Streets Chartered Accountants considers potential tax and pension changes in the Autumn Budget and more in its latest monthly news roundup. Five key areas of possible changes to Pensions in the Autumn Budget Little has been said by Labour on what the budget will contain. We are led to believe there will be change and upheaval, barring a significant leak we won’t know though until 30th October. There are plenty of rumours around pensions and in the King’s speech, a commitment to a “pensions review”. What this means in the longer term, time will tell although there are five key areas which may be looked at within this review and as part of the budget in October. Read More. Changes to Tips & Service Charge Rules As of 1st October 2024, new legislation will change the way businesses manage tips. Here’s what you need to know to ensure compliance and avoid penalties. The new law mandates that all qualifying tips – whether received via cash or card – must be fairly distributed to staff. You can no longer withhold tips and the allocation must follow clear, objective criteria. The government has issued a statutory code of practice to guide this process. Read More. Pre-Budget Personal Tax Update – the times they are a changing  The October budget is right around the corner. It could bring major changes to a whole range of estate planning taxes, especially Inheritance Tax (IHT) and Capital Gains Tax (CGT). Set down are some thoughts, identifying possible changes that might be on the way and how they might impact on your personal wealth and the financial well-being of your family. If you’re serious about protecting your wealth, it’s time to brace yourself. Read More. Income Tax Reform  Over the coming years there are some significant changes happening to income tax. Whilst these may not appear in the headlines, as they are not direct changes to tax rates, thresholds or reliefs, they are nevertheless significant and need to be understood and planned for. In advance of the MTD introduction, another change is already underway. Read More. Podcast: How might a new government affect your personal financial planning? In this episode of The Streets Sessions, Streets talk to Sam Tindale, Financial Adviser and Managing Director with Tower House Wealth Management, about how the new Labour government might impact personal financial planning including pensions, investments, IHT planning, paying school fees and more. Listen Now. Grants spotlight: new grant opportunities – September 2024! Continuing the success of Streets’ dedicated Innovation Grants Consultancy, headed by Chris Parkhurst, they are excited to share with you some new grant opportunities that are now available. These include Contracts for Innovation, Biomedical Catalyst 2024 and Sustainable Medicines manufacturing innovation. There are also still live opportunities in the Defence sector and more general sectors with Smart grants and Innovation loans. Read More. Taxes Made Easy  This guide is designed to provide you with an overview of the key tax rules from seven perspectives – that of the family; the employee; the person running their own business; the taxation of investments; disposals and CGT; property matters; and, finally, the potential liability on your estate at death. Please use the guide to help you identify planning opportunities, pitfalls to avoid and areas where you may need to take action and then contact Streets for further advice. Download Now. Family Company Estate Planning Reviews Planning for succession is a major concern for many families, particularly in the context of thriving family businesses and farming interests. Identifying the right approach is becoming increasingly essential. Is it time to consider succession and intergenerational planning for your family business? Could you benefit from a conversation? Download Now.

Business confidence in the East Midlands fell 13 points during September to 39%, according to the latest Business Barometer from Lloyds Bank Commercial Banking. However, companies in the East Midlands reported higher confidence in their own business prospects month-on-month, up seven points at 57%. When taken alongside their optimism in the economy, which dropped 31 points to 22%, this gives a headline confidence reading of 39% (vs. 52% in August). Looking ahead to the next six months, businesses in the East Midlands identified their top target areas for growth as investing in their team, for example through investing in training (45%), evolving their offering, with the introduction of new products or services (42%) and entering new markets (36%). The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide. National picture Overall UK business confidence in September dipped slightly, to 47%, down from August’s 50%. Though there was a marginal increase in their own trading prospects (up two points month-on-month to 54%), firms’ confidence in the overall economy dropped nine points to 38%. The joint-most confident regions in the UK were the West Midlands and London, both reporting overall confidence of 59%. Only Northern Ireland, Wales, London, the South West and North West reported an increase in overall confidence. Sector insights Projections for output were mixed across the sectors, with some showing significant changes from previous results. In construction, the sharp increase last month was largely counteracted by a drop in expectations in September, falling by 12 points to 46%. Similarly, in manufacturing, trading prospects fell for a second month to 53%, although this figure is still stronger than the year-on-year figure. However, the falls in manufacturing & construction sectors were more than offset by a small rise in retail and a bigger rise in the dominant service sector. Dave Atkinson, Regional Director for the East Midlands at Lloyds Bank Commercial Banking, said: “Despite an overall dip in confidence, businesses’ optimism in their own prospects has rebounded, a promising sign of on-the-ground success. “Coupled with a clear determination to hone in on particular areas for expansion – like staff training and diversification – these results paint a picture of quiet confidence in the region, in spite of wider economic challenges. “And regional businesses’ focus on evolving their offering and entering new markets isn’t just theoretical, as a recent study by the East Midlands Chamber and Derby Business School found that the number of businesses that have made income from environmentally friendly goods and services increased by 7% in the last year. “As even more businesses take this leap, Lloyds Bank will continue to offer on the personalised, on-the-ground support that they need.”

