Streets covers the closure of the Certificates of Tax Deposit scheme, the launch of Entrepreneurs Connect, and more in latest news bulletin
In its latest news bulletin, Streets Chartered Accountants covers the closure of the Certificates of Tax Deposit scheme, the benefits of an optimistic approach to business in 2023, the launch of the Entrepreneurs Connect initiative, and more.
Closure of Certificates of Tax Deposit scheme
The Certificates of Tax Deposit scheme had been available for many years. Under the scheme, a taxpayer could purchase a certificate from HMRC and subsequently use the certificate either to pay a tax liability or obtain a refund. They were often used where a liability was in dispute with HMRC, and a certificate was purchased to both put funds in place to pay the liability should HMRC win the dispute and also to mitigate the interest charge on the eventual payment of the liability…
The benefits of a more optimistic approach to business in 2023
It is widely recognised and reported that business confidence declined during 2022, with the start of 2023 perhaps seeing little in the way of renewed confidence. The continued conflict in Ukraine, the continued aftershock of Brexit and the rising costs of living impact in one way or another on business optimism. Perhaps then business leaders, more than ever, need to focus on the importance of optimism as a state of mind, and the impact it has on the realisation of strategy, performance and success…
Entrepreneurs Connect
Streets are delighted to invite all entrepreneurs to the launch of Entrepreneurs Connect, an initiative that we have co-founded with the University of Lincoln’s Research & Enterprise Department. This new network aims to provide a creative and interactive platform, in the form of dynamic quarterly events and workshops, to bring together Greater Lincolnshire’s entrepreneurs. Like-minded, forward-thinking business founders will be able to exchange knowledge and create a strong and inclusive network of enterprising minds…
Midlands Family Business Awards Launch 2023
Streets are delighted to continue to sponsor the Midlands Family Business Awards in 2023. The awards team have made some exciting changes, but the aim remains the same — to celebrate and shine a light on our region’s great family businesses. Streets would like to extend an invitation to members of family businesses to join them for lunch and be the first to find out about the changes that have been made and the 10 exciting Award categories for this year. The awards team will also detail the key dates and explain the 2023 entry and judging process…
SmartMoney – January/February 2023
SmartMoney is the bi-monthly magazine from Streets Financial Consulting plc, its independent financial planning arm, full of news and helpful information on personal financial planning…
Government must sort out EU trading relations amid Brexit problems for businesses, says Chamber
The East Midlands Chamber has called on Government to help firms trade more freely with overseas markets after research highlighted the Brexit trade deal is not delivering for them.
Ahead of the third anniversary of the UK formally leaving the European Union later this month, East Midlands Chamber wants to see red tape cut and barriers to trade with EU countries reduced, along with enhanced support for companies looking to enter new global markets.
A study by the British Chambers of Commerce, of which East Midlands Chamber is a member, found more than three-quarters (77%) of UK firms affected by the Trade and Co-operation Agreement (TCA) signed in December 2020 say it is not helping them to increase sales or grow their business.
More than half (56%) of the 1,168 business leaders surveyed said they have faced difficulties adapting to the new rules for trading goods, while four in five (80%) had reported increased costs of importing since January 2022.
As a result, 53% had seen their sales margins decrease, while 70% of manufacturers had experienced shortages of goods and services.
‘Honest dialogue’ needed between UK and EU leaders
East Midlands Chamber Chief Executive Scott Knowles said: “As a region of manufacturers, the East Midlands produces goods that are distributed around the world in industries ranging from automotive and aerospace to food and medical. “As we have stated in our Business Manifesto for Growth, there is a big opportunity to back us further as a Centre of Trading Excellence – a region that makes things, moving them and innovating in how we do this – to grow both the local and national economy. But the gridlock many firms have experienced at borders is having a significantly detrimental impact on trading relationships in Europe. “Businesses want our political leaders to move on from the debates of the past and find ways to trade more freely. This means having an honest dialogue with our EU counterparts about how we can improve our trading relationship. “We need to cut red tape and reduce barriers to trade with our neighbouring markets, but also make it easier to export to non-EU countries. “There should be enhanced financial support for businesses looking to enter new overseas markets, from initial exploration through to establishment. This should include funding an expanded trade mission and trade fairs programme, specifically targeted at SMEs and those looking to export for the first time. “With a recession looming, we must remove the shackles holding back our exporters so they can play their part in the UK’s economic recovery. If we don’t do this now then the long-term competitiveness of the UK could be seriously damaged.”Five recommendations on improving UK-EU trade
The British Chambers of Commerce has published the TCA Two Years On report, which sets out 24 recommendations to increase UK-EU trade. Its top five proposals for quick action are:- Create a supplementary deal with the EU that either eliminates or reduces the complexity of exporting food for SMEs
- Establish a supplementary deal, like Norway’s, that exempts smaller firms from the requirement to have a fiscal representative for VAT in the EU
- Allow CE-marked goods and components to continue to be used in Great Britain after 2024
- Make side deals with the EU and member states to allow UK firms to travel for longer and work in Europe
- Reach an agreement on the future of the protocol on Ireland/Northern Ireland with the European Commission in the early months of 2023, to stabilise our trading relationship.
