20th October 2023 – Hillmans Weekly Update

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

Applying Circular Economy principles in a business
A circular economy (CE) is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing, and recycling existing materials and products for as long as possible.
 
CE aims to tackle global challenges such as climate change, biodiversity loss, waste, and pollution by emphasizing the design-based implementation of the three base principles of the model. The three principles required for the transformation to a circular economy are: designing out waste and pollution, keeping products and materials in use, and regenerating natural systems.

CE has been gaining popularity because it helps to minimize emissions and consumption of raw materials, open up new market prospects, increase the sustainability of consumption, and improve resource efficiency.

Introducing circular economy principles into your business offers a range of opportunities that could positively impact your bottom line, brand reputation, and long-term sustainability. Here's why you could consider adopting CE principles:

• Cost Savings – optimise your resource use and extend the life of products and materials through strategies like repair, refurbishment, and remanufacturing; reducing the need for raw materials leads to lower production costs.
• Competitive Advantage – differentiate your business from competitors by demonstrating environmental responsibility and sustainability, enhancing your brand image.
• Growth Opportunities – encourage innovative product design and alternative business models, which can lead to new revenue streams and business growth.
• Regulatory Compliance – be better positioned to comply with evolving laws and regulations related to waste management, resource consumption, and emissions reduction.
• Enhanced Supply Chain Resilience – strengthen your supply chain resilience by being more innovative and resource-efficient in the face of resource scarcity, geopolitical instability, and increasing climate-related natural disasters.

Transitioning to CE requires a shift in mindset and business strategies. This is made possible by increased knowledge and innovation skills and should be part of any business’s strategic plan.

If you have a vision of what you want your business to look like when it is “complete” then you are in a position to drive your business towards that vision and you can monitor how you are doing as you go along.

If you agree it is hard to accomplish anything without a plan, we can help you start thinking about putting one in place. A strategic plan also helps you determine where to spend time, resources and money to achieve your objectives.

So how do you do a strategic plan?

1. Take time to review your own personal objectives – the business is there to provide you with what you want from life; do not forget this.
2. Look at where you are now, your strengths, weaknesses, opportunities and threats. Take external advice so you have a clear understanding of your position in the marketplace, the competition, your systems, the way you do things - what you are good at and what you are not.
3. Focus on where you want to be (say) in 5 years; what you want your business to look like when it is “complete” or running profitably and applying CE principles. Then you can determine your priorities – the big issues that you need to focus on – this is the strategic plan!
4. Write down your vision and define what you must achieve and the actions you need to take. Monitor how you are progressing towards your vision each month, what actions have been completed and what needs to be done to keep you moving towards your plan.
5. Allocate responsibility for taking the actions.
6. Monitor, review, and adjust your regular activities to keep you on track towards your plan.

The long-term benefits regarding sustainability, cost savings, and business growth can be substantial, making it a worthwhile endeavour for forward-thinking businesses. Talk to us about helping you achieve your objectives; we have considerable experience in helping our clients take their businesses to new levels.  

The UK government’s policy statement on CE can be seen here: Circular Economy Package policy statement - GOV.UK (www.gov.uk)
 
UK businesses support Britain’s plan for digital trade borders
UK businesses have given a thumbs up to incoming changes set to digitalise Britain’s trade borders and make the UK the third country in the world able to accept electronic trade documents.

This move will take the UK a further step towards having a digital border system that is important for the improvement of the efficiency and sustainability of international trade for generations to come.

Research from a recent poll, commissioned by The Institute of Export and International Trade (IOE&IT) finds that the majority of UK businesses welcome this move to digital trade.

The poll finds that 75% of businesses who attended a recent IOE&IT event on the Electronic Trade Documents Act (ETDA) believe it will have a positive impact on their business, 29% of which feel it will have a ‘very positive impact’. A quarter say it will have a neutral impact – and, significantly, none believe it will have a negative impact on their business.

The ETDA came into force on 20^th September, and allows for key trade documents, such as bills of lading and bills of exchange, to be accepted in both paper and electronic format at the border and allowing for a streamlined process of the movement of goods.

