The money from the UK Shared Prosperity Fund (UKSPF), which is part of the UK Government’s Levelling Up agenda, will be spent over the next two and a half years on activities to improve communities and places, support local business, and invest in people and skills.
A large portion of the funding – one million pounds – will be put towards the delivery of the Lutterworth and Market Harborough town centre masterplans, which will include improvements to cycling and walking infrastructure, as well as minor improvements to the centres of the four larger villages: Broughton Astley, Kibworth, Fleckney and Great Glen.
Nearly half a million pounds (£468,000) will be used to support the local business sector, including town centre retail businesses and tourism, as well as funding business advice, including grants for small businesses.
The final section of funding – just over £140,000 – will help to support people to access employment and develop their skills through training courses.
Cllr Phil King, leader of Harborough District Council, said: “This Government funding is tremendous news for the district’s market towns and surrounding areas. Not only will it help us to help deliver the town centre masterplans in Lutterworth and Market Harborough; it will also enable us to further support local businesses and the development of employment skills in the wider area with additional initiatives and activities.”
Neil O’Brien, MP for Harborough, Oadby and Wigston, said: “I am delighted that UKSPF funding from Government has been approved which will make a real difference to communities in my constituency.
“I am particularly looking forward to seeing the ambitious masterplan for Market Harborough rolled out over the next few years which will help to regenerate the town centre by planting new trees, creating welcoming entry routes, and improving facilities for pedestrians and cyclists.
“It is also welcome news that Fleckney, Great Glen and Kibworth will see improvements to their village centres. The funding will also help to encourage local enterprise and boost employment skills. I’d like to thank Harborough District Council for putting together these exciting plans, which can now begin to be delivered.”
The main aim of the UKSPF is to build pride in place and increase life chances across the UK.
Harborough district to benefit from Government funding
Harborough District is set to benefit from over two million pounds (£2,172,095) after the Government formally approved Harborough District Council’s investment plan for its allocation of funding.
North Notts BID welcomed to new office space in Worksop
Bassetlaw District Council has welcomed North Notts BID to its new office space at Middletons Yard in Worksop.
The North Notts BID team is the first of many businesses that will be based at Middletons Yard, a brand new managed office space that has sympathetically regenerated three historic buildings with a blend of old and new architecture.
Following an initial five-year term based at West Retford Hall in Retford, the North Notts BID team has relocated to the offices 22 and 23 at Middletons Yard. And, following a successful YES vote to secure a second term at ballot in June, the BID has made the decision to move to a different area of the district.
Sally Gillborn, Chief Executive of North Notts BID, said: “We have had a brilliant five years in our former offices in Retford but felt it was time to relocate to a different town within the district.
“Having reviewed various options, the new Middletons Yard offices will work perfectly for us. As a business-managed venture, we have found the right sized office for our small team. It is town centre based, fully serviced and enables us to reduce our operating costs, allowing us to commit to more spending that delivers the initiatives that matter to businesses.”
Cllr Jo White, cabinet member for regeneration at Bassetlaw District Council, said: “I’m delighted to welcome Sally and the rest of the North Notts BID team to Middletons Yard and hope they will be very happy in their new home.
“The Council and the BID share the same objectives, to support business growth and success in our district that will improve the local economy, and to create exciting events and initiatives that bring more people into our town centres and surrounding areas. I believe this is the perfect new location for North Notts BID and I look forward to welcoming even more occupants to Middletons Yard in the near future.”
Middletons Yard is operated and managed by Bassetlaw District Council and offers 30 modern office spaces for start-ups, small businesses and growing companies with wrap-around business support. It also provides virtual tenancies, in addition to conferencing facilities and meeting rooms that come equipped with digital conferencing for hybrid meetings, plus an onsite cafe.
Sally added: “The move out of Retford will have no impact on the services that we deliver here or district-wide but will enable us the opportunity to support the economy in Worksop while still keeping us connected to businesses across the whole district.
“We’ll be continuing to support our BID businesses across Bassetlaw through our projects and services while organising our flagship community events from this different location.”
ITP Aero UK donates over 350 toys and gifts for children across Nottinghamshire this Christmas
The team at ITP Aero in Hucknall has donated more than 350 gifts for children of all ages to this year’s Great Nottinghamshire Toy Appeal.
Dozens of toys were donated by employees, and a collection across the business raised over £1,200 to buy even more gifts for children across the county, who might not otherwise receive a gift this Christmas.
