- Where do skills gaps currently exist in the financial and professional services workforce and where are they likely to change in future?
- How effectively does the industry attract recruit and retain a diverse pool of skilled people?
- How effectively does the industry use training and development to improve the skills of its workforce?
- How effectively do employers, education providers and others in the region currently work together to broaden the skills within the industry?
Financial services sector launches skills gap investigation
The newly-established Yorkshire and Humber Financial and Professional Services Skills Commission is asking for support from the finance sector as it seeks to build a picture of the skills needed by the sector in our region.
Armed with that information, the Commission hopes to develop a plan that can help in their delivery.
Led by Yorkshire Building Society and supported by industry bodies TheCityUK, the City of London Corporation, and The Financial Services Skills Commission, the Commission plans to engage with a wide range of stakeholders in the region, including those in the financial and professional services industry, education and local government and other sectors.
As part of this, interested parties are invited to submit evidence to the Commission.
Evidence that helps to answer the following research questions is welcomed:
NFU says Government missed opportunity in free trade deal with Australia
NFU President Minette Batters has sounded a note of caution over a newly-signed Free Trade deal between the UK and Australia.
It’s the first deal to be struck under our new independent trade policy, and as such provided a chance to set the standard for future deals which incentivise trade in food produced to higher environmental and animal welfare standards, she said.
“However, it is clear from this report that the UK government has missed the opportunity to reach a genuinely innovative and world-class FTA with Australia.
“While it is reassuring that this deal will not result in a change in production standards here – for instance, imports of hormone-reared beef will still be banned – the report confirms that this FTA simply opens up UK agricultural markets for Australian produce, whether or not produced to the same standards that are legally required of UK farmers.
“This deal will pave the way for others to follow and I’m increasingly concerned about the cumulative impact of the government’s FTA programme, especially as its own impact assessments anticipate a negative economic impact on UK farmers.
“It’s vital that government provides a clear programme of policies and investment to help UK farming get ‘match ready’ for this new, tougher trading environment. We also need to see government working with farmers to develop a set of core environmental and animal welfare standards which it can seek to safeguard through forthcoming FTAs, as well as in its general import policy under its current WTO commitments.
“I would like to thank the Trade and Agriculture Commission for producing such a detailed report which will no doubt be useful to Parliamentary select committees as they themselves scrutinise this FTA.”
MEANWHILE, William Bain, Head of Trade Policy at the British Chambers of Commerce, said: “It is good news to hear that the free trade agreements with Australia and New Zealand will finally come into force at the end of the month.
“These deals will lower tariffs, simplify customs procedures, allow for greater freedom of movement for labour and provide stronger market access for the UK’s world-leading services sector – but the success of any free trade agreement comes down to whether businesses use it, so it’s vital the Government shouts from the rooftops about these new opportunities.
“A recent BCC survey also found almost a quarter of firms (23%) said finding a business partner or distributor overseas would encourage them to either start exporting or export more.
“We have strong Chambers in both Australia and New Zealand and will be working with them to get the most out of these trade deals for all our economies.”
Lincolnshire JV secures finance to help firms enhance environmental status
Lincolnshire JV company rePLANET Wildlife has attracted £600,000 of investment, based on a £2 million valuation, with the support of law firm Shakespeare Martineau.
The new company, set up by majority shareholder Operation Wallacea Limited (Opwall) will provide carbon and biodiversity credits for companies seeking to invest in nature – either as part of their environmental, social and governance commitments.
The company will help to protect and restore areas of high nature value, facilitate uplift in biodiversity and carbon stocks, and generate tradeable natural assets, specifically biodiversity and carbon credits.
In order to develop and measure the concept of biodiversity credits, registered charity the Wallacea Trust has formed a 50-strong Biodiversity Credit Working Group comprising large corporates, financial institutions, experts in different taxa and biostatisticians, to establish a method for an international biodiversity credit that could be traded in the same way as a carbon credit.
The investment will enable rePLANET Wildlife to implement its aims, making use of Opwall’s existing biodiversity sector expertise.
Opwall Director Alexander Tozer said: “This is a really important venture for Opwall; the world is facing two major environmental threats – climate change and species loss, and while many companies want to be able to support nature, there is a lack of a transparent mechanism through which they can do this. This is where biodiversity and carbon credits come in.
“This is a sector that’s growing at pace, and we’re proud to be at the forefront of biodiversity credits.”
Lincoln-based law firm Shakespeare Martineau provided legal advice and support in setting up the joint venture, including the project documentation prior to investment.
Michael Squirrell, corporate partner at Shakespeare Martineau, who led the deal, said: “As a firm, we are becoming involved increasingly in ESG and net zero projects and with the breadth of knowledge across the firm, we’re well-placed to support organisations such as Opwall who are leading developments in this space.”
