Fiona Duncan-Steer, founder of RSViP Business Networking Agency, considers the pros and cons of collaboration. Now more than ever, businesses are embarking on collaborations, whether it be through strategic partnerships, joint ventures, projects, or simply to help one another out. The past eighteen months in business has shown us that whilst some industries have thrived, others have fallen, and a compromise to what could potentially be a fatal end to what may have once been a lucrative business could well be – collaboration. One of my favourite African Proverbs, reads: “If you want to go fast go alone. If you want to go far, go together.” This is certainly true of many aspects in life, in particular post pandemic as we gradually pick up the pieces as the world reopens. Considering a collaborative approach to business is most definitely worth your time, even if at very least you focus on building a network of like-minded individuals and surround yourself with them regularly, through perhaps a peer group, networking, or indeed your in-house dream team. This will open up new possibilities and opportunities you may well not have thought of yourself and this in itself is a collaborative approach to business. Opening yourself up to new perspectives and the ideas of others is an innovative way to run business and how many successful industry leaders manage their strategies. Plus, as we all know, networking can offer so many collaborative opportunities aside from the generation of business itself, so whether you choose to network online or in the room, this is a must. So, here I list an example of pros and cons to the concept of ‘collaboration’… Pros

1. New business can potentially be generated at a quicker speed.
2. The opportunity of the sharing of knowledge and training.
3. A strengthened brand identity and raise of your business/personal profile.
4. An increase/improvement in your team, providing you with a stronger infrastructure.
5. Access to more useful resources.
6. Increased support of your operations.
7. Access to new and useful suppliers who in turn may save you money.
8. An opportunity to make a difference in the world.
9. New friendships formed and you may also enjoy it!

Cons

1. It may all go wrong, but you won’t know until you try – right?

Why not create your own pros and cons list if you are considering a collaborative approach with your business? Fiona Duncan-Steer, RSViP – www.rsvipnetwork.co.uk  www.fionaduncansteer.com

Charnwood Borough Council has submitted its Local Plan and vision for the area to Government. The Charnwood Local Plan 2021-37 is a key document for supporting future growth and developing healthy communities and environmental safeguards. It guides development and identifies locations for housing and employment land. The Local Plan also considers the impacts of climate change, infrastructure needs and protection of green spaces. The submission to the Department of Levelling Up, Housing and Communities marks the start of the formal examination of the Local Plan which will be carried out by an independent inspector nominated by the Planning Inspectorate. An inspector will be appointed to examine whether the plan has been prepared in accordance with legal and procedural requirements and if it is sound. Cllr Richard Bailey, the Council’s lead member for planning, said: “A Local Plan is critical to making sure areas can grow in a sustainable way, creating homes and jobs that people need, ensuring we have the right infrastructure to support our communities and making sure we are looking after the environment. “Local Plans also come under intense scrutiny from the planning inspector, developers and other interested parties so we have to make sure we get this right. “We have now submitted to Government our Local Plan and all the comments from the latest consultation which included representations from residents, developers and other organisations. “I would once again like to thank everyone took part in the consultation exercises and helped shape this plan.” The Charnwood Local Plan 2021-37:

• Identifies 154 hectares of employment land to support the creation of 8,900 jobs in the borough and lead its pandemic recovery
• Allocates land for new sustainable and well-designed homes. The Government has set a target of 1,111 new homes a year to meet the borough’s needs up to 2037.
• Focuses development towards intensifying and extending existing urban and suburban areas and larger villages, thereby protecting nearly 279 square kilometres of open countryside
• Plans for the critical mass of development needed to secure infrastructure – including five new schools at Loughborough, Shepshed, Barrow, Anstey and Syston – as well as health services, roads and public transport networks
• Will bring in an estimated £200 million in Section 106 money to pay for other improvements to facilities and amenities
• Reflects the importance of the environment and conserving biodiversity, protecting heritage sites, creating open leisure spaces and supporting healthier communities
• Carefully considers of the effects of climate change and how to reduce its impacts, including flooding
• Makes effective use of the borough’s strategic infrastructure, including Loughborough University, the urban edge of Leicester and the International Gateway connection to the M1 motorway and East Midlands Airport

More details about the format and timings of the examination, including any public hearing sessions, are anticipated to be made available by the Planning Inspectorate in the new year.

