Mansfield Innovation Centre has helped to drive a timely economic boost of more than £1.2m for the area by helping local businesses access grant funding, create new jobs and benefit from intensive business coaching and support. In the past six months the centre’s innovation director, David Smith, has helped ten of its resident businesses successfully secure 13 grants from various local and regional funds, totalling more than £120,000. He has also delivered more than 150 hours of intensive one-to-one business coaching to Centre customers. The grants have helped businesses purchase manufacturing machinery, IT equipment and infrastructure, CRM systems, new websites, software and other business tools to help them grow, and access marketing services and business consultancy. Much of this funding has been spent with local providers, helping to keep the money circulating within Mansfield’s economy. More than 20 new jobs will be created as a result of the grant funding and support, while five existing roles will be safeguarded. When taken together, the activities have helped create an estimated £1.2m of economic impact for the local area. David Smith said: “We’re delighted to have been able to support so many great businesses in Mansfield Innovation Centre over the past six months, helping them to secure grant funding and giving them the tools and knowledge they need to realise their growth potential. “The results of our efforts speak for themselves and will have a significant impact on the local economy as we head into the second half of the year. “Providing intensive support is a big part of what we do here at Mansfield Innovation Centre. “As well as providing high-quality office space for growing local businesses, we also aim to provide all our customers with a bespoke package of support to help them achieve their goals and overcome any issues or challenges they may be facing. “This includes intensive one-to-one coaching and mentoring to help businesses develop the strategies they need to support every stage of their growth, as well as practical support to access grant funding and build vital connections with other businesses and support organisations.” The centre provides a base to more than 30 growing businesses. It offers fully serviced offices and workshops, a virtual office facility, hot desk area, and meeting and conference rooms. Managed by Oxford Innovation Space, customers also benefit from a package of support and coaching tailored to each business’s needs and growth aims. One of the businesses to benefit from the support is Mansfield Bi-Folding Doors, part of the Integra Windows Group, which offers a one-stop service for aluminium bi-folding and sliding patio doors, and aluminium windows to trade, DIY and retail customers. The firm became a customer at Mansfield Innovation Centre in 2021, when its Managing Director, Michael Irwin, was looking for additional space to grow the business. Since becoming a customer, Michael has benefitted from several coaching sessions from David Smith, who has also helped support two successful grant funding bids, and an application under the Kickstart scheme to recruit a new young member of staff. Michael said: “The support we’ve received from David and the team since joining Mansfield Innovation Centre has been fantastic. We’ve been able to successfully apply for three different pots of grant funding which wouldn’t have been possible without David’s support. “The coaching we’ve received has also been invaluable. As a small business with ambitions to grow, it’s been great to work with someone who understands what we’re looking to achieve, can advise on the direction and strategy we should take, and just be an impartial sounding board to bounce ideas off.”

Loughborough Town Deal has confirmed a £2.5 million grant to help build on the town’s reputation for sporting excellence and harness that knowledge for the good of residents. The funding has been awarded to Loughborough University’s Healthy and Innovative Loughborough project which will create jobs, help new businesses and improve people’s health. This is one of 11 projects Loughborough Town Deal is supporting after securing £16.9 million of Government funding. In total, the projects are worth over £40 million of investment for the town. The university project will support the expansion of SportPark, a complex which is home to a number of leading sporting organisations, and also help new businesses get off the ground and support entrepreneurs. The project will also; introduce a programme of interventions to help local people improve their health and create an Impact Hub to assess and analyse the health of the town to help plan for future developments and improvements. The Loughborough Town Deal Board is co-chaired by Cllr Jonathan Morgan, leader of Charnwood Borough Council, and Dr Nik Kotecha OBE, founder of Morningside Pharmaceuticals Ltd. Cllr Morgan said: “We are delighted to confirm this latest funding award for a project that will build on Loughborough’s global reputation for sporting excellence. “The Healthy and Innovative Loughborough project has many benefits. Not only will it encourage more sporting organisations to set up home in the town but it will also support businesses and improve people’s health. “The Town Deal is delivering real improvements and significant investment into Loughborough which will benefit future generations.” Dr Nik Kotecha OBE said: “The Town Deal investment means we can help SportPark expand, bring more sporting organisations to the town and continue to grow Loughborough’s reputation for sport. “As a local businessman, I am also pleased that this project will support entrepreneurs and the growth of new businesses. I know first-hand how difficult it can be to start a new business so I am pleased this project can offer them support as they are crucial to our local economy and to the creation of new jobs.” Professor Chris Rielly, lead for the University’s Town Deal project, said: “The University recognises the important local economic anchor role it plays and we are delighted that, through the Town Deal investment, we can work in civic partnership with stakeholders to make Loughborough a healthy place to live and work, and enable new businesses to prosper.” SportPark, on Loughborough University Science and Enterprise Park, already houses the UK’s highest concentration of sports governing bodies and national sports organisations. The 2,000 sq metre expansion will provide the capacity to welcome yet more mission-driven organisations to the University, co-located with world-leading expertise in sports science, engineering, health and well-being, high-performance athlete base, and sports infrastructure. The SportPark expansion is on track for completion at the end of the year and will be the first Passivhaus development on the University campus. This will see 165 jobs on-site and an additional 41 jobs in the wider economy being created and supported in the process. Sixty new businesses will also be supported through a New Business Wayfinder programme. In addition to providing office space and access to knowledge and expertise, businesses will be able to access an Innovation Lab in Loughborough town centre and a Prototype Lab on LUSEP. An area of the funding will concentrate on the health of local communities and improving the connectedness between the railway station, the town centre and the Science and Enterprise Park. A programme of health interventions will be delivered to help local people. The Impact Hub in Loughborough will focus on data gathering, and analysis, method development and engagement with experts to monitor the health of the town and plan for future improvements. Loughborough Town Deal is backing projects to boost skills, improve the town centre, reduce flooding, regenerate the riverside, develop a creative hub and support two key attractions – the bell foundry and the Great Central Railway. So far, Loughborough Town Deal has committed to invest:

• £2.6 million to create a Digital Skills Hub at Loughborough College
• £900,000 to create a Careers and Enterprise Hub in Loughborough’s town centre
• £835,000 to help save Taylor’s Bell Foundry, the last major bell foundry in the UK
• £885,000 to fund towpath improvements alongside the River Soar
• £1.6 million to a creative arts hub at the Generator.
• £1.7 million to support the Bedford Square Gateway Project which has regenerated part of the town centre

With the funding for the Healthy and Innovative Loughborough project, the committed Town Deal funding has now reached over £11 million.

Queen Bee & Co is excited to offer you an excellent and limited opportunity to put your name in lights. Have your 15 minutes of fame* and promote your business in the most effective way! You’ll be filmed within a professional set-up and studio lighting, with the guidance of the professional videographers. You can explain all about your business and why people should choose to buy from you, or offer a quick tip relevant to your industry – whichever you think is most engaging for your audience. You’ll receive a premium-grade, fully polished (1-2 mins), edited video sent to you, ready for you to upload to YouTube, Instagram, Facebook, your website, or any other place you wish. Check out the video below for an example of how your video would look: All of the above is on offer for the fantastic price of just £349, for a fully-fledged, elite-quality promo video that helps you to get more sales and ultimately grow your business. This represents a huge saving compared to if you hired a video production company independently, as they usually start from around £800 minimum. Book your slot now while there’s still chance – there are only 6 slots available so don’t delay. Filming takes place on Friday 24^th March 2023 in Buckminster. Free refreshments provided. Book today and get ready for lights… camera… action! Book by filling in the quick form here: www.queenbeeandco.co.uk/contact *Filming will take approx. 10-20 minutes, final edited video approx. 1-2 minutes. The filming will be at one location in Buckminster (not at your own premises) and as such there can be no ‘b-roll’ of your business included, the entire video will be you and/or your customers talking to camera/to the interviewer. Full T&C apply and must be signed as part of the booking procedure. Book by 1st January 2023 at latest. Example video above filmed on customer premises, background for this shoot will be greenscreen.

Kelly Goodchild, tax manager at Streets Chartered Accountants, considers whether you may need to submit a Self-Assessment return. There are a number of reasons why you might need to complete a Self-Assessment return. This includes if you are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property. Taxpayers that need to complete a Self-Assessment return for the first time should inform HMRC as soon as possible. The latest date that HMRC should be notified is by 5 October following the end of the tax year for which a Self-Assessment return needs to be filed. If you are required to submit a Self-Assessment return for 2021-22, you should ensure that you file your tax return electronically and pay any tax due by 31 January 2023. HMRC has an online tool (www.gov.uk/check-if-you-need-tax-return/) that can help you check if you are required to submit a Self-Assessment return. The list of taxpayers that are usually required to submit a Self-Assessment return includes:

• The self-employed (earning more than £1,000);
• Taxpayers who had £2,500 or more in untaxed income;
• Those with savings or investment income of £10,000 or more before tax;
• Taxpayers who made profits from selling things like shares, a second home or other chargeable assets and need to pay Capital Gains Tax;
• Company directors – unless it was for a non-profit organisation (such as a charity) and you did not get any pay or benefits, like a company car;
• Taxpayers whose income (or that of their partner’s) was over £50,000 and one of you claimed Child Benefit;
• Taxpayers who had income from abroad that they needed to pay tax on;
• Taxpayers who lived abroad and had a UK income;
• Income over £100,000.

You may choose to complete your own Self-Assessment tax return. However, you may find using the services of a tax specialist has a number of benefits. These include:

• Ensuring all tax allowances and deductions are claimed
• Easing the burden of additional paperwork
• Specialist tax knowledge which can help you minimise or even mitigate fully any tax liability, now or in the future.

Whilst the deadline for filing your return may seem months away, the sooner it is completed even if you don’t submit it, the sooner you will have peace of mind, be able to budget or plan to make a payment, but also ensure that any tax demand is as little as it can be. See this column in the October edition of East Midlands Business Link Magazine here.