Taking place on Thursday 3rd October, the highly anticipated East Midlands Bricks Awards 2024 is just days away. Set to celebrate the region’s property and construction industry, the event at Trent Bridge Cricket Ground is also an ideal networking opportunity, presenting a chance to form new connections with business leaders from across the East Midlands, as well as hear from guest speaker Paul Southby. Paul is a partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema in Nottingham’s Lace Market, and a longstanding trustee of environmental charity Clean Rivers Trust. He is chair of Nottingham Partners, a group of businesses that supports the work of the local inward investment agency, Invest in Nottingham, and a board member and past chair of Marketing Nottingham and Nottinghamshire Limited. Paul is also a former High Sheriff of Nottinghamshire (2022/23). Attend the glittering awards ceremony to see who takes home the title of Contractor of the Year, Developer of the Year, Commercial Development of the Year, Residential Development of the Year, Sustainable Development of the Year, Deal of the Year, Most Active Agents of the Year, Architects of the Year, Excellence in Design, and Responsible Business. The Overall Winner will also be revealed at the event, sponsored by Blueprint Interiors, who will be awarded a grand prize – a year of marketing/publicity with Business Link worth £20,000. Chloe Sproston, Creative Director at Blueprint Interiors, shared: “We’ve been involved in the awards since 2019 either as an award nominee or a sponsor. We continue to be impressed with both the quality of award submissions, but also the event, which attracts the elite of our region’s construction and property professionals. “This year, we’re particularly excited to sponsor the overall winner category, further demonstrating our commitment to showcasing the very best talent in the region’s property and construction industry.” A highlight in the business calendar, book your place at the awards now to avoid disappointment! The event will begin at 4:30pm and continue until 7:30pm. Complementary drinks and nibbles will be served on arrival. Dress code is standard business dress.  

