HMRC ‘nudges’ 2,000 companies to clamp down on R&D tax fraud and error
HMRC has written to more than 2,000 companies as part of its ever-increasing compliance activity to crack down on fraudulent and inaccurate R&D tax relief claims.
The ‘nudge’ letters encourage recipients to check that their previous R&D tax relief claims are complete and correct, and where inaccuracies are identified, companies are urged to make amendments to their company tax return.
HMRC has also warned companies that they may face formal tax enquiries and rejected claims if their returns are found to be incorrect.
There has been growing concern about a rise in R&D tax relief fraud in recent years.
In January this year, the Lords Finance Bill sub-committee published a report which highlighted an escalation in the abuse of R&D tax relief, noting that the relief was subject to large-scale organised criminal attacks and the activities of rogue advisers.
In its latest annual report and accounts, HMRC estimated that £469m was lost through fraud and error in its two R&D schemes in 2021-22, equivalent to 4.9% of Corporate Tax R&D reliefs.
To address these concerns, the government has increased compliance resource and activity, and the specialist R&D team focused on SME compliance has more than doubled in size.
Commenting on the nudge campaign, Carrie Rutland, Innovation Incentives partner at BDO, said: “Companies that have been nudged by HMRC may face higher tax penalties if their claims contain errors. Getting an expert review of past claims by a specialist is the best way to identify and rectify any mistakes in past years’ tax relief claims – both for returns that are in date to amend and for any previous years where voluntary disclosures are required.
“However, it’s important for all businesses to review their past R&D claims to make sure there are no potential skeletons in the company closet. It’s always better to make a voluntary disclosure for errors before you are nudged by HMRC, as this should be treated as an ‘unprompted’ disclosure which carries a much lower penalty – if any. I would expect HMRC to keep on issuing these nudge letters, so the window of opportunity to get past claims put right at a lower cost could be closing soon.
“Past R&D claims often come up whenever a potential purchaser is doing due diligence, so management considering a sale will want to make sure there are no barriers to getting a successful transaction over the line.”
The government is currently consulting on reforms to R&D tax relief regime to ensure taxpayers’ money is spent as effectively as possible through a simplified, single relief.
Plans submitted to demolish Beeston petrol station for new apartments
Plans to demolish a Beeston petrol station and garage to make way for new apartments have been submitted to Broxtowe Borough Council.
The proposals for Beeston Car Centre on Broadgate involve constructing a four storey scheme containing 32 studio flats.
A design statement says: “The design approach includes the careful consideration of the prominent nature of the plot and creates a scheme that is well suited to its context and carefully addresses the street scene.
“The scheme will enhance the appearance and quality of the existing site and is a significant improvement on the existing state of the site.
“The proposed scheme will meet the needs of the local area in supplying a purpose-built Apartment scheme.”
“The layout of the apartments have been designed to maximise desirable outlook and eliminate overlooking with the use of carefully positioned internal spaces.
Another warehouse let on West Meadows Industrial Estate
As the market for industrial/warehouse accommodation under 10,000ft2 continues to prove popular due to an ongoing lack of supply of good quality units across the East Midlands, FHP Property Consultants have let E9 Ashlyn Road on West Meadows Industrial Estate, following on from the letting of G5 Cranmer Road earlier this year.
The West Meadows Industrial Estate is situated in Derby just off Pentagon Island/A52 and provides a mix of industrial, warehouse and trade counter units.
E9 Ashlyn Road comprises a terraced industrial/warehouse unit comprising 7,427ft2 of accommodation. The property benefits from a comprehensive refurbishment including new roller shutter loading door, LED warehouse lighting and newly painted warehouse floor.
The unit has been let on new lease terms for a period of 5 years at a rent equating to £6.50ft2.
Darran Severn of FHP Property Consultants says: “This is another excellent result for our client who own a significant part of West Meadows Industrial Estate. I’m pleased to say all units are now fully occupied and we have seen rental growth in excess of 20% in the last 18 months.
“There is currently good demand for industrial/warehouse space in Derby despite the economic uncertainty we faced towards the end of last year.”