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 Frankie Labbate, director at Box Property. We will unfortunately see the fallout from the pandemic of the previous two years continue with the end to the rent moratorium looming large on the not-so-distant horizon. Rental values and lease arrangements have changed and will continue to have more emphasis on flexibility. Occupancy rates for commercial property will see some fluctuation with new models of hybrid working becoming the norm. And, the shift in retail habits towards online presents ongoing challenges for retailers. However, this also brings a real opportunity for local independent retailers and agile businesses. Areas of Nottingham such as Bridlesmith Gate and Exchange Arcade that have lacked footfall and failed to meet customer demand, now provide an opportunity for local landlords to reimagine the high street. There’s a real appetite to introduce a new demographic of customers, wanting a memorable retail experience and with the right blend of new brands, high street names and independent outlets. We predicted a few years ago that Hockley would flourish, with national operators appearing alongside successful independents and have worked hard to make that happen. Box Property has delivered on this prediction concluding new lettings to Pho, The Fat Hippo, The Bakehouse and various others. This will continue with Hockley extending further into Sneinton Market, creating a thriving hub of arts, indie retail and hospitality, with a similar vibe to Bristol’s Clifton Triangle and Bold Street in Liverpool. Hockley is thriving, and will remain so, but my tip is to watch out for Sneinton Market. I think it has the potential and the space, both indoor and outdoor, to replicate the successes of Hockley and I envisage positive momentum leading to national interest and lettings. Some of the larger chain restaurants will struggle with some high-profile administrations and closures as customers’ expectations have increased. They now want the authentic product and experience the smaller operators are delivering. It’s all about the small plates and street food served with authenticity, passion and pride. We have amazing independent operators in our city which would trade well in any major UK city. Broadmarsh will continue to be a hot potato but, one thing is for sure, the site provides the city with a once in a lifetime opportunity to DELIVER an environment and solution which is going to be highly influential in shaping the future success of the city centre’s retail and leisure market/shopping experience.

Mark Poplett, Tax Adviser at Streets Chartered Accountants, dives into the topic of Self Assessment Tax Returns in the pandemic period. The deadline for submitting your 2020/2021 Self Assessment Tax Return online is 31 January 2022 and there is not expected to be an extension like 2019/2020. An automatic £100 late filing penalty will apply if submitted late without a reasonable excuse. Those who regularly submit tax returns will be familiar with the usual requirements for what they need to declare or what they can claim on their Self Assessment Tax Returns, but there are extra considerations to take into account this year as a result of the pandemic. The 2020/2021 tax year is the first year that you may have received grant income and it is likely that this income needs to be included somewhere on your tax return. Self Employment Income Support Scheme (SEISS) Grants These grants are taxable in the year in which they were received. This means, if received, the first three grants, at least, will be included on the 2020/2021 tax return. There are extra boxes on this year’s return for the SEISS grants. If you are a sole trader, they should be included in box 70.1 of the self-employment pages. If you are a partner in a partnership and you retained the grant yourself, they should be included in box 9.1 of the partnership pages. If a grant was paid into your partnership and not retained by the individual partner, then it is included in the partnership accounts and forms part of your normal trading profits, therefore it will depend on your accounting period as to which tax year it falls in. Taxpayers need to not only declare the correct SEISS grants they received on their Self Assessment Tax Return, but they also need to consider whether they have been correctly claimed in the first place. Certain conditions had to be met for each grant and to complicate matters those conditions were different for each grant. The table below, we hope, is a helpful summary:

