Working Capital Cycle

Every business has a working capital cycle. This is the time it takes for your business to turn net current assets into available cash.

The longer the working capital cycle, the more time it takes for your business to get a robust cash flow. It’s good practice for businesses to manage their cycle by looking at each step where possible. This could be by selling stock or product quicker, collecting monies owed sooner and possibly paying bills later on. Read more.

Podcast: Purchasing your car through salary sacrifice? There’s a thought…

This episode of The Streets Sessions features Steve Thornton of Motor Source Corporate, a business set up by Steve to provide a car salary sacrifice programme.

In conversation with him Streets discuss how both employees and employers could benefit from using a car salary sacrifice programme. Listen now.

How do you avoid financial forecasting that ends up with rain instead of sunshine?

Financial forecasting can often feel like the weather forecast, financial predictions not always being as rosy as planned, or in many cases, as hoped – a bit like the weather whilst sunshine is predicted rain all too often can be the outcome.

Whilst many businesses will look to use financial forecasting as part of their day-to-day management, there are also many who only produce financial forecasts based on need, say for external finance or investment. Read more.

Annual Tax on Enveloped Dwellings (ATED)

The Annual Tax on Enveloped Dwellings (ATED) was introduced in 2013 to eliminate any tax advantages from holding high-value homes in a corporate structure. In particular the intention was to prevent non-domiciled investors gaining an advantage by holding UK residential property in a non-UK company to avoid triggering UK stamp duty land tax or capital gains tax charges on a subsequent disposal.

However, the charge can apply to any UK residential property wholly or partly owned by a company (including a partnership with a corporate member). Read more.

The Budget 2024 – catch up!

Last week Streets hosted a post Budget webinar, ​​​​​​​providing details of the announcements along with an update on topical issues affecting business clients and private individuals for the new tax year 2024/25.

This presentation was recorded and is now available on demand for those who weren’t able to join live. Watch now.

Sheffield City Council is to introduce a new advertising and sponsorship policy going beyond national legislation to control the way in which a number of products are promoted – even if it means turning down income opportunities. From April 1st its new policy will include restrictions on advertising products covering high fat, salt & sugar (HFSS) food and drinks; alcohol; gambling; vaping; and high carbon/fossil fuels. The policy – developed over a two-year period – will be formally adopted with effect from 1 April 2024 and a two-year review period has been set to allow for assessment of developments both within Sheffield itself as well as nationally. Many of the products and services that the Council has voluntarily restricted are often targeted at the most vulnerable groups in society, who are generally more at risk from harmful adverts. By removing harmful adverts from around the city, the Council hopes to have more space for those products and campaigns that bring benefits to both our health and the environment. Terms have been included that will enable the Council to successfully negotiate commercial third-party agreements in relation to major events and long-term leases, and to support local businesses in promoting products and services. This balanced approach allows a progressive attitude to improving lives while embracing opportunities for the city to attract the best and most commercially viable prospects. Greg Fell, Director of Public Health at Sheffield City Council, said: “Health is often framed as a personal thing – if only we took more personal responsibility. But we know what’s upstream of that. We know corporations spend huge sums of money to shape how we spend our money. That matters, because that has health consequences. It sets norms. “There’s a really high level of public support against adverts that are causing public harm, especially to our kids. That is happening in Sheffield, right now. “It’s a really important step in the right direction that the council has taken.” Consideration has been given to how policy restrictions will result in saying no to some income opportunities, but a supporting marketing plan will actively promote opportunities to reach acceptable businesses and support will be available to help brands create acceptable adverts under the new policy terms. Where existing contracts are in place, adopting the policy restrictions would be encouraged but not enforced. All new contacts would be agreed under the terms of the Advertising and Sponsorship Policy.

