File VAT returns on time or face new penalties, warns HMRC

Stuart Pearcey
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File VAT returns on time or face new penalties, warns HMRC
HMRC has warned VAT registered businesses to file returns and pay on time, or risk falling foul of new penalties said to be fairer and more proportionate, which will apply to filings from March 7th. The penalties for late VAT returns also apply to businesses that submit nil returns and repayment returns. Changes have also been made to how interest is calculated. Paul Riley, Director of Tax Administration at HMRC, said: “Our aim is to help customers get things right before monetary penalties are applied; a points-based system for late VAT returns will not punish the occasional error.

“We are contacting 2.5 million VAT registered businesses about the changes and will continue to support customers to help them manage their tax affairs and payments.

The changes to VAT penalties and interest payments are:
  • late submission penalties – These work on a points-based system. For each VAT return submitted late, customers will receive a penalty point until they reach the penalty point threshold – at which stage they will receive a £200 penalty. A further £200 penalty will also apply for each subsequent late submission while at the threshold, which varies to take account of monthly, quarterly and annual accounting periods.
  • late payment penalties – If a VAT payment is more than 15 days overdue, businesses will pay a first late payment penalty. If the VAT payment is more than 30 days overdue, the first late payment penalty increases and a second late payment penalty will also apply. To help customers get used to the changes HMRC will not charge a first late payment penalty on VATpayments due on or before 31 December 2023, if businesses either pay in full or a payment plan is agreed within 30 days of the payment due date.
  • payment plans – HMRC will help businesses that cannot pay their VAT bill in full. Customers may be able to set up a payment plan to pay their bill in instalments. After 31 December 2023, if a customer proposes a payment plan within 15 days of payment being due and HMRC agrees it, they would not be charged a late payment penalty, provided that they keep to the conditions of the payment plan. Late payment penalties can apply where proposals are made after the first 15 days, but the agreement of the payment plan can prevent them increasing.
  • interest calculations – HMRC has introduced both late payment and repayment interest, which will replace previous VAT interest rules. This brings the new regime in line with other taxes.
HMRC is also reminding businesses to be mindful of scams as they adjust to the changes. urging that HMRC login details should never be shared. Mr Riley added: “Someone using them could steal from the business or make a fraudulent claim in their name. Individuals should never give out personal information if they are unsure of who is contacting them.”

Firm nominated for two honours in Northern Powerhouse Awards

Stuart Pearcey
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Firm nominated for two honours in Northern Powerhouse Awards
Andrew Jackson Solicitors ha been shortlisted in two categories of the inaugural Northern Powerhouse Awards – for the company in the Transport category for ‘Firm of the Year’ and for senior partner Dominic Ward as ‘Transport Lawyer of the Year’. The awards, winners of which will be announced next month, recognise firms and lawyers who are ‘setting the pace in the region’. The shortlist has been determined by the extensive independent research undertaken for The Legal 500’s annual UK Solicitors’ guide and, in particular, feedback from clients.. In The Legal 500’s 2023 guide, Andrew Jackson’s Transport practice is recognised in the top tier in Yorkshire. Clients note that the transport team is “personable, contactable, knowledgeable, reliable and professional. We have enjoyed working with them and consider them a long term business partner rather than just a firm of solicitors. We would have no hesitation in recommending them to others.” Having specialised in shipping law for more than 30 years, Dominic Ward leads the firm’s shipping and transport practice. He has a long-established track record of handling High Court cases and international arbitrations and regularly advises clients on international agreements relating to major international logistics projects. Dominic also regularly assists companies on issues and disputes surrounding the carriage and distribution of goods whether by sea, road, or air. Mark Pearson-Kendall, managing partner at Andrew Jackson Solicitors, said: “I was absolutely delighted to read the excellent feedback and recommendations we received across several practice areas in The Legal 500’s 2023 guide, so to receive this further recognition for Dominic and our transport practice is fantastic news, and very well deserved.”