Celebrating its 50th year, the Great Nottinghamshire Toy Appeal takes donations of thousands of toys every year for children across the city and county, from babies to teenagers. Run completely by volunteers, the appeal will this year have helped more than 3,500 children. They work with a number of local agencies, refuges and housing organisations, to ensure that Santa can definitely find the vulnerable children in their care.
This is the second year that ITP Aero UK has taken part in the appeal, but the team in Hucknall have been involved for the past few years, and it has become a cause very close to their hearts.
Ian Williamson, Managing Director for ITP Aero UK, said: “I am so proud of our teams for collecting and delivering such a huge amount of toys and gifts for vulnerable children and young people.
“In this economic climate, it’s outstanding that we have raised more than double the amount we raised last year. It’s a testament to the charitable nature of everyone that works in Hucknall, and the real teamwork that goes into organising our collections and the volunteering support.
“I hope we have managed to raise a few smiles on Christmas morning for those children that might not have otherwise had a present under the tree. Merry Christmas from all at ITP Aero UK.”
The Toy Appeal has been run by a number of different groups over the years, but has continued to support the children of Nottingham and Nottinghamshire across five decades.
Nick Clark, who heads up the Great Nottinghamshire Toy Appeal, said: “This appeal was started by the wonderful Joyce Whitt in 1972, who identified a need in the local area, and started to work with her church and community to donate gifts and ensure that every child had something to open on Christmas morning.
“The agencies we are working with have said that the number of families they are supporting this year is on a scale they haven’t seen in many years.
“ITP Aero’s involvement with the appeal has been vital for us here at Great Notts to both maintain and expand the work we are doing in the local area. We welcome and acknowledge their huge and generous commitment to the improvement of the lives of those in our community.”
Joyce Whitt, who is now in her eighties, still works with the Toy Appeal every year. She added: “I can’t begin to imagine how many children we have been able to support over the 50 years that we have been running this appeal. For me, it wouldn’t be Christmas without it; it keeps me going!”
Challenging market conditions and uncertain economic outlook see Hedin Group abandon £400m Pendragon deal
Hedin Group has abandoned its £400m takeover bid for Pendragon, the Nottingham car retailer.
The largest shareholder of Pendragon revealed proposals for a possible cash offer back in September, at 29 pence per share in cash, which was followed by multiple deadline extensions to make a firm offer for the business.
Now, however, it has been confirmed that Hedin does not intend to make an offer for Pendragon due to challenging market conditions and the uncertain economic outlook.
In response to the news, Pendragon has said: “The Board remains confident about the long-term prospects of Pendragon. This process has highlighted the value of Pendragon and the Board will continue to explore opportunities to maximise value for its shareholders.
“The economic backdrop remains challenging, however the Board continues to expect to deliver group underlying profit before tax in line with expectations for the current financial year.”
The Hedin Group, which has over 200 car dealerships, is a family-owned company with operations mainly in the sale and service of vehicles, wholesale of spare parts and tires for vehicles and rental car operations.
Further 400 homes approved at Boots campus
Plans for nearly 400 homes on the Boots campus in Beeston, as part of the wider site redevelopment, have been approved by Broxtowe Borough Council.
397 homes are to be built on the development site, which forms part of the Boots Enterprise Zone, now that the reserved matters application has been given the green light, following granting of outline planning permission.
The dwellings would consist of 71 two bedroom, 246 three bedroom and 74 four bedroom two and three storey dwellings, 1 one bed apartment and 5 two bed apartments.
All of the homes would either be Affordable Rent, Shared Ownership or Private Rented Sector properties.
The submission relates to a 17.6 hectare site which crosses the boundary between Nottingham City and Broxtowe Borough, and comes after the go-ahead was given to a parallel reserved matters application submitted to Nottingham City Council for 207 homes, equating to 604 dwellings over the whole site.
The homes are to be delivered by way of modular, off-site construction, by Ilke Homes.
Frasers Group to invest £600m in new distribution centre and offices
Frasers Group is looking to invest £600m in a new distribution centre and offices in Coventry over the next ten years, the retailer has revealed.
Subject to planning, the proposals are said to be in support of Frasers’ continued growth and ambition.
The Shirebrook-based company, which owns household names such as Sports Direct, House of Fraser, and Game, has recently purchased the site for this development, which follows its acquisition of Coventry Building Society Arena.