See: Electronic Trade Document Act enters into force with backing of UK businesses - The Institute of Export and International Trade
 
Understanding the right to work and minimum wage eligibility
All employers in the UK have a responsibility to prevent illegal working. You do this by conducting simple right to work checks before you employ someone, to make sure the individual is not disqualified from carrying out the work in question by reason of their immigration status.

Most people employed as employees or workers must be paid the National Minimum Wage or National Living Wage, but are you aware of how to check if they are entitled?

Joint HMRC and Home Office webinar: understanding right to work and minimum wage eligibility

The Home Office Immigration Enforcement and HMRC’s National Minimum Wage (NMW) teams are offering joint webinars covering:
•           when an employer needs to conduct a right to work check;
•           what type of right to work check they need to conduct;
•           how to use the Home Office Employer Checking Service;
•           civil penalties and prosecutions when employers do not comply with the right to work legislation;
•           how to report immigration crime;
•           who is a worker for NMW purposes;
•           how to establish if someone is self-employed; and
•           exemptions to minimum wage eligibility.

Register here for the 17 October webinar: Registration (gotowebinar.com)
 
Working from home and the £6 per week allowance
During the COVID pandemic the government relaxed the conditions to enable those working from home to be paid £6 a week tax free by their employer, or, where that was not paid by the employer, they could claim relief for £6 a week against their employment income for a tax refund from HMRC. Those relaxed rules applied for 2020/21 and 2021/22. Many employers and employees may not be aware that from 6 April 2022 the rules reverted to the strict statutory position. Employees can claim tax relief if they have to work from home under a homeworking agreement, for example because:

• their job requires them to live far away from the office,
• their employer does not have an office, or
• the office is closed every Friday and employees are required to work from home that day.

Tax relief cannot be claimed if the employee chooses to work from home.

See: Claim tax relief for your job expenses: Working from home - GOV.UK (www.gov.uk)

New one-stop shop to find the topics government is interested in researching
A new database of Areas of Research Interest has been developed by the Government Office for Science and the Economic and Social Research Council. The new tool which brings together all Areas of Research Interest (ARI) documents from across government departments in a one-stop shop is now live.

ARIs are lists of research questions or topics which government departments and agencies would welcome more research on to inform their policies and help close the evidence policy gap.

This new database allows anyone accessing it to search for particular areas of research interest and find out what are the main research questions facing government departments.

If applicable, the database will also find research already funded by UK Research and Innovation (UKRI) and connected to the searched topic, thereby
making it easier to identify existing evidence and experts in the field.

This new tool improves accessibility, transparency, and openness around the knowledge priorities of departments, improving opportunities for collaboration and prioritisation. ARIs can be found in the database via keywords, year, government department, and via other basic metadata.

The tool has been developed and co-funded by the Government Office for Science and ESRC, as a response to widespread demand to improve both the awareness and accessibility of ARIs. To date, over 1,500 ARIs have been published and are publicly available in pdf or html format on GOV.UK.

The database was produced by Overton, a pioneering technology start-up whose mission is to support evidence-based decision-making across the world.

See: New one-stop shop to find the topics government is interested in researching - GOV.UK (www.gov.uk)
 
Latest UK Export Academy webinars
Listed below are upcoming UK Export Academy webinars to help business owners and entrepreneurs across the UK boost their exporting skills and sell their goods and services to new markets worldwide.

The UK Export Academy is delivered in various stages depending on your skill level. These include:

Essentials
Build your knowledge and confidence if you’re relatively new to selling internationally or interested in learning how to start. These webinars offer a step-by-step guide to becoming an exporter.