Clay Cross town centre investment projects approved by Government
The Government has approved the Clay Cross Town Board and North East Derbyshire District Council’s proposals for four key town centre projects supported by the £24 million Town Fund investment.
Final details are still to be agreed, but the projects are now progressing and the council are keen to hear the views of businesses and residents of Clay Cross on these transformations.
The four proposed projects of the newly-produced masterplan for the town centre consist of:
- Transport and connections improvements (subject to an upcoming consultation) – proposals include providing enhanced parking and access from the A61, improving traffic flow through the town, re-opening Bridge Street from Harris Way and the possibility of converting the one way section of Market Street from Bridge Street to High Street into a pedestrian zone.
- Skills and Enterprise zone – renovating the clock tower building (Adult Education Centre) into a hub for learning and business engagement, which also includes a proposal to bring the library into the town centre.
- Clay Cross Community/Social area – preserving, restoring and enhancing heritage buildings in the centre of the town, focused on restoring the annex building of the clock tower building and creating a new leisure space fronting onto the proposed new town square area.
- Broadleys site – forming a new town square as the heart between other elements of the Town Deal, providing flexible accommodation for start-up businesses in pop-up enterprise units and providing a space for community activities.
Fraudsters targeting higher value assets in the Midlands amidst economic challenges
As the economy continues to face challenges, the total value of alleged fraud cases heard in Crown Courts across the Midlands in 2022 rose to £143.6m across 31 cases, compared with £59m across 46 cases for the same period in 2021.
KPMG UK’s latest Fraud Barometer, which records cases over £100,000 heard in UK courts, found that the value of losses increased significantly, highlighting that fraudsters are targeting higher value targets. The alleged fraud with the highest value recorded in the Midlands was a £100m money laundering case, a direct correlation to the rise of organised criminal rings.
Members of the general public continue to be the most common victim type by volume with 11 cases worth a combined value of £2.6m. Commercial businesses were the second most common victim type by volume, with nine cases worth a combined value of £3.2m. By value, Government was the highest victim with alleged frauds of £101.7m across six cases.
The Government has seen a steady number of fraudulent cases as criminals seek to take advantage of various loopholes in tax systems and asylum benefits. Professional criminals perpetrated the most cases of fraud across the Midlands with 16 cases worth a combined value of £129m in 2022.
Julie Bruce, forensic lead for KPMG in the Midlands, said: “Although the number of cases heard in Midlands Crown Courts decreased, the threat of fraud is still evident.
“Fraudsters are finding new opportunities and ways of getting ill-gotten gains. Financial institutions that handle high volumes of money will have to tighten up on protective measures and ensure that proper due diligence is done across all new clients, and that staff are trained to spot any suspicious cases.”
A few of the cases to reach the region’s courts during this period include:
- A Director pleaded guilty to investing most of the money from three pension schemes into his own business. The 3 schemes were left with a shortfall of £10m.
- 57-year-old garage boss admitted 8 charges of fraud by false representation over scamming victims into buying cars which did not exist and swindled £500k from customers after tricking them into a sham car selling scheme.
- Employee took over £1.4m from company through falsifying invoices to fund gambling addiction. The employee was found guilty and sentenced to 4 years and 8 months in prison.
Leicester Tigers directors plan £13m investment
Directors of Leicester Tigers, Tom Scott and Peter Tom, have made an investment commitment which could raise up to £13m for the club.
The proposal would see Scott, a non-executive director, and executive chairman Tom increase their shareholdings in the club, with Scott becoming a majority shareholder.
Shareholders will vote on whether to accept the board’s plans on March 3.
In a statement, Leicester Tigers’ CEO Andrea Pinchen said: “Tom Scott is a long-standing supporter of the club and a valued member of the board of directors who over his tenure with the club has already invested over £10m.
“Peter Tom has been chairman of Leicester Tigers since 1993, having made 130 appearances for the club between 1963 and 1968 and has been a huge part in navigating the club through the professional era.
