Since the successful purchase of the 31-acre site at Harrier Park, Hucknall, Clowes Developments have completed ground remediation assessments and look to begin an extensive four-week clean-up project. The site will be cleared in accordance with advice from WSP who are advising Clowes Developments on ecology at the site. The boundaries will also be fully secured as a health and safety measure whilst contractors, TanRo ramp up their presence on the site, once the site is tidied up, remedial ground works will begin on a 20-week programme, likely to start in the new year. The business park has been fully serviced by its previous owners and has the benefit of planning permission for circa 500,000 sq ft of warehouse/industrial space across six buildings. These six buildings offer unit sizes from as little as circa 40,000ft² to 280,000ft², with all units being available to buy or rent. The site benefits from an excellent location, just on the edge of Hucknall being within a 10-minute drive between junction 26 and 27 of the M1 Via the A611. East Midlands Airport, East Midlands Parkway Train Station and the cities of Derby and Nottingham are all accessible within a half an hour drive from the business park. Harrier Park also sits outside the Nottingham workplace parking levy. The site, aptly named Harrier Park, has a wealth of industrial history and a legacy of innovative engineering. The land was formerly used as an aerodrome associated with the development of the famous Rolls-Royce Merlin engine during World War II followed by the world’s first successful vertical take-off in the 1950’s with technology which in turn led to the Harrier ‘Jump Jet’ being developed. Hence the name, Harrier Park.

James Pinchbeck, partner at Streets Chartered Accountants, considers the changes we face at work as we grow older. It might be said that being in your 50s is now like being in your 40s and the 50s are the new 40s. However, when it comes to the work people do, and the jobs they have, there can be significant changes and challenges. Perhaps the most obvious change is getting older and the challenges that present themselves in terms of health and the energy and ability to work. Certainly, those with a more physically demanding job can often find it more and more challenging. More generally though as we get older, we can be more prone to illness and the overall ageing process. For women especially, going through and managing the menopause can and does have a significant impact on their ability to work. We may also face the need to support more elderly family members. Older workers are also often, very wrongly, stereotyped as being less agile and resistant to change. Whilst in terms of more physically demanding work, agility may be an issue, the ability to learn and adopt new ideas and new skills certainly is not age limited. How many world leaders, business people and academics are well into their 70s and even beyond? Burnout can also be a challenge for older workers, with work becoming or seeming monotonous, a chore and even a burden, as opposed to a rewarding activity, with a real sense of purpose and value. As people approach retirement and perhaps more recently with the cost-of-living crisis, thoughts more often turn to, or are more focused on, managing or coping with financial strains and burdens as well as providing for the future. Taking all this into account, what might those aged 50 and over, as well as employers, look to do to manage some of the challenges and to improve the lives of individuals. Perhaps the starting point for many employers is simply recognising the situation and the needs of an aging workforce, and then looking how it can support and manage team members. Whilst there is unlikely to be a one size fits all solution, there are a number of things that might be considered including:

• The provision of flexible working to accommodate individual circumstances and needs, as well as to accommodate those with caring responsibilities
• A review of individuals’ roles and responsibilities, along with perhaps the potential to offer alternative roles that are more suited to any one individual
• More routine and structured assessments of skills, knowledge and competency and how any gaps can be addressed or provided for
• Consideration to mentoring for employees to support them both in and outside the workplace
• A review of working practices and environment, considering changes to accommodate employee needs
• Adopting a more obvious culture and positive mindset for understanding and supporting employees of all ages, but specifically the over 50s

For some individuals this time of life can be one that gives rise to total career change, whether to pursue a new interest, secure greater financial stability or to have a job that may be more suited to their health and personal circumstance. For others it is the time to switch from employment to self-employment and start their own business, which seems to be the choice for a growing number of people. So, whilst the 50s might not be the new 40s, those aged 50 and over certainly do have a lot to offer and have significant roles to play in our organisations and society.   See this column in the November issue of East Midlands Business Link Magazine.