20 Oct - Understanding export controls
24 Oct - How to sell your services overseas (Part 1 of 2)
26 Oct - How to sell your services overseas (Part 2 of 2)
27 Oct - Intensive series: An introduction to exporting (part 1 of 2)
31 Oct - Intensive series: Getting your exports from A to B (part 2)
 
Masterclasses
Already have a good understanding of the export basics? Attend these masterclasses to broaden your knowledge.
23 Oct - Fuel your vision: Grantify's guide to grant funding for innovators
25 Oct - Say it just right: the importance of translation!
30 Oct - Ask an exporter: Round table with DBT Export Champions
31 Oct - Top tips for understanding VAT in Europe
 
See: UK Export Academy — Great.gov.uk
 
Regional Talent Engines programme
The Royal Academy of Engineering has opened a new round of applications for its Regional Talent Engines programme.

This six-month pre-accelerator programme for early-stage founders aims to support entrepreneurial mid-late career engineers who wish to bring an innovative concept to market.
 
The programme is open to individuals in Northern Ireland, Northern England, and Wales.

The Regional Talent Engines programme offers a unique package of support as a startup accelerator, including:

• an equity-free grant of £20,000 towards for living costs;
• hybrid training workshops, roundtables, and speaker events;
• one-to-one business coaching and mentoring support; and
• access to co-working and meeting spaces in London and Belfast.

Successful participants will also get a lifetime membership of the Royal Academy of Engineering's Enterprise Hub, including access to facilities, training, and networking within a supportive entrepreneurial community.

To be eligible, applicants:

• must have technical understanding in their area of innovation​; and 
• should normally be experienced engineers or skilled tech professionals.

You must also be resident in, and committed to establishing a new startup in, the region where you are applying to take part in the programme.

Applications are open until 4pm on 30 October 2023.

See: Regional Talent Engines - Pre-Accelerator Programme (raeng.org.uk)

13th October 2023 – Hillmans Weekly Update

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

This UK Government is the biggest tax-raising parliament since records began
The Institute for Fiscal Studies (IFS) has stated that this has been the biggest tax-raising parliament since records began, pushing UK tax revenues to historically high levels. They comment “At the time of the last general election, UK tax revenues amounted to around 33% of national income. By the time of the next election in 2024, on current forecasts, taxes will amount to around 37% of national income – a level not sustained in the post-war period.

Compared with a world in which taxes had stayed at 33% of national income, the UK government will be raising upwards of £100 billion more in tax revenues next year. This is equivalent to around £3,500 more per household, though of course the tax rise will not be shared equally.

The government may decide to announce tax cuts in the run-up to the next election. But there is no world in which this parliament – or indeed the period since Rishi Sunak became Prime Minister – turns out to be anything other than a tax-raising one. In fact, it is currently on track to be the biggest tax-increasing parliament since comparable records began.

The UK government is currently raising more in tax revenue, as a percentage of national income, than at any time since the 1940s. This is, in no small part, due to a raft of tax-raising measures announced over the past few years. Notable examples include the big increase in the main rate of corporation tax from 19% to 25%, the energy profits levy, and freezes to various income tax and National Insurance thresholds. Economic developments mean that some of these measures will now raise considerably more than originally planned or intended. That is particularly true of freezes to income tax allowances (which would otherwise have risen in line with inflation).

So are there any tax Planning opportunities ahead of the new tax year?
The new tax year starts 6 April 2024, so you have six months to consider your planning options. Once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned.

Do you fall into any of these categories?

• You have or are thinking about a change in your personal status (single, married, separating, joining or dissolving a civil partnership).
• You are thinking about selling a capital asset, such as shares or a property.
• You or your child’s other parent claims Child Benefit and the income of either parent is likely to exceed £50,000 for the first time during tax year 2023-24.
• Your annual income is approaching or above £100,000.
• You have not yet topped up your pension contributions for tax year 2023-24.
• You are self-employed with a 31 March 2024 year-end.
• You are thinking about the purchase of equipment or vehicles.
• You are the director and/or shareholder of a limited company and have not yet considered voting dividends or bonuses for 2023-24.

If you do, we can help you discuss your options ahead of the April 2024 deadline.

The above list is not comprehensive, and we specialise in helping clients with all taxes including PAYE, NIC, VAT, Corporation, Capital Gains, and tax.
Please contact us now!