“We are very grateful that Peter and Tom are looking to extend their investments in Leicester Tigers at a time when the club is suffering some very challenging conditions from factors mostly outside of our control.
“Their decision to invest at this time will give the club the financial assurance to execute the club’s strategy of continued success and financial sustainability.”
Leicester Tigers would initially receive £8.3 million, with Peter Tom investing £3 million and Tom Scott investing £5.3 million, to be followed by a further £4.7 million.
If the investment plans are not passed, the appointment of administrators is anticipated.
DMU helps company use AI to select green suppliers
AI is being used to assess a company’s suppliers list to help them choose more environmentally-aware firms.
Tugby-based Pure Table Top, which creates specialist ceramics homewares working with brands such as Joules and Kew Gardens, is working with De Montfort University Leicester (DMU)’s experts on the project.
DMU’s partnership with Pure Table Top will develop a matrix that will enable the company to score the sustainability of their supplies based on 70 different data points, such as material wastage, energy, and water consumption.
The project is one of the first to be funded through QUiDS – Quick innovation Developers – a programme at De Montfort University Leicester (DMU) to help local businesses, charities and public organisations trial new ideas and innovations.
Tom Sellicks, Sustainability Officer at Pure Table Top, said: “We have been working with DMU and the QUID’s programme for over six months now in order to develop a bespoke tech solution for recording and analysing the social and environmental performance of our global supply base.
“This kind of solution does exist for larger companies with hundreds of suppliers however, we hadn’t found a scalable alternative.”
The new collaboration will use artificial intelligence and algorithms to help find the optimum way of analysing variables that reflect the sustainability of a product, in a way that is also transparent to the consumer, so that they can make more informed decisions on the goods that they are purchasing.
Darsheet Chauhan, Knowledge Exchange Officer at DMU, said: “We began with developing an understanding of what Pure Table Top’s challenges and aspirations were in relation to increased sustainability in its business operation and then sought different solutions from the many disciplines in DMU and the various mechanisms of support on offer to them.
“Pure Table Top have proven to be a very committed and dynamic local company who are at the front of sustainability within their sector. In fact, a lot of leading high street names are now looking to work and follow on the exemplary journey started by Pure Table Top.”
DMU’s knowledge exchange team recruited experienced researcher, Dr Mario Gongora, to collaborate with the team at Pure Table Top in researching and developing new ways of measuring environmental concerns.
Dr Gongora’s expertise includes the application of computational intelligence techniques to a variety of complex processes.
Mario has previously worked on a variety of knowledge exchange projects with industry, applying his research outcomes in the analysis of consumer behaviour and other complex industrial processes.
Mr Sellicks, of Pure Table Top, added: “We believe that Mario’s expertise (combined with that of the computer, engineering and media faculty) will enable us to develop a product which can be adopted by other UK SMEs to measure the sustainability performance of their supply base.”
Chesterfield manufacturer reveals new senior leadership team
Composites Evolution, part of the Clockpress Holdings group of companies, has unveiled a new senior leadership team following its recent takeover.
The Chesterfield-based specialist prepreg manufacturer has appointed Brendon Weager, Gemma Williams, Mike Harrison & Rochelle Helliwell to the team that will work alongside Clockpress’ Chris Barnes and Sam Kirk to drive the business forward.
As part of the change the original founder and owner of Composites Evolution – Gordon Bishop – is stepping away from the company.
Brendon Weager, technical director at Composites Evolution, said: “The recent investment by Clockpress Holdings and appointment of the new leadership team provides us with an excellent platform to support the next phase of our growth. The business has already made a great start to 2023 and the future is exciting, as we continue to deliver industry leading composite prepregs and customer service to our customers.”
Sam Kirk, CEO of Clockpress Holdings, added: “Chris and I are delighted to welcome Brendon, Gemma, Mike & Rochelle to the new senior leadership team. They have all demonstrated exceptional leadership qualities which, combined with their passion and hunger for success, will play a pivotal role in moving the business forward together.
“They have all contributed to the process of putting a clear and exciting vision and strategy together, and we look forward to supporting their growth aspirations over the coming months and years.”
