC and pay for energy related carbon emissions.
However, Henry La Fleming, a manger in the sustainability and climate change team at PwC, said business have actually just 18 days to register at the Environment Agency, which is overseeing the scheme.
He warns the Environment Agency need to run checks on senior directors responsible for the scheme in the business prior to registration. This could take between two and four weeks which could push the deadline to 2 September, La Fleming said.
Any business that misses the deadline faces an initial £5,000 fine and a daily charge of £500 until registered up to a maximum of £45,000
Analysis by PwC found poor performing businesses with energy bills of £1m could pay costs of up to £500,000 over five years. However, business with the same sized bill could reduce its energy costs by 8% equating to £85,000 in savings in just one year, and £150,000 over five years.
The current business rates system is over-complex and reform is needed, but reforms should focus first of all on simplifying the appeals process, particularly for businesses which are subject to business rates exemption
The CIoT has called on the government to rethink its approach to ensuring online sellers pay the correct amount of VAT.
Jane Ellison to serve as 'tax minister' following ministerial responsibilities for public health. David Gauke become chief secretary to the Treasury
Head of editorial Kevin Reed discusses the accountants in the new cabinet; the FRC's report into audit market concentration; and the Top 40 International Networks Survey 2016