See: This will be the biggest tax-raising parliament on record | Institute for Fiscal Studies (ifs.org.uk)
 
Millions Heading for Retirement Without a Financial Plan
Millions of over-55s in the UK are at risk of encountering financial difficulties in their retirement, new research has revealed.

One of the UK’s leading at-retirement advisers commissioned an independent survey of 2,000 UK adults, finding that less than half (46%) of respondents currently have a financial plan in place for their retirement – with this figure only rising to 47% for those aged 55 and above.

When it comes to retirement savings, just 51% of UK adults know how much is in their pensions – again, there is only a slight increase (to 56%) among those aged 55 and above.

The research also showed that less than a third (32%) of over-55s are confident they will retire with enough money to achieve their desired lifestyle.

Research has also shown that only 16% of over-55s regularly use the services of a wealth manager or independent financial adviser (IFA), while just 19% have spoken with an IFA in the past 12 months to help them understand how to adapt their pension plans to the current economic climate.

Do you own a business?
The ultimate aim of every serious business person is to build a company that has value, so that it can be sold or transferred, allowing the entrepreneur to exit gracefully and profitably.

Recently, we have been helping a number of our entrepreneur clients develop exit strategies.  There are many issues to consider:

• When do you want to retire?
• Can the business be sold to your employees?
• Is a trade sale more likely?
• Are there children involved?
• How much is the business worth?
• What needs to be done to enhance the value of the business?
• How long will it take?
• Do you want/need to stay on after sale or transfer?
• What are the tax consequences?

We have a tried and tested methodology to address these issues and to help you prepare your business for sale, find potential buyers and help you negotiate to get the maximum price a buyer feels your business is worth.

If you would like to discuss your personal exit plans we would be happy to do so with you — please call us!
 
UK government announces more legislation to tackle late payments
The UK government has announced tougher measures to tackle the issue of late payments to small businesses. These new measures will be included in the upcoming Prompt Payment & Cash Flow Review, due to be published shortly and will improve delivery and enforcement of policies, enabling more small businesses to get paid on time.

New measures to be announced in the review will include:

• Extending the Reporting on Payment Practices and Performance Regulations 2017. Following consultation, Government will take forward legislation to extend payment performance reporting obligations. Also included will be new metrics for reporting, including a value metric, so businesses and commentators can see the value of invoices, including invoices paid late, and a disputed invoices metric. Government will also introduce reporting on retention payments for businesses in the construction sector.
• Providing greater advice to small businesses on negotiating payment terms that better suit them, and on how going digital can help them get paid quicker and manage their cash flow.
• Broadening the powers of the Small Business Commissioner: Introducing broader responsibilities, enabling the Commissioner to undertake investigations and publish reports where necessary on the basis of anonymous information and intelligence. This will require primary legislation, so will be subject to the legislative timetable.

See: Government takes action to back small businesses and tackle late payments - GOV.UK (www.gov.uk)
 
1 in 4 Employers Have Seen an Increase in Staff Sickness
A new survey from Acas has found that one in four employers have seen an increase in staff being off sick compared to a year ago. Acas commissioned YouGov to ask employers at the end of August if they had seen any changes to the number of employees being off sick compared to 12 months ago. The poll found that:

• 26% of employers had seen an increase in sickness absence;
• Almost 1 in ten (9%) had seen a decrease;
• Over half (59%) said that the number of staff being off sick had roughly stayed the same; and
• 6% didn’t know or were not sure.

Acas advice is that businesses that effectively address sickness can improve staff morale and wellbeing, boost productivity, reduce absence levels as well as save money. Steps that can help to reduce sickness absence include:

• Having an absence policy that is clear on what is expected of managers and their staff if they need time off work;
• Create a culture at work where staff feel supported and comfortable raising problems that they trust will be taken seriously; and
• Deal with the causes of absence such as work-related stress or workers struggling to balance work and caring responsibilities.

Acas advises that a good work-life balance can lead to lower levels of sickness absence. To help staff, employers should:

• Encourage staff to speak up if they feel they’re under too much pressure at work;
• Train managers to spot signs of a poor work-life balance;
• Offer flexible working where possible;
• Encourage breaks from work, including during the day and making sure employees take holidays;
• Regularly review workloads; and
• Lead by example – if managers and senior leaders have a good work-life balance, this will create a culture for employees to follow.

