The recipients of The King’s Awards for Enterprise have been announced, celebrating the achievements of UK businesses, including numerous East Midlands firms. The King’s Awards for Enterprise were previously known as The Queen’s Awards for Enterprise and were renamed last year to reflect His Majesty The King’s desire to continue the legacy of HM Queen Elizabeth II by recognising outstanding UK businesses. The Award programme, now in its 58th year, has awarded over 7,000 companies since its inception in 1965. His Majesty’s Lord Lieutenants will be presenting the Awards to businesses locally throughout the year. Businesses are recognised for International Trade, Innovation, Sustainable Development and Promoting Opportunity through social mobility. Minister for Enterprise Kevin Hollinrake said: “I congratulate the recipients of this year’s King’s Awards for Enterprise, who exemplify the talent, innovation, and entrepreneurial spirit of British business.

“I wish them every success and commend the invaluable contributions they make to communities both at home and overseas, helping to grow the UK economy.”

  The recipients from the East Midlands include: INNOVATION Halo Solutions Ltd – Nottinghamshire – Lifesaving software invented by counter-terrorism police officer, motivated to help after Manchester Arena bombing. Hygienex trading as HSG UK – Derbyshire – HSG’s revolutionary washroom innovation technologies significantly reduce water consumption, save money and improve the environment. Whitehouse Construction Co. Ltd – Derbyshire – A flood resistant door and gasket for domestic properties, providing a passive defence against water. Winbro Group Technologies Ltd – Leicestershire – High performance, flexible manufacturing system for machining; Turbine Blades, Hydrogen Fuel-Cells, Semiconductor and Medical parts. Zeeko Limited – Leicestershire – Innovative process and product range enhancing the established business and offering growth and diversification opportunities.   INTERNATIONAL TRADE CMS Cepcor Ltd – Leicestershire – The leading supplier of aftermarket parts to crushing operations around the world. Devol Kitchens Ltd – Leicestershire – Beautifully made furniture and accessories designed and crafted in Britain. Doff Portland Limited – Nottinghamshire – Sale of environmentally responsible horticultural products to European hobby gardeners, and the agricultural sector. Global Brands Limited – Derbyshire – The leading independent producer and creators of remarkable, tasty liquids, enjoyed around the world. Halliday Lighting Limited – Nottinghamshire – Experts in exterior lighting solutions internationally for sports, ports, airports, and industrial applications. Heraeus Electro-Nite (UK) Ltd – Derbyshire – Global leader in the development and supply of measurement technology for the steel industry. Learn Well Trading Limited – Rutland – Delivering the best kind of open-ended, child-led, play-based learning, into homes and classrooms worldwide. Matrix Corp. Pvt Limited – Northamptonshire – Provider of high-purity non-ferrous recycled metals to customers in Asia, Europe, and the Middle East. McGhee Investments Ltd – Derbyshire – Global specialists in the controlled manufacture, machining, recycling, testing and distribution of graphite products. NMS International Group Ltd – Leicestershire – NMS manages complex projects in difficult places. United Cast Bar (UK) – Derbyshire – Global leader in the production and international supply of continuous cast iron bar. Wrendale Designs Ltd – Lincolnshire – Leading supplier of beautiful quality design-led giftware featuring characterful illustrations inspired by the natural world. Zeeko Limited – Leicestershire – Zeeko continues to increase exports of its optical manufacturing technologies to the world’s biggest companies.   PROMOTING OPPORTUNITY (THROUGH SOCIAL MOBILITY) Rockleigh Ltd – Northamptonshire – Rockleigh Ltd is providing life-changing opportunities for marginalised people.   SUSTAINABLE DEVELOPMENT ML Operations Ltd, trading as Midland Lead – Derbyshire – Sustainable manufacturer of recycled lead sheet – positively impacting on our team, community and environment.   Commenting on the King’s Award, Halo Solutions founder and CEO Lloyd Major said: “Halo is in the business of protecting people and anywhere where the public gather, from train stations to football stadiums, festivals to universities and everywhere in between. It takes great communication and co-ordination of information and resources to keep the public safe at all times. The Halo system is the software that connects everything together to enhance public safety and security, which helps to protect everyone. “Winning the King’s Award for Enterprise is a stunning recognition of the hard work we do in this space as a British tech company, bringing innovative software to the operational environments that need it most. We have an amazing team who are dedicated and committed to public and crowd safety, enabling our clients to keep their public spaces, events and infrastructure safe and protected. “It was a fitting honour that Halo played a part in the safety and security aspects of the state funeral of Her Majesty Queen Elizabeth II and at the coronation of His Majesty King Charles III.”   James Brand, Managing Director of United Cast Bar Foundries, said: “The team and I are over the moon. It is recognition for our continued product development and commitment to producing a high quality product that has enabled us to open new markets around the world and trade competitively internationally. “Having a King’s Award for Enterprise gives us a further platform to develop and grow the business internationally. There are exciting times ahead for United Cast Bar.”   HSG founder and Managing Director Simon Rice said: “We are deeply honoured that our continued innovation in sustainable technologies has been recognised with The King’s Award. “This recognition demonstrates our ongoing commitment to reducing water wastage – enabling our customers to reduce their carbon footprint as well as saving them money and improving the washroom environment. “Although we are a relatively small company, we certainly punch above our weight in the industry and have some of the most prestigious venues in the country on our client portfolio. “It is therefore a huge honour to be able to display The King’s Award emblem on all our packaging and marketing materials and to fly the flag outside our offices in Pride Park.”