Interior design consultancy appointed to design and refurbish Mortgage Advice Bureau HQ
Mortgage Advice Bureau (MAB), the mortgage intermediary brand, has appointed interior design consultancy Office Principles North to design and refurbish its headquarters in Derby.
More than 13,000 sq ft of office space will be redeveloped at the three storey Capital House in Pride Place, creating a more modernised, eco-friendly workplace to accommodate a variety of working needs.
The project will see the complete strip out of the existing building back to shell, paving the way for a new collaborative working environment that will cater for hybrid working and deliver a range of work settings for up to 300 employees.
Office Principles North will create a series of open plan workplace ‘neighbourhoods’, complemented by new meeting rooms, breakout spaces and a large ground floor space for socialising and town hall gatherings. These bespoke working environments will offer colleagues flexibility in how they work, enabling them to thrive and perform at their very best.
Employees will be able to choose from a range of desk and seating options, with fixed desking and agile seating available across a number of collaborative areas and spaces. Access to the latest AV technology to support video conferencing will also be available.
Aesthetically, the workplace will be marked by high quality finishes and a neutral palette, with exposed ceilings, acoustic baffles and crittall glazing, as well as feature pendant lighting. The space will also promote employee wellbeing through an extensive use of planting, as well as a dedicated area for prayer, nursing parents or meditation.
Visitors will be greeted by an enhanced arrival experience, including a new main entrance to the building and a refurbished façade, as well as LED lighting, timber cladding and new external signage.Office Principles North has used expert research techniques to inform the new modern design and maximise the available office space.Gary Tailby, joint Managing Director of Office Principles North, said: “Many businesses are facing the challenge of delivering workplaces that are capable of retaining and attracting staff post-Covid.“MAB recognises that its people want to work in a modern office environment that offers a greater choice in how and where they work and socialise, and provides a more attractive alternative to working from home. We’re proud to be delivering a headquarters building that makes the very best use of available space and allows people to maximise their day.”Claire Smith, people and culture director, MAB, said: “Diversity, equality and inclusion remain a significant focus for MAB, and have been fully incorporated within our state-of-the-art office refurbishment. We understand that all our employees have different needs in terms of their wellbeing and how they work, which is why the new office includes a variety of spaces such as focus areas, pods, and a dedicated wellness room.
“We’re delighted with the design that Office Principles North has created to completely transform and optimise the space, and we look forward to seeing our colleagues thrive, connect and collaborate in their new office.”
The new workplace is expected to be operational in Q1 2023.
East Midlands Chamber launches Generation Next Awards 2023 to recognise region’s young talent
The best of young business talent across the East Midlands will once again be celebrated at the Generation Next Awards – as a refreshed look is revealed for 2023.
Launching yesterday (11 January), the awards are the showpiece programme of the Generation Next network for young professionals and entrepreneurs aged between 18 and 35, which is run by East Midlands Chamber in conjunction with headline partner the University of Derby.
It features 11 categories, ranging from a Start-up Award and Customer Service Award through to Innovation and Technology Award and the Generation Next Future Leader.
The programme includes a new addition that recognises “rising stars” who show ongoing growth and development, as well as refreshed guidelines for prizes recognising outstanding contributions in diversity and inclusion, creativity, corporate social responsibility and sustainability.
The application process of each category award has also been streamlined for a “one form fits all” method involving a reduced number of questions.
Lucy Robinson, East Midlands Chamber’s director of resources and Generation Next lead, said: “The Generation Next Awards are a celebration of the amazing young talent within the East Midlands, and our diverse programme recognises the next generation of business who make outstanding contributions to their communities.