See: Reducing sickness absence: Recording and reducing sickness absence - Acas
 
Digital Innovation Fund opens for applications
The Made Smarter Innovation - Smart Manufacturing Data Hub (SMDH) is now accepting applications for funded projects that will support manufacturing small and medium-sized businesses (SMEs) on their smart manufacturing journey.

The fund aims to support the development of concepts into a market-ready solution for deployment and dissemination to SMEs.

There are three different funding opportunities based on the needs of the company:

• Lighthouses - aims to develop already proven digital products and processes into readily accessible solutions which meet the needs of manufacturing SMEs. Grant funding of up to £315,000 is available per project.
• Virtual Testbeds - aims to provide financial support and opportunities to bring pre-existing testbeds to the SMDH community and enable SMEs to utilise them. Grant funding of up to £100,000 is available per project.
• Rapid Demonstrators - aims to support SMEs with sensor installation, data analysis or similar to enable levelling-up the opportunities for SMEs to exceed and expand. Grant funding of up to £50,000 per project is available.

The fund is open to any UK-based industrial or professional sector organisation which can provide skills, support or solutions for manufacturing SMEs.

The deadline for applications is 31 October 2023.

See: Apply for Digital Innovation Funding (smdh.uk)
 
IPO Transformation: Second consultation
The UK Intellectual Property Office (IPO) is seeking views on a package of changes to improve their digital services

The IPO's Transformation programme is designed to modernise and improve the IPO's services. By the end of 2025, it aims to replace the IPO's existing processes with a digital system for all registered IP rights (patents, trademarks and designs).

In 2022, the IPO ran a first public consultation, which mainly focused on changes related the launch of the new digital patents service in 2024.

The government response to that consultation was published on 1 August 2023. This will inform some of the potential legal and practice changes to enable transformation and the build of the service.

A second consultation is now necessary to inform and support the next phase of the programme, which is chiefly concerned with trademarks, designs and IPO tribunal services.

See: IPO Transformation: Second consultation (nibusinessinfo.co.uk)
 
Content Fund for high potential games studios
The Department for Culture, Media and Sport (DCMS) has announced £5 million for the UK Games Fund as part of the Creative Industries Sector Vision, a joint plan between Government and industry to drive growth, build talent and develop skills across the creative sectors.

The Content Fund is offering £50,000 to £150,000 commercial games-for-entertainment content grants. The aim of the funding is to support a mix of existing and/or new employees, alongside a lesser proportion of contracted staff.

Applicant companies must be UK registered SMEs with PAYE employees engaged in games development work in the UK and have a prototype in place.
Overall project costs must be at least double the requested grant, and the funding must make a demonstrable difference in terms of unlocking additional resources, new relationships, platform or audience access.

There is a rolling deadline for this programme, however the application portal may be closed periodically for ten to fourteen days whilst batches of applications are reviewed, re-opening as soon as possible.

There are also fixed allocations of funding to administer within different financial years so early applications are encouraged, in particular for financial year 2023/24.

See: Home - Content Fund (ukgamesfund.com)
 
New bans and restrictions on polluting single-use plastics
Government action to tackle the scourge of litter and protect the environment from plastic pollution came into force on the 1 October, with bans and restrictions on a range of polluting single-use plastic items.

No business – whether retailer, takeaway, food vendor or part of the hospitality industry – will now be able to sell single-use plastic cutlery, balloon sticks nor polystyrene cups and food containers in England. The supply of single-use plastic plates, trays and bowls has also been restricted. The new regulations were announced in January and extensive work has taken place throughout 2023 to provide further guidance on the ban for businesses.

Plastic pollution takes hundreds of years to break down and inflicts serious damage on our ocean, rivers and land. It is also a source of greenhouse gas emissions, from its production and manufacture to the way it is disposed.