The new team’s primary focus is to accelerate the implementation of those strategic plans, with the ultimate goal of establishing Composites Evolution as the number one partner for specialist prepregs, through world-leading innovation, sustainability, customer service, and responsiveness.
Boots abandons plastics in wet wipes and launches plant-based alternatives
Nottingham-based Boots has eliminated unnecessary plastic in wet wipes by not only reformulating its own brand versions, but also by committing to eliminate plastic from all wipes it sells – no matter the brand – to deliver on a pledge it made last year.
Natalie Gourlay, Head of ESG at Boots said: “Boots believes that healthy communities need a healthy planet, we have a rich legacy of operating responsibly because we recognise it is the right thing to do. Together with our customers we want to inspire positive action and encourage the little switches that make a big difference.”
Boots teams worked hard with suppliers to make the switch, ensuring all brands of wet wipes sold at Boots are now biodegradable-only without compromising on options available to customers. To support the correct disposal of wet wipes, all Boots brand wipes are labelled as “Do Not Flush”, or where we need to provide flushable wipes for intimate use, they are developed to meet the Fine to Flush standard.
Fleur Anderson, Labour MP for Putney, Roehampton and Southfields said: “A huge thanks to Boots and thanks especially to all of the staff who’ve been involved in delivering on your commitment to take plastic fibres out of Boots own brand, and then all the other brands sold at Boots.
“The damage that plastic in wet wipes does to our environment is huge, right from what they’re made from all the way through to seeing them on the banks of the river Thames as I have. I hope this move from Boots will inspire lots of other shops to do the same thing.”
Nottingham start up secures funding to explore potential of AI for aircraft safety
Nottingham-based artificial intelligence start up Blueskeye AI has been awarded £20,000 to investigate how face sensing technology can be used to obtain insights about human behaviour in the aircraft cockpit.
The research will identify the key drivers, enablers and barriers to using such technology in aircraft cockpits. It could pave the way for their adoption by the aerospace sector enhancing passenger and crew safety. The award was made by the Aerospace Unlocking Potential (UP) Programme. Aerospace UP is a £20m European Regional Development Fund project which is in its final year. It aims to help the aerospace supply chain in the Midlands unlock its innovation potential. The project is delivered by the University of Nottingham and the Midlands Aerospace Alliance. Professor Michel Valstar, founding CEO of BlueSkeye AI, welcomed the award saying: “This award shows the potential of our face scanning software in safety critical environments. Our software uses machine learning to objectively and automatically analyse face and voice data to interpret attention, engagement, tiredness and fatigue as well as medically relevant expressive behaviour and assist in the assessment and monitoring of, and the response to, health, mood and mental state.” Dr Nicola Deards, technology manager for Midlands Aerospace Alliance, said: “I am delighted to have helped BlueSkeye AI secure an innovation grant as part of the Aerospace UP programme. The company is an excellent example of a business that isn’t currently part of the UK’s aerospace supply chain but has the potential to be so. I would encourage other businesses to follow their example and explore whether they could be eligible for support from the programme.” The project is due to conclude in March.Mazars delivers 23% growth in latest annual results as East Midlands office continues to grow
Mazars, the audit, tax and advisory firm, grew 23% in the UK in the year to 31 August 2022, recording revenue of £288m. Growth was strong across all service lines and sectors, in audit and non-audit.
Meanwhile, the team in East Midlands has continued to grow, with 20 additional team members added over the year, the recruitment of new partner Hina Desai, and several promotions into director and manager roles.
The team has focussed efforts on expanding existing services, with a new, locally based Financial Services team created, as well as development of and investment into the tax capability across the corporate, private client, international, transactional and specialist tax teams.
Commenting on the firm’s growth and expansion of services in the East Midlands Steve English, East Midlands office managing partner, said: “It’s been a hugely positive year for the East Midlands team, with additional members of staff joining and a raft of promotions over the year.
“We’ve been focussed on delivering good work for our clients, and have invested in our people and capabilities across all of our service lines, including creating a new Financial Services team, and look forward to building on these successes in the next period.”
