Struggling streets in our region become pilot regeneration scheme guinea pigs
Scunthorpe High Street, Grimsby Town Centre, and The Stepney area of Beverley Road in Hull are amongst ten struggling locations chosen take part in a new government pilot – the High Street Accelerators programme – to create partnerships that empower residents and community organisations to work together on long-term regeneration plans.
Funding pf £7m will help communities partner with local authorities and businesses to address some of the biggest challenges facing their high streets – building on wider action to tackle empty shops, anti-social behaviour and a lack of visitors.
These 10 areas to be called High Street Accelerators will receive an initial £2.37 million to kickstart their partnerships – a total of £237,000 each. They can also apply for a share of up to £5 million to improve their high streets’ green spaces and create more pleasant environments for residents to meet and socialise.
This £7 million will be spent over the next two years and the impact will be evaluated to inform future government policy and support for left-behind high streets, building on larger interventions like the £1.1 billion Long-Term Plan for Towns.
Minister for Levelling Up Jacob Young said: ”It has been a tough few years for our high streets following the pandemic and the changes we’ve seen in consumer behaviour.
“We know that local people know what’s best for their area, and we’re keen to understand the benefits that High Street Accelerators could bring working with local businesses and their communities.
“These Accelerators will complement other interventions like High Street Rental Auctions, empowering local people to tackle vacancy and other issues on their high streets.”
The High Street Accelerators Pilot Programme was announced in March 2023 as part of the Anti-Social Behaviour Action Plan. It will complement other interventions designed to revive England’s high streets such as the High Streets Task Force which is helping local leaders to regenerate their areas, and changing planning rules so councils have greater certainty.
New regulations to be introduced next year will also give local authorities more powers to work with landlords to rent out vacant properties on high streets. The High Street Rental Auctions regulations will allow councils to sell off the rental rights for empty properties to willing tenants, such as businesses and community groups.
Along with High Street Accelerators, this will incentivise and empower local people to tackle vacant buildings, enabling local communities to reinvent their high streets for the future.
First supermarket signs up to put ‘buy British’ tab on its web site
Following years of NFU campaigning, Morrisons has taken up the call to back Britain’s farmers by allowing shoppers to be able to identify British food more easily when doing their online food shop.
The move follows an open letter written by Conservative MP Dr Luke Evans to the chief execs of eight major supermarkets asking for a filter which would direct shoppers to homegrown food to help boost the economy and cut the UK’s carbon footprint. The letter was was co-signed by 121 cross-party MPs, and echoed a long-standing NFU ask dating back to 2016.
Morrisons Chief Executive Rami Baitiéh has written to Dr Evans to confirm the company has implemented a ‘British’ section to morrisons.com which enables customers to quickly navigate to British produce including meat, fish, vegetables and dairy products.
Dr Evans said: “I’m so pleased to see Morrisons step up and make this small but meaningful change. The ball is now firmly in the other supermarkets court, let’s see what they do.”
NFU President Minette Batters said that she hopes the news would pave the way for other supermarkets to follow suit.
Streets Chartered Accountants covers tax, national insurance, pensions and more in new news roundup
Streets Chartered Accountants covers tax, national insurance, pensions and more in its latest monthly news roundup.
Corporation Tax marginal rate
The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023…read more
Marriage allowance entitlement
The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or pay tax above the basic rate threshold for Income Tax…read more
Income Tax – £5,000 savings zero rate band
If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on interest received…read more
CGT – Lettings relief
In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence…read more
IHT – Giving away your home before you die
The majority of gifts made during a person’s life, including gifting a home, are not subject to tax at the time of the gift…read more
Filling gaps in National Insurance record
National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record…read more
NIC changes for the self-employed
In the recent Autumn Statement, the Chancellor announced two important changes to National Insurance contributions (NIC) for the self-employed…read more
NIC changes for employees from 6 January 2024
In the recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions (NIC) for employees…read more
Tax relief on pension contributions
Taxpayers can usually claim tax relief for their private pension contributions…read more
Help to Save bonus payments
The Help to Save scheme is intended to help those on low incomes to boost their savings…read more
Due a student loan refund?
Student Loans are part of the government’s financial support package for students in higher education in the UK…read more
Childcare support from HMRC
Parents may be eligible to receive childcare support from HMRC using the Tax-Free Childcare (TFC) scheme…read more
Current State Pension age
The second review of the State Pension age has been published by the Department for Work and Pensions. The State Pension age is currently 66…read more
Paying tax by direct debit
One of the many ways that payments can be made to HMRC is by using a direct debit…read more
Tax Diary December 2023/ January 2024
1 December 2023 – Due date for Corporation Tax payable for the year ended 28 February 2023.
19 December 2023 – PAYE and NIC deductions due for month ended 5 December 2023 (if you pay your tax electronically the due date is 22 December 2023).