Twinkl secures sizeable minority investment

Tess Egginton
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Twinkl secures sizeable minority investment
Educational resources provider, Twinkl has secured a sizeable minority investment from Vitruvian Partners as it looks to deepen its global presence. Jonathan and Susie Seaton founded Twinkl from the back bedroom of their Sheffield home in 2010. Now a household name in UK classrooms, Twinkl wants to deepen its presence in key international markets, providing its teacher-created content in more schools across the world. Susie Seaton, founder, said: “Everything we do at Twinkl is to help those who teach and this is as true today as it was on day one. From humble beginnings, we’re now a global leader in educational resources. “I couldn’t be prouder of our team, their work and our shared commitment to serving our customers every single day. This investment, and our partnership with Vitruvian, will help us to find new ways to continue to help the teaching community worldwide as we move into this next phase of our journey.” Jon Seaton, founder and CEO, said: “We are really excited about the future of Twinkl and felt that Vitruvian Partners were the best fit for our company to support us in our mission to help those who teach. “Vitruvian brings with them a wealth of experience and expertise in helping fast-growing companies like Twinkl to achieve future success. We’re really excited about the support an external partner like this can bring as we focus on how we continue to help those who teach around the world.” Vitruvian Partners is a global growth-focused international investment firm that supports entrepreneurs and high-growth companies in achieving their goals, creating sustainable growth and strategic value. With a track record of over 50 investments in market-defining companies like Skyscanner, Just-Eat, Farfetch and Trustpilot, Vitruvian Partners has considerable experience in scaling, internationalisation and operational effectiveness. Thomas Studd, partner at Vitruvian Partners, said: “Twinkl has created a product that educator customers absolutely love. While most businesses that sell to individuals use paid marketing to reach them, Twinkl has grown almost exclusively by word of mouth – a testament to just how helpful educators find it. “We are thrilled to be backing a UK success story with customers all around the world, and with so much international potential still to come. Jon, Susie and the whole team at Twinkl should be exceptionally proud of what they’ve accomplished so far, Vitruvian Partners is excited to support them as the journey continues.” Twinkl and the Seatons were advised by Houlihan Lokey (Corporate Finance), EY-Parthenon (Commercial), KPMG (Financial), Squire Patton Boggs (Legal) and Endava (Technical) and Vitruvian Partners was advised by Bain (Commercial), FTI Consulting (Financial), Orrick, Herrington & Sutcliffe (Legal), Crosslake (Technical) and PwC (Structuring). Following Vitruvian’s investment, Jonathan and Susie Seaton will remain majority shareholders in the business and will continue to lead Twinkl in its next phase of growth.

Jobs under threat at British Steel’s Scunthorpe plant

Tess Egginton
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Jobs under threat at British Steel’s Scunthorpe plant
Unite the union has vowed to fight to defend every job under threat at British Steel’s Scunthorpe plant. The declaration comes today (Wednesday 22 February) after the company confirmed it intends to make approximately 300 workers redundant and close its coking ovens, which produce the fuel to power its blast furnaces. Unite believes that the proposed job losses are a direct result of the Jingye Group, the Chinese owners of British Steel, and its failure to make good on its commitment to make major investments in the plant and the government’s abject inability to produce a coherent industrial strategy to protect the UK’s steel making capability. According to the union, British Steel has currently failed to provide any evidence for its financial justification for closing the coking ovens, nor has it provided any information about where it intends to source coke from in the future. Unite general secretary Sharon Graham said: “British Steel workers are faced with the toxic combination of a greedy employer that is reneging on investment promises and a shambolic UK government that has no serious plan for the industry. “Unite’s members in British Steel are clear that they will fight this and they will have the full support of their union.” Unite national officer Linda McCulloch said: “This union has not yet seen any financial justification for the closure of the coking ovens. British Steel needs to come clean and open its books in order to try to justify its decisions. “Unite will pursue every avenue, including industrial action, to defend members’ jobs at British Steel.” Earlier this month British Steel indicated that it was intending to make 1,200 workers redundant across all of its operations. However apart from the coke ovens, it has not indicated where the majority of the job losses would come from.

