Are we facing a Cashless future?
CONNECTING BUSINESSES ACROSS CHESHIRE
JULY / AUGUST 2021
ISSUE 1
Cheshire Edition, vol
How to protect your business from cyber security attacks
Grow Pharma launches CALYX cannabis patient app in UK and Ireland
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Welcome
Paramount Press is here! Cheshire Media magazine has had a make-over and we are proud to launch Paramount Press. Still bringing you all the business and financial news from across the North West , but now digital and fully interactive! As the country returns to some degree of normality and businesses across all sectors begin to reopen their doors, we spotlight on small business successes throughout the pandemic - how they were able to turn these difficult and uncertain times into successful, rapidly growing businesses (pages 10 & 25). We also discuss the road to financial recovery - how can family run businesses aid the economic recovery of our country (page 9) , are we facing a cashless society and what would this mean for our future? (page 19). In addition to all this, we also bring youexpert business advice - how to reduce cart abandonment rates (page 13), protect your business from cyber security attacks (page 17) and a very informative feature on withholding tax (page 28). So, as you can see, lots of interesting features and business news in our first Paramount Press Cheshire Edition..... and dont forget, our magazine is completely interactive - follow the links to find out more about our sponsors and news features! Happy reading! Anna
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In this Edition...
New Withholding Taxes on Interest & Royalty Payments: How They Affect UK-EU Corporate Groups & What They Tell Us About Modern Taxation Policy
13
SUBSCRIBE: Subscription is easy and FREE. Simply visit www.paramount-press.co.uk and click subscribe to receive an electronic link to the magazine as soon as it is published. EDITORIAL: We are on the look out for news articles relating to business activity within Cheshire. If you regularly send out press releases or are looking for press coverage please get in touch by phone on 0345 835 8116 or send an email to anna@paramountmedia.co.uk ADVERTISE: We offer a fantastic range of advertising opportunities, from full pages through to eighth pages that offer advertising at extremely reasonable rates, with fantastic cashback rewards. For more information please visit our website www.paramountmedia.co.uk Alternatively please email sales@paramountmedia.co.uk or telephone 0345 835 8116
The Influence of Brand Values on consumer purchasing
Recruitment by Morris Sinclair Recruitment Ltd
Candle maker of the year shares tips on how to manage a small business during the pandemic
News
22
Is society becoming cashless? A look into the declining use of cash and its replacement
The importance of Family run businesses in the road to post pandemic financial recovery
6
25
E-Commerce checkout tech trends that reduce shopping cart abandonment rates
Recruitment
28
One unsecure password cost Colonial Pipeline $4.4 million: Here’s how you can stay safe
Grow Pharma launches CALYX Cannabis patient app in UK and Ireland
10
Spotlight on business
7
29
17
19
Special Features
Prime Global partners with LLCP for future growth
15
Directory
9
From hobby to high street - The rapid growth of Norwich gift shop
lmost three-quarters of UK consumers want to know the ‘brand values’ of a business before purchasing its products, according to a new report by customer reviews platform Feefo. The report, produced from a survey of 2,000 people in the UK, sheds light on how consumers perceive the brands they buy from. It found that shoppers are paying much more attention to how companies behave and are more than willing to walk away if they don’t like what they see. The 2021 data shows that 74% would be less likely to purchase from a brand if they were disappointed by a company’s words or actions on a social or political issue, with 57% agreeing that companies should be socially and environmentally responsible. Feefo’s Marketing Director, Keith Povey, says: “It’s been an incredibly volatile 12 months for businesses, which has seen a seismic shift in consumer behaviour, some aspects of which will have a long-lasting effect on how buyers think, act and spend. That said, our research shows that for those businesses that are agile and realign their marketing strategies, there are many opportunities to improve brand awareness, perception and loyalty. Those that respond and act with the medium to long term in mind will see greater returns over the next few years than those that see this period as nothing more than a dip, due to external circumstances.” The report highlights some intriguing statistics which suggest consumers are increasingly sensitive to companies behaving unethically. While almost three-quarters (74%) said they would be less likely to purchase if disappointed by a company’s words or actions on social or political issues, less than half (48%) would give them another chance if they made themselves accountable. However, 26% said they would stop buying from them all together. Other highlights include: 78% believe brands that say they are socially responsible 61% spend more money with socially responsible brands that they respect above others 61% of the consumers we surveyed say that celebrities/influencers being associated with a brand has no effect on their perception of that brand Only 12% say if they like the celebrity influencer, it creates a positive view for them 47% believe that businesses should always respond to negative reviews Povey continues: “The report clearly highlights the need, and opportunity, for brands to invest more in defining who they are, what they believe in and how they operate. Effectively communicating this demonstrates how, by giving business to the brand, the customers will be supporting a transparent, trustworthy and socially responsible business. In other words, it is imperative to invest in creating a brand with a purpose.” For full access to the report, please visit https://www.feefo.com/en/business/ resources/reports/brand-perception-report
By Chad Harwood-Jones Woocontent
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The influence of brand values on consumer purchasing