Across the UK headcount grew to 2,890, an increase of 18.5% from the previous year. The firm promoted 980 team members in FY22. The team also committed 9,000 hours to wellbeing and volunteering projects.
Phil Verity, CEO, said: “We are harnessing the firm’s positive momentum to invest in building the team of the future. From defining enhanced career pathways to creating a culture of mentorship across the firm, we are investing today to build a team with the skills, resources and support to succeed in the future.
“The business environment is uncertain, but we remain driven by our relationships with our clients, supporting them through a volatile and shifting economy, and consistently delivering quality work.”
Mazars Group, operating in nearly 100 countries worldwide, grew by 16.4%, reaching €2.45bn in fee income. The Group performed strongly across all geographies, with particularly significant growth in Africa and the Middle East (21.7%), the Americas (22.4%) and Asia-Pacific (17.1%).
Hervé Hélias, CEO and chairman of Mazars Group, said: “Despite a complex global environment, 2022 was an excellent year for Mazars across all geographies and service lines. Our performance confirms the quality and relevance of our services, as we continue our drive to offer choice and a different perspective in a highly concentrated market; providing essential competition for the healthy functioning of financial markets.”
Applications open for funding to support Derby businesses
Derby City Council is inviting eligible and experienced organisations who can help businesses to grow to bid for funding to deliver tailor-made programmes of support.
Applications are now open to experienced business support providers to apply for funding from the UK Shared Prosperity Fund (UKSPF) to deliver a range of programmes that will enable business growth and innovation.
The UK Shared Prosperity Fund was launched in April 2022 to replace EU funding. It is a key part of the Government’s “levelling-up” agenda and is aimed at boosting communities, supporting local businesses and improving skills.
Every part of the UK is receiving an allocation from the fund, covering three years until the end of the 2024-25 financial year. Following Government approval of its Investment Plan, Derby City Council was awarded a total of £6.1million from the core fund.
Each authority is encouraged to use the money to meet the unique needs of their community and location. Taking onboard feedback gathered through a series of roundtables with businesses and existing providers, including the University of Derby and East Midlands Chamber, the Council has developed four priority programme areas:
- Early years (£345k) – Programmes to enable entrepreneurs to start and grow businesses in their first years in Derby.
- Sector opportunities (£1.13m) Programmes that champion innovation in product, process or service delivery, enabling company development in Derby key sectors.
- Inward investment (£600k) – A marketing programme to bring new key sector companies or to support new external investment into the city.
- Recruitment and skills – (300k) Up to four roles that help with 1) recruitment and skills provision 2) Growth and Scale-up advice ensuring Derby businesses can maximise relevant local and national support opportunities
Councillor Steve Hassall, Cabinet Member for Regeneration, Decarbonisation, Strategic Planning and Transport, said: “We want to support businesses to grow and to recruit, to enable residents to upskill and take advantage of the city’s increased employment opportunities.
“We know that getting the right advice and support at the right time is important to business success and providing tailored, dedicated support is key to driving growth and investment in the economy.
“This funding will create programmes that will create jobs, drive economic growth and help to make Derby a great place to live and work.”
Interested providers should email spf@derby.go.uk to ask for an application pack which will include full details on the four priority programmes, guidance notes and application documentation.
Organisations must submit completed applications by 10am on 7 March 2023.
Applications will be shortlisted in March and projects are expected to start in April 2023.
Independent Derby coffee and lifestyle brand secures funding for expansion
BEAR, the independent coffee brand founded by two entrepreneurs, recently closed a round of fundraising with private equity firm Clark Group. The investment will enable BEAR to open new stores and further its growth, aligning with the founders’ original vision to establish a UK coffee and lifestyle brand.
“We’re taking Shoreditch, giving it a pair of walking boots, and taking it for a trek in the Peak District. We recognise who we are and where we have come from, and we’re combining that with all of the best bits of our collective inner-city influences. We’re proud to be from the Midlands, but we’re always keen to explore,” said co-founder, Craig Bunting.