It comes after Frasers earlier this year announced major investment plans for a Global Headquarters Campus at Ansty in Rugby, Warwickshire, raising questions over the future of the firm’s current Shirebrook base.
Yesterday the businesses reported a “robust set of first half results,” with group revenue of £2.6bn, up from £2.3bn in same period last year, while reported profit before tax hit £284.6m, up 53% from £186m.
Autumn Statement changes to R&D tax reliefs – how do they affect SMEs and large companies? By Luke Prout, corporate tax partner at Streets Chartered Accountants
Luke Prout, corporate tax partner at Streets Chartered Accountants, offers a summary of the changes to Research and Development Tax Credits in the Autumn Statement.
The Autumn Statement included a number of changes to Research and Development Tax Credits, and in particular a significant scaling down for Small and Medium Sized Enterprises (SMEs) of the generous reliefs available for undertaking qualifying Research and Development (R&D).
Whilst R&D by larger companies has been significantly enhanced by the tax credits, the scheme’s application by SMEs has deemed to be less than effective or satisfactory, with in many cases it being misused, even abused, by those it seeks to support. As a result the Chancellor has reduced the level of relief available to SMEs for undertaking R&D.
The scaling down of the reliefs was perhaps to be expected based on the projection that without reform the cost of providing the relief could double to almost £9bn by 2027 and that such a financial commitment could perhaps not be supported or justified at a time when the Chancellor is seeking to address a £55bn black hole. It is also the case that earlier this year, Prime Minister Rishi Sunak promised reforms when he was Chancellor, saying that in spite of spending “huge and rapidly growing sums” on the scheme it was not doing enough to boost growth. In part this may have a large impact for smaller businesses, to allow them to receive cash funding for undertaking R&D.
In contrast the separate R&D tax relief scheme for large companies was actually enhanced in the Autumn statement to provide larger companies increased benefits. Perhaps this is the starting point for the two schemes to eventually be merged into a combined singular scheme, which means we probably have not seen the end of these changes and there may well be amendments in next year’s Budget and/or Autumn statement.
Summary of changes
SME Scheme
From April 2023, businesses classed as an SME will no longer receive an uplift of 130% for every £1 spent, instead this will reduce to 86% and for loss making companies that can sell (surrender) their losses to HMRC, the repayable credit will be reduced from 14.5% to 10%.
However, bear in mind, that the Corporation tax rate from April 2023 changes from 19% to 25%, so it would be expected that the repayable tax credit would be reduced based on previous changes in the rate of Corporation tax (albeit it has never been consistent).
For profit making SMEs this is a reduction of 11% and for loss making SMEs this is a reduction of around 15%.
Large Scheme
This is aimed at large companies, groups and certain SMEs that receive grants or are subcontracted to carry out R&D. The calculation is slightly different, and in general, there is a 4-5% increase in the benefit for large companies, and one would expect this to be increased further next year to eventually align the two schemes.
What should businesses be considering now?
If you are an SME facing a reduction in the level of R&D tax relief you will be able to receive post 6th April you may want to consider making a claim before March 31st 2023.
If you are classed as a large company and undertaking qualifying R&D you may want to defer submitting a claim until the start of the new financial year in April 2023 so ensuring you optimize the value of the relief received.
If you want advice and guidance about either your eligibility for making a claim and/or assistance in preparing and submitting a claim, we strongly advise you to contact a tax specialist who is experienced in R&D reliefs such as a corporate tax partner at a firm like Streets Chartered Accountants.
See this article in the December edition of East Midlands Business Link Magazine here.
2023 Business Predictions: Reshma Sheikh, chairperson, Octavian Security UK
It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Reshma Sheikh, chairperson at Octavian Security UK.
My key concerns (like many others) for the UK economy next year are: rising inflation, high interest rates and the threat of global recession.
Like many other sectors, the security industry is also dealing with a post-Brexit recruitment crisis. According to latest research more than 20,000 officers have been lost due to retirement and departures following Brexit and Covid-19.
The British Security Industry Association reports the security industry will need to recruit, train and license more than 62,000 new security officers in the next 12 months to meet the growing demand for security services.
That said, I’m hopeful that the industry will survive these challenging times.
Security services are sometimes considered a necessary evil, required by insurance companies. However, the risks posed have increased due to opportunists, as well as sophisticated networks of criminals gangs targeting assets on sites and high value personal goods. We have seen a growing demand for our services. The need to keep assets and people safe has grown.