row Pharma, a subsidiary of Grow Group PLC (the “Company” and “Grow”), a biopharmaceutical company focused on making cannabis-based medicines accessible to patients in the United Kingdom (“UK”) and Europe, today announced a deal with Australian technology company OnTracka to launch a free patient health monitoring app, CALYX (the “app”), into the UK, the Channel Islands and Ireland. Pierre Van Weperen, Grow Pharma Chief Executive Officer said, “Grow Pharma is currently fulfilling around a third of all prescriptions for the UK's medicinal cannabis patients. Our prominent role gives us a significant advantage to building data insights into how patients are managing their health. This is integral to pave the way towards increasing access for patients in the UK through providing doctors with confidence around the safety and efficacy of these products. Using the app will generate important insights to provide real-time evidence to doctors and regulators.” CALYX is designed by patients for patients. The app is a Grow Pharma branded version of the OnTracka app founded by stage four cancer survivor and social worker, Chad Walkaden. Walkaden, OnTracka's CEO, said “CALYX aims to change how Cannabis Patients navigate their healthcare with the same impact as Google Maps revolutionised navigation of the world”. CALYX is a technology solution available for the first time by doctors in the UK after successful launches of the technology in Australia, the US, and South America. The application’s testing has proven its impact on driving improvements in doctor-patient experience; doctors using the technology have seen dramatic improvements in service delivery with feedback that thirty seconds using the technology insights can be more valuable for a doctor than a standard fifteen-minute consultation appointment. Other highlights of CALYX’s impact on improving Cannabis patient experiences include: Control given to patients about their data, privacy, and who they share their personal information with. A transformation of the relationship between patient and prescriber through secure messaging; personalised planning; and additional support services all accessible to patients for free. Multiple personal health reporting functions including wider health tracking, journaling, mental health support, and more. Grow is committed to serving patient needs. The introduction of CALYX is a fantastic opportunity for patients in the UK and Ireland to rapidly accelerate an understanding of the safety, quality, and efficacy of Cannabis Medicines. These insights advance the industry forward in the service of patients, shaping future legislation and policy based on patient experiences via reliable, legitimate, and robust real-world data. App store download links are available on https://growgroupplc.com/pharma/calyx
"This is integral to pave the way towards increased access for patients in the U.K"
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New report highlights family business as crucial to pandemic recovery
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The Institute for Family Business (IFB) is a non-profit, membership organisation. IFB’s members represent a strong collective voice, with a combined turnover approaching £100 billion, employing over half a million people. Recent report issued reveals how family run business will be key to financial recovery post pandemic
he rebound of family businesses post-pandemic will be critical to the rebuilding of the UK economy, a new report has shown. The latest report by the IFB Research Foundation (IFBRF) reveals that in 2019, family businesses contributed to almost 30 per cent of the UK’s national income. Over 100,000 new family businesses were created in the year running up to the pandemic, with 5.2 million family firms in total who employ over 14 million people in the UK. Sir Michael Bibby, Chairman of the IFB Research Foundation, said: “This latest report from the IFB Research Foundation shows how, before the COVID-19 pandemic, family businesses were playing a critical role in the UK economy. The evidence highlights how the sector had been performing well and was largely optimistic about the future. The pandemic is likely to have had a dramatic impact on the outlook, and expectations of many UK small and medium-sized enterprises and this report will give us a great base from which to analyse the changes especially given some of the sectors in which family firms are most concentrated have been those hardest hit by COVID 19. It is interesting to note that the analysis also shows that family ownership does not affect the uptake of technology and so productivity, which is more correlated with the size of the company than the ownership.“ IFB Director General Elizabeth Bagger said: “This report from the IFB Research Foundation clearly shows how significant family businesses are to the strength, stability, and success of UK private enterprise. Before the pandemic, family businesses were growing exponentially. “Family firms are the driving force across all regions, communities, and sectors of the UK and as such, are pivotal to the future prosperity of the country as we emerge from the pandemic. We must therefore ensure that family businesses are supported to recover and grow. “Supporting the adoption of new technologies can help family firms improve their processes and foster innovation, with the move towards these new technologies a trend which has been accelerated by the pandemic.UK Government-backed initiatives such as Evolve Digital support small family businesses to adopt digital technology, and more doors must open to allow family businesses to continue to rebuild.”
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From hobby to high street - the rapid growth of Norwich new gift shop
Providing ADR licensed chemical and powder transportation since 2012
spotlight on business
new business has opened its doors in Northwich after receiving unprecedented levels of interest and demand since the beginning of the year. Chapel Gift Company, which is run by local woman Beck Strange, was created as a hobby business in November 2020 but grew rapidly in the months that followed and started welcoming customers to its new Witton Street premises with a launch day on Saturday 19th June. The shop stocks a range of gifts and trinkets and aims to provide customers with quality products at affordable prices. Beck has secured a number of suppliers too including Snooj, Bomb Cosmetics, Rosie Did A Thing, POM Jewellery and BODA Melts & Candles amongst others. Commenting on Chapel Gift Company launching in Northwich town centre, Beck said: “After many years in sales and business management I felt it was the right time to go it alone and put my skill set to use in my own company. “Chapel Gift Company is all about making people happy with the giving and receiving of gifts from quality providers at affordable prices, and being from Northwich I really wanted to support the local community and bring something new to the town. “When I created the business last year I didn’t expect the speed of growth that I’ve seen and we only launched a website a few months ago. I’m delighted to say that we already have many loyal customers and I can’t wait to grow the business by welcoming people into the shop.” Beck then went on to outline her ambitions for the next 12 months in Northwich which include encouraging people to visit the town centre to not only check out Chapel Gift Company but other businesses as well. “We’re aiming to become a valued member of the Northwich community and would love to be one of the reasons why new visitors come to our town. We want people to seek out our beautiful store and then also see everything else Northwich has to offer. “Another main goal is to grow the audience for the social media page too which will hopefully impact sales via the website.” Beck and Chapel Gift Company are being supported in this endeavour by another new business called ShareMe Social Media Management. The company’s owner, Louise Makins, believes Beck’s new venture will prove a hit. Louise said, “As a new business myself I am incredibly proud to be part of Beck's journey,” “I speak from experience when I say that the warmth of her personality and passion for her brand will, without doubt, contribute to the success of our town.” For more information about Chapel Gift Company please visit their new website: https://www.chapelgiftcompany.co.uk/.