Three-quarters of respondent businesses have been impacted by labour shortages over the last year and a majority now believe the issue is a threat to labour market competitiveness, in a new survey out today (Tuesday). In its annual Employment Trends Survey with Pertemps Network Group, the CBI reports that “shortages in the labour market are having a material impact on firms’ ability to operate at full capacity, let alone grow.” Many businesses have responded by investing in training, while also increasing pay and improving their offer to staff to help retain workers and attract new recruits. The survey found that:

• Nearly half (46%) of those who have faced labour shortages in the past 12 months have been unable to meet output demands; 36% made changes to or reduced the products or services they offer, while 26% reduced planned capital investment.
• Nearly three quarters of respondents (72%) said the UK has become a less attractive place to invest/do business in over the past five years.

• Respondents were most likely to see shortages of labour (75%) and access to skills (72%) as threats to labour market competitiveness. Concern about labour costs (59%) has risen on last year and the cost of living (69%) has become a significantly larger threat. Meanwhile, concern about the impact of employment regulation (35%) has been stable.
• Seven in ten respondents (70%) thought access to labour would still be a threat to labour market competitiveness in 5 years’ time.
• In response to labour market shortages: 55% of firms reported that they are investing in training to upskill current employees; 56% are investing in base pay; 45% in improving their Employee Value Proposition; while 40% are investing more in technology/automation.

• When asked what measures government should prioritise to help ease labour shortages, 46% called for the government to introduce incentives to help businesses invest in technology and automation to boost productivity, while 44% wanted government to grant temporary visas for roles that are in obvious shortage.

Matthew Percival, CBI director for skills & inclusion said: “It is crystal clear that labour market shortages are having a material impact on firms’ ability to operate at full capacity, let alone grow. “Businesses are pulling every lever they can to attract and retain employees, but this is making productivity boosting investments like training and automation harder. “To go for growth and build a higher-wage economy we will need to ease shortages to create the conditions for higher investment. That means helping more British workers to overcome barriers into the workplace, like a lack of affordable childcare, and taking a pragmatic approach to immigration. “The Government has committed to looking at both issues which is great to see, and urgently updating the Shortage Occupations List should be the starting point. The Apprenticeship Levy stops firms investing in the skills their employees need and is in dire need of reform.” Carmen Watson, chair of Pertemps Network Group, said: “The issues we are seeing in terms of labour shortages are not new and are not going to go away in the short term. The issues are being exacerbated by the current economic climate. “Candidates are in a position to be very selective. It is not all about salary – real pay growth currently stands at minus 2.5%, taking into account inflation, so employees are feeling the pinch. As well as doing everything possible to address this pay growth shortfall,  it is about the whole package of incentives, wellbeing support and flexible working that is on offer when an organisation is seeking new employees. “The figures in this survey should be a wake-up call to any businesses who are not already taking a long, hard look at their attraction and retention policies. “We need to reach out to all the people out there. There is a wealth of untapped talent who, with the right incentives and the right training, can be a valuable resource to overcome the concerns expressed by respondents to this survey. “For companies to survive this, they need robust attraction and retention policies, with investment in training and development and a focus on diversity, equality and inclusion, as well as the environmental performance of the organisation. “There is no single thing that can be done to solve the labour issues – it involves collaboration between supply chains, businesses and recruiters to come up with longer-term, sustainable, recruitment strategies.” On future hiring intentions and the impact of inflation on pay reviews:

• A third of respondents (33%) planned higher levels of recruitment for permanent roles over the coming 12 months compared to the previous year, down from 46% last year, while 39% expected the same level of recruitment.

• Nearly half (46%) of respondents whose firms are taking action to support employees on cost of living reported bringing forward or having additional pay reviews, and 36% gave staff one-off bonus payments.
• A third (34%) of respondents reported that their organisation’s approach to the next pay round was best described as ‘giving a general increase below inflation’, significantly higher than previous years; organisations giving a pay increase in line with inflation (29%) is the lowest since 2012.
• Only 7% expected to provide a general pay increase above inflation in their next pay round, the lowest in almost a decade.

Jennifer Beckwith, CBI deputy director for employment policy, said: “One of the ways high inflation hurts households is through making it harder for employers to offer the kind of pay rises that will match the rising costs people are facing without putting up prices. It also means most businesses, and the highest proportion since we started asking the question in 2018, are now worried about labour costs threatening UK labour market competitiveness. “The Government has moved swiftly to support households and businesses on energy costs, and firms are doing what they can to find ways of supporting their staff through the cost-of-living crisis. In the months ahead, Government and business will need to work together to set the UK on a path to higher productivity – the only sustainable way to achieve long-term wage growth.” When asked what the Government should do next on the National Living Wage, the survey found that a narrow majority of employers (53%) thought that they should be focused on productivity and growth in order to increase wages across the board, while relying on the current relative target for the National Living Wage (two-thirds of median earnings) to ensure that it rises too. The Employment Trends Survey was conducted between 16 August and 1 September with 325 firms responding, prior to the Government’s detailed announcement on energy support for business and the fiscal statement.