Sewage overflow costs Anglian Water a record £2.65m fine
Anglian Water has been fined £2.65m after pleading guilty to allowing untreated sewage to overflow into the North Sea following a prosecution brought by the Environment Agency.
The discharges occurred because Anglian Water decommissioned a piece of equipment, which led to the conditions for untreated sewage to be released into the North Sea. It failed to act on available data that would have alerted it to the issue. There was also a lack of an alarm system to inform the water company of how often these discharges were occurring.
Anglian Water was ordered to pay prosecution costs of £16,520.09 and a victim surcharge of £170 at Chelmsford Magistrates’ Court (27 April 2023), resulting in a total financial penalty of £2,666,690.09 after the spill at the Jaywick Water Recycling Centre in Essex led to sewage being discharged into the sea.
It is the largest ever fine imposed for environmental offences in the region.
Since 2010, water companies have been responsible for self-monitoring water recycling sites. Environment Agency Officers carry out audits and inspections of waste water treatment works. Data experts analyse hundreds of thousands of discharges to identify illegal activity which is used as evidence to hold water companies to account.
An investigation in 2018 found that the discharges into the North Sea, recorded over a month between June and July, was the equivalent of more than 3 Olympic-sized swimming pools.
Environment Agency Chair Alan Lovell said: “The Environment Agency’s officers were instrumental in highlighting the scale of Anglian Water’s discharges into the North Sea – equivalent to 3 Olympic swimming pools of waste water in a month – and ensuring the water company has been made to pay for its pollution.
“The Environment Agency will pursue any water company that fails to uphold the law or protect nature and will continue to press for the strongest possible penalties.”
Greenarc electrifies service offering with latest acquisition
Greenarc Limited, a Halifax-based fuel and clean energy services business, has acquired Lancashire-based company Elektec.
The purchase of electrical contractor Elektec represents Greenarc’s third venture in less than nine months with the investment in Oxfordshire-based Heat Engineer Software Ltd in April and the acquisition of the recently rebranded vehicle leasing and rental business Greenarc Vehicles completed in November.
Chris Bingham, chairman and CEO at Greenarc, says: “This recent acquisition is one of many investments from Greenarc in the past twelve months and we are thrilled to welcome Carl and Charlotte to the business to support our goal of transitioning our customers to a clean energy future.
“With Elektec’s focus on EV charging points, battery storage, LED lighting, electrical compliance and more recently solar we have further increased our low-carbon service offering. This acquisition represents another important pillar of our decarbonisation proposition to individuals, businesses, and the public sector across the UK.”
Charlotte Knowles, director at Elektec, said: “This acquisition allows us to continue to offer our electrical services locally but also provides Elektec with the expertise and funding to grow our services to customers. Not only this, but we now have access to a range of other renewable energy solutions to support our customers to decarbonise their entire energy infrastructure.
“Greenarc’s honest and informative approach to clean energy fits in well with what we do at Elektec, we are thrilled to be joining the Greenarc team and I’m excited about the future work we will be achieving together.”
The acquisition was facilitated by Clarion Solicitors. Tax advice was provided by BHP Chartered Accountants and funding by Barclays Bank.
Sweco UK acquires Ball & Berry
Leeds engineering, environment, design and regulatory consultancy Sweco UK has acquired Ball & Berry.
Established in 2007 and with six offices in England, Ball & Berry provides Approved Inspector services in several sectors including commercial, residential, education, healthcare, hospitality, industrial and leisure. Ball & Berry employs around 40 people and had reported revenues of £3.4m in 2022.
Max Joy, business area president of Sweco UK, says: “This is an exciting new chapter in Sweco’s growth story here in the UK. Sweco and Ball & Berry share the same business and cultural values focused on clients, professional development and creating safe, secure and comfortable spaces for the end user.
“By coming together, we are ensuring that we have the right skills and knowledge to respond to our clients’ future needs as well as to the upcoming changes to the Building Safety Act.”
Paul Eggleton, division manager for Building Standards at Sweco UK, adds: “I am delighted to welcome Ball & Berry into the Building Standards Division of Sweco. Together we will strengthen our reputation and expertise as market leaders in the Building Control sector and continue our class leading regulatory service guiding clients from design through to building completion.”
Paul McNeill, director at Ball & Berry, said: “Since myself, David Hodgson and David Clarke joined Ball & Berry as directors in 2010/11, the business has undergone a journey of exceptional growth and transformation.
“Over recent years, we’ve opened several new offices in Manchester, Leeds, Birmingham, London and Maidstone, and recruited highly skilled Building Control professionals and administrative support staff to service a growing portfolio of clients who rely on our team for outstanding technical expertise that aids quality, seamless and successful projects.
