| 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 |
Self Assessment in the pandemic period: Mark Poplett, Tax Adviser, Streets Chartered Accountants
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:
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
Second phase of Space Park Leicester completes
The keys to the second phase of a £100 million research, innovation and teaching hub for space-related high-tech companies and researchers in Leicester have been handed over.
Space Park Leicester, established by the University of Leicester in partnership with local, national and international partners, consists of a pioneering research, innovation and teaching hub, which will incorporate academic research, industrial space, and Earth observation research and development (R&D).
Building on Leicester’s 61-year history of space research, this project comprising of a 9,700 m2 facility including shared laboratories and teaching facilities, will put Leicester at the forefront of space technology in the UK.
Following completion of the building, the keys for the second phase were handed over to Professor Richard Ambrosi, by representatives from construction company Bowmer + Kirkland.
Housing laboratories, workshops and calibration facilities along with high technology projects such as the double-walled insulator for the Mars Sample Return 2026 NASA ESA Mission as well as one of the UK’s largest academic clean rooms for the assembling and testing of space equipment, the second phase is intended to be in operation and accommodating most of its occupants by Christmas.
Professor Richard Ambrosi, Professor of Space Instrumentation & Space Nuclear Power Systems at the University of Leicester, said: “We are extremely proud of completing phase two of this project. This is another major step in consistently expanding our understanding and knowledge surrounding space and space-enabled sectors.
“With the opening of Space Park Leicester and other recent nearby developments, Leicester is well and truly on the map as a key place to be for forward-thinking, high-end technology and space science businesses.”
Professor Mark Sims, Professor in Astrobiology and Space Instrumentation at the University of Leicester, said: “This phase will transform the way that space technology and satellites are conceived, designed, operated and produced.
“Building on Leicester’s long-standing heritage of space instrumentation and manufacturing including recent projects, such as the Mercury Imaging X-ray Spectrometer for ESA’s BepiColombo, structural and thermal lead for ESA’s UK-led Mid-Infrared Instrument for the James Webb space telescope, and the Raman Spectrometer for the ESA Franklin Mars Rover, Space Park Leicester is at the forefront of UK space expertise.
“I would like to thank everyone involved in the project for their assistance so far in reaching this monumental milestone which sees us bringing more research engineers, scientists, students, and industry partners into Space Park Leicester.”
Phase two of the development will embrace combined work bringing together industry and academia including the new Space Research Centre. A total of 14 state-of-the-art workshops and laboratories will incorporate Artificial Intelligence (AI) digital and advanced manufacturing technologies, and with partners, robot-assisted satellite production alongside research into novel solutions for downstream space data challenges. The data obtained from the latter will be interpreted to help answer real world problems such as air pollution and mitigation of climate change.
The clean room, which measures 300 sq m with a height of 6m, is located in an area designated for industry, which allows for horizontal payload entry prior to being lifted vertically by an in-built overhead crane.
Providing an update on The Manufacturing, Engineering, Technology and Earth Observation Research Centre (METEOR), which is an important part of Space Park Leicester, Professor Richard Ambrosi said: “The METEOR research project located its centre of operations at Space Park Leicester earlier this year and brings together industry and academics to provide the space sector with innovation.
“Meetings and events following their move into Space Park Leicester have enabled the resident and non-resident partners to meet regularly and continue their development of the community throughout 2021.”
Steve Chambers, Bowmer + Kirkland Regional Director, said: “We are proud to be involved in this project and to hand over stage two of this outstanding facility. I am proud of our team who have worked hard through a challenging period to enable the successful completion of phase two and we are all excited to see what the future holds for Space Park Leicester.”
Kevin Harris, Chair of the LLEP Board of Directors, said: “Thanks to our initial £8.175m Local Growth Fund investment towards the first phase of Space Park, Leicester and Leicestershire has become and will continue to be an international hub of space technology and innovation, providing jobs and success for the area.
“I’m delighted that phase two is now complete and seeing all of the pioneering businesses making the Space Park their home makes me extremely proud that the LLEP made such a major contribution to its creation and growth.”
Future plans include further development on the Leicester site, with a commercial Low Cost Access to Space (LoCAS) payload and satellite manufacturing facility for the manufacture of small to mid-range satellites.