“We want to encourage young professionals from across the region to tell their story and celebrate their successes. There is an award to suit everyone at each stage of their career.”
Last July, Generation Next held its first in-person awards celebration at Bustler Market in Derby, and recognised young talent such as apprentice Ruby Birks, who works for South Normanton-based marketing agency Purpose Media, and the three entrepreneurs behind Derby-based digital marketing and web development agency Alphageek.
It was an awards ceremony with a twist, featuring street food, a live DJ and arcade games. More than 220 people attended, marking it as a new milestone in the Chamber’s events calendar. This year’s ceremony will be held on 13 July, and the venue will be confirmed in the coming months.
Entries are open for the 2023 awards from now until Monday 6 March. They can be submitted either by individuals within the 18 to 35 age bracket or on their behalf by a colleague or line manager.
Energy support package leaves UK steelmakers at a financial disadvantage, says trade association
The Government’s Energy Bill Discount Scheme offers less for UK steel producers than for competitor countries, according to Gareth Stace, Director General of UK Steel.
Although welcoming the scheme for its certainty and stability, Stace points out that there are concerns that the newly-announced support falls short of that of competitor countries, including Germany, since it significantly narrows the help Government will provide, with a maximum discount of £89/MWh, which stops delivering once those prices go beyond a ceiling of £274/MWh.
He said: “The Government is betting on a calm and stable 2023 energy market, in a climate of unstable global markets, with the scheme no longer protecting against extremely volatile prices. The German Government guarantees an electricity price of €130/MWh for the whole of 2023, ensuring German industry can continue to operate competitively within Europe and beyond. In contrast, the reformed EBDS provides a discount for electricity prices above £185/MWh, leaving UK steel producers paying an estimated 63% more for power than German steel producers this year. This situation will maintain a long-standing competitive disadvantage for UK producers, resulting in higher production costs and a reduced ability to compete this year.
“Given the disparity in relief provided in the UK and competitor countries, it is essential that the Government now delivers on its Energy Security Strategy and addresses the outstanding disproportionate costs UK steel producers face in electricity bills, including high renewable levies and network costs. Years of paying more for these elements of electricity costs have placed UK industry at a competitive disadvantage against its European and global competitors.
“Steel demand and prices are falling in the UK and across Europe, while key input costs remain persistently high, leading to reduced production, shrinking market share, and increased imports for the UK. Whilst we are grateful and pleased to see that Government has acted to extend the scheme, there remains a vital gap in that delivery. We urge Government to take the next step and look to match what is provided in Germany for the most energy intensive industries.”
Housebuilder acquires land for third phase of development in Newark
Homebuilder Bellway has acquired more land to enable the start of work on phase three of its The Foresters at Middlebeck development in Newark on Trent.
The company exchanged contracts subject to planning in January with Urban and Civic – the Master Developer of the wider Middlebeck project – and detailed plans for the site were approved by Newark and Sherwood District Council in September.
The third phase will include 104 two, three and four-bedroom houses on land to the north of Flaxley Lane, including four affordable properties for local people.
The first properties are expected to be released for sale this month.
Tim Pyne, senior land manager at Bellway East Midlands, said: “Our land, planning and technical teams have worked hard on this project and with the land acquired and planning permission in place we are now able to take this development to the next stage.
“The Foresters at Middlebeck has been one of the division’s most popular schemes and we are expecting the next phase to be equally sought after. Its location, with easy links to Newark town centre and the A1 and A46, makes it a site that works for the way people want to live, in a setting that has the infrastructure they need.
“The phased acquisition allows for the first 57 dwellings across the scheme to be developed with the balance anticipated later this year.
“This deal, even with the current UK economy, demonstrates the continued strength of demand for new housing and highlights Bellway’s commitment by getting the deal done.”
The development is part of a much wider consortium project that is ultimately planned to deliver approximately 3,000 homes on the southern edge of Newark on Trent.
Bellway East Midlands has been working at The Foresters at Middlebeck since February 2018, creating 138 properties within the first two phases.
Locals celebrate London win!
One of Lincoln’s best-loved venues has been honoured with national recognition at the ‘Oscars’ of the events and venues industry.
The Blue Room, on Union Road in Lincoln, was presented with the Bronze award for the UK’s Best Unusual Venue at the M&IT Awards in London. To celebrate the achievement, a special Wedding and Events Showcase will be held at The Blue Room on 26th February to give visitors the chance to see what makes the venue so special.
