< Previous East Midlands Business Link www.eastmidlandsbusinesslink.co.uk COMMERCIAL PROPERTY talk about what we want Derby to be in the future. From these discussions we’ll be creating a brand new vision for the future of our city centre. I urge everyone to take the time and share ideas for the Derby of the future.” Over in Lincoln, similar plans to Derby’s are being introduced by the City of Lincoln Council, who have confirmed works to refurbish Lincoln Central Market. Initial works began in April to the grade II listed Central Market following investment from Historic England through the High Street Heritage Action Zone (HSHAZ) scheme, which has enabled a programme of historic building restorations designed to revitalise the area and uncover the city’s rich history. Some £5.9 million investment has also been earmarked for the project thanks to a successful bid for funding through the Be Lincoln Town Deal, which has seen £19 million awarded to the city by government to drive economic regeneration and deliver long-term economic and productivity growth. The vision is to stem the decline in footfall, occupancy and turnover by reinventing the market to create a hybrid offer which combines local produce, food and non-food retailing, with expanded food and beverage and communal dining. The addition of the mezzanine level will allow for additional seating and flexible uses. The creation of the standalone restaurant unit within the new two storey extension, will create a further ‘destination’ dining space as well as supporting the evening economy. One of the most well-known transformations that people are trying to bring to life is Nottingham’s Broadmarsh, which is taking a step forward with the appointment of experts to turn an exciting vision into reality. The site of the former shopping centre presents a unique opportunity for the city to create something special, with a vision for how it could change drawn up by the Greater Broad Marsh Advisory Group, led by acclaimed urban designer Thomas Heatherwick. Key elements of the vision are: reinstating many of Nottingham’s lost streets, a wildlife-rich green space, over 750 new homes, new commercial and mixed use buildings, helping to create 3,000 jobs, retaining some of the structural frame of the shopping centre to create a new recreational space and rejuvenating the city’s unique cave network, with a new entrance and a new hotel above. Now the City Council is appointing three experts – a master planner, development manager and advisor – to assess the vision in detail to understand what can be delivered. The appointments will be funded from the council’s capital receipts – funding it has brought in through the sale of its property assets. City Council leader, Cllr David Mellen, said: “We are keen to continue progress on the Broad Marsh site, moving from a vision that we unveiled at the end of last year, to a master plan for this site which is full of opportunities for Nottingham.” © stock.adobe.com/Clive 18-20.qxp_Layout 1 07/06/2022 09:26 Page 3www.eastmidlandsbusinesslink.co.uk East Midlands Business Link ARGI-BUSINESS SPOTLIGHT T he agricultural industry has never been what one could call stable – ironic, given the tens of thousands of years it has been around. With temperatures rising due to global warming, weather becoming unpredictable and flooding becoming increasingly common across our region, the stability of farming is becoming even worse. Combine this with a war in Ukraine putting pressure on food supplies world-wide, Brexit complicating the labour market and the price of fertiliser rising drastically, and it’s clear to see that the industry is one under extreme pressure. It is also, however, one that cannot be allowed to fail. The same was said about the much-maligned banks, and yet far worse than some economic instability will face the country if the agri-industry suffers an extreme shock while Ukraine’s supplies of wheat and grain are impacted. Clearly, something needs to be done. What the Government are hoping will help is no doubt the new Genetic Technology Bill, which was introduced in Parliament on the 25th May. This bill, as agriculture Innovating 22 Á © stock.adobe.com/Es sarawuth The agri-tech industry is changing greatly thanks to pressures from the war in Ukraine and the Government’s pledge for Net Zero emissions. Thankfully, the red tape might be lifting. 21-23.qxp_Layout 1 07/06/2022 09:28 Page 1 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk ARGI-BUSINESS SPOTLIGHT claimed by DEFRA, will make the UK the best place in the world to invest in agri- food research and innovation. The bill will do this by cutting much of the red tape surrounding agri-food tech in order to promote the growth of more resilient, nutritious, and more productive crops. This resilience will theoretically be necessary in the coming years and decades if the trend of ever-more unpredictable weather patterns continues as they are expected to. DEFRA claims the bill will remove unnecessary and backwards bureaucracy put forth by the EU around gene-editing that is holding the UK back, and while this is language certain to toe the line with Tory policy on blaming the EU for everything and touting the benefits of Brexit, the changes could result in more investment in the UK as long as they go far enough and are implemented correctly. The question then, will be whether the changes will be accepted by the UK populace. There’s not much point talking about gene-edited crops and livestock if consumers will refuse to eat it. One needs only look back to the furore around GM Crops years ago to see the public sentiment, and although the situation isn’t the same, it’s hard to