LoCAS will address the UK’s need for capacity to scale manufacturing of payloads and satellite constellations and will provide a pipeline for burgeoning UK launch services, lower the barriers to new entrants in the market and support the development of new business models for downstream services.
Net business borrowing over 2021 will be negative as UK firms repay COVID-19 debt at pace
UK net business borrowing is on course to fall sharply over 2021 as firms pay down existing debt far faster than predicted, according to the latest EY ITEM Club for Financial Services Forecast.
The forecast estimates that net bank lending to UK businesses will fall to minus £1.6bn over 2021, following £35.5bn net being lent in 2020, before picking back up again in 2022 with growth of 2.4% (£11bn net). This represents a reversal of the May forecast, when the economic outlook at that time suggested firms would borrow a further £19bn in net terms this year to help them through the pandemic.
The COVID-19 pandemic triggered a surge in corporate borrowing, however, after an initial spike when firms took out loans largely for precautionary measures, many – especially larger corporates – have paid down their liabilities and strengthened their balance sheets.
Net lending via credit cards and personal loans is also set to end the year in negative territory, falling 0.7% on top of 2020’s 9.8% decline. This equates to a £1.4bn fall in the stock of consumer credit, as households have made more repayments than in pre-pandemic times and have used savings over loans at a greater rate.
In contrast, the housing market has seen strong activity this year, with mortgage lending forecast to rise 4% in 2021 – the fastest increase since 2007 – boosted by the stamp duty holiday.
Uncertainty surrounding the new Omicron COVID-19 variant, however, could affect the forecast going forward.
Martina Neary, Head of Financial Services at EY in the Midlands, says: “The UK wide economic recovery over the spring and summer was thankfully faster and stronger than many anticipated. The housing market remained resilient, boosted by the stamp duty holiday, and consumers and businesses – especially larger corporates – were able to make bigger inroads than expected into paying off debt.
“As we head into Christmas and the New Year, the UK financial system remains resilient and well capitalised, making it well equipped to continue to support consumers and firms across the UK. This, along with the continued focus from Government on the levelling up agenda, should aid regions like the Midlands (which in many cases have been more adversely hit by the pandemic) with their ongoing recovery. The overarching outlook is one of increasing positivity, but we should maintain a level of caution, not least as the impact of the Omicron variant remains largely unknown.”
Business lending falls as firms repay debt and repair balance sheets
Overall, the total stock of business debt is set to fall by 0.3% in 2021, a sharp contrast with 2020’s 8% rise. However, Bank of England data shows a marked disparity in the rate at which large companies and SMEs are paying down debt.
Larger firms owed £312bn in October 2021 (2.4% less than then £320bn in February 2020, just before the pandemic began). But SME debt rose from £167bn to £210bn (a 26% increase over the same timescale), highlighting that smaller firms have needed greater financial assistance through the pandemic and will likely need additional support through the recovery period.
Looking ahead, headwinds in the shape of a potential rise in borrowing costs due to likely interest rate increases in the new year, and some firms drawing on cash saved during the pandemic to finance investment could weigh on overall demand for business lending. That being said, business lending is forecast to grow 2.4% in 2022 (just over £11bn in net terms) based on more normal economic conditions returning and firms re-focusing on growth over debt repayment.
On the business investment front, low activity so far this year points to a year-on-year fall of just over 1%. However, given the strong current financial position of many firms and recent positive business surveys, if the Omicron variant does not heavily affect the economic environment, the EY ITEM Club expects a strong rebound in 2022, with growth in business investment forecast to run at almost 14% in 2022.
Consumer credit to fall 0.7% this year, adding to 2020’s 9.8% decline
The EY ITEM Club for Financial Services Forecast expects net lending via credit cards and personal loans to end the year in negative territory, falling 0.7% on top of 2020’s 9.8% decline. This is a material shift from the forecast in February when consumer credit was expected to grow by over 10% this year.
This is largely due to consumers making more credit-related repayments than expected, using a higher percentage of savings than normal, accumulated during the lockdowns, to fund big ticket purchases in place of credit, and weakness in new car sales as manufacturers have battled supply issues which emerged over the summer.