“Coming together with Sweco – a company with the same passion for excellence – was an easy decision. Our combined expertise, and united values, culture and ethos will deliver incredible strength in our marketplace. Sweco’s strategy is underpinned by integrity, performance and a clear vision to put people at the heart of what they do, which very much mirrors that of Ball & Berry.”
This is the first acquisition for Sweco UK since it acquired MLM Group in May 2019.
Sweco was advised on the transaction by the Leeds offices of Squire Patton Boggs and EY’s transaction and SPA teams, which were led by Paul Mann and Matthew Vernon. Ball & Berry was represented by Forbes solicitors, led by Jenny Burke.
The value of the share purchase agreement (SPA) is undisclosed.
Channel 4 launches permanent news base in Leeds
Channel 4 has launched a permanent news base in Leeds, with the daily bulletin set to be delivered from two national newsrooms as the broadcaster expands its commitment to nations and regions coverage.
The move will also see journalism students able to hone their broadcasting skills on a TV set used by Channel 4 News presenters, thanks to a special collaboration with the University of Leeds, with the programme donating high-performance equipment and technology from its temporary studio in Leeds to the School of Media and Communication.
The old set with its distinctive purple and white colouring will now be disassembled and brought onto campus where it will be given a new lease of life as a TV studio for undergraduates studying for a BA in Journalism.
Kristyn Gorton, head of the School of Media and Communication, said: “We are very grateful for Channel 4 News’ kind donation, and would like to thank Head of Regions, Sunita Bhatti, and the rest of the Channel 4 News team in Leeds for the opportunity to utilise such a well-recognised TV set.
“It will be put to good use by students and staff within the School of Media and Communication and I know they’re already looking forward to using it on the BA Journalism newsdays.”
Channel 4 News has been operating in Leeds since early 2022, with daily programming from its temporary studio.
It says the new studio will serve as a reminder of the programme’s commitment to and investment in regional production, contributing significantly to the rapidly evolving local, cultural economy in the city.
Esme Wren, editor of Channel 4 News, said: “We’re delighted to be forging this partnership with the University of Leeds as we continue to invest heavily in the region with the launch of our permanent studio in Leeds.
“Our industry is only as good as the talent we develop and the opportunities we create, so we hope this donation will support the University in continuing to shape some of the country’s brightest young journalists.”
Streets Chartered Accountants shares expert insight in latest news update
Streets Chartered Accountants has released its latest news update, sharing expert insight.
Tax-free allowance on trading and property income
A reminder that there are two separate annual £1,000 tax allowances for property and trading income. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each. Read more.
Losing your personal income tax allowance
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that boosts your income over £100,000 will result in a reduction in personal tax allowances. Accordingly, your personal Income Tax allowance would be reduced to zero if your adjusted net income is £125,140 or above. Read more.
Rent-a-room relief
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is automatic if you earn less than £7,500 and there are no specific tax reporting requirements. If required, homeowners can opt out of the scheme and record property income and expenses as usual. Read more.
Full expensing started 1 April 2023
The new 100% first-year capital allowance for qualifying plant and machinery assets known as full expensing came into effect on 1 April 2023. This measure is expected to help boost business investment and growth. Read more.
Tax when you sell property
The annual exempt amount applicable to Capital Gains Tax (CGT) has been reduced to £6,000 (from £12,300) for the new 2023-24 tax year. Read more.
Letting relief
In general, there is no Capital Gains Tax (CGT) due on the disposal of a property which has been used as the main family residence. This relief from CGT is commonly known as ‘private residence relief’. However, where all or part of the home has been rented out the entitlement to relief may be affected. Homeowners that let all or part of their house may not benefit from the full private residence relief, but may benefit from letting relief. Read more.
Stamp Duty on shared ownership property
Stamp Duty Land Tax (SDLT) is payable whether you buy a freehold property, a new or existing leasehold property or a shared ownership property. Read more.
VAT guidance for overseas sellers
New simplified VAT guidance for overseas sellers has been published by HMRC. Read more.
Take advantage of new pension tax reforms
The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. Read more.
Mobile phones and tax
When an employer incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these expenses. Read more.
Paying tax by credit or debit card
HMRC has not accepted personal credit card payments since January 2018 when credit card surcharges on personal credit cards were banned. However, HMRC continues to accept payments by corporate credit card or corporate debit cards. The use of these cards is subject to a fee. Payment by personal debit cards is currently fee-free. There is also no charge for payment by Direct Debit, bank transfer or cheque. Read more.
Tax Diary May/June 2023
1 May 2023 – Due date for corporation tax due for the year ended 30 July 2022.
19 May 2023 – PAYE and NIC deductions due for month ended 5 May 2023 (if you pay your tax electronically the due date is 22 May 2023).