Clark Group have a wealth of experience in the hospitality and consumer retail industries, making them a valuable partner for BEAR. The investment firm’s portfolio includes well-known brands such as ThruDark, Wild Nutrition, Press, Bike Shed, and Bremont, among others. Clark Group provides financial support, hands-on guidance, and mentorship from industry leaders, offering a combination of equity and expertise.
“We recently invested in BEAR to support them and their ambitious growth plans. They have an outstanding management team and an incredible, high quality customer offer which underpins the BEAR brand appeal. This will be complemented by the skills of Clark Group as BEAR continues to grow its number of locations,” said CFO, Ed Formstone.
The partnership with Clark Group allows BEAR to further align their strategy and link brick-and-mortar stores with online e-commerce.
Craig Bunting added: “I see an incredible opportunity to build strong relationships with our guests, moving them from loyalty to advocacy. We will do this by creating products they can enjoy everywhere, whether in-store, at the office, on the go or at home, which excites me.
“High Streets have struggled for a long time, exacerbated by the pandemic. However, I am passionate about investing in our local communities. We will do this by using our online platform to drive footfall onto local High Streets and into our neighbourhood stores through a click & collect service, creating the most hospitable e-commerce brand of the future.
“We are thrilled to partner with Clark Group Investments and bring BEAR to the next level. Our vision is to become a leading brand within the hospitality & e-commerce sector. Their experience in hospitality and retail, combined with their hands-on support, will be invaluable as we continue to grow.”
Loughborough’s Exec Director of Sport decides to step down
John Steele is to step down as Loughborough University’s Executive Director of Sport in January after nine years in which the University has seen huge success across all areas of sport.
In this time sport participation, diversity and performance have all improved and capital projects such as the Elite Athlete Centre have enhanced Loughborough’s standing in the global sporting landscape.
Loughborough has also increased its commercial income and broadened its range of partnerships and sponsors. The campus has staged major events such as the School Games, and hosted preparation camps for partners including the British Paralympic Association and Team England before the Birmingham 2022 Commonwealth Games last summer.
Vice-Chancellor Nick Jennings said: “John’s contribution to Loughborough Sport has been significant. Through his leadership, our sporting activity has been transformed and I’m particularly delighted with the development of our activity in women’s sport and para-sport.”
During his time at Loughborough Steele has also made a major contribution to the broader sporting landscape with leadership roles as Chairman of the English Institute of Sport and currently Chairman of Commonwealth Games England. He was awarded an OBE in recognition of his service to sport in the Queens birthday honours in 2021.
Mr Steele said: “It has been a privilege to be part of an amazing era of sport at Loughborough. The collective passion and commitment of some wonderful people at the University, has driven forward sport and created a very special environment.”
He will remain involved at the University in a part-time advisory and project role including working on the new University strategy and will support the recruitment of a new Pro Vice Chancellor for Sport later in the year.
Historic mills receive six-figure boost
The Arkwright Society, which is responsible for Cromford Mills, has received a six-figure boost to conserve, regenerate and develop the historic site into a major visitor attraction.
The charity has received just shy over £250,000 from The National Lottery Heritage Fund to deliver a number of initiatives to ensure that the mills become an even greater attraction for visitors, local businesses and the wider community – and a place that people can enjoy and celebrate its history.
Cromford Mills was built in the 1770s and 1780s by Sir Richard Arkwright – and has gone from strength-to-strength since the Arkwright Society purchased the industrial heritage site in 1979.
The Heritage Fund money, made possible thanks to National Lottery players, will support staff in activities to engage more widely with people through learning and education about the site and the society’s ambitions for its development.
Sustainability is also a key theme for the society, highlighted by the forthcoming installation of a turbine powered water wheel in one of the historic wheel pits at Cromford Mills.
The cash will also support the mills’ programme of events, creating a more diverse and fun experience.
Critical to the long-term sustainability of the site is the next phase of regeneration at Cromford Mills, which will focus on the repair and repurposing of the remaining buildings on the site, in particular the iconic ‘First Mill’ built by Sir Richard Arkwright in 1771.