Research shows people across England use 2.7 billion items of mostly plastic single-use cutlery and 721 million single-use plates every year, but only 10% of these are recycled. If 2.7 billion pieces of cutlery were lined up, they would go round the world more than eight-and-a-half times.

See: New bans and restrictions on polluting single-use plastics come into force - GOV.UK (www.gov.uk)

6th October 2023 – Hillmans Weekly Update:

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

The REALLY important stuff!
With the constant news surrounding the economy, interest rate uncertainty, and high inflation, it is difficult not to worry about these issues and lose sight of what’s really important – the health and welfare of you and your loved ones. 

The issue we all face is a potent mix of inflation, recession, high debts, and the core reason for it all, a wartime energy shock.
It is not the market driving the crisis; it is geopolitics, diplomacy, and conflict. On an individual level these events are not within our control, so what can we do to keep rational whilst this crisis unfolds?

It is worth remembering a quote from the singer Celine Dion: “Life imposes things on you that you can’t control, but you still have the choice of how you’re going to live through this”.

Firstly, know that you can only control your life and those close to you. Everything else going on is typically uncontrollable just now. So, take time to set some long-term goals to give yourself a sense of agency and control. Next, list the things that make you happy and safe; by doing this you can focus on the good things and not the other stuff. Thirdly, take time out to do things you enjoy. Doing something you are good at reinforces a sense of self-worth and purpose.

If you own a business, then:

1. Take time to review your personal objectives – the business is there to provide you with what you want from life, not the other way round!
2. Look at where the business is now: its strengths, weaknesses, opportunities, and threats. Get a clear understanding of its position in the marketplace, the competition, the systems, the way things are done, and the improvements that could be made.
3. Focus on what the business is to look like when it is “complete” or running profitably and successfully. Then you can determine priorities – the big issues that need to be focussed on.

It is also a good idea to look at where you are now and plan for a range of scenarios “good and bad” so that you can be flexible about the direction you should take. 

Ask us about our One Page Analyst, a “what if” scenario planner which takes your projected 2024 figures and allows you to work out the effect on profit of reducing expenses, increasing sales, increasing or decreasing prices.

If you need help during the next few months, then please call us – we are here to support you!   
 
Managing your cash flow
With increasing supplier prices and economic uncertainty, managing your business’s cash and understanding its flow are now vital tools in maintaining resilience and being able to adopt flexible strategies for success.

Cash flows are a reflection of all the cash that is flowing in and out of a business. Owners can look at the direction of the cash flows for insights about the health of specific products or services and overall market patterns.

Some types of business are more likely to run into cash flow problems, while other types appear to be more resilient. If you are a business owner, you might be wondering which category your business falls into. No matter how inventive or simple your business model is, you can still have problems with cash flow. Here are our thoughts on managing the flow of cash in your business:

The first stage of understanding and predicting how funds flow is to perform a health check on your accounts. Look at your latest profit and loss statement and check that your income is sufficient to cover your expenses. If your profit is falling behind your expenses and cash flow is slowing down, you might need to take action. Prepare a funds flow statement so you know where the money goes.

Next, create a yearly budget and look at where cash could become tight, identifying months where you can save to cover off the quieter times. Look at those quieter months and think about flexible work scheduling, new products or services, or other activities to tide you over.

Finally, make sure you collect your money from those who owe you quickly. Reward customer loyalty by offering early bird discounts, set credit limits and payment terms to ensure customers follow the rules. If you take on new customers, make credit checks. Penalise late payers and request up front deposits or payment.

Talk to us about preparing a funds flow statement and annual budget so that you can work on your business for maximum success!  
 
Business Finance Week 2023
From 6 to 10 November 2023, the British Business Bank, along with several partners from across the UK, will host Business Finance Week 2023.

With a host of free nationwide and regional in-person events and webinars, Business Finance Week 2023 aims to help smaller businesses learn about the different finance options available to them to support their individual needs.

