BUILDING ~ AWESOME ~ FUTURES
with wood and disney : The Advisors to Ambitious Entrepreneurs
Wood and Disney are a tech savvy firm of chartered accountants who bridge the gap between numbers and dreams by using our skills with numbers and multiplying this with our experience in business to make a real difference to our clients’ lives with jargon-free, pragmatic and best practice business advice.
The most successful people focus first on accumulating business assets before they can reap the benefits of that success personally. Those business assets may be intellectual property, tangible assets, the best team, the best systems or perhaps the most important thing for long term survival, CASH. Recessions occur regularly every decade or so, but the survival rate of small businesses is staggeringly poor with less than 28% still being in business after ten years.
So, when we talk about Building Awesome Futures our vision is:
To defy the norm of business failure statistics and help 100% of our clients not only survive more than 10 years but also create a genuine asset to pass on to another generation
Over the past four decades we have created a process called Your Journey to Freedom® with over 500 tried and tested resources and tools. This process is a best practice process for established businesses where the owner has either reached a plateau or has exploded with growth and is fearful of losing control.
Wood and Disney
Lodge Park, Lodge Lane, Langham, Colchester, CO4 5NE
01206 233170
www.woodanddisney.co.uk
www.yj2f.co.uk
Less mists, more clear vision
WELCOME to the season of mists and mellow fruitfulness as the wonderful John Keats would have us believe – but perhaps autumn is also the season for a touch of navelgazing.
Optimistic New Year resolutions are but a speck in the rearview mirror, invigorating summer holidays have, largely, been and gone and it’s still too soon to think about 2025 New Year resolutions. So, instead, we ponder our bellybuttons and tread water for a few months – don’t we?
Well, we can – but far better to keep the foot fully on the business throttle, don’t lose too much sleep on what horrors the Chancellor might throw our way in her Budget on October 30 and keep focused on driving our businesses forward.
This autumn sees many major business events taking place across the county, a number of which you can read about in this issue (see how many you can spot, children!) I look forward to seeing you at some. These events are a great opportunity to
business scene. Alternatively, if you can’t be bothered to venture out as the days start to chill, you can settle down with a nice hot cuppa and read this latest issue of the UK’s leading regional business mag.
Amongst the wealth of information is a threepage feature on the skills issue (starting on page 19) and a look at how you can minimise the risk of bad debt (page 65). Just the tip of an iceberg of news and views on the county’s vibrant business scene.
A huge thank-you to all those businesses who make this magazine possible with their backing. If you’d like to join the ranks of businesses who promote their wares and share their knowledge through our humble pages, do give me a call.
We’ll be back with our winter issue on December 1 – mince-pies, fairly lights and all. See you then.
Publishing Editor
Editor
Richardson 01206 843225 or 07778 067614 peter@pjrcomms.co.uk
Vivienne Richardson 01206 843225
and Produced by
Acumen Ltd 0345 340 3915 Mailed out by
DS Group 01255 221322 To advertise or feature in the next issue of BusinessTime in Essex, contact Peter or Vivienne as detailed above.
The Blueprint for a successful business
THE North Essex Economic Board (NEEB) is a dynamic partnership of local authorities focused on driving sustainable economic growth and development in the North Essex region.
Made up of members Braintree, Colchester, Chelmsford, Harlow, Maldon, Tendring, Uttlesford and Epping Forest district councils and Essex County Council, they are working together to empower businesses, support entrepreneurship, develop skills and enhance residents' quality of life. By leveraging resources and expertise, it aims to build resilient communities and create a region of opportunity for future generations.
NEEB’s ongoing strategy has been forged to leverage North Essex’s core strengths and highlight the areas for future investment and growth, one of which is to support innovation and growth within businesses, and support residents with improving and strengthening their digital skills.
To support delivery of this North Essex vison, Let’s Do Business Group offers a comprehensive fully funded business support programme providing tailored advice, access to finance and informative workshops and events.
A popular element of the support programme is Blueprint for Business. Blueprint for Business, now in its second year of delivery, offers an invaluable opportunity for entrepreneurs and business owners to elevate and grow their ventures. Helping businesses to map out their journey to success, Blueprint for Business distinguishes itself with its bespoke workshops, webinars, and one-on-one events designed to meet the unique needs of each participant. This programme, developed and delivered by a team of award-winning business coaches, provides a comprehensive curriculum across 14 critical business topics. These include:
• marketing
• business growth and HR planning
• sales
• innovation and new products and services
• build your brand digitally
• digital PR
• cyber security
• digital tools to increase efficiency
• how to optimise LinkedIn and Sales Navigator
• data-driven decision making.
What makes Blueprint for Business unique is participants can tailor their learning journey, selecting the topics that align with
their business goals. This pick ‘n’ mix approach ensures each business receives the most relevant and impactful support.
Another standout feature of Blueprint for Business is the opportunity to access one-onone mentoring from seasoned business experts, entirely free of charge. These mentors bring a wealth of knowledge and practical experience, offering personalised advice and insights that can transform business challenges into opportunities. Whether you're seeking guidance on refining your business model, expanding your market reach or navigating the complexities of financial management, the mentors are there to help you every step of the way.
Georgie Collins, of Moto Pizza, Chelmsford, said: “The sessions with Graham have really validated our plans and added some excellent strategy to the mix. Graham has lots of experience in FMCG and was able to give me some first-hand advice on what works and, more importantly, what doesn’t work. We have ambitious growth plans and Blueprint for Business has helped us along the path to creating 220 new jobs.”