With thanks to funding awarded by the Department for Culture, Media & Sport (DCMS) and The Wolfson Foundation through the DCMS/Wolfson Museums and Galleries Improvement Fund, Pickford’s House will shortly undergo a comprehensive facelift, with each room receiving new interpretation, displays, and more immersive layout exhibits. These enhancements aim to elevate the visitor experience and offer a fresh perspective on the rich history encapsulated within the walls of this architectural gem. Among the notable updates, local video production company Glowfrog (www.glowfrogvideo.com) have offered their services pro-bono to create a captivating welcome video for the museum. This video will provide an engaging overview of the house’s history and cater to disabled visitors who may face accessibility challenges, ensuring an inclusive experience for all. Laura Phillips, Head of Interpretation and Display at Derby Museums, said: “The meticulous curation of each room at Pickford’s House reflects our commitment to preserving and presenting history in an engaging manner. “Glowfrog’s offer to create an inclusive experience through the welcome video resonates with our vision of making the museum accessible to all.” As a gesture of appreciation and recognition, Derby Museums encourages local businesses to explore Glowfrog Video Production’s website at www.glowfrogvideo.com for more information about their award-winning video production services.

Jennie Brown, tax partner at Streets Chartered Accountants, considers tax changes set to affect individuals’ finances. As we usher in the new tax year, several significant changes are set to impact individuals’ finances. The key changes and their impact are outlined below: Dividend allowance slashed The tax-free dividend allowance has been reduced from £1,000 to £500. This will affect both those who receive dividends as part of investments but also individuals who trade through a limited company preferring to take a minimal salary, plus dividends – an approach which can be more tax efficient in terms of remuneration planning, as dividends are not subject to National Insurance and taxed at a lower rate than salary. However, National Insurance Contribution reductions, along with Corporation Tax rises and the reduction in dividend allowance have and will for some make being self-employed or paying them a salary rather than dividends more attractive. Therefore, it may be time to review your remuneration strategy. Capital Gains Tax threshold reduced The annual exempt allowance for capital gains tax (CGT) will be halved from £6,000 to £3,000, down from £12,300 just two years ago. Additionally, there will be a new reduced CGT rate of 24% for residential property sales for higher-rate taxpayers, down from 28%, while the basic rate remains unchanged at 18%. These changes may give rise to the need to consider the sale or acquisition of property or other business assets which might be subject to CGT. National Insurance Contributions reductions for employees and the self employed Employee national insurance contributions (NICs) will see a further 2% reduction to 8%, following a prior 2% cut announced in the Autumn Statement 2023. This reduction is estimated to save the average worker on £35,400 over £900 annually, resulting in a reduced tax rate of 28% for basic rate taxpayers compared to the previous 32% as of 5 January 2024. For self-employed individuals, the main rate of Class 4 NICs is being reduced from 9% to 6%, alongside the abolition of the requirement to pay Class 2 NICs. These changes aim to simplify the tax system and save an average self-employed person on £28,000 over £650 annually. Threshold freezes and adjustments The basic rate and higher rate tax thresholds will remain frozen until 2028 at £12,570 and £50,271, respectively. This freeze may pull more taxpayers into higher-rate tax brackets, with over a million expected to face 40% tax charges for the first time. The additional tax 45% threshold remains unchanged at £125,140. Additionally, the income limit for married couples’ allowance increases to £37,000 from the current £34,600. High Income Child Benefit Charge (HICBC) Increase The high income child benefit charge (HICBC), the threshold for which child benefit can be received, will rise to £60,000 from the current £50,000. However, the charge is tapered, meaning it may still be beneficial for parents or their partners earning between £60,000 and £80,000 to claim child benefits. The charge increases by 1% for every £200 of income exceeding £60,000 and equals the amount of the child benefit payment if income exceeds £80,000. Child benefit rates will increase with the eldest child receiving £25.60, up from £24, and other children receiving £16.95, up from £15.90. Pensions, making retirement better? For private pensions, the new lump sum allowance will be £268,275, while the lump sum and death benefit allowance will be £1,073,100, with the lifetime allowance being eliminated. The state pension will increase to £221.20 a week from £203.85 and working tax credit elements will also see adjustments. Inheritance Tax remains frozen The IHT threshold remains frozen at £325,000, with no increase for 15 years, perhaps not surprisingly the amount paid to HMRC in IHT is at an unprecedented level with £7.5bn said to be collected in the tax year 23/24. It might therefore be time for many to look at IHT planning in the year ahead. These changes are all part of an ever-changing tax landscape and continue to highlight the need for individuals and businesses alike to keep up to date, as well as to ensure that they seek advice from specialist tax advisers.   See this column in the May edition of East Midlands Business Link Magazine here.