look at the challenges we’ve had in convincing people to take a lifesaving vaccine and wonder if similar conspiracy theories won’t be abound about what the “controlling and deep-state government” will be putting in our beef, pork and cereals. It’s all nonsense of course, but that won’t matter if the news isn’t delivered in an understandable, sympathetic and believable manner, and there may well be concerns that the current Government under Boris Johnson has damaged that trust somewhat. It is a shame, too, because the move towards gene-edited and precision breeding can create safer food by removing allergens and preventing the formation of harmful compounds in food. Globally, between 20 per cent and 40 per cent of all crops grown are lost to pests and diseases. Precision breeding has the potential to create plant varieties and animals that have improved resistance to diseases; helping to reduce our reliance on pesticides and © stock.adobe.com/andreysha74 21-23.qxp_Layout 1 07/06/2022 09:28 Page 2www.eastmidlandsbusinesslink.co.uk East Midlands Business Link ARGI-BUSINESS SPOTLIGHT antibiotics, reduce impacts on the environment and improve the welfare of animals. While it may also come at an unwelcome time for many farmers, the Government’s drive for Net Zero carbon emissions and more sustainable farming is something many in the industry will have to get used to. Emissions from UK farms are reported to account for 10% of carbon emissions in the UK, and even more of Nitrous Oxide. The National Farmer’s Union (NFU) of England and Wales has pledged to become carbon neutral by 2040, this has led to more agri- tech agreements and initiatives with other countries. One such initiative has seen representatives from seven UK organisations undertake a three-day tour of agricultural R&D sites in the Netherlands. At the famous Seed Valley, new initiatives such as miniature cauliflower or hamburger lettuce are being grown, allowing for greater yields from smaller sources of land, and which are much more resilient to drought, more suitable for modern farming methods or are more sustainable. This, combined with movement toward robotic-assisted agriculture as a means to combat both the cost and time associated with farming, the emissions from vehicles and the difficulties in hiring thanks to a loss of cheap labour coming in from Eastern Europe after Brexit, are working toward streamlining the agri industry. That’s not to say implementing any of this will be cheap. Innovation rarely is. The financials around upgrading or advancing farms are likely to be significant, and while the Government might offer subsidies along the way, it’s hard to predict how reliable or early those will come. It’s hard to predict much of anything with the Government at the moment other than more scandals. With the price of fertiliser expected to last another two years thanks to the war in Ukraine (and it could get worse if further instability occurs) farmers and businesses may have few options other than to stomach the costs, seek loans or raise capital however they can. There may not be an optimal and affordable time to adapt, and those that wait for it might find themselves struggling against those who invest. © stock.adobe.com/kinwun 21-23.qxp_Layout 1 07/06/2022 09:28 Page 3 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk TAX Marginal gains and tax planning for the tax year ahead Jennie Brown, tax partner at Streets Chartered Accountants, offers ‘marginal gains tax tips’. I have always been fascinated with concept of marginal gains and how through constantly making small incremental improvements, high performance levels can be reached. Reading some of the stories of how coaches have applied the strategy with athletes training for the Olympics, and achieved incredible results, is really captivating. How might this have anything to do with tax I hear you say? Well, quite often when I am helping clients protect their wealth and ensuring they have a financial plan aligned with their goals and objectives, it is not one singular thing that is implemented to improve their tax position, but often a number of things, on repeat, over a number of years. I am a firm believer when helping my clients, that before jumping into the more complex areas of tax planning, we take stock and look at the basics first, to have a strong foundation to move on from as appropriate. There are a plethora of annual reliefs and exemptions that can be considered year on year, and by focusing on these first and ensuring they are not overlooked, over time, these can have a significant impact on improving your tax position; marginal gains. So, what are these tax marginal gains? I highlight below those keys areas that I would recommend you are aware of and take stock of year on year, and of course, with everyone’s situation being different, it always makes sense to take advice. * Making use of your tax-free personal allowance, transferring any unused element if possible * Utilising the basic rate of tax and consider the equalisation of income between spouses/civil partners, to prevent one party being a higher rate tax payer and the other having unused basic rate band * Bear in mind the key thresholds; income over £50,000 can see a tapering of the child benefit and income over £100,000 can see a tapering of the personal allowance, giving rise to an effective rate of tax of 60% * If you have made a loan to your business, consider the payment of interest. Not only will this provide a corporation tax deduction for the company, but it could allow you to use the starting rate for savings and personal savings allowance * Pension contributions are always a favourite for the tax