Welcome to our round-up of the latest business and tax news for our clients. Please contact us if you want to talk about how these updates affect you. We are here to support you!
Have a great weekend.Kind regards,
Steve
Steven Hillman BSc (Hons) FCA
Chartered Accountant
Tel: 01934 444100
https://www.hillmans.co.uk
Filing your Self-Assessment return early
Taxpayers could take advantage of four key benefits when filing their tax return early, HM Revenue and Customs (HMRC) has stated.
The Self-Assessment deadline for the 2022 to 2023 tax year is 31 January 2024. Taxpayers who file early will have more control over their financial affairs and beat the January rush.
The four benefits HMRC promote are:
- Planning: find out what you owe for the 2022 to 2023 tax year as soon as you have filed, which allows for more accurate financial planning;
- Budgeting: spread the cost of your tax bill with weekly or monthly payments using HMRC’s Budget Payment Plan;
- Refund: Check if you’re due a refund in the HMRC app once you’ve filed; and
- Help: you can access a range of online guidance and information to help you file your return and get help if you are unable to pay your bill in full by the 31 January deadline. You may be able to set up a Time to Pay plan
Update on packaging reforms
The Extended producer responsibility (EPR) scheme has been deferred for a year until October 2025.
The UK government has stated that following engagement with industry, and in light of the pressure facing consumers and businesses in the current economic context, new rules to ensure packaging producers pay for the cost of recycling their packaging will be deferred a year from October 2024 to 2025.
The Government will use the additional year to continue to discuss the scheme’s design with industry and reduce the costs of implementation wherever possible. In anticipation of EPR, producers have already started to use less packaging and adopt easier-to-recycle packaging formats, and they expect this process to continue – ensuring that costs are not then passed onto households later on.
This decision to defer producer payments has been taken jointly with the devolved administrations and will provide industry, local authorities, and waste management companies with more time to prepare to ensure the success of the scheme, helping make sure it is best designed to deliver on long term recycling goals while supporting households with the immediate challenge of high prices caused by inflation.
See: Update on packaging reforms to help drive down inflation - GOV.UK (www.gov.uk)
Managing work-related stress
Stress is defined by the Health and Safety Executive (HSE) as 'the adverse reaction people have to excessive pressures or other types of demand placed on them'.
Some people benefit from a certain amount of pressure as it can keep them motivated. However, when there is too much pressure it can lead to stress.
Stress is not an illness, but it can affect a person's physical and mental health.
If not properly managed, stress can cause:
- 'burnout' (physical and emotional exhaustion);
- Anxiety; and
- Depression.
- heart disease;
- back pain;
- digestive conditions like irritable bowel syndrome; and
- skin conditions.
Acas has released new guidance for employers to help them better manage employees' and their own stress.
See: Causes and signs of stress: Managing work-related stress - Acas
‘Essentials’ training for new conveyancing staff
HM Land Registry has launched a new initiative to help new conveyancing staff get to grips with the practices and processes involved in lodging high-quality applications, right from the word go.
Comprising a varied range of basic training materials, ‘HM Land Registry Essentials’ is a self-service training package aimed at helping new staff, as well as more experienced colleagues wanting an opportunity to refresh their knowledge.
The training package includes a mix of short videos, on-demand webinars, flowcharts, and guidance covering some of the most common issues facing new starters in the sector.
These include how to calculate certain Scale 2 fees as well hints and tips on avoiding requests for information (requisitions) relating to forms and deeds, execution, restrictions, and variations in names.
There’s also an easy-to-follow look at the three parts that generally make up a title register.
See: HM Land Registry Essentials - GOV.UK (www.gov.uk)
New shipbuilding lending scheme for the UK’s coastal communities
A new government scheme to help ship buyers access finance to buy UK-built vessels and upgrade existing ones has been launched. Through the Shipbuilding Credit Guarantee Scheme (SCGS) the government will act as a guarantor for lenders, unlocking credit for maritime firms.
It could help to boost the UK shipbuilding industry and drive growth in areas such as Liverpool, Plymouth, the Solent, Rosyth, Clydebank, and Belfast.
The SCGS could create new jobs and contribute to the economy, according to government estimates based on the demand for commercial shipbuilding in the UK.
The scheme also forms part of the Government’s £4 billion plan to revitalise UK shipbuilding and coastal communities through the National Shipbuilding Strategy Refresh announced last year.