The Blue Room is housed in the 200-year-old, Grade II listed Lawn building, set in lavish grounds and is a unique venue which was originally purpose-built as a Victorian ballroom. It has been lovingly refurbished and boasts amazing period features including an eye-catching stained-glass, arched window for a stunning backdrop to any occasion.
Karis Hildred, Events Manager at The Lawn said: “We’re absolutely delighted that our special and unique venue has received such national recognition. I’m really looking forward to welcoming visitors to our special showcase event so they can see what makes our venue and services award-winning.
“We’ll treat our guests to delicious canapes, prosecco and offer advice on planning the perfect wedding or event. They’ll also get to meet some of our trusted experts who arrange every detail for all occasions, including room dressing, lighting, menus and more. I’ll be pleased to arrange personal tours of our building too.
“The Blue Room was up against stiff competition and some of the biggest names in the industry. The team and I are thrilled.
“The Wedding & Event showcase on 26th February is the perfect opportunity to discover more about our range of services and spaces. I’m proud of my team who work tirelessly to ensure that every event and performance we host, from weddings and business functions, to sell-out theatrical shows are uniquely memorable, delivered seamlessly so our guests come back time and again.”
The Blue Room is just one of the spaces at The Lawn building which also offers office space rental, wedding ceremonies, life celebrations and business functions. The Wedding & Event Showcase on 26th February from 10am to 3pm is set to be the perfect opportunity for anyone planning a wedding, event or business function. Places can be booked now by registering here: Wedding & Events Showcase | The Lawn (lawnlincoln.com)
Step forward for Ashbourne relief road proposals
Proposals to build a relief road in Ashbourne have taken a step forward after Derbyshire County Council submitted a pre-planning application for the development.
The proposals have been put together following a public consultation to choose a preferred route for the road, designed to help tackle congestion in the town
This stage of the project is to have an initial discussion with the council’s planning department about the feasibility of building a road along the preferred route stretching from the A52 Mayfield Road to the A515 Buxton Road close to Sandybrook Hall. The process, which is taking place along with initial ecology surveys in the area around the preferred route, will also highlight any issues which may need to be overcome before a full planning application can be submitted.
Councillor Carolyn Renwick, Cabinet Member for Infrastructure and Environment, said: “Traffic surveys found up to 12,000 vehicles using main routes in Ashbourne each day with almost half of the traffic using the A515 found to be through traffic, with somewhere other than Ashbourne as its end destination.
“We know residents and businesses in Ashbourne have been calling for a new road for a long time to ease traffic congestion and delays which independent consultants estimated to be worth £1.5 million in 2017.
“I’m pleased this project is progressing to the next stage to show exactly what issues we need to overcome before we can submit a planning application, giving us a more accurate estimate of costs so that options for funding can be investigated in the future.”
The proposals are for a single carriageway road with separate provision for pedestrians and cyclists and a further public consultation about the plans would need to be carried out in the run-up to submitting the planning application.
Midlands Engine Investment Fund has helped create more than 2,370 jobs in the region, fuelling growth and innovation
- Two in five backed businesses secured follow-on funding estimated to reach around £65m to fuel further growth
- Three quarters (74%) launched new products or services contributing to a £73m regional boost from sales
- 59% of businesses supported by the Midlands Engine Investment Fund say it helped them avoid closure in challenging time
- MEIF has helped create more than 2,370 jobs in the region since 2017
Corby warehouse sold
Eddisons has sold a 96,000 sq ft industrial / warehouse unit in Corby – 5 Macadam Road.
Offers were invited for the freehold investment in the region of £7.25m.
The building has been purchased on a sale and leaseback from the owner occupier, by a business investor seeking to diversify their income.
The vendor, a furniture wholesaler, has signed a new 10-year lease at £540,000 per annum.
Located on Earlstrees Industrial Estate, an established employment district in the heart of Corby, the premises comprises a high bay warehouse, two showrooms, recently refurbished office accommodation and loading areas.
Eddisons agent Simon Parsons said: “This warehouse unit offered an excellent opportunity for potential investors looking to invest into both a strong commercial property market and a well-established business.
“Eddisons provided investment advice and whilst the market was slowing, secured good interest, which resulted in the sale of the property.”
Eddisons acted on behalf of the owner occupier.