19 December 2023 – Filing deadline for the CIS300 monthly return for the month ended 5 December 2023.
19 December 2023 – CIS tax deducted for the month ended 5 December 2023 is payable by today.
30 December 2023 – Deadline for filing 2022-23 self-assessment tax returns online to include a claim for under payments to be collected via tax code in 2024-25.
1 January 2024 – Due date for Corporation Tax due for the year ended 31 March 2023.
19 January 2024 – PAYE and NIC deductions due for month ended 5 January 2024 (if you pay your tax electronically the due date is 22 January 2024).
19 January 2024 – Filing deadline for the CIS300 monthly return for the month ended 5 January 2024.
19 January 2024 – CIS tax deducted for the month ended 5 January 2024 is payable by today.
31 January 2024 – Last day to file 2022-23 self-assessment tax returns online.
31 January 2024 – Balance of self-assessment tax owing for 2022-23 due to be settled on or before today unless you have elected to extend this deadline by formal agreement with HMRC. Also due is any first payment on account for 2023-24.
Read more
2024 Business Predictions: Ben Coggin, Partner and Transaction Services Leader for EY in Yorkshire and the North East
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 Ben Coggin, Partner and Transaction Services Leader for EY in Yorkshire and the North East, on prospects for the Mergers and Acquisitions market.
The Mergers and Acquisitions (M&A) market is undoubtedly in a more complex place compared to this time last year as it contends with a range of challenging headwinds, with geopolitical instability, inflation and interest rates weighing significantly on deal volumes and activity throughout 2023. These factors are likely to continue having an impact on deal activity in 2024 and, as such, the outlook for the deals market is difficult to predict.
That said, there is undoubtedly still an appetite to do deals. Corporate acquirers have continued to transact and have benefitted from a period of decreased competition as private equity has weathered the headwinds of rising interest rates and an uncertain debt market. For private equity investors, many of whom have raised funds recently in addition to sitting on record levels of capital, there is a real need to source and deliver on deals in 2024 to deploy capital raised. When headwinds stabilise, private equity will be well-placed to drive a resurgence in M&A activity.
Deal activity currently reflects a buoyant mid-market, with acquirers favouring the lower risk profile, reduced financing requirements and ease of execution associated with smaller deals as they target strategic growth opportunities and look to capitalise on a narrowing valuation gap between buyers and sellers. For those in Yorkshire, and across the North, a buoyant mid-market should be welcome news as we move into 2024.
From a sector perspective, technology and digital transformation are driving deal activity – a trend that will continue into 2024 – particularly as investors and CEOs recognise the potential disruptive impact of Generative Artificial Intelligence (GenAI). The latest EY CEO Outlook Pulse survey found that nearly all (99%) of the UK CEOs interviewed are making or planning significant capital investments in GenAI in the next 12 months. Whilst this is likely to result in a substantial uptick in investment in the sector, an increase in companies claiming AI expertise will likely complicate decisions about identifying and implementing credible value-adding ecosystem partnerships and acquisitions.
Plans for hundreds of new affordable Leeds homes to go before leaders
Plans to invest £3 million to build almost 300 new, affordable homes in Leeds look set to be approved by regional leaders.
The proposals will see high-quality dwellings for rent built on brownfield sites across the city, as part of West Yorkshire Mayor Tracy Brabin’s efforts to turbocharge regeneration.
Up to 88 new homes will be built in Seacroft and Gipton, in east Leeds, while 204 rented homes are earmarked for Saxton Lane, in Leeds city centre. The homes will benefit from a range of measures that will help tenants save money on energy bills, such as through heat pumps.
A full meeting of the West Yorkshire Combined Authority will consider the plans today (Thursday, December 7).
Funding for the new homes is part of a wider £89 million Brownfield Housing Fund devolved to the region from the Government.
Tracy Brabin, Mayor of West Yorkshire, said: “Everyone should have access to a safe and secure place to call home, so I’m delighted we’re able to bring forward plans for hundreds of new homes in Leeds.
“These schemes would be an important step forward in our mission to build a brighter, more vibrant West Yorkshire that works that for all.
“However, the Government must now provide the flexibility we need to make better use of disused land and buildings so that we can deliver thousands more homes right across the region.”
Mayor Brabin has called on the Levelling Up Secretary Michael Gove to allow for more flexibility to develop on brownfield land.
Current government rules make it difficult for regional leaders to back housing projects in areas where the land values are relatively low, yet regeneration is needed.
In a letter to Mr Gove, Mayor Brabin said the overall financial benefit of multiple sites should be assessed instead of each site on its own, opening up more opportunities for housebuilding across West Yorkshire.