With £20,000 match funding from the Duke of Devonshire Charitable Trust, a refreshed masterplan will be commissioned, with a clear roadmap for the continuing regeneration of the mills and a business plan for their future use.
Chief Executive Eilis Scott said: “The Arkwright Society is immensely grateful for the ongoing support from National Lottery players and The National Lottery Heritage Fund and the Duke of Devonshire Charitable Trust.
“This funding will help make the society more resilient and deliver a bright and innovative future.
“Cromford Mills is a very special place within the Derwent Valley World Heritage Site, and we want to continue sharing and celebrating the mills and their stories with all our visitors and local businesses.
“This funding will give us greater confidence and resource to develop educational activities and plans, particularly for conservation and sustainability, with our local schools and communities; which is at the heart of what the Arkwright Society is all about.”
Streets Chartered Accountants covers tax investigations, the cost of living crisis, the Budget and more in new news roundup
Streets Chartered Accountants covers tax investigations, the cost of living crisis, gets ready for the Budget and more in its new news roundup.
Peace of mind in 2023 when it comes to your tax affairs – we are concerned that you may not be currently protectedWith the 31st January self-assessment deadline for filing returns having just come and gone, tax matters are probably very much still on the minds of many. Perhaps less so is the potential impact that a tax enquiry or investigation might have on us as an individual or on our business. Whilst we all want to ensure our affairs are in the best order, there is a real risk that the Revenue can instigate an investigation or enquiry.
Webinar: The Budget 2023 – what will it mean for you?The Chancellor, Jeremy Hunt, will present his Spring Budget in the House of Commons on Wednesday 15th March 2023. Following the announcements, Streets will be holding a special webinar on Thursday 16th March, 11am till 12noon. Streets will provide details of the announcements along with guidance on what they may mean for businesses and individuals.
What are your customers doing differently in light of the cost-of-living crisis?
With the rate of inflation having seemingly or hopefully peaked at a 40 year high and with Prime Minster Rishi Sunak’s announcement that he seeks to half the rate of inflation by the end of the year, we might start to feel some sense of easing in the cost of living. However, against this backdrop many households and businesses are still feeling the financial impact of the pandemic. This is aside from the fact that salaries are not keeping pace with inflation.
Watch again: Payroll & HR Update 2023Last week Streets hosted its Annual Payroll & HR Update to keep you informed of the issues and changes affecting payroll management, the tax implications around staff employment and remuneration and also some broader HR matters that may concern employers now and in the year ahead. If you missed it and would like to catch up you can watch the recording by clicking the title above.
Podcast: connections and support at the heart of entrepreneurial successThis episode of The Streets Sessions features Charlotte Kirton-Cook and Reece Leggett from the University of Lincoln’s Research and Enterprise team, who talk about the University’s work in supporting and nurturing start-up businesses and entrepreneurial scale-ups. The podcast also explores the role of a new network, ‘Entrepreneurs Connect’, set up in conjunction with Streets to support entrepreneurs and share knowledge and experience.
Entries are now open for the Midlands Family Business Awards 2023!As accountants and tax advisers looking after family businesses, Streets are once again supporting these Awards and entries are now open! Streets are continuing to sponsor the People’s Choice Award which is a category that all finalists are automatically entered into and is decided by public vote! Good luck!