“The Stonehenge of the North” acquired by Historic England

Tess Egginton
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“The Stonehenge of the North” acquired by Historic England
Law firm Womble Bond Dickinson (WBD) has acted for Historic England on the acquisition of two henge monuments and their surrounding landscape, part of the Neolithic complex in North Yorkshire dubbed “the Stonehenge of the North.” The Thornborough Henges complex, near Ripon, is an extremely important site, consisting of three giant, circular earthworks (known as ‘henges’) each more than 200m in diameter. Dating from 3500 to 2500 BC, the henges are of outstanding national significance. The earthworks are thought to have been part of a ‘ritual landscape’, comparable with Salisbury Plain in south-west England, and are probably the most important single ancient site between Stonehenge and the Orkney Islands in Scotland. Historic England has acquired the henges from Tarmac, a sustainable building materials and construction solutions business, who have gifted the complex into legal ownership of the government’s heritage advisor. The henges will join Stonehenge, Iron Bridge, Dover Castle, Kenwood and numerous Roman sites on Hadrian’s Wall within the National Heritage Collection. They are now under the care of English Heritage and are free to visit. As part of its interpretation programme, the charity will share with visitors Thornborough Henges’ stories and explain its significance. The WBD team acting for Historic England was led by partner William Akerman and managing associate Georgina Hook from the firm’s Real Estate practice. They were assisted by paralegal Adam Sykes and solicitor Ash Kaur. William Akerman from WBD said: “This was an important transaction for Historic England and we are proud to have played a part in the safeguarding of this significant site. We have a particular knowledge and skillset in this area, having worked together with Historic England and English Heritage for a number of years and we are thrilled to continue our long-standing relationship with this important client of our firm.” Duncan Wilson, Historic England’s Chief Executive, said: “Thornborough Henges and their surrounding landscape form part of the most important concentration of Neolithic monuments in the North of England. We are thrilled to have acquired this highly significant site for the nation and are grateful to the team at Womble Bond Dickinson for advising us on this acquisition.”

Yorkshire print specialist acquires Manchester business

Tess Egginton
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Yorkshire print specialist acquires Manchester business
Hague Group, a Yorkshire-headquartered print specialist, has acquired DCB Group Ltd, a print, print management and communication solutions provider based in Manchester. DCB Group is made up of print management company Print Search, and print on demand company Aspen. The Group was founded in 2008, but Print Search dates back to 1973 and celebrates its’s Golden Jubilee this year. “We are pleased to announce this acquisition,” said Graham Wain, Managing Director of Hague Group. “DCB Group’s expertise in print and print management solutions will complement our existing capabilities and help to further differentiate ourselves in the market. “The acquisition will strengthen the synergies within the Group and provide a platform for further growth and innovation. Hague Group is committed to maintaining the quality of services and customer satisfaction that DCB/Print Search are renowned for.” This is the company’s second acquisition within 12 months, following PSL Print Management joining the Group in May 2022.

Zest plugs into new offices in Leeds

Tess Egginton
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Zest plugs into new offices in Leeds
A significant deal has been completed at The Bourse, an office and leisure development in Leeds city centre. Zest, the EV Charging Network Provider, has taken 2,418 sq ft of office space on the fourth floor of Bond House, one of the three self-contained buildings which make up the Bourse. The Bourse is a landmark scheme located on Boar Lane less than 100 yards from Leeds Station and features 50,000 sq ft of space over three buildings, overlooking a private central courtyard. Each of the buildings, Equity House, Sterling House and Bond House, has its own designated entrance with an NCP multi-storey car park to the rear. The Bourse has undergone a comprehensive multi-million pound refurbishment to provide Grade A offices of the highest standard. Zest’s business has grown rapidly over the past year, with infrastructure deployed across the UK, from Cornwall to the Outer Hebrides. The Zest team has grown from fewer than ten employees at the start of the year to more than sixty today and the company aims to continue to flourish within its new head office at the Bourse. Graduates from the local universities have taken a significant number of these new roles. As a certified carbon neutral company committed to reducing its per capita emissions, Zest needed an energy efficient office where usage could be precisely measured and audited. It also needed to be close to public transport to enable more carbon-efficient journeys to the office. The Bourse offers both. Clem McDowell, director at Leeds-based property consultancy Carter Towler, who advised landlords Paloma Capital on the Zest deal, said: “We are delighted a company of the calibre and reputation of Zest has taken quality space at the Bourse. This deal underlines the Bourse’s reputation as one of the finest heritage office buildings in central Leeds.” Elizabeth Ridler, partner with global property consultancy Knight Frank, who also advised Paloma Capital, added: “It is also fantastic news that at the same time as the Zest deal, the newly refurbished 2,701 sq ft ground floor suite at Sterling House has gone under offer prior to practical completion. Together with Zest and the trilogy of lettings to Ayko, Synthatics and Smmmile Dentists that were concluded earlier this year, these are very exciting times for the Bourse. “The refurbishment of this latest self-contained suite attracted a lot of interest due to its large windows, high ceiling and period feel, that also benefits from a dual aspect on to the Bourse Courtyard and Trevelyan Square.” Robin Heap, CEO at Zest, said: “The Bourse is a stone’s throw from the train station, ideal for low-carbon commuting and convenient for our clients. This office enables us to develop our hybrid working arrangements in the thriving heart of the city, as we continue to establish ourselves as one of Leeds’ nationwide success stories in the carbon zero economy.”