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he customer experience is essential for improving conversion rates in the e-commerce market. It’s important to make the buying and checkout process as simple as possible, creating fewer barriers to a complete sale. While online sales have become the new normal for quick and efficient shopping, there’s still room for improvement and growth. Here, we explore the expectations of customers for an easier and more enjoyable checkout experience, and the innovative solutions that are shaping the online marketplace. Frictionless transactions It has never been easier to buy online. Gone are the days where consumers would have to trudge through countless forms, filling in personal details, delivery address, card details, billing addresses, and authentication. Today, many large brands use a more efficient transaction process to help consumers buy their products. It takes just one click. Frictionless transactions are essential for online shops looking to increase their conversion rate from basket to checkout. Did you know that the average shopping cart abandonment rate across all industries is 69.8 percent? Reducing the barriers to a complete checkout is essential. This is achieved through processes such as one-click shopping, where customer details are stored to allow a speedier buying process. The reduced time prevents any second thoughts on the customer’s part, meaning that businesses can increase their conversion rates. Ultimately, the customer gets the product that we all know they want. There is potential that this could damage the customer experience. Quicker shopping processes increase the potential for fraud and abuse. Businesses may use checks, such as a captcha, to ensure that customers are legitimate. This is another barrier to a complete checkout that genuine customers may struggle with. Eventually, a customer may abandon their cart. To avoid this, commerce protection platforms such as Signifyd are optimising the transaction experience. Intelligent and automated modules can accurately identify risks of fraud and abuse, stopping them in their tracks, while customers get to enjoy a streamlined order fulfilment process. Overall, the customer experience is improved so much that these automated agents can increase conversion rates by four to six percent on average. POS lending E-commerce is increasing its share of the global retail market. In 2015, online transactions accounted for 7.4 per cent of all retail sales. By 2020, this figure had leapt to 18 percent. The ease of purchase and variety of choice makes the online world a fierce competitor for traditional brick-and-mortar stores. But being unable to view or experience a product before purchasing may prevent try-before-you-buy shoppers from visiting online stores. Some stores consider POS lending or Buy Now, Pay Later (BNPL) services as the solution to attracting these customers. At the checkout, customers can opt to pay for their products later. Once they’ve received their products and are satisfied with them, customers can complete the purchase. If they’re not convinced and want to return the products, they can by cancelling the loan without any money leaving their bank account. These BNPL services work a little differently from loans. They don’t make their money through interest on the loan but instead take a small share of your final bill from the retailer. The tech quickly checks your eligibility before approving your small loan. This trend is popular among clothing retailers, where customers may want to try a variety of styles and sizes before they commit any money to the purchase. Items that don’t fit or are not suitable can be returned, allowing customers to only pay for what they’ve kept. Will this trend stick? It’s uncertain, as some European legislators – like the UK Treasury – are beginning to regulate these services. They believe that these small loans should fall under the Financial Conduct Authority. They warn that the BNPL market, valued at £2.7 billion ($3.7 billion), may encourage people to spend more than they can afford. Therefore, this trend may be short-lived or come with greater barriers in the future. Prioritising the mobile experience The way we pay continues to change. In-store, we’ve used cash, cards, and now contactless payment. Online, our options are similarly expanding. Where computers and card payments had given rise to e-commerce checkouts, today mobile traffic and digital wallets are helping to improve the customer experience. As of February 2021, mobile activity made up 56 per cent of all online traffic. Meanwhile, mobile searches equate to 60 per cent of all online searches. It’s clear that mobiles are the most convenient and preferred way to view information online. However, the e-commerce conversion rate on mobile devices is only 2.25 per cent. Meanwhile, desktop conversion rates stand at 4.81 per cent. The trend for online traffic does not correlate with our e-commerce checkouts. This may be because businesses have not optimised their online checkout for mobile devices. E-commerce businesses must improve the customer experience on mobile devices, understanding how it differentiates from desktop buying. Digital wallets are one example of an optimised mobile experience. Allowing customers to purchase goods using their mobile-linked bank account means that purchases can be made using the security of fingerprint or facial scanning, automating the process of delivery and billing. Other checkout trends make the mobile customer experience easier and prevent cart abandonment. Unnecessary buttons which can navigate away from the checkout, such as hamburger menu icons, are removed during the checkout stage. All the buttons needed to complete the transaction should be kept in the ‘thumb zone’ – this means that all essential buttons are within easy reach of a mobile user. This makes the checkout experience more comfortable for the customer and can speed up the checkout process. Adopting innovative solutions to the e-commerce checkout experience will help drive conversions, improve your business, and assist customers in their buying journey. Understanding how technology is changing and the new ways that we use it ensures that businesses can grow with the e-commerce revolution. Businesses can be proactive in fraud prevention, user experience, and diversifying payment options to create an easy and enjoyable customer experience.