A return to growth of 6.6% (£13.3bn net) is currently predicted in 2022, helped by a recovery in car sales and a return to more normal spending patterns. This expected rise, however, would still leave the stock of unsecured debt almost 5% (£10.1bn) below 2019’s pre-pandemic level.
Mortgage lending to rise at fastest rate since 2007 but ease back in 2022
The housing market has seen strong levels of activity this year, with mortgage lending forecast to rise 4% in 2021 (£60bn in net terms). This will be the fastest increase since 2007, boosted by the stamp duty holiday, record low interest rates and an increase in demand for larger properties as more people have worked from home. Net mortgage lending averaged £6.9bn per month over the first nine months of 2021, compared to an average of £3.9bn during 2018 and 2019.
Growth is then predicted to ease back slightly to 3% (£46.7bn) in 2022, reflecting the end of the stamp duty holiday in September 2021 and household incomes experiencing growing pressure from higher inflation, tax hikes and rising mortgage rates as we move into 2022.
Despite initial fears, high loan losses haven’t materialised
Despite initial fears of high write-off rates as a result of the pandemic, loan losses are forecast to be relatively small. Mortgage write-off rates are forecast to be 0.01% this year, unchanged from 2019 and 2020, rising marginally to 0.02% in 2022 and 2023. Write-off rates on consumer credit are forecast at 1.30% this year, slightly up from 1.22% in 2020, but still below 2019’s 1.46%. 2022 write off rates are forecast to be 1.22% and 1.21% in 2023. Business loan losses are forecast at 0.24% and 0.34% this year and next, compared to 0.33% and 0.20% in 2019 and 2020. 2023 is forecast at 0.26%.
Dan Cooper, UK Head of Banking and Capital Markets at EY, says: “Despite the challenges of the past year, UK banks have performed well while ensuring businesses and consumers have access to the finance they need. The positive news is that the level of loan defaults initially feared have not materialised, avoiding a non-performing loan ‘cliff edge’.
“This is due in large part to strong and decisive government and central bank action, and both consumers and businesses have been able to make loan repayments a lot earlier than imagined. While, perhaps unsurprisingly, corporates have found this easier than smaller firms, the banks are well prepped to continue to support SMEs through the recovery effort and to flex to ensure they are helping those in need.
“Looking ahead into next year, growth is expected on all lending fronts while interest rates look likely to increase, albeit it from a very low base – jointly this should help boost interest margins. Crucially, the sector remains well capitalised and ready to meet the multitude of ongoing challenges alongside the flow of regulatory demands and increasing sustainability focus.”
Insurers set for bumpy ride as non-life premium income set to slow in 2022
Insurers have shown resiliency during the pandemic and are set to benefit from economic gains this year with non-life premium income forecast to grow 8.6%, a marked increase on 2020’s 1.7% rise. This is in part due to the strength of the housing market and the purchase of associated insurance products.
However, growth is forecast to slow to 3.5% in 2022 as the recovery’s momentum fades. Cost of living pressures as a result of rising inflation, higher energy costs and next April’s personal tax rises will affect demand for insurance, as will the end of the stamp duty holiday and the associated drag on the housing market.
New car sales hit by supply problems
New car sales, which influence demand for motor insurance policies, have struggled in recent months, and manufacturers have also faced supply pressures. New car registrations initially responded strongly to the reopening of car showrooms in April but supply bottlenecks have curbed this momentum: new car registrations in Q3 were more than 30% down on the same level a year earlier.
The EY ITEM Club forecasts a total of 1.77m new car registrations in 2021, around a quarter below the 2.3m registrations in 2019. However, the level of new car registrations should increase in 2022 once supply issues are addressed.
Life premiums expected to grow this year and next
More money is expected to flow into pension products due to the rise in the state pension age to 66 in October 2020; the increase in the UK population aged 60 or older, which is projected by the Office for National Statistics (ONS) to rise from 16.7m in 2021 to 19.6m by the end of the decade; and the effects of the pandemic boosting demand for protection insurance.