advisor, especially for those who have exceeded the above- mentioned thresholds. By making pension contributions these can reduce the amount of taxable income and enable investments to be managed in a tax-free wrapper, free from capital gains and inheritance tax, with more flexibility in recent years over the access on retirement * Charitable giving can also qualify for tax relief which can in turn increase the charities donation * ISA’s can be used to save cash or invest stocks; each tax payer has an annual allowance of £20,000 (for 2021/22). No income tax is due on the interest or dividends and any profit made on investments is free of capital gains tax. Family members can also put up to £9,000 in a junior ISA on behalf of a child for 2021/22. In addition, the lifetime ISA can be helpful for fire time homebuyers between the ages of 18-40, and up to £4,000 of savings can be topped up with a government bonus of up to £1,000 * There are a number of investments which can also provide tax relief and these can provide instant tax relief against income tax for a percentage of the investment made, together with other tax advantages. Naturally, advice 24-25.qxp_Layout 1 07/06/2022 09:29 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link should always be sought with such investments * The capital gains annual exemption, currently £12,300 and frozen at this level until April 2026 is often overlooked. It is an exemption that you use or lose, so consideration should be given as to whether this can be used year on year. Consider the timing of disposals so they are staggered where possible to utilise the exemption. Together with the utilisation of income, the same applies to this exemption. Transfers between spouses/civil partners can be transferred free of capital gains tax, and therefore considering as a couple where relevant the combined use of allowances such as this is not to be overlooked. Naturally, there is a lot of more involved planning that can be considered with capital gains, deferment of gains and losses amongst a whole host of other rules and reliefs * There are a number of annual exemptions to consider for Inheritance Tax, also everyone has a £3,000 gifts exemption and if not used, this can be carried forward for one year only. There are also small gift exemptions and exemptions for gifts on marriage together with an exemption which is often overlooked known as regular gifts out of income. If you are not aware of these exemptions and want to make gifts, then it would be beneficial to take advice. In addition, don’t forget, the tax rate applicable to dividends went up by 1.25% from 6 April 2022. As mentioned, the above are the ‘marginal gains tax tips’ across Private Client planning and from here greater planning can be considered. For more information on the basics and more involved planning, please get in touch with Jennie Brown jbrown@streetsweb.co.uk TAX 24-25.qxp_Layout 1 07/06/2022 09:29 Page 2 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk HEALTH & SAFETY A ll employees are entitled to work in environments in which health and safety are properly controlled, as the Health and Safety Executive (HSE) states. Under health and safety law, the main responsibility for this falls on employers, who have an obligation to consult staff on health and safety matters and do whatever is “reasonably practicable” to protect the health, safety and welfare of their employees and others who may be impacted. Employers must appoint a competent person to help in meeting health and safety legal duties, have a policy for managing health and safety, and assess risks in the workplace, identifying activities that could cause injury or illness, taking action to eliminate the hazard, or controlling the risk where this is not possible. Employers should also give staff information about risks in the workplace and how they are protected, as well as instructing and training them on how to deal with risks, and have a legal duty under the Health and Safety Information for Employees Regulations (HSIER) to display the approved poster in a prominent position in each workplace or to provide each worker with a copy of the approved leaflet. These are the basics. Workers meanwhile hold a duty for taking care of their own health and safety and that of others who may be affected by their actions at work, cooperating with employers and co-workers to meet legal requirements. Today, what needs to be considered to ensure the health and safety of workers casts a wide net. Once the focus was primarily on physical hazards and injuries, but now one must also bear in mind aspects such as mental health, a leading cause of sickness absence which has gained additional attention during the pandemic and thanks to the rise in hybrid working. In the 2020/21 period 1.7 million workers suffered from a work- related illness, around half of which were stress, depression or anxiety, according to the HSE. With research from Deloitte showing the cost to employers of poor Prioritising mental health With work-related mental health issues on the rise, costing employers £56bn in 2020-21, businesses must ensure they have an effective mental wellbeing strategy in place. 