Author Jack Johnson Senior Executive, Mediaworks
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rime Global, a recognised global leader in medical communications and market access, is continuing its sector-leading growth trajectory by securing investment from Levine Leichtman Capital Partners (LLCP), a leading global private equity firm. Prime Global has experienced exceptional growth in recent years, including the recent launches of new consultancies Prime Access, IRIS, and Prime Omics, as well as the acquisition of Cambridge Medical Communication in May 2020. The company has also featured in both the Sunday Times Fast Track 100 and the top ten of the Alantra Fast Pharma 50 for three years running. Graeme Peterson, CEO of Prime Global, says, “Prime Global is committed to helping our clients transform global health and patient outcomes, now and for future generations. We were looking for a partner to share this vision and match our people-first culture, and we’ve found that in LLCP. Their expertise and investment will allow us to develop additional capabilities, platforms, and tools to deliver more value for our people, clients, and ultimately, patients.” LLCP is a leading global private equity firm with nearly four decades of experience partnering with ambitious management teams to provide further investment and support in accelerating growth. “We are thrilled to partner with Prime Global and look forward to supporting their continued success,” says John O’Neill, Head of Europe at LLCP, “With Prime Global’s strong leadership, ambitious strategic growth plans, and great market position, the future looks exciting!” Rob McCann, Corporate Finance Partner at BDO said: “As a global business locally founded in the North West, we were delighted to advise the shareholders of Prime Global through this important transaction. We were thrilled to be involved in what will be a fantastic partnership for the future.” Prime Global and its shareholders were advised by BDO LLP (M&A Corporate Finance and Due Diligence), led by Jamie Austin and Rob McCann, and Addleshaw Goddard LLP (Legal), led by Paul Medlicott and George Danczak.
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he Colonial Pipeline, operated by Colonial Pipeline Company, is the largest pipeline system for refined oil products in the U.S. On the 29thof April 2021, a cyber-criminal gang hacked their systems, causing one of America’s most important fuel distribution companies to go offline. This disrupted supplies for several days, causing fuel shortages. The pipeline carries 45% of the East Coast’s supply of diesel, petrol, and jet fuel, meaning the cyber-attack had major repercussions on a national level. The cyber criminals demanded $4.4 million in ransom to rectify the impact of the attack, which Colonial Pipeline CEO, Joseph Blount, authorised to prevent any further damage. He told the Wall Street Journal, “It was the right thing to do for the country. I didn’t make it lightly. I will admit that I wasn’t comfortable seeing money go out the door to people like this.” Once Colonial Pipeline had made the payment using cryptocurrency, they received a decryption tool from the hackers, allowing them to unlock the systems and data that had been compromised. Whilst they were able to restore their functionality, their systems didn’t start immediately, and they suffered severe financial loss, as well as distrust for the company. How did the Colonial Pipeline hack happen? The hack occurred because of just one compromised password. Charles Carmakal, Senior Vice President at cyber security firm, Mandiant, confirmed that hackers gained entry to Colonial Pipeline’s systems through a virtual private network (VPN) account, which allows employees to access the company’s computer network remotely. The account that they gained access from was no longer in use, but the right measures hadn’t been taken to close the account down, meaning hackers could still use it to infiltrate the company’s network. The account’s password has since been found on the dark web, making it accessible to cyber criminals across the globe. Lots still isn’t known about how the attack occurred, such as how hackers deciphered the right username or how exactly the password was obtained. By what cyber security experts do know is that the right security measures were not in place to protect the company’s data, and without this, they were extremely susceptible to a cyber-attack. It’s important to note that cyber criminals won’t just target large corporations. They know that smaller businesses are less likely to invest in the right security measures, and, therefore, see them as an easy target. As such, it’s essential to have the right security measures in place, no matter how large or small your business. How can I protect my passwords from cyber criminals? IT and cyber security experts,Netstar, share their views on how to keep your passwords secure. There are several methods of protection you can use to combat the risk of password compromise. We’ve outlined below some key recommendations that would have prevented the Colonial Pipeline attack. Despite the size of Colonial Pipeline, these methods are recommended to businesses of all sizes. Multi-factor authentication Cyber security experts have emphasised Colonial Pipeline’s failure to introduce multi-factor authentication as a key cause of the attack. Multi-factor authentication adds an extra layer of protection to standard passwords, based on the premise that a username and password alone is not sufficient to protect from cybercrime. It requires users to verify their identity at least twice before being granted access to a device, application, or system. This usually consists of: Something they know (e.g. their password) Something they have (e.g. authenticating via a mobile app) Something they are (e.g. a fingerprint) For example, employees will input their login credentials and then be asked to authenticate their identity again via a corresponding mobile app. This helps to confirm that the person logging on to the account is the person they say they are, blocking cyber criminals from gaining access to confidential data. Dark web monitoring The Colonial Pipeline hack saw important passwords readily available to hackers on the dark web. The dark web is the World Wide Web content that exists on darknets, often used for illegal activity. Once login details are on the dark web, they can be sold to cyber criminals who can use them maliciously to launch a cyber-attack. Dark web monitoring will continually search the dark web in the background as you continue to work as normal. It will then alert you if any login details associated with your company are discovered. Your IT partner can then help you to remediate risk immediately, preventing a cyber-attack. Password managers Weak passwords that are used across multiple different accounts is a common security risk for businesses. The