19 May 2023 – Filing deadline for the CIS300 monthly return for the month ended 5 May 2023.
19 May 2023 – CIS tax deducted for the month ended 5 May 2023 is payable by today.
31 May 2023 – Ensure all employees have been given their P60s for the 2022/23 tax year.
1 June 2023 – Due date for corporation tax due for the year ended 31 August 2022.
19 June 2023 – PAYE and NIC deductions due for month ended 5 June 2023 (if you pay your tax electronically the due date is 22 June 2023).
19 June 2023 – Filing deadline for the CIS300 monthly return for the month ended 5 June 2023.
19 June 2023 – CIS tax deducted for the month ended 5 June 2023 is payable by today.
Read more
Work hits major milestone on new Leeds tower
Construction of a new landmark 20-storey residential tower in Leeds city centre’s Arena Quarter has hit a major milestone after a topping out ceremony was held to mark it reaching its highest point.
Known as Live Oasis St Albans Place, the scheme on Wade Lane is being developed specifically for the city’s burgeoning student market, by Infinity Construction Enterprise Limited, part of the YPP Group.
The development will consist of 212 furnished apartments, complete with their own kitchens, en-suite bathrooms and living areas, as well as first-class amenities.
Principal contractor, Farrans Construction will complete work on the development this summer and the apartments will be ready to move into in time for the start of the 2023/24 academic year. The scheme will be managed by YPP Lettings, under the company’s Live Oasis brand.
A spokesperson for YPP said: “The topping out of this development is a major milestone. This is YPP’s biggest development to date and from the outset our ambition has been to push the boundaries of what we do both as a developer and in terms of student accommodation in Leeds.
“The result is a landmark building, in a really exciting area, that will genuinely offer the wow factor, complete with spectacular views from the upper floors and an amazing eighth storey roof terrace for residents to enjoy. This is in addition to all the amenities that make our Live Oasis developments so popular including numerous study areas, residents’ lounges, private dining facilities, concierge services and a fully equipped gym with separate workout studios.
“As a result, we’re already receiving enquiries from students who want to live in what promises to be the city’s hottest student address and we’re really looking forward to work completing in the coming months.”
Cathal Montague, regional director for Farrans Construction, said: “The topping out milestone, particularly on a building of this size, is a good moment for the team involved to take a step back and take stock of what has been achieved so far. It has been a challenging year for the construction industry and we are pleased to be on programme with this project. It is a testament to the hard work of the project team and the excellent collaboration that has been taking place between our client, architects, supply chain and YPP.
“The cutting-edge design has relied exclusively on precast construction from the first floor upwards with a façade design and high-quality material palette. We have been able to optimise the speed of construction using innovative technology without compromising on the luxury finish. The precast panels offer a more sustainable approach to construction delivery as well as working well in a tight site footprint by minimising the lorry deliveries. We have a lot of experience of delivering technically challenging projects of this nature, in a central location, with a small site footprint and using Modern Methods of Construction.”
In addition to Live Oasis St Albans Place, this year YPP will also complete work on another 168-apartment scheme in the Arena Quarter, known as Live Oasis Merrion Street Gardens and a 133-apartment scheme, called Q Three Residence, on Westgate.
Get a team together and make a splash for LIVES this summer!
Only a few weeks to go until the 6th Lincoln annual Dragon Boat Race will be taking place on the Brayford Waterfront.
The spectacular event, taking place on Saturday 17th June, has become one of the biggest in the City’s event calendar, attracting hundreds of spectators and competitors on the day.
This year the event is raising money for Lincolnshire’s first responders LIVES and already nearly 20 teams have signed up to take part on the day.
There is still plenty of time to raise a team and join in the fun! So, get your team of up to 10 paddlers, plus a drummer, together and get ready to battle it out in ornate 30-foot Chinese dragon boats.
The event promises to be colourful and great fun, no previous experience is required, just plenty of team spirit!
As well as the boat racing there will also be plenty of family activities, food and drink stalls along the Brayford Waterfront for the whole family to enjoy.
Teams will be encouraged to raise money for LIVES through sponsorship and fundraising.
Kirsty Raywood from LIVES said: “We are delighted to have received such an excellent response to our call for crews from local businesses across the region. The Dragon Boat Race promises to be a great day out and will entice some healthy competition between local businesses in order to raise these vital funds to keep our Emergency Responders on the road and continue saving lives in Lincolnshire.”
For further information and details of how to become a participating team contact Alex Bennett alex.bennett@ringroselaw.co.uk or visit https://www.ringroselaw.co.uk/about/lincoln-dragon-boat-race/