Number of companies founded by women in Yorkshire grows by over 25% in a year

Tess Egginton
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0
Number of companies founded by women in Yorkshire grows by over 25% in a year

Women founded more than 10,000 new companies across Yorkshire and the Humber last year, a 27.1% increase on the previous year, despite a more challenging economic environment.

The resilience of female entrepreneurs in Yorkshire and the Humber is underlined by UK data which shows that female founders started more firms in 2022 than ever before with a total of 150,000 new companies. The figures are published today in the Rose Review Progress Report 2023, which sets fresh goals to provide record levels of support for female entrepreneurs and drive up the numbers of female angel investors.

The Report illustrates the advances made since the Rose Review of Female Entrepreneurship was launched in 2019. More than twice as many companies led by women were created last year as in 2018.

However, the report sets out the importance of increasing the support available for female founders in the face of economic headwinds.

A total of 190 financial services institutions have now made formal commitments to improve female entrepreneurs’ chances of success by signing the Investing in Women Code, up from 134 in the previous year. New signatories include savings and investment company M&G, lender Funding Circle and technology venture capital firm IQ Capital. Backers of the Code represent over £1 trillion in assets under management. The code requires them to adopt best practices to benefit female entreprenuers and share data on their performance with government.

The Rose Review today announced that it will aim to provide female entrepreneurs with three million places on programmes and opportunities to access direct support over three years. Last year partners created 800,000 opportunities to access schemes and support including networking events, mentorship and masterclasses.

The Rose Review is also committing to grow the pool of female angel investors from 14% to 30% of the total number of UK angels by 2030 through the work of the Women Angel Investment Taskforce, such as the Women Backing Women campaign. Work is underway across the country to support more women in offering early-stage investment.

A fifth of new incorporations last year were all-female led, a figure that has risen from 16% in 2018. The biggest leap in new female-led firms was among those established by 16-25-year-old founders, numbers of which rose by almost a quarter.

Alison Rose, CEO NatWest Group and author of the Rose Review, said: “It’s a testament to the resilience and entrepreneurialism of female founders that they are creating more companies than ever before, and the Rose Review is expanding its support for their work. Across the UK our partners have provided more than 800,000 opportunities for female entrepreneurs to get the help they need to thrive.

“In the coming year we will continue to provide fresh initiatives offering mentorship, guidance and inspiration for founders, alongside securing new commitments from financial services institutions to make it easier for female-led companies to access vital capital. By listening closely to entrepreneurs and acting on what they tell us, we will provide backing to help them grow their networks, secure finance and achieve their goals.”

Small business minister Kevin Hollinrake said: “It’s great news over 150,000 women started new businesses last year – more than ever before – and seeing the number of businesses started by 16 to 25-year-olds increase by a quarter reaffirms the UK as a place of opportunity for all.

“We’re backing entrepreneurs and innovators all the way with a range of support. Our Start Up Loans scheme recently granted its 100,000th loan with 40% of awards going to women, and our Help to Grow Management Scheme is providing business leaders with the skills they need to succeed.”