problem is, it’s impossible to remember a complex password for each of your individual accounts. A password manager is an online tool that securely stores login information for every different account, system, and application. All the data within a password manager is encrypted, meaning it’s protected from cyber criminals. You can then use a password manager to login to accounts automatically, without needing to remember each individual password. A secure leaving process A crucial mistake for Colonial Pipeline was that they didn’t have a secure process in place for staff who had left the company. The account that was hacked was that of an ex-employee, so should never have been accessible in the first place. It’s important to ensure that when an employee leaves, any business-critical data is migrated elsewhere, their accounts are closed, and all their access to company accounts is revoked. This can be carried out easily by your IT support partner.Enter your email to sign up for the CNN Meanwhile in America Newsletter. The next steps… If you’re worried your current cyber security setup isn’t equipped to protect against cyber-attack, it’s time to switch IT partners. Speak to an expert about how to get the security strategy you deserve.
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he question of whether we are heading towards a cashless society seems to be becoming clearer, as various statistics support the question. A completely cashless society may seem like a futuristic idea for the most world. However, the world – especially during a time a deadly virus may contaminate cash – is rushing towards a society without cash faster than ever. Is cash really on the decline? Although statistics prove that cashless methods such as debit cards are prominent, the use of cash remains prominent. However, each country has different favoured methods of payments. Britain The statistics already prove that the majority of Brits use cashless payments. A study from Merchant Machine reports that 91% of British people own a debit card. Besides, 21% of Britons are willing to go completely cashless. Moreover, a study from Diebold Nixdorf concluded that within the week of the 13th and 20th of May, 61% of British people aged 55 and over used cash. However, cash payments declined as the age range decreased, which suggests that cash seems to be favoured depending on generation. 56% of Brits aged between 35-54 used cash, and 46% of those aged 18-35 used cash within the same week. Although still in use, cash use is declining with age. Sweden Despite Sweden being the first nation to introduce banknotes, Sweden aims to be the first country to end cash and become the first cashless country in the world. According to Sweden’s central bank, the proportion of Swedes that use cash has fallen from 39% to 9% in ten years. Also, Eurostat conveys that 82% of the Swedish population makes purchases online, making Sweden the top of every European country. China China – a country that has over 1 billion people – is also another nation that is leading the way to a cashless society. Finextra estimates that mobile payments in the country already account for four out of every five payments. Moreover, the People’s Bank of China has been developing a digital yuan, a central bank digital currency that aims to replace cash in circulation. El Salvador The central American country has revealed plans to introduce the cryptocurrency Bitcoin as legal tender. With El Salvador not having its own currency and only using the US dollar, the President explained on Twitter that “, 70% of El Salvador’s population doesn’t have a bank account and work in the informal economy”. By adopting Bitcoin as legal tender, the cryptocurrency “will bring financial inclusion, investment, tourism, innovation and economic development for our country”. What does this suggest? Clearly, digital currencies are becoming more prominent in each part of the globe. Worldplay claims that 44.5 percent of online transactions worldwide are from digital and mobile wallet payments. Moreover, with countries like El Salvador adopting cryptocurrency Bitcoin as national legal tender – and China suppressing Bitcoin but creating their own centralised cryptocurrency ‘Cyber Yuan – it is evident that digital currencies and crypto-currencies are more common than we think they are. Cryptocurrencies, and the impact they could have in our future. What are cryptocurrencies? Dubbed as “bank-free internet money” cryptocurrencies are decentralised online currencies. Dr. Douglas Arner, a professor from the University of Hong Kong that specialises in economic and financial law, regulation, and development, explains decentralised currencies as “currencies that not one person controls. This is different from Fiat currencies – such as the Great British Pound, the European Euro, the Japanese Yen, or the American Dollar – because they are all centralised; meaning they are stored in banks and controlled by governments. The professor conveys that Bitcoin – the most popular cryptocurrency -was created “in response to the global financial crisis in 2008”. “Bitcoin was created following the global financial crisis in 2008, as a reaction to government-controlled money. Bitcoin was created since no government controls the currency, just a computer”. “Instead of trusting money, trust technology”. Cryptocurrencies are created, distributed, traded, and stored through a decentralized ledger system, known as a blockchain. What is blockchain? The best description of blockchain is how online data is structured and shared. Blockchain is split into two categories: data storage system and cryptography system. Data storage system In order to store any data, a storage system is needed. As cryptocurrency uses data instead of gold or paper, data storage is required. Cryptographic system A cryptographic system a way of hiding data, meaning that only certain people can see it. Blockchain is different from the typical database, as it stores data in blocks that are then chained together. The blockchain is recorded with cryptographic signatures called hash. Once new data is entered and filled into a block, it is chained chronologically onto the previous complete blocks. The most common use so for blockchain is a ledger (a collection) for a transaction. Why cryptocurrencies? Relating back to the financial crisis in 2008, many people including professor Douglas Arner suggest that cryptocurrencies are “safer” than normal currencies. This is because certain cryptocurrencies are decentralised by governments. “With [certain] cryptocurrencies, you know the government is not involved. In that sense, it is more trustworthy”. However, with recent news stating that China is condemning Bitcoin, the value of Bitcoin has dramatically decreased and still fluctuates to this day. Paramount Press would like to thank Dr Arner for his interview time and contribution towards this article.