At the same time, the sector continues to benefit from pensions auto-enrolment. The ONS’ latest data showed that in April 2020, 78% of UK employees had a workplace pension, compared with less than half in 2012 when the scheme was introduced. Although 2020 was the first year to see the share level off, the proportion of employees paying into a pension didn’t fall, despite millions of workers being furloughed. After life premiums fell 11% in 2020, the EY ITEM Club forecasts a return to growth of 5.3% this year, before increasing to 7.6% in 2022.
UK AUM to benefit from global recovery
UK assets under management (AUM) have benefited from a sustained global recovery in asset values over the course of this year. As of October 2021, the FTSE All-Share Index was 13% up on its level in January 2021, while equity indices in the US and Europe experienced even larger gains. Additionally, inflows have benefited from a notable increase in activity among retail investors during the pandemic. The EY ITEM Club forecasts UK AUM to grow by 7.3% in 2021 to £1.68tr, building on a 6.1% rise in 2020.
The prospect of higher interest rates means the future environment for continued asset price appreciation is unlikely to be as favourable as it has been in the last few years. However, global activity has been benefitting from the overall easing of COVID-19 restrictions and there is scope for further growth, including from savings built up by households during lockdowns. The EY ITEM Club therefore forecasts AUM to rise a further 3.2% in 2022 to £1.73t.
Martina concludes: “This year has undoubtedly been challenging for all concerned, and just as we think we’re seeing light at the end of the tunnel, a new COVID-19 variant emerges and prompts further economic uncertainty and health concerns. Through it all though, UK financial services have demonstrated resilience and agility, supporting struggling businesses and consumers impacted by the pandemic, as well as the wider economy, and this will continue.
“Looking ahead to 2022, there are a number of different challenges facing UK financial services firms. From managing the spate of new regulatory requirements to turning sustainability pledges and net zero commitments into action, and pressing hard on digital transformation, this coming year is set to be as demanding as the last.
“But the industry as a whole is in a strong position to meet the challenges head on and, post-Brexit, will continue to forge new international relationships and deals, ensuring it continues to command a leading role on the global stage.”
Galliford Try leaves historic East Midlands base for energy efficient offices
Galliford Try has left its East Midlands base that had been within the company family for over 100 years.
The Building East Midlands and Security and Telecommunications business units, as well as teams from the Investments business and Group Services, including Fleet and Human Resources, have moved to new offices in the Gateway House development at Grove Park in Leicester.
The new workspace is energy efficient with internal green spaces and electric vehicle (EV) chargepoints, in line with the Group’s Sustainable Growth Strategy and move to an all-EV and hybrid fleet.
The previous Wolvey campus, in rural Leicestershire had been the original headquarters of the Galliford business, one of the founding businesses of the Galliford Try Group, and had been a major base for the business since around the time of the First World War. The new offices at Gateway House have been designed to retain that heritage, with the internal green space, and reclaimed elements of the old buildings.
Jon Marston, Managing Director for Galliford Try Building East Midlands, said: “We are excited to be starting a new era for the business in our energy efficient offices at Gateway House. This move aligns with the overall Group strategy for reducing carbon from our operations, and gives us a modern workspace, fit for a business looking to the future.
“For those of us who have been with the business for a long time, it has been great that we have also been able to preserve a few memories of Wolvey, and the original Galliford business, within the new offices.”
Duo of East Midlands Toyota dealerships acquired in £9.2m deal
Vertu, the automotive retailer with 156 sales outlets across the UK, has acquired Farmer & Carlisle Holdings Limited in a £9.2m deal.
The business operates two Toyota franchise dealerships located in Loughborough and Leicester.
For the year ended 31 December 2020, the business achieved revenues of £29.2m and a statutory reported profit before tax of £0.6m. The acquisition is expected to be earnings enhancing for the year ending 28 February 2023 (FY23).
The group’s systems and processes will be implemented immediately and the business will be branded Vertu.
Robert Forrester, CEO of Vertu Motors, said: “We are delighted to announce the group’s expansion with the much sought-after Toyota franchise.
“The addition of more Toyota sales outlets to the group’s portfolio has long been a strategic objective of the group since we envisage the brand gaining market share in the medium-term and being well positioned to take advantage of opportunities as the wider automotive sector evolves.”
Planning permission secured for new care facility in Woodthorpe
Rayner Davies Architects have recently secured planning permission for a 40-bed residential care home on a site opposite Woodthorpe Grange Park in Nottingham.