Yorkshire and Humber sees subdued year for deal making in 2022

Tess Egginton
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Yorkshire and Humber sees subdued year for deal making in 2022
2022 marked a subdued year for deals in Yorkshire and Humber, with deal making within the region stabilising following initial bounce-back figures generated post-Covid in 2021. Amidst challenging conditions, according to Experian’s M&A review, the number of recorded transactions reached 615, down 7% from the 660 recorded for 2021. Meanwhile transaction value plummeted from £17.7bn to £8.1bn, a 54% contraction. Activity in all deal ranges struggled to keep pace with 2021 – small transaction values dropped from £323m to £319m (despite deal volume increasing from 103 to 125), mid-market deals fell sharply from £1.8bn to £1.2bn and there were only 12 large deals announced for a combined consideration of £4.2bn (again, down from the previous year’s figures of 14 valued at £5.8bn). Yorkshire and Humber-based companies were involved in around 9% of all UK deals in 2022 and contributed 4% to their total value.
All of the top ten deals announced in the Yorkshire and Humber region were acquisitions, two of which managed to break through the £1bn barrier. The largest of these saw UnitedHealth Group, the US multinational managed healthcare and insurance company reach an agreement on the terms of a recommended offer to acquire EMIS Group, a Leeds-based supplier of healthcare software and related services to GPs. The offer, made back in June 2022 at 1,925p per share in cash, values the company at just over £1.2bn, and is currently the subject of an investigation by the UK Government Competition and Markets Authority. Should the merger complete, it is expected that EMIS’ shares will delist from the Alternative Investment Market of the London Stock Exchange. The other transaction to exceed £1bn saw the Delek Group, an Israeli energy and infrastructure conglomerate, close a deal in July to acquire Siccar Point Energy (Holdings), registered in Leeds, an oil and gas company with resources in the North Sea, for a consideration that may rise to £1.2bn in cash.
Manufacturing remained the most active sector in the Yorkshire and Humber region, according to Experian, with 180 transactions in 2022, ahead of wholesale and retail (165 deals) and professional services (131). Most sectors saw activity decline year on year, whilst the health, hospitality and waste management sectors were the only industries to report year-on-year growth. Financial services and wholesale and retail led the way by deal values, with both breaking through the £3bn barrier. However, the biggest rise in growth was in the hospitality sector (up to £224m) – this was largely driven by Sun Communities’, a US real estate investment trust focused on the acquisition and operation of manufactured home and recreational vehicle communities, acquisition of Park Leisure 2000, the York-based operator of premium holiday parks across the UK, from investment firm Midlothian Capital Partners and a consortium of investors, for an enterprise value of £182m.
Where detailed funding arrangements were disclosed, Experian recorded a total of 64 transactions that were funded at least in part via new bank debt; down from 66 for the same period in 2021. ThinCats was the region’s most active lender last year, providing funding for 13 transactions, ahead of HSBC and Shawbrook Bank, providers of finance for eight and six deals, respectively. The year witnessed a dip in those deals where private equity acted as a source of funding. Having been involved in 113 transactions in 2021, the number of deals funded via venture capital dropped to 95 – the value of those deals plunged to £245m (down from £11.5bn last year). The Northern Powerhouse Investment Fund (NPIF), which combines funding from the UK Government, European Regional Development Fund, British Business Bank and European Investment Bank, was the lead capital investor, providing equity financing for nine transactions with a combined valuation of over £24m.

ABP sets port industry world’s first for training accreditation

Stuart Pearcey
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0
ABP sets port industry world’s first for training accreditation
Associated British Ports has become the world’s first ports group to be approved by the Institute of Environmental Management and Assessment to act as a training provider for its courses. As a result, ABP employees have started benefitting from the IEMA-accredited course “Environmental Sustainability Skills for the Workforce”. The training, delivered by ABP Academy, the company’s in-house training provider, focusses on providing fundamental awareness of environment and sustainability issues. Kerry Thompson, ABP Group Head of Academy, added: “This concentrated one-day course provides a practical introduction to environmental sustainability, equipping our workforce with the knowledge, understanding and motivation to make a positive difference within their role at ABP. “This is ideal for all ABP colleagues especially those working in and around our ports. It will help embed environmental sustainability across all job roles.” The IEMA is the global professional body for individuals and organisations working, studying or interested in the environment and sustainability. Its CEO Sarah Mukherjee said: “It’s crucial that we equip our workforces with the skills and training needed to embed environmental and sustainable practice across all job roles, in order to meet our net zero goals. It’s great to see ABP embracing their commitment to the clean energy transition.” Alan Tinline, Group Head of Health, Safety and Environment, added: “We are really pleased that the ABP Academy has become the first IEMA-approved training provider in the port sector.” “This will help us meet the increased environmental sustainability demands from our stakeholders by growing the environmental management skills of colleagues across ABP.” In addition to supporting environmental management training, ABP’s ports play a key role in enabling the UK clean energy transition. In late February 2023, ABP will be publishing its sustainability strategy, which will contain its targets for achieving net zero greenhouse gas emissions from its own operations.
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