Planning granted for 10,000 sq ft mixed-use development in Nottingham
Hillcrest Properties has been granted planning permission for a 4,000 sq ft restaurant and bar, four apartments, four offices and a 1,000 sq ft retail unit on the site of the former Lloyds TSB Bank at 31 Plains Road.Hillcrest, a third-generation family property company based in Nottingham, successfully secured planning consent for the site, which has a projected gross development value of around £2.25m. Work is scheduled to commence over the coming weeks and the units will be available to rent from Q4 2023.Landa Associates have been retained by the developer as letting and managing agents and have been instructed to find an operator for the new restaurant, as well as tenants for the accompanying first floor offices and ground floor retail space.Sunny Landa FRICS, director at Landa Associates who will be leading the marketing, said: “This scheme is yet to hit the market, but we are already being inundated with interest from major operators.“Demand for these sorts of properties located in affluent areas is at an all-time high. This development will help satisfy that by bringing new high-quality space to this part of Nottingham. We are confident that the prestigious location coupled with the ambitious plans our client has for the development will stimulate economic growth and job creation.“On behalf of Hillcrest, I would like to thank the planning committee at Gedling Borough Council for granting permission for this fantastic new addition to Mapperley.”EDGE is providing cost and project management services for the scheme. Elliot Holloway said: ‘‘We are proud to be a part of this development and I look forward to seeing the project complete. The plans are of the highest quality and the nature of the accommodation will be superb.”
Reserved matters submitted for 947,650 sq ft industrial and logistics development
Mountpark Logistics has submitted a reserved matters planning application to Hinckley and Bosworth Borough Council for a 947,650 sq ft industrial and logistics development at Stanton Lane, Coalville.
Known as Mountpark Bardon III, the proposed scheme comprises two high quality buildings of 535,955 sq ft and 411,695 sq ft, both of which have been designed to achieve EPC ‘A’ ratings and minimum BREEAM ‘Excellent’ accreditations. As part of its plans, Mountpark has designated 50% of the site as green space to support biodiversity and provide a landscaped woodland park for both employees and local residents to enjoy.
The new scheme is the third and final phase of Mountpark Bardon, which is strategically located near Junction 22 of the M1, north of Leicester and within a 4.5 hour HGV drive time of around 85% of the UK population.
“The success of the first two phases of Mountpark Bardon has demonstrated the high demand for large logistics facilities along the M1 corridor,” said Tom Kilmister, senior development director at Mountpark UK & Ireland. “By making sure detailed planning permission is in place, we can offer customers certainty of delivery to meet tight operational deadlines.
“As a business, we seek to offer our customers the best logistics property opportunities on the market, including high quality amenity space – such as roof terraces and landscaped surroundings – that will create an attractive working environment for employees.”
DTRE and CBRE are representing Mountpark.
Bio8 secures funding for MBO
SME Capital has agreed a bespoke funding package to support the management restructure of Bio8 Ltd, a provider of home and gardening products sold online under the ‘Envii’ brand.
Founded by Andrew Hiron, the Chesterfield-based business originally started with their pond product range which remains their largest seller, before expanding into gardening products and eventually home cleaning products as well.
The business has been operating under its current form since 2014, with the business selling the majority of products through Amazon and eBay. More recently the business has been pushing to sell more through its own website.
With 8 years’ experience in ecommerce SMEs and 6 years’ experience at Bio8, Oliver Peabody is responsible for the sales/marketing strategy which has grown the business from a turnover of £600k to £3.6m in 2022.
SME Capital have agreed to provide a bespoke 5-year term funding solution to support the MBO and the business’s next phase of growth.
Family Law Group moves to new premises in Chesterfield
The Derbyshire branch of Family Law Group has announced a move to Chesterfield’s Hayfield House.
In the company’s Chesterfield office Associate Solicitor Johanna Brewer, Solicitor Aimee Booth and SQE Apprentice Stephanie Smart together have substantial experience in divorce proceedings, finance settlements and child contact arrangements, as well as Legal Aid work. They are looking forward to supporting their local community through the new Family Law Group presence in the town.
Johanna said: “We’re really excited to be moving to Hayfield House. The building has excellent facilities and will enable us to grow our presence in the local area.
“Chesterfield is undergoing a lot of regeneration at the moment, which will transform the town for years to come. We’re excited to be part of that transformation, and our investment shows our belief in the growth of Chesterfield and the surrounding area.”
The office space, situated prominently in the heart of Chesterfield will provide the business with a central location to improve the firm’s quality service to clients.
Established in 2005, Family Law Group has more than 130 employees across 10 offices in Nottingham, Chesterfield, Milton Keynes, Northampton, Wellingborough, Derby, Loughborough, Peterborough, Bedford and Cambridge.