I believe that, in 2023, the industry will evolve and the historic perception of security guards will change. There will also be greater diversity – which can only be welcomed.
Transatlantic exchange proves big success for local accountancy firm
Nottingham-based accountancy firm Page Kirk recently welcomed American accountant Alexandra Baron for a three-month secondment, as part of a work exchange programme.
While she swapped the sunny beaches of California for the East Midlands, her counterpart Tom Johnson flew out to San Jose to experience life with firm Wheeler Accountants.
The transatlantic trips were all part of a scheme made possible by Accelerate and CPAmerica, a community of accountancy firms with international coverage through Crowe Global. They provide an opportunity for qualified accountants to widen their experience and knowledge and gain valuable new perspectives on the work they do for clients.
Tom graduated in 2017 with a first-class degree in Accountancy & Finance from Nottingham Trent University. Having joined Page Kirk, he was due to be part of the exchange back in 2020, after he successfully completed the firm’s graduate programme, but the trip was postponed due to Covid travel restrictions.
He says: “The US secondment has been a once-in-a-lifetime experience and something I’m extremely grateful to Page Kirk for arranging it. Being part of a foreign work culture has allowed me to develop professionally and personally. I will be able to integrate the techniques and tips I learned out there into my day-to-day work now I’m back in the UK.
“Furthermore, the professional connections I have made across the Atlantic can only be a positive for my career. I had high expectations before I left for California, but I can say the whole experience has definitely exceeded them!”
Tom saw sites including Yosemite, Monterey, and Santa Cruz on his travels. An avid sports fan, he also jumped at the opportunity to take in Sharks ice hockey, 49ers football, Giants baseball, along with Warriors and Clippers basketball games.
After working at Wheeler Accountants, he took advantage of being in America and travelled for a couple of weeks and saw San Francisco, Los Angeles and Las Vegas.
Graduate of California State University Monterey Bay, Alexandra Baron, says: “The work exchange programme has been a great experience. Before coming to Page Kirk, I didn’t know what to expect. I was excited to be visiting the UK for the first time and kept my mind open to the possibilities. I have made great connections, learned how another firm runs, and have many ideas to bring back home.”
Alexandra is planning on travelling round Europe after she finishes working at Page Kirk and then returning home to California just before Christmas.
James Haywood, partner at Page Kirk, says: “As a firm, we are delighted with the positive outcome of the exchange programme. I was part in the exchange in 2017 where I worked and lived in Boston, Massachusetts for three months. It was once-in-a-lifetime experience and it helped me develop as a person and a business leader.
“It has been great having Alexandra here for the last three months. She has been eager to learn, got to know people, both professionally and socially, and been an asset to the Page Kirk team.
“It has also been a fantastic experience for Tom, who has come back with ideas from his experience, as well as strengthening his knowledge and understanding of multi-national groups and US GAAP accounting standards.
“It helps us stand out among independent East Midlands accountancy firms and creates a positive atmosphere in the office. It’s certainly a talking point among younger members of the team and when we come to recruit new graduates.
“I also see this as a means of extending our team’s international audit experience to support our clients with international connections. We look forward to working with Wheeler Accountants in the future.”
Page Kirk’s graduate scheme is now open for applications. Find out more here: https://www.pagekirk.co.uk/about-us/recruitment/graduate-scheme
National building consultancy relocates Nottingham office
National building consultancy company CPW has let the second floor at The Imperial Buildings in Nottingham.
The offices had been previously occupied by a local architect’s practice for a number of years and therefore required a full modernisation programme.
FHP Property Consultants advised its clients to undertake a comprehensive refurbishment of the space that would be suitable for the needs of occupiers going forwards post-pandemic.
The new fit out included exposed services, feature drop down LED lighting, brand new heating/cooling system, a full refurbishment of the WC’s/shower facilities with a strip out of the partitioning to return to open plan and redecoration/new flooring finishes.
CPW have now improved on this further, installing an internal glazed meeting space and large kitchen/break-out area – providing them with a modern working environment within a period building in the heart of the City Centre.
Thomas Szymkiw, associate director at FHP Property Consultants, said: “It’s been a pleasure to assist CPW with their requirement for a new Nottingham office and I am delighted that they have chosen the Imperial Buildings as their new home – after visiting them post moving in there sure is a real buzz about the place and I wish them all the best of luck for the future.”