By Liam Shuker Paramount Press Editorial and communication specialist
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We are living in an unpredictable time where a deadly virus has forced the world into a global pandemic. During this time, corporate businesses have taken advantage of everyone being locked at home. Research FDI states that Amazon has reported a 70% increase in earnings in the first nine months of 2020. Moreover, Global News claims that Facebook revenue has increased 48%, due to the surge in digital ad spending as consumers shopped online. On the other hand, small business owners have not matched the success corporate businesses have achieved. Statistics from Statista show that as of April 2020, nearly one-quarter of all businesses temporarily closed or paused during the pandemic. Additionally, simply business claims that 61% of small business owners have had serious financial concerns at some stage of the pandemic, and 81% of small businesses said they have not had enough support from the government. Nevertheless, some small businesses have managed to maintain success during the pandemic. Amy Howden is the owner of a successful candle business - that is eco-friendly - located in Widnes. The business owner has not only managed to maintain success in her business throughout the pandemic but has managed to grow her company. The Starlight Candle Company has been not only been promoted in Vogue, sent to an independent and but has won many awards such as at the Candle Company of the Year at the Northwest and Manchester Prestige Awards 2020/2021. However, a key reason why her business has been so successful in the pandemic is mainly due to her products. Howden explains that selling home-based products has been an advantage to her company, as, “everyone was stuck at home; everyone started to spend their money on products that can be used at home instead of things like family days out or holidays”. “Candles is a home product, and as everyone was at home people wanted to make their houses smell nice”. The Starlight Candle Company sells various candle products - that have countless range of senses that once lit or melted, reach all around the house. One of the most important pieces of advice Amy suggests is to search for, and if available use all of the government funds that are available to you specifically during the pandemic. Howden stressed to "definitely be on the lookout for government grants or loans that are available at the moment". The businesswoman was eligible to use the bounce back loan scheme (BBLS) – a scheme that is now withdrawn. The scheme “absolutely helped me and my business” as it enabled small businesses to access finance more quickly during the pandemic. Nevertheless, the candle maker has noticed that since restrictions have eased her sales have "slightly" been impacted. However, Howden expressed the importance of using social media to market her company and products. "As more people go back to work, and restrictions are easing, fewer people are staying at home meaning fewer people are buying stuff for their households. But social media has definitely helped me. Using free tools such as Facebook, and Instagram is beneficial for any small business." More importantly, Amy conveyed that word of mouth is her most impactful source of marketing as a small business owner. "I think word of mouth has definitely helped me the most. What has helped the business is, myself, my friends, or my family spreading the name of my business to their friends or family". You can visit the Northwest and Manchester Prestige Awards candle company of the year 2020/2021 here.
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By Matthew Walsh Law Graduate, Kings College, London
I
n March this year, the Government announced the repeal of the Interest and Royalties Directive in UK law, resulting in UK-EU interest and royalty payments possibly being subject to a withholding tax. These provisions have come into effect as of 1st June 2021 this year and provide an interesting insight into the UK's ability to pursue its own cross-border tax policies yet also the incongruity of UK-EU taxation post-Brexit. The Interests and Royalties Directive prohibited EU Member States from implementing withholding taxes on interest and royalty payments between Member States.[1] This promoted pan-EU corporate groups by lessening the taxation of cross-border payments between companies. Firstly, interest on cross-border debt financing was not subject to taxation in the debtor's country - thereby enabling parent companies to finance expansions by subsidiaries in other Member States without that subsidiary having to pay tax on its interest payments to the parent. Likewise, royalty payments between member companies were not subject to taxation in the payer's member state. Again, taking our example above of the parent company expanding into another Member State through a subsidiary company, the subsidiary would be able to pay royalties to use the parent's intellectual property without these payments being subject to tax in the subsidiary's Member State.