	SEISS 1	SEISS 2	SEISS 3	SEISS 4
Qualifying period	Up to 13 Jul 20	14 Jul 20 to 19 Oct 20	1 Nov 20 to 29 Jan 21	1 Feb 20 to 30 Apr 21
Conditions to be met
Intention to continue to trade in 2021/22 (for SEISS 1-3) and 2021/22 (for SEISS 4)	✓	✓	✓	✓
Business has been adversely affected during the qualifying period.	✓	✓	✓	✓
Reduce activity, capacity or demand during the qualifying period	n/a	n/a	Note A	Note A
Reasonable belief that the business will suffer a significant reduction in trading profits in a basis period in the qualifying period because of reduced activity, capacity or demand.	n/a	n/a	Note B	Note B

  Note A: this condition will be met where sales are reduced in the qualifying period and the reduction can be compared with what could reasonably have been expected but for the adverse effect of coronavirus Note B: this condition will be met where there has been a significant reduction in trading profits over at least one whole basis period If you feel that any payments have been incorrectly claimed and wish to discuss this further you should contact your accountant or tax advisor for advice. There is a place on the tax return to repay any grants incorrectly claimed. Other grants If your business has employees, you may have received Coronavirus Job Retention Scheme (CJRS) grants and these payments are taxable and will need to be included as other business income. The £500 test and trace and self isolation payments are also taxable. If you are employed they should be included in the “other benefits” box on the “benefits from your employment” section of the employment pages. If you are self-employed you should include the amount in box 16 (other business income) on the self-employment pages. Restart grants are taxable in the year in which they are received and should be included as other business income. Any payments received under the Eat Out to Help Out scheme should also be included when calculating taxable profits as other business income. Coronavirus Business Support Grants are also taxable. These are grants paid by local authorities and include the Small Business Grant Fund, the Retail, Hospitality and Leisure Grant Fund, the Local Authority Discretionary Grant Fund and the Fisheries Response Fund. Finally on the subject of grants, there is an additional declaration that you are required to make this year if you have received any coronavirus related grant. You can make this declaration by ticking box 20.1 on the tax return. This confirms you have included all relevant coronavirus grants received. Working from home claim Employers can pay up to £6 per week tax free to their employees to cover their increased household costs as a result of working from home. Employees who are not paid by their employer can instead claim tax relief on £6 per week. This is done by claiming £312 as an expense against your employment income. You can claim a full year’s worth for 2020/2021 (and 2021/2022) regardless of how many days you worked from home, as long as you were required to work from home at some point during the year. This claim can save up to £125 in tax. Time to pay As tax advisors we always prefer to get your tax return submitted sooner rather than later where possible. This is not just for our benefit (to avoid a January rush) but so that you know well in advance what your tax position is. This could mean accelerating a tax refund due to you or giving you more time to plan for the payment of any unexpected tax liabilities due on 31 January. If you are expecting to encounter difficulty in paying an upcoming tax payment, the advice from HMRC is to contact them as soon as possible and you are encouraged to do so before the payment becomes due. This can help avoid late payment penalties. HMRC has a dedicated line for arranging payment plans. In our experience, HMRC have been very reasonable when it comes to collecting tax providing you open up a dialogue with them. Most of their advisors understand the cash flow difficulties that the pandemic has caused taxpayers and the self-employed in particular. They will discuss your financial position with the aim of agreeing a manageable payment plan. It is also worth remembering that it is still possible to set up a payment plan online to pay tax over 12 months if the amount due is under £30,000. See https://www.gov.uk/difficulties-paying-hmrc/pay-in-instalments for more details. Help is at hand You can appreciate from this article that there are potentially a lot more traps in completing your tax return this year. By appointing an agent to complete your return and supplying them with all the relevant information you can reduce the risk of poor compliance, but remember the accuracy of a tax return remains the taxpayer’s own responsibility. If you would like help with any of the above, please do get in touch with our experienced tax team by emailing tax@streetsweb.co.uk