Mayor Brabin has also recently launched a consultation so the public can have their say on a new housing strategy for West Yorkshire.
The strategy will aim to boost the delivery of high-quality, affordable housing and improve the quality of existing homes to cut energy bills.
Morrisons and M&S undertake to play by the rules over anti-competitive land agreements
The Competition and Markets Authority has taken action to protect supermarket shoppers by securing agreements from Morrisons and Marks and Spencer that they’ll stop using unlawful anti-competitive land agreements.
These unlawful agreements include restrictions on land being used by a rival supermarket, or restrictions lasting five years or more that stop landlords from allowing competing stores to set up.
The CMA found that the retail giants, who together hold 12% market share of the UK’s supermarket industry, have both breached the Groceries Market Investigation (Controlled Land) Order 2010 Morrison 55 times between 2011 and 2020, and M&S 10 times between 2015 and 2019. The legislation was introduced to stop supermarkets imposing new restrictions that block rivals from opening competing stores nearby. By ensuring supermarkets compete freely, the CMA is ensuring that shoppers have more choice and so benefit from a wider range of groceries and access to cheaper prices – which is even more important as the cost of living rises.
Morrisons currently has the poorest compliance record with the Order that the CMA has seen to date. Although 14 of these restrictions have ended, there are an outstanding 41 restrictions that Morrisons has agreed to address. Likewise, five of M&S’s restrictions have ended and it has agreed to address the remaining five. The CMA has written to both supermarkets outlining the breaches and the actions agreed to improve compliance in the future.
Adam Land, Senior Director of Remedies Business and Financial Analysis at the CMA said: “At a time when the weekly shop is a source of financial pressure for many families, it’s crucial that competition between supermarkets is working well to help people get the best deals they can.
“These restrictive agreements by our leading retailers are unlawful. There can be no excuses made for non-compliance with an Order made in 2010, especially when we know the positive impact for shoppers of new stores on the high street.
“Our continued crackdown on these unlawful restrictions is part of our wider action to tackle the cost of living and ensure that people benefit from more competition and choice.”
Bridge repair expertise wins two awards for Spencer Bridge Engineering
Spencer Bridge Engineering has won awards at two ceremonies for its work on the Menai Suspension Bridge and the Union Chain Bridge linking England and Scotland.
The company was named both the ‘Gold Winner’ of the Restoration Project of the Year Award and the ‘Silver Winner’ of the Community Engagement Award for the Union Chain Bridge project at the National Building and Construction Awards 2023.
It was also recognised for emergency works carried out on the Grade I listed Menai Suspension Bridge, the second oldest operational vehicular suspension bridge in the world.
The bridge crosses the Menai Strait between the island of Anglesey and mainland North Wales and, when opened in 1826, it had the longest span in the world at 176m. It was designed by prolific road, bridge and canal builder Thomas Telford, who became the first President of the Institution of Civil Engineers.
The bridge was immediately closed to vehicular traffic in October 2022 after a safety issue related to potential hanger failure was identified. Spencer Bridge Engineering designed, procured and installed secondary fail-safes at strategic hanger locations, enabling the bridge to be reopened on schedule in February this year.
In partnership with UK Highways A55, COWI, and the Welsh Government, Spencer Bridge Engineering has now won both the Infrastructure Project of the Year Award and the Health, Safety and Wellbeing Award at the Welsh Chartered Institute of Highways and Transportation (CIHT) Awards 2023.
Director Luke Fisher said: “We’re incredibly proud to have been honoured with these prestigious awards across two separate awards ceremonies.
“These awards further reinforce Spencer Bridge Engineering’s reputation as a leading specialist bridge works company. Our expertise, experience and wide-ranging capabilities across the company mean we’re a partner that can be trusted to deliver for our clients.
“I’d like to congratulate the team on their tremendous work that’s lead to this recognition.”
Businesses shown ways to help victims of domestic abuse
The right response from an employer can make all the difference to someone experiencing domestic abuse, delegates to Lincolnshire’s Domestic Abuse Business Conference have been told.
Lincolnshire County Councillor Patricia Bradwell, executive member for safer communities, said: “The Lincolnshire Domestic Abuse Partnership has made great strides in recent years in highlighting the need for action and tackling domestic abuse.
“Our work with businesses is an important strand of this, and that so many people made time for this event highlights the importance local businesses place on the wellbeing of their staff.
“Employers can provide vital support to those impacted by domestic abuse and can help identify those that might perhaps go unnoticed. We want to give businesses the tools to support those that feel they have nowhere to turn for help. This includes training to identify domestic abuse, assess risk and ensure positive, effective action is taken to support employees when they need it.
“We want to give businesses the confidence to raise concerns with employees and increase the wellbeing and mental health of their workforce.