See: New shipbuilding lending scheme to boost UK’s coastal communities - GOV.UK (www.gov.uk)
The Great British Businesswoman Awards 2023
The Great British Businesswoman Awards brings together the whole Great British Businesswoman Series community to celebrate the women who are changing the face of business across the United Kingdom.
The awards showcase the business role models, advocates and mentors, as well as the inspirational women leading businesses and those ascending to new heights!
More than just an awards ceremony, the Great British Businesswoman Awards is a year-round programme of engagement, delivering touch points throughout the year to support and champion.
The awards are free to enter and the closing date to apply is 27 August 2023.
See: https://www.greatbritishbusinesswoman.co.uk/
The Clean Maritime Demonstration Competition
Innovate UK will work with The Department for Transport (DfT) to invest up to £34 million in innovation projects to reduce greenhouse gas emissions from shipping.
These will be to develop and deploy real-world operational demonstrations of clean maritime solutions as well as carry out innovative feasibility studies and pre-deployment trials.
The Clean Maritime Demonstration Competition (CMDC) Round 4 is part of a suite of interventions launched by the UK Shipping Office for Reducing Emissions (UK SHORE). UK SHORE aims to transform the UK into a global leader in the design and manufacturing of clean maritime technology.
Your proposal must focus on clean maritime technology. Your project must do one of the following:
- design, develop, test and deploy technology; or
- conduct a technical and economic feasibility study.
See: Competition overview - CMDC Round 4 – Vessel or Infrastructure demonstrations - Innovation Funding Service (apply-for-innovation-funding.service.gov.uk)
New North Sea oil and gas licences
Hundreds of new oil and gas licences will be granted in a controversial decision by the UK government.
The UK government and the North Sea Transition Authority (NSTA) have announced a joint commitment to undertake future licensing rounds, which will continue to be subject to a climate compatibility test.
By adopting a more flexible application process, licences could also be offered near currently licensed areas – unlocking reserves which can be brought online faster due to existing infrastructure and previous relevant assessments.
With the independent Climate Change Committee predicting around a quarter of the UK’s energy demand will still be met by oil and gas when the UK reaches net zero in 2050, the Government is taking steps to slow the rapid decline in domestic production of oil and gas, which could secure domestic energy supply and reduce reliance on hostile states.
The NSTA – responsible for regulating the oil, gas, and carbon storage industries – is currently running the 33rd offshore oil and gas licensing round. They expect the first of the new licences to be awarded in the autumn, with the round expected to award over 100 licences in total.
This comes as a new analysis released by the NSTA shows that the carbon footprint of domestic gas production is around one-quarter of the carbon footprint of imported liquified natural gas.
See: Hundreds of new North Sea oil and gas licences to boost British energy independence and grow the economy: 31 July 2023 - GOV.UK (www.gov.uk)
Extension of CE mark recognition for businesses
The Department for Business and Trade has climbed down over the new UKCA marking system and announced an indefinite extension to the use of CE marking for UK businesses.
Businesses have repeatedly warned that the copycat UK quality assurance mark would create unnecessary burdens for the industry by creating dual EU and UK certification regimes.
This comes as part of a wider package of smarter regulations designed to ease business burdens and help grow the economy by cutting barriers and red tape. Following extensive engagement with industry, British firms will be able to continue the use of CE marking alongside UKCA.
The Business Secretary acted urgently on this issue, to prevent a cliff-edge moment in December 2024 when UKCA was set for entry. This intervention will ensure businesses no longer face uncertainty over the regulations and can cut back on unnecessary costs, freeing them up to focus on innovation and growth.
The extension will provide businesses with flexibility and choice to use either the UKCA or CE approach to sell products in Great Britain.
See: UK Government announces extension of CE mark recognition for businesses - GOV.UK (www.gov.uk)
Plastic bag use falls by more than 98% after charge introduction
More than 7 billion plastic bags have been prevented from blighting our streets and countryside thanks to the single-use carrier bag charge, new figures announced last month show.
A 5p charge was first introduced in supermarkets in 2015. Since then, usage at the main retailers – Asda, Marks and Spencer, Morrisons, Sainsbury’s, The Co-operative Group, Tesco and Waitrose – has dropped by more than 98%.
The average person in England now buys just two single-use carrier bags a year from these businesses, compared with around 140 in 2014 before the charge was introduced.
The number of single-use carrier bags reported as sold by the main retailers was 133 million in 2022/23, down from 197 million in 2021/2022, representing a reduction of 33%. This is a huge drop from the 7.6 billion used in 2014.