Events coming up as part of the week include:

Making sense of start-up funding: Where do I start?
Monday 6 November 2023, 12:30pm to 1:30pm, online event
Unlocking potential for your business through diversity and sustainability
Tuesday 7 November 2023, 10am to 11:30am, online event
Growing your business: An interview with a founder
Tuesday 7 November 2023, 12:30pm to 1pm, online event
Maintaining healthy levels of working capital
Wednesday 8 November 2023, 10am to 11:30am, online event
Prepare your business for external finance
Wednesday 8 November 2023, 12:30pm to 1:20pm, online event
Exploring working capital in Northern Ireland
Wednesday 8 November 2023, 2pm to 3:30pm, online event
Investment for innovation
Thursday 9 November 2023, 9:30am to 11am, online event
Growing your business: An interview with a founder - 9 November
Thursday 9 November 2023, 12:30pm to 1pm, online event
What next? Finance as a journey
Friday 10 November 2023, 12:30pm to 1:30pm, online event
Inspiring inclusive entrepreneurship
Friday 10 November 2023, 10am to 12:30pm, The Duncairn, Belfast
See: Business Finance Week 2023 - British Business Bank (british-business-bank.co.uk)
 
First time tax return?
Taxpayers who are new to Self-Assessment for the 2022 to 2023 tax year may include:

• those who are newly self-employed and earned more than £1,000;
• a new partner in a business partnership;
• those who had a total taxable income of more than £100,000;
• those who have received any untaxed income such as tips, commission, money from renting out a property or income from savings, investments, and dividends; and
• those claiming Child Benefit but they or their partner have an income above £50,000.

Self-employed taxpayers must also register for Class 2 National Insurance contributions.

You should register with HMRC by 5 October 2023 here: Register for Self Assessment - GOV.UK (www.gov.uk)

Paper tax return deadline
The tax return deadline for the 2022 to 2023 tax year is Tuesday 31 October 2023 for those completed on paper forms.

Online tax return deadline
The tax return deadline for the 2022 to 2023 tax year is Wednesday 31 January 2024 for online returns and to pay any tax owed.

See: Self Assessment tax returns: Who must send a tax return - GOV.UK (www.gov.uk)
 
Innovation Loans Future Economy competition: round 11
Innovate UK is offering up to £25 million in loans to micro, small, and medium-sized enterprises (SMEs). Loans are for highly innovative late-stage research and development (R&D) projects with the best potential for the future. There should be a clear route to commercialisation and economic impact.

Your project must lead to new products, processes, or services that are significantly ahead of others currently available, or propose an innovative use of existing products, processes, or services. It can also involve a new or innovative business model.

See: Competition overview - Innovate UK innovation loans future economy: round 11 - Innovation Funding Service (apply-for-innovation-funding.service.gov.uk)
 
Made in the UK, Sold to the World Awards 2024
The annual Made in the UK, Sold to the World awards recognises and celebrates the global trading success of SMEs from across the UK.

The Department for Business and Trade’s 2024 Made in the UK, Sold to the World awards will open for entries on Friday 10 November 2023, during this year's International Trade Week (6 to 13 November 2023).

There will be ten categories of awards to enter:

• Agriculture, Food & Drink;
• Consultancy & Professional Services;
• Creative Industries;
• Education & EdTech;
• Financial Services & FinTech;
• Healthcare;
• Infrastructure & Engineering;
• Low Carbon Energy;
• Manufacturing, Advanced Manufacturing & Construction; and
• Retail & Consumer Goods.

See: 2024 Awards Information - great.gov.uk
 
New training places available for retrofitting, heat networks, and heat pump installations
A new wave of low-carbon heating and insulation installers will be created through thousands of heavily discounted training spaces in a boost to the green jobs sector.

Up to 8,000 people – including current installers and those who are new to the industry – will be able to develop the skills and expert knowledge needed to retrofit homes and install insulation through a host of training providers thanks to the Home Decarbonisation Skills Training scheme.

A further 4,000 people will also be able to get £500 towards training to install and maintain heat networks through the Heat Training Grant.

The Low Carbon Heating Technician Apprenticeship, the first of its kind, will provide people with the chance to learn how to install low-carbon heating systems on the job, supporting delivery of the expanded Boiler Upgrade Scheme which gives hard-working families the opportunity to make the switch away from fossil fuel heating.