(An added benefit here is that royalties are also deductible payments in the UK, subject to anti-avoidance rules.) Since Brexit, the directive has continued to apply via its implementing UK law. The Brexit deal, however, omitted to replace this directive.This is why the Chancellor was able to announce in the spring budget that the Government would be removing this statutory protection of UK to EU royalty and interest payments from withholding tax, with effect from 1st June 2021.[2],[3] One key motive behind withholding taxes generally is that they enable source countries to tax otherwise taxable profits before they are transferred to another jurisdiction (the country of residence of the recipient).Of course, this means that corporation tax is harder to avoid in the source country but it can also lead to double taxation, whereby these royalties or interest payments are taxed both in the country of source and the country of residence of the recipient payee. Tax treaties tend to deal with this issue of double taxation and it is these which UK-EU corporate groups will rely on from 1st June.Without a double tax treaty with provisions to the contrary, interest and royalty payments to non-UK resident payees will be chargeable.It is understood however that the UK is currently involved in discussions with numerous EU Member States to agree specific provisions regarding the application of withholding taxes.As an example, the current double tax treaty between the UK and Luxembourg provides that royalty payments to a Luxembourg resident are charged at 5% in the UK.[4] It seems natural to conclude that disharmony will discourage the creation of UK-EU corporate groups and the expansion of businesses from one jurisdiction to the other.However, recently we have seen an increase in UK-EU acquisitions.Perhaps this is because, with a reduced ability to transfer funds and intellectual property to subsidiaries, corporate groups are looking to acquire existing businesses with their own brands and regular creditors. Although withholding taxes present a new obstacle for UK-EU corporate groups therefore, whether or not they will promote or discourage these corporate groups' creation and expansion is yet to be seen. As much as these tax reforms give us an insight into the effects of possibly increasingly diversionary UK and EU taxation post-Brexit, they also reflect a change in public sentiment as to the basis of taxation.Withholding taxes and attempts to keep tax in the UK more generally, are evidence of UK tax policy's growing tendency to tax taxpayers at the location of their business operations (particularly consumer sales) rather than incorporation; a further example of this being the UK and Frances' recent Digital Services Tax. This trend raises concerns for international corporate groups as a company's incorporation is an arbitrary manner - it can be incorporated anywhere in the world, but where it operates is rather a question of fact.Of course, many countries, such as the UK, tax on the basis of establishment which takes into account where management decisions are in fact taken, but these management locations, unlike consumer bases, are movable to an extent. Whilst also demonstrating a trend towards disharmony in UK-EU taxation therefore, the re-introduction of UK-EU withholding taxes is evidence of the rising impetus for taxation at the immovable location of a business' consumer base rather than its management. [1]Council Directive 2003/49/EC on a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States [2003] OJ L157/49. [2]The UK Government, "UK/EU and EAEC: Trade and Cooperation Agreement" <www.gov.uk/government/publications/ukeu-and-eaec-trade- and-cooperation-agreement-ts-no82021 >. [3]The UK Government, "Repeal of provisions relating to the Interest and Royalties Directive" <www.gov.uk/government/publications/repeal-of-provisions- relating-to-the-interest-and-royalties-directive/repeal-of- provisions-relating-to-the-interest-and-royalties-directive>. [4]https://brexit.bakermckenzie.com/2021/03/10/uk-law- change-from-1-june-2021-will-lead-to-withholding-tax-costs- on-uk-outbound-interest-and-royalty-payments/
Funding and grants
Simply Networking Contact: 0844 848 9099 Website: www.networking4business.com Email: enquiries@networking4business.com
4 Networking Contact: 0845 123 444 Website: www.4networking.biz/?ref=145215
Fruit Cake Fridays (Portal Business Centres) Contact: 01925 445656 Website: www.portalbusinesscentres.co.uk/events Email: info@portalbusinesscentres.co.uk
FSB Connect Contact: 07917 628907 Phil McCabe Website: www.fsb.org.uk Email: phil.mccabe@fsb.org.uk
South Cheshire Chamber Final Friday Contact: 01270 504700 Lauren Readdin Website: www.sccci.co.uk/portal/events Email: info@sccci.co.uk
business support
Northern Powerhouse investment Fund Contact: 0114 206 2131 Website: www.npif.co.uk
1EM Networking Contact: 01254 790786 Website: www.1eventsmedia.co.uk Email: info@1eventsmedia.co.uk
M62 Connections Contact: 01925907359 Bill Dove Website: www.m62connections.co.uk Email: bill@m62connections.co.uk
Reach (Chester based) Contact: 0178 760 574 Website: www.reach.events Email: contact@reach.events
Halton Chamber of commerce(Runcorn/Widnes) Contact: 03333583480 Jane Kelly Website: www.haltonchamber.co.uk Email: events@haltonchamber.co.uk