The existing property had previously become run down following a series of unsympathetic extensions so the decision was made to demolish the property and build a new state-of-the-art care facility.
The biggest design challenge was to ensure that this commercial development maintained a contemporary style to meet the client’s brief whilst also complementing the scale and traditional architecture of its domestic neighbours.
The orientation of the new building and placement of roof terraces and gardens to the rear will provide residents with “fantastic” views to the north of the city from the site’s heightened position.
Work is expected to start on site next year.
University to offer five day course helping resolve common problems when handling biomass materials
Engineers, maintenance personnel, managers and procurement executives with responsibility for obtaining and operating equipment for handling of biomass are set to benefit from a new course in February.
From 21 – 25 February 2022 the University of Greenwich will help delegates identify and resolve common problems when handling the various biomass materials. Run over 5 sessions from 14.00 until 17:00 each day, the Biomass Operations and Handling Technology course will cover the basics of:
- Biomass macro-economics, subsidies and potential;
- Material types, flow properties and handling equipment requirements;
- Self-heating, fire, explosion and safety;
- Dust and degradation, pneumatic conveying and wear;
- Explosion protection and ATEX regulations;
- Engineering of equipment for storage and discharge;
- Ship unloading;
- Dust control and management;
- Possible future trends in biomass
University law firm recognised for tackling community legal needs during the pandemic
A Nottingham law firm which offers free and low-cost legal advice has scooped an award for its commitment to addressing unmet legal needs in the local community, particularly during the pandemic.
Nottingham Law School Legal Advice Centre, part of Nottingham Trent University, was awarded Best Contribution by a Small or Medium Firm at the LawWorks Pro Bono Awards 2021.
The Legal Advice Centre was the first SRA regulated law firm fully integrated into a law school in the UK and provides pro bono advice across a range of service areas. It is staffed by a small team of qualified solicitors and legal case workers, student volunteers and practitioner academics.
To date the Centre has achieved financial awards for its clients totalling more than £5.5 million. For the year ending August 2021, it dealt with 162 cases across nine different service areas, with a total of over £995,000 secured for clients. Its welfare benefits service achieved an average award in excess of £28,000 per client. The Centre has also provided practical work experience to more than 580 students.
Despite the challenges encountered by having to move to a remote service due to Covid, the Centre increased its services during the pandemic. This included the re-launch and significant expansion of its housing service; provision of online resources relating to furlough, which have been accessed more than 380 times; delivery of seminars to community interest groups on Covid related topics; and the introduction of a wholly not-for-profit IP advice service from a specialist trademark attorney, helping those starting new businesses during the pandemic.
The Centre also expanded its Special Education Needs and Disability (SEND) service, which supports families of children with special educational needs who are appealing local authority education and support decisions, including successfully completing its first SEND tribunal and mediation cases.
As part of its growth, the Centre also introduced a new service for victims of crime, offering advice in relation to the Victim’s Right to Review Scheme, the application process that enables victims to challenge a decision by the police or CPS not to prosecute a suspect.
Head of the Legal Advice Centre, Laura Pinkney, said: “All of our initiatives are taken in pursuit of our aim to provide access to justice to those who cannot afford, or otherwise access, legal services. We are committed to providing a high-quality pro bono service and our clients have the reassurance that dealing with an SRA regulated entity provides. This is extremely rare in the regulated sector, both in England and Wales, but also in the international sector.
“Whilst our services have needed to adapt as a result of Covid, all of the above have been introduced or developed to address an unmet legal need in the community.”
Executive Dean of Nottingham Law School, Jenny Chapman, said: “This is a huge achievement for the Centre, which was up against a range of law firms in the category, not just other university law clinics. The team truly deserve this award, particularly in view of the life changing impact they have on their clients; their achievement in expanding and developing services and student opportunities, notwithstanding the pandemic; and their commitment to raising the profile and awareness of the importance of pro bono work.”
The Awards recognise and celebrate the pro bono commitment of LawWorks members, their charity and corporate partners, and the work of independent clinics in the LawWorks clinics network.