James Pinchbeck, Marketing Partner, Streets Chartered Accountants Yesterday Rachel Reeves, our first female Chancellor, delivered a Labour government’s first Budget in 14 years. The day before Halloween it certainly seemed to come with its own tricks and treats, but perhaps not the ones you might expect. For a start, it would seem an incoming government chose to blame the previous one for the mess and the financial situation they have inherited. The first 20 minutes of her speech focused on, from her perspective, their predecessors’ failings in terms of delivering on promises and ‘tricks’ to disguise the £22bn black hole. A Budget with a £40bn price tag Against this background she then set out how she and the government were going to ‘rebuild Britain once again’ and restore economic stability. Who might have thought that would come with a £40bn price tag or in this case tax rises. Whilst much of what is said to be raised following the Budget will seek to fill the ‘black hole’, some £20bn should also form part of proposed or rather committed investment in public spending including health, housing, infrastructure, defence and education. All of which, perhaps with the exception of defence spending, should help to improve our lives and economic prosperity. The million-dollar question is who is going to pay for all this? Sticking to their electoral pledge it is not ‘working people’ through changes to income tax, VAT nor employee’s national insurance. No, the biggest contributor looks likely to be businesses, with the proposed increase in employers’ national insurance contributions by 1.2% to 15% and with the earnings threshold reduced from £9,100 to £5,000 from next April, set to raise £25bn a year by the end of this parliament. The Employment Allowance, which allows those with NICs bills of £100,000 or less to deduct £5,000 from their employer NIC bill, will be increased to £10,000. More modest in the tax it will generate, with only £2.5bn forecast to be raised, is the announced increases in Capital Gains Tax (CGT), with the lower rate rising from 10% to 18% and the higher rate from 20% to 24%. It was also announced that the rate of CGT on assets qualifying for Business Asset Disposal Relief and Investors’ Relief will rise gradually to 14% from 6^th April 2025 and to 18% from 6^th April 2026. Whilst perhaps changes to inheritance tax were not as wide ranging as we thought they might be, changes to Agricultural Property Relief and Business Property will be more impacting. From April 2026, reforms include the first £1million of combined eligible agricultural and business assets for 100% relief, with excess assets at 50%. Also, from next April the government will introduce a new residence-based system for IHT, ending the use of offshore trusts to shelter assets from IHT. Other tax rises include the increase in Stamp Duty Land Tax for the purchases of additional dwellings, changes to company car tax and the charging of VAT on public school fees. These are along with other measures to address tax avoidance, late payment of tax due and the abolishment of the non-domicile regime. What were the treats? Perhaps the treats, for some, may be the announcements were not as wide ranging or hard hitting as might have been expected. Certainly, the continued freeze on fuel duty will be welcome, for lovers of beer so too might be the penny off a pint. For those serving a pint and those in retail, hospitality and leisure it must be good news that for 2025/26 eligible properties will receive 40% relief on their business rates liability, with the small business multiplier to be frozen for 2025/26. For those on the ‘national living wage’ so too will be the increase in rate by 6.7% to £12.21 an hour. What challenges does it present? This Budget raises challenges and potential issues for those looking at inter-generational wealth planning and the handing of assets from one generation to the next, both from a business and personal perspective, but especially for farmers. Also, is the consideration around the timing of the sale and disposal of assets, businesses and property that is subject to CGT and Business Assets Relief, formally Entrepreneurs Relief. The other key area is around absorbing or managing increased staffing costs through the increase in national insurance and the national living wage. It certainly seems more and more challenging to pass on increased costs without affecting revenue, therefore profitability could be at risk. With this Budget setting the scene or tax landscape for the term of this government and with the announcement that we will only have one Budget a year, we should all be better placed to consider effective tax and financial advice to manage our affairs and the challenges and opportunities we face. Often uncertainty is used to defer or put off planning, perhaps for once this Budget provides, whether we like it or not, the certainty we need.