Waldeck were back at Excel London for another insightful Digital Construction Week! This year’s theme was around ‘Exploring the Future’. This year Associate Director, Veronica Ruby-Lewis, attended Digital Construction Week (DCW) 2023 on behalf of Waldeck; a conference committed to driving architecture and design, construction, engineering, and operation forward by focussing on new technology that can improve project delivery and team collaboration. Following the event, Veronica told us about her top industry insights to take away. Veronica shares: “This year’s programme had a lot on offer, it was great to attend some very insightful presentations across the various stages. “Seminars of particular interest for me were in relation to the Building Safety Act, including ‘Building Safety Act 2022 – How Digital Solutions can help Industry Unleash the Potential of the Golden Thread’ and ‘The Golden Thread to ESG: The Built Environment’s Opportunity & Calling’.” In summary, her top 3 insights from the event covered the ‘Golden Thread’, Technologies and a Digitalised Construction Industry: The ‘Golden Thread‘ As the UK construction industry prepares for the Building Safety Act to arrive later this year, a key topic at DCW was the ‘Golden Thread’, a term which emerged following Dame Judith Hackitt’s independent review of the Building Regulations and Fire Safety in response to the Grenfell devastation. Hackitt’s recommendation for the government to mandate a digital (by default) standard of record-keeping raised some questions about how the industry goes about delivering it. It has been made quite clear, that whilst the government has detailed what information shall be made accessible within this Golden Thread, it is important for the industry to not wait around in the hope that the government will mandate how we deliver it, as this isn’t going to happen. The Golden Thread isn’t an ‘off-the-shelf software solution’, the standards have been set by government and are what we must adhere to, but it is up to us, being the duty holders to determine what tools are used to deliver against those standards, hence why the industry has such a wide range of tools available. Technologies Amongst the array of talks across the various stages, the new asset management stage had an inspiring session on the restoration and renewal of the Palace of Westminster, thought to be the biggest restoration challenge the UK industry has seen! The presentation showcased the power of available technology today, and how it can be leveraged for one of the UK’s most complex historic building renovations, demonstrated through: Retrospectively creating a fully operational physical asset; recreating a detailed Revit model from 10,000+ scans, with integration, and analysis of data from sensors or other sources to monitor and optimise the performance of an asset. Optimising geometry for real-time interrogation; Revit models comprising only of data rich components to aid decision making, whilst utilising the point cloud data as the backdrop to aid locating and navigation. Enhancing internal spaces; utilisation of machine learning to turn 2D images into 3D models. Engaging stakeholders; creating interactive digital environments to improve understanding of a building, aid decision making, and rehearse construction scenarios. Digitalised Construction Industry It is extremely clear that ‘Building Safety’ is a driver for a digitalised construction industry, with standardised product information being key to minimise risk, but how do we move to this? A panel discussion, chaired by Dame Judith Hackitt, with representatives from across the construction process highlighted the mammoth task of sifting through existing product data so that only useful data is shared with the supply chain. As a result, with the designers having all the data available to them about a product from the manufacturer, they would be able to make the decision and select the right product, meaning the industry could see what is being designed as actually what is being built. Final Thoughts Veronica concluded: “One of my key takeaways from the day, is that the industry plays a pivotal role in the safety of occupants, and the Building Safety Act 2022 ensures tragedies, such as Grenfell, do not happen again. “In addition to this, and as discussed in one of the sessions ‘The Golden Thread to ESG: The Built Environment’s Opportunity & Calling’, what we at Waldeck, other consultants across the industry and our clients must now do is take this opportunity to look at environmental and social considerations in design that impact occupants directly or indirectly, such as energy efficiency, adoption of renewable energy sources and public spaces to name a few, going some way to meet the UK’s sustainability targets.”

The future of Sheffield-based True North Brew Co has been secured following a sale out of administration in a deal which safeguards approximately 325 jobs. Howard Smith and Rick Harrison from Interpath Advisory were appointed joint administrators to True North Brew Co Limited on 2 August 2023. The company operates 12 licensed venues across South Yorkshire, as well as its own brewery and distillery. In common with many other leisure and hospitality businesses, True North Brew Co had been negatively impacted by lockdown measures during the COVID-19 pandemic and the ensuing series of economic and trading headwinds, including spiralling food, labour and energy costs. Immediately following their appointment, the joint administrators concluded a sale of the business and assets to Cocktails and Craft Beers Limited. All of the company’s 325 employees have transferred to the purchaser as part of the transaction. Howard Smith, Managing Director at Interpath Advisory and joint administrator, said: ”True North Brew Co’s pubs and bars have long been a popular destination for customers across South Yorkshire, but the impact of lockdowns and hyperinflation have placed an enormous amount of pressure on the business. “After exploring a number of options, we’re pleased to have concluded this transaction which will see the continued operation of the company’s venues, brewery and distillery, and which importantly, safeguards over 300 jobs. We wish the management team all the best for the future.” Irwin Mitchell acted for the administrator, while Lupton Fawcett acted for the purchaser.