In 2021, the charge was increased to 10p and extended to all businesses. This has helped bring the number of bags used down by more than 35% from 627 million in 2019/20 to 406 million in 2022/23.
Meanwhile, retailers have voluntarily donated more than £206 million from the proceeds to good causes in education, arts, heritage, sports, environment, health and charity or volunteering sectors since the charge’s introduction.
See: Plastic bag use falls by more than 98% after charge introduction - GOV.UK (www.gov.uk)
Alcohol Duty Reform
The changes to the Alcohol Duty structure and the new reliefs took effect on 1 August 2023. These include:
- A new alcohol Duty system: standardised Alcohol Duty bands for all types of alcoholic products. There are new duty rates based on alcohol by volume (ABV) for all products;
- A Small Producer Relief: which reforms and extends the relief previously enjoyed by small breweries, to producers of all alcoholic products under 8.5% ABV;
- A reduced rate for draught products also known as Draught Relief, which reduces the tax due on draught alcoholic products under 8.5% ABV, packaged in containers of at least 20 litres, and designed to connect to a qualifying dispense system; and
- Transitional arrangements for producers and importers of some wine products: to help them with moving to the new method of working out the duty on their products. This allows businesses to use an 'assumed strength' of 12.5% ABV when working out the duty for wines with an ABV between 11.5% and 14.5% ABV. This measure is in place for 18 months, from 1 August 2023 until 1 February 2025.
The Rural Payments Agency has begun to issue the Basic Payment Scheme (BPS) advance payments.
In 2022, Defra announced that payments would be made in two instalments each year for the remainder of the agricultural transition period. Around 50% of the overall payment is being made now with the remaining balance expected from December.
Payments are up to 50% of the total annual BPS payment and will hopefully help farmers impacted by price rises throughout the industry with their summer season cash flow.
The RPA expects the vast majority of farmers to be paid on time, though there will be a small number of farmers whose claims will require additional checks which will take longer to process. The RPA will contact these customers to inform them of the next steps while maximising the number of farmers receiving their advance payment by the end of August.
Since 2021, BPS payments have been reducing each year as they are phased out completely by the end of the agricultural transition period in 2027. This is a process known as progressive reductions and was introduced to manage the transition from Direct Payments as smoothly as possible. The proportionate amount of progressive reductions will be applied to both the advance and balance payments.
All farmers should make sure the RPA has their up-to-date bank account details. Once a payment has been made, a remittance notice is sent in the post confirming the amount paid. When the balance payment is made in December, a claim statement will be sent to explain how the 2023 payments have been worked out.
See: Advance BPS payments to be issued to farmers - GOV.UK (www.gov.uk)
Funding for livestock farmers to improve animal health and welfare
A further £10 million is being made available to cattle farmers in England to help them replace ageing cattle buildings with state-of-the-art facilities, Defra has announced.
As set out in guidance published last week, the Animal Health and Welfare Infrastructure Grant will allocate awards to farmers ranging from £15,000 to £500,000, prioritising new and upgraded calf housing which will improve livestock conditions and help boost farmers’ productivity and profitability.
Through this grant, cattle farmers can access funding for roof-top solar panels on calf housing buildings, fulfilling a key commitment made by the Prime Minister at the Farm to Fork Summit earlier this year. This will enable farmers to improve the thermal insulation of their buildings whilst providing low-cost energy for calf housing.
The government has also announced that more than £19 million has been awarded to over 3,000 pig, poultry, sheep, and cattle farmers who successfully applied to the first round of the Animal Health and Welfare Equipment and Technology Grant. These grants, of between £1,000 and £25,000, will help farmers with items ranging from livestock handling equipment to reduce lameness in sheep or cattle or sealed water tanks to reduce disease transmission in outdoor pigs, to automated monitoring systems and sensors which free up farmers’ time and limit environmental stress in poultry housing.
See: Calf Housing for Health and Welfare 2023 - GOV.UK (www.gov.uk)
New Bristol railway station
Passengers in Bristol will benefit from easier access to jobs and businesses as Transport Secretary Mark Harper opened a new railway station near Avonmouth last week.
The Portway Park and Ride station, backed by both government and local authority funding, was the first station to open in Bristol in almost a century.
Regular services will run from the accessible, single-platform station 7 days a week along the Severn Beach railway line, taking passengers into the city centre of Bristol in just 24 minutes.
See: New Bristol railway station to connect communities and grow the economy - GOV.UK (www.gov.uk)
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