Business Biscotti Contact: 0118 9475 857 Sue Reeves Website: www.businessbiscotti.co.uk Email: sue@businessbiscotti.co.uk
Love Warrington Business Breakfast Contact: 01244 405600 Website: www.marketingcheshire.co.uk Email: a.shacklady@marketingcheshire.co.uk
Cheshire Business Events Contact: 07889679401 Tricia Peters Website: www.businessbreakfastgroup.co.uk Email: businessbreakfastgroup@gmail.com Info: Business breakfast plus womens networking
New Business Network (Crewe) Contact: 07715 170519 Sue Website: www.newbusinessnetwork.org.uk Email: hello@newbusinessnetwork.org.uk
Cheshire and Warrington Local Enterprise Partnership Contact: 01606 812280 Website: www.871candwep.co.uk Email: info@871candwep.co.uk
Chester Women in Business Contact: 07941 986 806 Website: www.jaykayevents.co.uk Email: judith.kenyon@jaykayevents.co.uk
Colony Networking (Warrington based) Contact: 0844 504 6627 Website: www.colonynetworking.co.uk Email: info@colonynetworking.co.uk
Daresbury Sci Tech Network Hub Contact: 01925 607 000 Website: www.networkhub.sci-techdaresbury.com/ Email: networkhub@sci-techdaresbury.co.uk
North Cheshire Chamber Contact: 01625 665940 Becky Thompson Website: www..northcheshirechamber.co.uk Email: info@northcheshirechamber.co.uk
BNI (Business Networking International) Contact: 01923 891 999 Website: www.bnicheshire.co.uk
Networking Companies and Events
The Business Network (Chester) Contact: 0844 310 1400 Tracey Griffiths Website: www.business-network-chester.co.uk Email: tracy@business-network.co.uk
"FORE" Golf meets business Contact: 01256 486999 Website: www.fore-business.com Email: info@fore-business.com
F2N Business Network Contact: 07836752136 Nina Website: www..f2n.co.uk Email: info@f2n.co.uk
Radway Green business centre Address: Radway green Crewe Cheshire CW2 5PR Contact: 01925364442 Email: info@hansteen.co.uk
Portal business centres Address: Dallam Court Dallam Lane Warrington WA2 2LT Contact: 01925 445656 Email: into@protalbusinesscentres.co.uk
Best Weston Forest Hills hotel Address: Overton hill, Frodsham WA6 6HH Contact: 01925364442 Email: info@foresthillshotel.com
Pioneer House Address: Pioneer Business park North Road Ellesmere Port CH65 1AD Contact: 0151 450500 Email: manager@pioneer-house.co.uk
Business First Address: 25 Goodlass Rd, Liverpool L24 9HJ Contact: 0151 728 3388 Email: liverpool@businessfirst.co.uk
Wychwood Park Hotel Address: Wychwood Park weston, Crewe, CW2 5GP Contact: 01270 829221 Email: wychwoodconference@wychwoodparkhotel.com
Contact Website Email
Cheshire and Warrington Growth Hub
RAM Properties Address: Tannery Court Warrington WA7 7NA Contact: 01925364442 Email: enquires@ramproperties.com
03300245007 https://localgrowthhub.com/halton support@candwgrowthhub.co.uk
0151 511 7114 https://localgrowthhub.com/halton tim.leather@halton.gov.uk
Macdonald Portal Hotel Address: Forest Road, Tarporley, Cheshire, CW6 0JA Contact: 0344 879 9082 Email: mande@macdonald-hotels.co.uk
The Base Address: The Base, Dallam Lane, Warrington, WA2 7NG Contact: 01925 909 777 Email : info@thebasewarrington.co.uk
Village Hotel Chester Address: St Daviids Park Interchange Ewloe Deeside CH5 3YB Contact: 01925364442
Portal business centres Address: Thursby House 1 Thursby Road Bromborough CH62 3PW Contact: 0151 346 2000 Email: into@protalbusinesscentres.co.uk
Riverside Innovation Centre Address: Castle Drive Chester CH1 1SL Contact: 01244 51 2173 Email: ricmeetingrooms@chester.ac.uk
Stanlaw Abby business centre Address: Dover Drive Ellesmere port Cheshire CH65 9BF Contact 0151 3565296 Email: marianne@stanlawabey.com
The Colony HQ Wilmslow Address: Altrincham Road, Wilmslow SK9 4LY Contact: 01625 254000 Email: enquires@thecolonyhq.co.uk
Sci Tech Daresbury Address: The Innovation Centre, Daresbury WA4 4FS Contact: 01925 607000 Email: info@sci-techdaresbury.com
Local authority business support
Portal business centres Address: Bridgewater House North Road Ellesmere Port CH65 1AF Contact: 0151 305 2260 Email: into@protalbusinesscentres.co.uk
Downs court business centre Address: 31 The downs Altringham Cheshire WA14 2QD Contact: 0161 9412868 Email: admin@downscourt.net
Village Hotel Warrington Address: Village Hotels Centre Park Cheshire WA7 1QA Contact: 01925364442 Email: warringtonhub@village-hotels.com
Obsidian business centre Address: Chantry Court, Chester CH1 4QN Contact: 01244 394200 Email: enquires@obsidiangroup.net
St James business centre Address: St James Court Wilderspool causeway Warrington WA4 6PS Contact 01925 634619 Email: Enquires@langtree.co.uk
Conferencing and business meeting facilities
Select Security Stadium Address: Lower House Ln, Widnes WA8 7DZ Contact: 0151 5106002 Email: stadium@halton.gov.uk
UBC WARRINGTON BIRCHWOOD Address: Rutherford House, Warrington Rd, Birchwood WA3 6ZH Contact: 01925 494499 Email: info@ubcuk.com
Hartford Golf Club Address: Burrows Hill, Hartford, Northwich, Cheshire, CW8 3AP Contact: 01606 871162 Email: info@hartfordgolf.co.uk
Warrington Golf Club Address: Hill warren, London road, Appleton Cheshire WA4 5HR Contact: 01925 261775 Email: manager@warringtongolfclub.co.uk
Halton Growth Hub
The White House Address: Grenall's Avenue Warrington WA4 6HL Contact: 01925 438800 Email: whitehouse.admin@bruntwood.co.uk