Form submitted!
Thank you for getting in touch. A member from our friendly team will aim to get back to you shortly.
All the best,
The SK Accountants team
Bank campaign launched as businesses baffled by carbon jargon
The British Business Bank has launched a campaign to alert and encourage SMEs to make the most of the commercial benefits of investing in decarbonisation.
The bank’s #GreenToGrow campaign includes a new ‘Green Decoder’, an online guide co-created with Nottingham Business School, Nottingham Trent University, to help smaller businesses decipher the terminology surrounding decarbonisation.
Research commissioned by the bank shows that the majority of these SMEs don’t understand ‘carbon jargon’ with three in four (74 per cent) baffled about how common environmental terms such as ‘net zero’, ‘carbon neutral’ and ‘carbon footprint’ apply to their businesses.
The Opinium survey of 1,000 senior decision makers in smaller businesses found more than half (54 per cent) believe the language, terminology and information around carbon emissions reduction are overcomplex.
‘Carbon jargon’ terms misunderstood by businesses include:
- Greenhouse gas emissions: 87 per cent of businesses did not have a full understanding of the term and what it meant for their business
- Decarbonisation: 78 per cent
- Net zero: 74 per cent
- Carbon neutral: 69 per cent
- Carbon footprint: 59 per cent
Sixty-one per cent say they would find more information and advice about taking action to measure and reduce their business’ carbon emissions helpful, with over half (53 per cent) of those wanting advice on measuring their business’ carbon footprint.
A similar number wanted information to help work out if reducing carbon emissions makes financial sense for their business.
Forty-four per cent don’t know where to get information on reducing their carbon emissions and how best to approach related commercial or financial opportunities.
The British Business Bank’s online Finance Hub also provides a series of guides and information about sustainability issues and how smaller businesses can start their journey towards net zero.
Shanika Amarasekara, Chief Impact Officer, British Business Bank, said: “By helping decipher some of the terminology around decarbonisation the British Business Bank hopes to show smaller businesses that simple, incremental changes, such as switching off equipment when not in use can make a difference in their net zero transition.
“This will become an increasingly important businesses requirement. Given that many consumers now consider sustainability when they make a purchase, by becoming greener, smaller businesses can enhance their competitive edge and expand their customer base.”
For help and advice on related matters please contact our expert team.
Business 
Small business confidence dips ahead of new customs controls coming into force
Four in 10 exporters have reported a fall in international sales since the end of the Brexit transition period, a major study has revealed. According to the tracker, four in 10 – around 41 per cent of traders – have reported a “drop off” in international sales in the three months to September 2021.
Business
Compliance
HMRC asks sole traders to correctly report SEISS grants or “repay in full”
Sole traders who have not correctly reported their Self Employment Income Support Scheme (SEISS) grants may be forced to repay them in full, it has been warned.
Compliance
Economy
Small businesses call for Government support to tackle climate change
According to new research, many are addressing energy usage, increasing recycling and investing in microgeneration, but only a third of those have a formal plan to tackle climate change within their business.
Economy
Tax Planning
Almost 800,000 tax scams reported to HMRC in past 12 months, figures reveal
Nearly 800,000 tax-related scams were reported to HM Revenue & Customs (HMRC) in the past 12 months, a major study has revealed. According to the report, HMRC responded to 797,010 referrals of suspicious contact from the public in the last year. Around 358,000 of these involved scams where taxpayers were offered bogus tax rebates.
Tax Planning