Streets Chartered Accountants covers tax topics, NICs, alcohol duty changes and Investment Zones in its latest monthly news roundup. South Yorkshire first UK Investment Zone It was announced as part of the Spring Budget 2023 measures that the government would establish twelve Investment Zones across the UK, subject to successful proposals. South Yorkshire has now been named as the first of the UK Investment Zones… What do we mean by cost of living? A simple dictionary definition of cost of living would probably say something like: The level of prices relating to a range of everyday items… The problem is, the price inflation for food, or fuel for your car, or heating costs will vary. Although inflation is quoted as just under 9% in the UK, this disguises the true rate of cost increases in different sectors… Getting a SA302 tax calculation The SA302 tax calculation and tax year overview documents are commonly used as evidence of income for loan or mortgage purposes for the self-employed. The forms have become more widely used since the mortgage rules have required evidence of income for the self-employed. The SA302 provides this evidence for the last four years Self-Assessment tax returns… Tax on savings interest If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570 personal allowance. However, it is important to note that if your total non-savings income exceeds £17,570 then the starting rate limit for savings is unavailable… Tax on property you inherit If you inherit property, you are usually not liable to pay tax on the inheritance you receive. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the estate beneficiaries… When you don’t have to pay Capital Gains Tax In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold the gain or loss will be calculated from when the asset was first owned by the original spouse or civil partner… Filling gaps in your NIC record National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers in building up the number of qualifying years of National Insurance contributions and which can also increase the amount of benefits a person is entitled to, such as the State Pension… Check a UK VAT number is valid The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number. This service allows users to check:

• if a UK VAT registration number is valid; and
• the name and address of the business the number is registered to…

Alcohol duty changes Changes in the way alcohol is taxed came into effect on 1 August 2023. The new system of calculating alcohol duty for all alcoholic drinks will be made using standardised tax bands based on alcohol by volume (ABV). This replaces the previous alcohol duty system, which consisted of four separate taxes covering beer, cider, spirits, wine and made-wine… The Construction Industry Scheme The Construction Industry Scheme (CIS) is a set of special tax and National Insurance rules for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’ and should be aware of the tax implications of the scheme… HMRC pledges £5.5m in partnership funding HMRC is awarding £5.5 million to voluntary and community organisations to support customers who may need extra help with their tax affairs… Tax Diary August/September 2023

Hull has once again been recognised as a Fairtrade Community, ensuring farmers and workers in developing countries around the world are paid a fair price for their goods, earn a living wage and their communities benefit from educational and medical provisions. The accolade was awarded by the UK Fairtrade Foundation and proves the city’s commitment to have promoted Fairtrade across Hull through campaigns and events, as well as demonstrating that a wide range of people and organisations are involved. Hull’s Fairtrade Partnership is made up of representatives from voluntary, community and faith sector groups, Fairtrade activists, council officers, elected members, local Fairtrade businesses and Hull University Student Union. Cllr Rob Pritchard, portfolio holder for culture and leisure at Hull City Council and chair of the Hull Fairtrade Partnership said: “Hull has always had time to stand up for social justice and is proud to be recognised as a Fairtrade Community. “Every action taken to support Fairtrade locally challenges unfair trade practices and advocates for decent workers’ rights, safer working conditions and fairer pay for farmers and workers globally. “Everyone involved in the Hull Fairtrade Partnership and many others who have supported our local Fairtrade campaigns should be proud that Hull has achieved this award.” Hull City Council passed a resolution to become a Fairtrade City in 2005. Isabelle Tracy, Co-op Member Pioneer and Hull Fairtrade Partnership member, added: “The Co-op pioneers Fairtrade products as part of our mission to promote the aims of the World Fairtrade Organisation and Fairtrade Charter. “As a Co-op Member Pioneer, I help to drive Co-op’s commitment to ethical trade and local community activism. “I am proud to have supported Fairtrade events in Hull over the past two years and look forward to many more of them.”