Lancashire businesses are being urged to take advantage of a fully funded service that helps them navigate, identify and access the most relevant business support available.

The call comes from Boost; Lancashire’s Business Growth Hub, after latest figures reveal that more than 2,000 businesses have received assistance through the service since September 2023.

Between September 2023 and March 2025, Boost, which is led by Lancashire County Council, assisted 2,108 businesses.

This included direct support through Boost’s own programmes, guidance on accessing finance and referrals to regional and sector-specific support schemes.

Around two thirds of these businesses have never previously received Boost support.

The support has also led to the creation of more than 230 new jobs, while enabling the launch of over 30 new businesses, and supporting over 150 entrepreneurs planning to start a business.

In the same period, Boost helped businesses secure over £4million in funding offers through various finance providers.

Established in 2013, Boost is one of 38 Growth Hubs across the UK, and continues to play a key role in Lancashire’s economic development.

County councillor Brian Moore, cabinet member for Economic Development and Growth at Lancashire County Council, said: “Lancashire, like the rest of the UK, continues to experience a fast-moving and dynamic business landscape. We’re seeing many businesses in growth mode, while others are navigating ongoing uncertainties.

“Throughout it all, Lancashire County Council remains committed to backing our business leaders and entrepreneurs.

“It’s encouraging to see more businesses turn to Boost for support. We know there are many more who would benefit from the valuable service it offers. They must get in touch.”

Speaking about the latest results, Andrew Leeming, Boost programme manager, said: “Whatever the challenge or opportunity, Boost is in the corner of business leaders, and we are now widely recognised as a trusted business support partner. We’re proud to see more companies turning to us as a first port of call.

“While we deliver direct support programmes at certain periods of the year, the core purpose of the Growth Hub is helping businesses identify and access the right support at the right time, for their specific needs.

“Our dedicated business helpdesk team have over 12 years helping businesses navigate the business support landscape.

“Despite a changing support landscape, there remains a wealth of high-quality help available, and I strongly encourage business leaders to speak with our team to tap into this support.”

• To discuss how WNJ can help your business on its growth journey please contact me on 01772 430000

With employers finding it hard to recruit good skilled workers and both the inflationary and government-imposed increases to staff costs, there are many advantages to taking on an apprentice.

With the increase in minimum wage being so much higher than inflation, many employers may be put-off employing young people.

And understandably, an 18 per cent increase for 16-17-year-olds and 16.3 per cent rise for 18-20-year-olds, who will not have much experience, may reduce the opportunities for the next generation to gain the experience needed to progress.

However, there are many reasons why employers should look to offer these age groups an opportunity and an apprenticeship might be the ideal way.

The benefits of taking on an apprentice include the opportunity to develop skills according to needs of the business. If you’ve spotted skill gaps or areas of potential, you can use an apprenticeship scheme to train up new employees in these areas from day one.

Going down the apprenticeship route is a good way of attracting new talent. Apprentice outputs usually surpass their associated costs to the employer, delivering a net benefit to during their training.

Apprentice outputs usually surpass their associated costs to the employer. The Federation of Small Businesses says the estimated yearly gain for employers in the UK is between £2,500 and £18,000 per apprentice during their training period.

Apprentices are eager to learn and are enthusiastic about the qualification they’ve chosen and they can bring new perspectives to your business, especially if they are younger and familiar with new technologies.

Going down the apprenticeship route can also be a way of reducing staff turnover and recruitment costs. And giving a young person the chance to develop will also improve your company’s image.

There are financial benefits to hiring apprentices, including financial assistance with the cost of training.

Depending on your business size and eligibility, most apprenticeship training costs are either fully or partially (95 per cent) funded by the government, helping you to upskill your team on a budget.

Also, there is no National Insurance to pay for someone under-25, if the salary is under £50,270.

It is important to remember that when hiring an apprentice, employers must use the correct apprenticeship agreement, rather than using a standard contract of employment.

• To discuss any issues raised by this article please contact me on 01772 430000

Individuals saving into a defined contribution pensions scheme are set to be the most impacted by the economic turmoil created by US President Donald Trump’s tariffs, according to a new report.

In the wake of the “economic turbulence” felt across the globe by the president’s actions, the Society of Pension Professionals (SPP) has produced a study looking at the possible effects on people’s pension pots.

It says: “Given the scale of the equity market falls since early April 2025, and the fall in government bond yields, it is possible that some DC (defined contribution) savers may see a reduction in retirement income of up to 20 per cent.”

And it adds: “Given the speed and volatility of such moves, those individuals may decide to delay taking their pension where possible.

“This may be a sensible step if markets are to recover in the short term but unfortunately nobody knows if a short-term recovery is likely. Deferring retirement means the savings pot remains invested and has the potential to grow but the plan value can go down as well as up.”

The impact on the UK’s 11 million-plus retirees will depend on how pensioners have funded their retirement.