£20m to be invested into Newark following successful Levelling Up Fund bid
Newark and Sherwood District Council, in partnership with Nottinghamshire County Council and Urban&Civic, has been successful in the bid for a £20 million investment, into the Southern Link Road (SLR), from the central Government’s Levelling Up Fund (LUF).
This is one of just 17 successful bids out of 84 UK-wide authorities that submitted, and the only successful bid from a Nottinghamshire district.
With £4.8 billion being invested into the UK’s high value local infrastructure, the LUF aims to support investment in places where it can make the biggest difference to everyday life, and support local areas in selecting genuine local priorities.
The £20 million investment will go toward completing the SLR, which will form the missing link of Newark’s outer loop road by connecting the A46 at Farndon to the A1 at Balderton. The site master developer, Urban&Civic (U&C) has already commenced the first phase of the development. This funding will allow the remaining delivery of Middlebeck, one of the Strategic Urban Extension (SUE) sites around Newark.
Councillor David Lloyd, Leader of Newark and Sherwood District Council, said: “Our bid was built on solid proposals that will support our vision for Newark’s future, improving both transport and the growth of our district.”
The first stages of the development of the SLR are complete and have already provided 600 homes, a brand new primary school and open space in the community. This investment will unlock a further 2,651 homes, two-million square foot of employment space, local centres, a care home, a new country park, and new sports and recreation facilities including pedestrian and cycleways.
Urban&Civic, NSDC, and NCC are now working at pace to ensure that works can start as soon as possible. It is hoped that a contract will be let to build all of the remaining SLR next year, with the road being open no later than Spring 2023.
Mike van den Berg, senior development manager at Urban&Civic, added: “We are delighted that our work with NSDC and NCC to secure the funding has been successful. The SLR is a vital piece of infrastructure to support local economic growth, jobs and provide more homes. Our new community will also be thrilled with the news with many of them choosing to buy a home at Middlebeck to benefit from both its access to green spaces and the connectivity offered through the SLR.”
Leader of Nottinghamshire County Council, Councillor Ben Bradley MP, said that £20m investment into the Newark and Sherwood district was “a massive boost for the economy in that area” and he welcomed the funding for completion of the Southern Link Road.
Councillor Bradley said: “This investment will regenerate the Newark and Sherwood area and I welcome it wholeheartedly, as will most residents who see the SLR as a vital connecting link between the A46 and A1.
“Improving the infrastructure of an area is vital to boost economic growth and I look forward to the road opening in early 2023.”
Councillor Bradley added that the Levelling Up Fund would help to regenerate areas by creating new jobs and improving skills, which ultimately leads to a higher paid, better skilled workforce. Streets cover the tax rules of staff gifts and Christmas celebrations and more in latest business support update
In its latest Business Support Update, Streets Chartered Accountants dives into the tax rules of staff gifts and Christmas celebrations and the Self-Assessment deadline.
Staff Gifts and Christmas Celebrations – What are the Tax rules?
As we approach the festive season, many businesses will be considering how they thank their staff and what are the tax consequences of doing so. There are a whole host of tax rules employers need to be aware of when providing employees with the use of assets, making gifts and settling payments on their behalf. The relevant tax rules determine if there is tax payable, by whom, on what value and at what rate.
Podcast: What will you be giving your staff this Christmas and will it be tax free?
In this session, Tax Partner Jennie Brown focuses on the tax implications of Christmas gifts for employees. In conversation, she considers what gifts are allowable and provides guidance on avoiding the pitfalls from an employer’s perspective.
Help is at hand when it comes to paying your tax
With the Self-Assessment deadline of the 31st January getting closer, thoughts will no doubt turn to the tax payment due. The last 18 months have been extraordinary, even unprecedented, with many seeing changes to their income and potentially making it challenging to provide for their pending tax bill.
Payroll support over the festive season
Streets Chartered Accountants’ offices will close for Christmas and the New Year at 12 noon on Friday 24th December and will re-open at 8.30am on Tuesday 4th January 2021.
However, the Payroll team will be available on Wednesday 29th December, Thursday 30th December and Friday 31st December between the hours of 8am and 4.30pm. The team can be contacted on 01522 551230 or 0345 099 7299. Alternatively, you can email payroll@streetsweb.co.uk