Oliver Coppard has become the first Metro Mayor in the North to sign up to the UK Steel Charter. South Yorkshire’s Mayor signed the charter at Sheffield Forgemasters on Tuesday 19 March, alongside the South Yorkshire Business Advisory Board, in a move to promote UK-made steel in the region and help bring growth to South Yorkshire. As Mayor for a region with Sheffield’s ‘Steel City’ at its core Mayor Coppard said that it was his priority to bring growth to the region and that there were “huge opportunities” for South Yorkshire. South Yorkshire’s newly established Business Advisory Board is committed to growing the local economy and driving business growth. It is made up of some of region’s brightest and best business leaders, who work together with the Mayor to challenge, champion success, and ensure the business voice is heard loud and clear. South Yorkshire’s Mayor Oliver Coppard said: “South Yorkshire is the spiritual home of the steel industry. We were the first place to mass produce steel, we powered the first industrial revolution, and we’re now home to the world’s first advanced manufacturing district. “Now, as the Mayor of South Yorkshire, I’m determined to restore the pride, purpose and prosperity of South Yorkshire. By signing the UK’s Steel Charter we are not just recognising our heritage, we are committing to bringing high-quality, good jobs and growth to our region, right across our region. “Advanced manufacturing, making the materials and the machines that will power our country forward, is South Yorkshire’s lodestar, the future of our communities and our economy. That’s why it’s not just important but vital that we commit to the UK’s Steel Charter. “It’s all the better to do so here at Sheffield Forgemasters, a company that is so central to that brighter future for both steel and South Yorkshire that we all want to see.” The Steel Charter, first set up in 2019, supports the UK steel industry in its efforts to change the way it procures steel to include more domestic products. Tariq Shah, Co-Chair of the Business Advisory Board, said: “Signing the UK Steel Charter underlines the Mayor’s and the Business Advisory Board’s commitment to growing South Yorkshire’s economy and supporting local businesses and supply chains. “Our mission is to play a pivotal role in capitalising on the positive momentum in South Yorkshire, driving business success nationally and internationally. Today’s meeting with Sheffield Forgemasters and UK Steel has highlighted the huge importance of South Yorkshire steel to the local and national economy and to wider supply chains.” The charter encourages signatories – government administrations, local authorities and private sector – to publicly signal their commitment to using UK steel in major projects. UK steelmakers could supply industries such as energy, transport, and construction, with steel worth up to £3.8billion a year by 2030. The UK’s steel sector employs 39,800 people directly and supports a further 50,000 in supply chains. UK Steel Director General, Gareth Stace, said: “This is a triple boost of support as Mayor Coppard, the South Yorkshire Business Advisory Board and the Combined Authority join the UK Steel Charter. “Today’s support is even more poignant as the Charter is signed in Sheffield, the historical home of the UK steel industry. “With major support from these business leaders, the economy and thousands of jobs in South Yorkshire and throughout the UK will reap benefits from purchasing steel that is made, processed, and delivered here in Britain. “Why expose your project to the whims of unpredictable global supply chains, when you have the option of a reliable local business to partner with, throughout the lifetime of your project. Using UK steel is quite simply a win-win for everyone.” Sheffield Forgemasters Chief Executive Officer, Gary Nutter, said: “The UK Steel Charter signing at Sheffield Forgemasters is timely, as we progress with substantial recapitalisation of our site to secure defence supply for decades to come. “This company is testament to the importance of British steel production and our skills base is unique, which is why the business was acquired by the Ministry of Defence in 2021. “As global instability shows itself through energy challenges, it is critical that we reflect on the security of domestic manufacturing capabilities.” The UK Steel Charter is a commitment that shows how the South Yorkshire Mayor, Combined Authority and Business Advisory Board aim to change procurement processes to include more UK-made steel and support the economy. The Charter enables government departments, devolved administrations, local authorities, and private organisations, to publicly signal their commitment to using UK steel in major projects.

Business owners and tourism leaders have said a joint approach to boosting economic growth and the visitor economy will be vital to the future of Harrogate.

It’s a key focus of North Yorkshire Council’s economic development and tourism teams, who want to take advantage of the benefits of initiatives such as the recently created York and North Yorkshire Local Visitor Economy Partnership and the Government’s UK Shared Prosperity Fund.

Corporate director of community development is Nic Harne, who said: “Harrogate is recognised across the country and beyond as a jewel in North Yorkshire’s crown, a place not only to do business, but a base to experience the best in events and festivals.

“Thanks to the hard work of those who work in business and the visitor economy, allied to the knowhow of our economic development and tourism teams, the town is well-placed to exploit future opportunities.”

Figures from Visit North Yorkshire, the region’s destination management organisation, show that hotel occupancy in 2023 was up 10 per cent to 78.7 per cent when compared with the previous year, and revenue per room up 15 per cent to £73.55.

One of the people at the heart of the visitor economy is the chief executive of Harrogate International Festivals, Sharon Canavar. She said: “Last year the arts charity delivered 100 events which attracted more than 90,000 people. Tourism and live events are incredibly important to Harrogate.

“From Spiegeltent, a unique pop-up, mirrored venue to the world-renowned Theakston Old Peculier Crime Writing Festival, Carnival to community events, there is a host of live events that drive footfall to our town, booking hotel rooms and spending in the local economy.

“We buy over 1,500 hotel bedrooms in the town from the Harrogate International Festivals office alone for this event, with many more of our visitors booking independently into a host of bed and breakfasts and private accommodation. “The spend for this event alone is huge; bars, restaurants and shops are full and the feedback we receive from retail is incredibly positive.”The Harrogate Chamber of Commerce works closely with businesses across the town to help them to thrive and boost their opportunities.

Its chief executive, Martin Mann, said: “The Chamber benefits hugely from the optimism of and professionalism of those around us in Harrogate.

“From the arts and culture brought to us by the Harrogate Theatre and Harrogate International Festivals to the conferences hosted in the Convention Centre, Harrogate has plenty to be proud of.”