28 Á 26-29.qxp_Layout 1 07/06/2022 09:30 Page 1www.eastmidlandsbusinesslink.co.uk East Midlands Business Link HEALTH & SAFETY © stock.adobe.com/Pixel-Shot 26-29.qxp_Layout 1 07/06/2022 09:30 Page 2 East Midlands Business Link www.eastmidlandsbusinesslink.co.uk HEALTH & SAFETY mental health has increased, to up to £56bn in 2020-21 compared to £45bn in 2019, with the uptick in costs mainly a result of high staff turnover connected to mental health, businesses cannot afford to ignore the issue. Elizabeth Hampson, Deloitte director and author of ‘Mental health and employers: the case for investment – pandemic and beyond’, said: “We have seen poor mental health costs UK employers up to £56 billion a year, based on a new Deloitte survey, an increase of 25% in the cost of poor mental health to employers compared to 2019. Mental health issues are a strong driver for the ‘Great resignation’. Long hours, increased stress and job insecurity have had a detrimental impact on quality of life during the pandemic. People are leaving their jobs, re-evaluating their careers and changing occupations in large numbers. Burnout among employees, such as feelings of exhaustion, mental distance from the job and reduced job performance, have been more evident during the pandemic. Measures by employers to improve mental wellbeing should not only benefit employees themselves but should also reduce employment costs such as recruitment costs and provide broader societal benefits.” There is a clear case for investing in and prioritising mental health, in fact research shows that for every £1 invested in staff wellbeing, employers see a return of £5.30 on average. Meanwhile prioritising mental health helps to attract and retain employees. There is currently renewed focus on the topic of mental health at work following Mental Health Awareness Week last month (May), and as the connection between good mental health at work and productivity becomes ever-clearer. Many businesses however remain unsure of how to improve their approach to mental health. A good starting point for leaders, then, is bolstering one’s understanding of mental health, how it can impact people, and where leaders and staff can get support when needed. There are a plethora of organisations that offer information that can help in tackling mental health problems in a business, including Mental Health at Work and Working Minds. Employers should also take a leading role in talking about and opening up the conversation on mental health in the business and look to create time for one-to-ones and catch-ups. It is also important to invest in training to help managers identify signs of poor mental health and understand how to reach their employees, as well as provide time for learning sessions for the wider company. Mental Health First Aid training is one avenue to look into, being the mental health equivalent of physical first aid training and offering the skills and knowledge to be able to recognise symptoms of common mental health issues and guide a person to the right support, whether professional or self- help services, while helping participants learn how to give reassurance, communicate non-judgementally, and understand how to raise awareness in the workplace. Subsequently, signpost who the Mental Health First Aiders are in the workplace. Forming a mental health wellbeing strategy for a business is key too, to make meaningful improvements to staff mental health, illustrating how firms will support staff to be as mentally healthy as possible. Such strategies provide guidance when people ask for help, indicate areas in need of improvement, and highlight the ways in which the plan will be developed into the future, ensuring initiatives are not one-offs but are part of long-term change. Furthermore a strategy can act as a public declaration of values. Altruist Enterprises’ ‘Guide to Developing an Effective Workplace Mental Well-being Strategy’ is a useful tool and notes that ahead of writing a strategy, it is important to gather and analyse existing organisational data (demographics like age, gender, company culture and current policies, the employees’ physical environment, existing levels of mental ill health, et al.) so that your strategy is tailored to the needs of your workforce and will have the greatest impact. Collecting this data will allow the following questions to be answered: why do we want to produce this strategy; do we have the information we require in order to produce this strategy; are we complying with the law; do we have a problem with stress and mental ill health in the workplace; what are our organisation’s views/beliefs/actions on mental wellbeing; how is this strategy going to 26-29.qxp_Layout 1 07/06/2022 09:30 Page 3www.eastmidlandsbusinesslink.co.uk East Midlands Business Link HEALTH & SAFETY be used and how will it be used effectively? In writing a strategy, businesses should also consider hosting focus groups with staff and conducting surveys. Following this, one should have uncovered areas for intervention and be able to start developing a strategy, detailing why it has been produced, what one wants to achieve (for example to boost employee engagement and motivation, ensure signs of mental ill health can be identified earlier, or support staff experiencing mental ill health to stay in work), and illustrating the current picture with actions that are to be taken. Actions might include holding regular awareness events, encouraging storytelling and role modelling to reduce the stigma surrounding mental health, creating space for employees to be involved, particularly with the decisions that affect them, and communicating information regularly in a transparent way. Policies and processes might additionally be put in place, such as encouraging no out of hours emails and offering flexible working, as well as wellbeing initiatives like mindfulness classes. Moreover, frequent evaluation after launching a strategy will enable one to assess its effectiveness. With employees a business’s most valuable asset, it is vital to take care of their health and wellbeing. © stock.adobe.com/Africa Studio 26-29.qxp_Layout 1 07/06/2022 09:30 Page 4Next >