Shortlist for the East Midlands Bricks Awards 2024

Architects of the Year – sponsored by Mather Jamie IMA Architects Design Haus Architecture Matthew Montague Architects   Commercial Development of the Year – sponsored by Global HSE Group Brackley Property Developments – The Dock Extension, Leicester Pick Everard – Nottingham Central Library G F Tomlinson – The Air and Space Institute, Newark   Contractor of the Year – sponsored by EMEC Ecology Cawarden Clegg Construction Winvic   Deal of the Year – sponsored by Tutum Consulting heb Surveyors – The Oaks, Mansfield FI Real Estate Management – The Quad, Chesterfield Freeths – Former Boots factory site, Beeston   Developer of the Year – sponsored by IMA Architects Vistry Group East Midlands Indurent Wavensmere Homes   Excellence in Design – sponsored by Cawarden G F Tomlinson – The Air and Space Institute, Newark Design Haus – Musters Road Distinctive Developments – Woodwell and Meadow Barn   Most Active Agent – sponsored by Roy Geddes Bricks Rigby & Co FHP Property Consultants Salloway Property Consultants   Residential Development of the Year – sponsored by Devello Distinctive Developments – Woodwell and Meadow Barn Phoenix Brickwork UK LTD – IQ Nelson Court Chevin Homes – Chevin Close   Responsible Business – sponsored by Press for Attention PR Stepnell Ltd Cawarden Cora   Sustainable Development of the Year – sponsored by Viridis Building Services Ltd CPMG – Sir Peter Rubin Centre for Veterinary Education Henry Brothers Construction Ltd – Alfreton Park School Keepmoat – Gedling Green   The Overall Winner, sponsored by Blueprint Interiors, will also be announced at the ceremony, who will be awarded a year of marketing/publicity with Business Link worth £20,000.     East Midlands Bricks Awards 2024 When: Thursday 3rd October 2024, 4:30pm – 7:30pm Where: The Derek Randall Suite, Trent Bridge Cricket Ground Keynote speaker: Paul Southby, chair of Nottingham Partners, board member of Marketing Nottingham and Nottinghamshire, partner at Geldards LLP, chair of the Advisory Board to Nottingham Business School, chair of Broadway independent cinema, trustee of Clean Rivers Trust, and former High Sheriff of Nottinghamshire Dress code: Standard business attire Tickets: Available at https://www.eventbrite.co.uk/e/east-midlands-bricks-awards-2024-tickets-902294566337?aff=oddtdtcreator Thanks to our sponsors:      

       

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A pioneer of technology used across the Solar System, Exosens – through its brand Photonis – has invested £1 million to advance space research and innovation facilities in collaboration with Space Park Leicester. Exosens has worked with University of Leicester academics for more than 25 years and more recently it forged a relationship with the university’s science and innovation hub, Space Park Leicester, working alongside it on technology which is being used in some of today’s most exciting space missions. It has now invested £1 million, through funding and other support, contributing to the creation of a Centre of Excellence in Optics Design and Manufacturing at Space Park Leicester. This funding will enhance the METEOR space programme which brings together more than 100 researchers and industrial research and development personnel working on Earth observation and the challenges facing the space sector’s evolution. Dr Adrian Martindale, Head of Space Projects and Instrumentation at Space Park Leicester and a Lecturer in Space Instrumentation at the University of Leicester, said: “Photonis’ technology is the enabler for certain types of scientific instruments and as a result its technology is on lots of space missions and is all over the Solar System. “Exosens is supporting us to help develop the quality of the product and the performance of the technology, to push us into the next generation of projects. We have aspirations in space and they have aspirations for a market on the ground and by working together we hope to take both of these things forward.” Chris Tisse, Chief Technology Officer at Exosens, said: “We are proud to support cutting-edge space research at Space Park Leicester. This significant investment reflects our commitment to advancing the technology that powers groundbreaking space missions and innovation. By working together with the brilliant minds at the University of Leicester, we aim to push the boundaries of what’s possible in both space exploration and Earth-based applications.” Leicester space academics worked with Photonis on detector systems and together they developed an entirely new X-ray optic. Photonis’ technology was the cornerstone of Space Park Leicester’s Mercury Imaging X-ray Spectrometer (MIXS) instrument which is on its way to Mercury on the European Space Agency’s BepiColombo mission. Dr Martindale said: “Photonis’ technology is absolutely crucial to the development of that instrument. Essentially, MIXS will help to measure the X-rays that are emitted from the surface of the planet and by measuring them we’ll be able to figure out what the rocks on the surface are made of. This will tell us how the planet formed and we’ll see whether that fits in with theories about how the Solar System formed.” The optic Photonis developed with Space Park Leicester has also led to Leicester’s space scientists working on several more significant missions. These include SVOM (Space-based multi-band astronomical Variable Objects Monitor), which is dedicated to the study of the most distant explosion of stars, and SMILE (Solar wind Magnetosphere Ionosphere Link Explorer) which is a wide-field X-ray telescope that uses micropore optics to spectrally map the location, shape and motion of Earth’s magnetospheric boundaries. Dr Martindale added: “Photonis’ technology will answer questions about Mercury and as a result questions about planetary science, it will answer questions about astronomy through SVOM and it will answer questions about the Earth through SMILE.”