See: Thousands of low-cost training spaces available in boost to green jobs sector - GOV.UK (www.gov.uk)
 
UK signs sixth US state deal with Washington State
The UK and the US state of Washington signed a new Memorandum of Understanding (MoU) on trade and investment last week.

Washington State is home to major US business including Amazon, Starbucks, Microsoft and Boeing, and has a GDP roughly equivalent to Poland. The MoU marks the sixth delivered as part of the UK’s state-level strategy to increase trade with the US and means that the combined GDP of states the UK has MoUs with now totals £2.2 trillion.

The UK has signed MoUs with Indiana, North Carolina, South Carolina, Oklahoma, Utah, and now Washington. Collectively these states imported £5.1 billion of UK goods in 2022.

The Government is actively engaging with further states including Florida, Texas, California, Colorado, and Illinois.

See: UK signs sixth US state deal with Washington State - GOV.UK (www.gov.uk)
 
World’s first fully digitalised goods shipment sent from Burnley 
The first ever fully digitalised goods shipment landed in Singapore from Burnley after the UK introduced legislation to digitise trade documents to make importing and exporting easier for businesses.

A valve produced by Burnley-based manufacturer Fort Vale set off from Manchester Airport on Thursday, facilitated by UK and Singapore based tech company LogChain, and arrived in Singapore. For the first time ever, the shipment was processed entirely digitally, rather than via physical customs documents.

The news comes following the UK’s digital trade agreement with Singapore, which facilitated electronic trade, as well as the introduction of the UK’s Electronic Trade Documents Act (ETDA) which came into force last week.

The Act made the UK the first G7 country to place electronic trade documents on the same legal footing as paper documents.

It is estimated the move could generate £1.14 billion for the UK economy over the next decade.

See: World’s first fully digitalised goods shipment sent from Burnley in billion-pound Brexit boost for British businesses - GOV.UK (www.gov.uk)
 
Christmas and new year holidays
The Christmas season has a big impact on most businesses and employees in the UK. It will be a time when there is likely to be extra demand for products, services, and sales in some businesses whilst others may experience a quiet period or may shut for the Christmas holidays.

This year, Christmas Day, 25 December 2023 falls on a Monday and Boxing Day, 26 December 2023, falls on a Tuesday. New Year’s Day also falls on a Monday.

The Advisory, Conciliation and Arbitration Service (ACAS) has useful guidance for both employers and employees on their website about holiday entitlement.

See: Holiday, sickness and leave | Acas
 
£25 million for projects using nature to increase flood resilience
The ring-fenced funding, provided by the Government and the Environment Agency, will support natural flood management schemes across England that use techniques such as planting trees and creating wetlands to slow and store water to reduce the risk of flooding. These schemes are also proven to improve air and water quality, provide habitats for wildlife, and create green spaces for communities.

This new funding builds on the £15m natural flood management pilot programme which ran until 2021. Across the 60 pilot projects supported by this programme, the equivalent of 1.6 million cubic metres of water storage was created and 15,000 homes were better protected from flooding, while 4,000 hectares of habitat and 610 kilometres of river were improved, and 100 hectares of woodland were planted.

The £25 million will also help harness the power of nature and support the Environment Agency’s FCERM Strategy, which provides a longer-term vision of how we will create climate-resilient places and better protect and prepare homes and businesses from flooding and coastal change.

See: £25 million for projects using nature to increase flood resilience - GOV.UK (www.gov.uk)
 
Bus fares in rural England to rise on the 1 November 2023
Last week, new statistics from the Department of Transport (DfT) showed the overall price of bus fares in England, outside London, has dropped by 7.4% between June 2022 and June 2023, mainly due to the extension of the Get Around for £2 scheme.

Starting in January 2023 and originally scheduled to end on 31 March 2023, the Get Around for £2 scheme has been extended until 31 October this year and will then run at £2.50 until the end of November 2024.

See: Bus fares in rural England drop 11% thanks to government's £2 fare cap - GOV.UK (www.gov.uk)