For the 1.2 million who rely on nothing but the state pension, their incomes will not be affected. Likewise, those with a fixed annuity should not be affected by the current market turbulence because their income in guaranteed.

However, the report adds: “DC savers who regularly sell a small portion of their investments to fund their retirement (known as drawdown) will face a difficult decision.

“Do they sell less today, resulting in less income, in the hope that their pension pot will recover in the future or do they keep drawing down the same amount, knowing that they may have less to depend on in the future?

“Withdrawing during a downturn is always likely to reduce funds faster, so taking independent financial advice on a flexible withdrawal strategy is strongly advised.”

The SPP report provides reassurance to people in a Defined Benefit (DB) scheme – including Local Government Pension Schemes – saying they are likely to be largely unaffected.

Simon Daniel, who chairs the SPP’s Investment Committee, said: “The world is again enduring a period of financial turbulence and this has naturally created some uncertainty for UK savers and investors.

“The overall message from this paper is that making significant, reactive changes to pensions and other savings is generally not ideal compared with keeping a cool head and planning carefully.”

The SPP report adds: “The current volatility serves as a reminder of the importance of regular, long-term saving into a pension across a diversified portfolio of investments.

“Diversification of assets adds genuine value through risk mitigation. Consequently, steps that limit investment freedom can be unhelpful.

“Just as falling markets can provide challenges if you need to sell, they can also provide opportunities for investment targeting long-term growth.

“The challenge is how individuals can adapt their portfolio as they near retirement – a challenge that the pensions industry is continuing to tackle.”

• To discuss any issues raised by this article please contact me on 01772 430000

The government has increased the interest rate applied to beneficial loan agreements from 2.25 per cent to 3.75 per cent from the start of this month.

At first glance that may seem like a small rise but it is a move that could have significant tax implications.

Beneficial loan arrangements are typically loans between a company and directors or staff.

The arrangement exists where an employee, and crucially directors count as such in this case, is the recipient of a ‘cheap’, most notably interest-free, loan by their employer.

The most common example of a beneficial loan is an overdrawn Director’s Loan Account – amounts that a director owes to their company.

The loan only becomes taxable once it exceeds £10,000 at any point during the year.

If the loan does exceed £10,000, the employee is taxed on the difference between interest at the appropriate official rate and the actual interest they have paid.

To avoid the director or employee being taxed on a ‘benefit-in-kind, employers often opt to charge interest at the official rate stipulated by HMRC.

This is the largest increase in the official rate charged on beneficial loans for a considerable amount of time, and a rate as high as 3.75 per cent hasn’t been seen since the 2013/14 tax year.

The government says the rate will continue to be reviewed each quarter and adjusted accordingly.
We would also advise businesses to:

• Keep financial and accounting records up to date. By utilising modern Cloud Accounting software, you can keep track of any loans with directors/employees in real time to make sure you are aware of any potential beneficial loans.
• Charge interest on any beneficial loan at the official rate as per HMRC to avoid a taxable benefit-in-kind or report any beneficial loans on an employees’ P11D form, due for filing by July 6 each year.
• Review existing loan arrangements to ensure the revised interest rate does not cause any issues

• To discuss any issues raised by this article please call me on 01772 430000

The current economic picture – with downgraded growth forecasts, increased government borrowing costs and global uncertainty around tariffs and conflicts – is filled with uncertainty.

As well as halving their growth forecast for this year to one per cent, the Office for Budget Responsibility (OBR) has also predicted inflation will average 3.2 per cent.

US President Donald Trump’s ‘America first’ tariff strategy is likely to hike prices and dampen the demand for goods and products.

Against this challenging backdrop, which will see businesses continue to face rising costs and sales challenges, it is vital they have clear and up-to-date financial information.

Cash as ever, is king. So, it is really important that projections and cashflow forecasts are accurate and timely and business leaders are on top of their figures.

Businesses need to know which financial controls are likely to be the most effective as they look to manage their finances.

Keep on top of your cash flow forecasts. Take a look at your payment terms and see if they need to be changed to meet the new climate. Have honest conversations with suppliers and customers.

Control your costs. Look at your overheads to make sure you are getting the best deals possible. Assess your office systems and purchasing and ordering processes to make sure you are not incurring unnecessary costs.

Ensure that your stock control is in order and is fit for purpose. Are the right processes in place? Now is a good time to re-evaluate.

Also, be prepared to adapt. As well as looking at areas where costs could be reduced without harming cash inflows, this is a good time to gauge if there are opportunities to be exploited and new markets to explore.

More than ever, in tough times, due diligence on new customers and regular communication with existing ones is really important.

As price increases ripple across supply chains and the potential for a downturn in consumer spending looms, staying close to customers and effective cost control will be of increasing importance.

To discuss any issues raised by this article please contact me on 01772 430000