“We’ve already established links with many local organisations, and I was pleased to see some new faces at this year’s conference, specifically those businesses that don’t work in the safeguarding sector. My hope is that the event will not only help to raise awareness of domestic abuse within the workforce, but the wider community too.”
For further information on the support available to businesses, visit www.lincolnshire.gov.uk/crime-prevention/domestic-abuse
Those who were unable to attend this year’s event will be able to watch the highlights online at Lincolnshire Domestic Abuse Partnership – YouTube . We would also like to thank our sponsors for this year’s event, Ringrose Law and Sills and Betteridge.
York firm secures £20k grant for machinery to enhance efficiency
Thriving independent business DJ Assembly has secured a grant of £20,000 from the Made Smarter programme to buy a Detech machine that will boost efficiency, productivity, and product quality.
“We are thrilled to receive this grant from Made Smarter ,” said Operations Director Steve Walter. “This investment will allow us to take our business to the next level with cutting-edge technology. This will enhance our productivity and competitiveness.”
York-based DJ Assembly is in electronic manufacturing, working with f organisations from dynamic local partners to global tech companies, military contractors and academic institutions.
It has witnessed a fourfold increase in turnover and a threefold growth of their employee base over the last six years.
The funds have come for the York & North Yorkshire Growth Hub, whose Mike Pennington played a crucial role in securing the Made Smarter grant for the Detech purchase. This advanced equipment boasts superior speed, functionality, and precision, surpassing the capabilities of their previous machinery. The new machine will operate for 16 hours a day, improving the company’s production capacity and turnover.
“The Made Smarter programme is a great resource for our company,” said Steve. “The guidance and support we have received from Louise Saw and Mike Pennington has been invaluable.”
In addition to the grant, DJ Assembly has also completed a Digital Roadmap with Oxford Innovation. This helped identify further solutions to optimise their business processes. Moreover, they are considering enrolling two members of their team in the Leading Digital Transformation programme.
“We are excited to continue our journey of digital transformation,” said Steve. “We are confident that the investments we are making today will position us for long-term success.”
Lincolnshire entrepreneur overcomes cancer setback to win national award
Lincolnshire entrepreneur Kirsty Gale, who was recently diagnosed with breast cancer, has been crowned Businessperson of the Year at the SME National Business Awards 2023 at Wembley Stadium.
Kirsty (43), founder & CEO of the UK’s largest dress specialists Red Carpet Ready, was chosen from thousands of entries by a national panel of judges and was presented with the award at a prestigious ceremony on 1st December 2023.
After leaving school at 16 with only a handful of qualifications, Kirsty started Red Carpet Ready in 2013 without any outside financial support or investment and has achieved impressive year-on-year growth.
Despite difficult trading conditions, the company is on track to achieve a record turnover of £1.6m – an increase of 14% on last year – and was recognised as one of the UK’s fastest growing female-led companies in this year’s E2E Female 100.
Winning Businessperson of the Year is the latest in a long list of accolades Kirsty has achieved and is even more remarkable given that she was diagnosed with stage two breast cancer in October.
She recently underwent an emergency lumpectomy and is facing an intensive course of radiotherapy but said her diagnosis has been a catalyst to achieving even greater success.
“I was absolutely thrilled to win Businessperson of the Year as it’s been a really tough year for me personally and I was up against some of the UK’s top male and female entrepreneurs,” explained Kirsty.
“Being told I have cancer was devastating and I was worried about the future as I have an 11-year-old daughter who needs her mum, as well as a business to run, but I am determined not to let it defeat me.
“Instead, I’ve tried to turn something negative into a positive and used it to fuel my ambition. Becoming a market leader is hard work but staying on top is even more of a challenge, which is why I’m constantly striving to lead from the front and exceed customer expectations.
“I’m a strong believer in bricks and mortar; Red Carpet Ready is a shopping destination and we attract thousands of customers from all over the UK every year to our venue which has five luxury showrooms and over 3,500 different styles, all under one roof.
“We’re open seven days a week and provide exceptional levels of customer service to give people an experience they’ll remember for years to come. I also design our own dress label, RCR Exclusives, which is manufactured globally and is by far our bestselling brand.
“Despite facing further treatment I’m full of optimism for 2024 and what we can achieve. I hope my story can inspire others to start their own business; you don’t need to have qualifications or be an expert, but you do need to have the vision and drive to succeed.”
A spokesperson from the SME National Business Awards said: “This year we have had a record number of entrants into the SME National Business Awards. Reaching the finals is a huge achievement in itself, especially considering the wealth of talent and the calibre of entrants for 2023.
“The Businessperson of the Year award is one of our most highly sought after categories, so to take home the gold trophy is a testament to Kirsty’s hard work and determination. We are pleased that her efforts have been recognised and awarded at a national level.”