Beyond the workshops and mentoring, Blueprint for Business brings participants together, creating a gateway to the North Essex entrepreneurial ecosystem.
This vibrant network of business leaders, innovators and industry experts provides unparalleled opportunities for networking, collaboration and growth. Engaging with this community can open doors to new partnerships, funding opportunities and market insights, further accelerating your business success.
Blueprint for Business is funded by the UK Government through the UK Shared Prosperity Fund, making it an accessible resource for businesses without the burden of additional costs. The programme is a collaborative effort, delivered in partnership by the North Essex Economic Board, Let’s Do Business Group, and the Consortium. It is available exclusively to individuals and businesses based in Braintree, Colchester, Chelmsford, Maldon and Tendring.
Blueprint for Business stands as a testament to the power of strategic support and community collaboration in driving business success. If you're based in North Essex and ready to take your business to new heights, don't miss this opportunity to join a programme that is designed with your growth in mind.
Our next available workshops include:
September 17 10.30am –Innovation and New Products - online
September 24 10.30am –
Digital PR – online
October 15 10.30am –
Business Growth and HR Planning –in-person Colchester
October 22 10.30am –
Cyber Security – online
November 12 10.30am –
Sales – in-person Chelmsford
November 19 10.30am –
Digital tools to increase efficiency - online
December 10 10.30am –Festive Networking – online
To find out more about the programme and book your space, visit www.letsdobusinessgroup. co.uk/blueprint-for-business
New report sets out plan to transform high streets across the East of England
APACKAGE of new measures has been unveiled to help transform life for small businesses on the East of England’s everevolving high streets, in a major new report by the Federation of Small Businesses (FSB).
Supporting pop-ups and temporary use initiatives for new businesses, creating mobile phone-based loyalty programmes and providing accessible public toilets are some of the recommendations aimed at local government to help the region’s small firms thrive and grow.
The Future of the High Street report, published on August 5, calls for local authorities to create a specialised fund to support pop-ups, markets, and temporary use initiatives for first-time businesses to encourage new ventures and help them set up on the high street.
A total of 39 per cent of high street small businesses across
the UK say the availability of affordable commercial space is important for the future of an area.
Ensuring temporary spaces are available will not only help fill vacant sites but also provide opportunities for small firms eager to launch on the high street.
The report, which features indepth analysis following a largescale survey of small businesses, also suggests a specialised fund to support a mobile phone-based loyalty programme for high street firms and launching communityspecific online marketplaces to showcase local shops and services.
The research highlights the need for well-maintained and accessible modern public toilets and family-friendly services like creche facilities on our high streets, encouraging visitors to stay longer, upping footfall, and supporting the local economy.
Ann Scott, Development Manager for Essex at FSB, said:
“It’s important small firms across the East of England are provided with the right environment, infrastructure and flexibility to be successful – and in turn help grow their local economy.
“From the core high street issues of business rates, parking, and transport to more innovative asks, this report sets out a raft of recommendations to try to revive our town and city centres and ensure our small businesses are well supported.
“Local authorities can play a pivotal role in improving the experience of a high street, encouraging more people to visit, shop and invest there, and we look forward to working closely with them.
“Our high streets have been through many changes and will continue to evolve - and that’s why it’s so important that the small businesses at their heart are well-equipped for the future.”
The survey found local businesses in the East of England saw a range of closures on
their local high street since the beginning of the Covid-19 pandemic, including retail stores 72%, hospitality 67%, banks 58%, post offices 27%, and entertainment venues 16%.
Within the report FSB is calling for a band of ‘on-site high street chiefs’ responsible for the growth and wellbeing of high streets across the country, creating promotion plans and monitoring vacant units within their area.
They would work with local businesses, landlords, BID managers and community groups to help encourage growth in the area, as well as lead a Vacancy Taskforce, monitoring commercial properties.
Business rates remain a huge burden on high street small businesses, with the current Small Business Rate Relief (SBRR) a key part of their survival.
The research found 26% of high street small businesses in the East of England say they would not survive without SBRR. To help small firms to grow further, the SBRR threshold should be increased from £12,000 of rateable value to £25,000.
Good transport links are important for the future of the high street, according to 54% of small businesses in the East of England.
The report calls for a high street hop scheme providing free bus fares on key routes during peak shopping days to help increase footfall and support local businesses.
52% of high street small businesses in the East of England say parking facilities are managed poorly on their local high street.
Offering free parking on at least two Saturdays plus two additional days a month, would increase footfall and support local businesses by making high streets more accessible.
Building on the promise of a new dawn
IT’S probably fair to say the economic trials and tribulations of the past eight years have been felt in the construction industry as painfully as anywhere.
Phil Holding, director at Horizon Construction Group, has been in the game long enough to have experienced the peaks and troughs of the building trade – and he says with more than an ounce of feeling he’s delighted to see light at the end of what’s
been a pretty long and gloomy tunnel.
“Brexit, Covid and European war contributing to a cost-ofliving crisis have not been the best backdrop to engendering a thriving building sector these past five years, and I won’t deny there’s been some very challenging times,” he said.
It is, however, testimony to the professional way the company is run, that it comes out of the tunnel, blinking into the dawn of a new Government which is making
all sorts of encouraging noises about building being at the core of its economic growth plans for the country, fit and raring to go with a number of high-profile projects on its books.
Horizon Construction Group came into existence 25 years ago (Phil says there’s been no time to think about any celebrations of its quarter-century
With the new Government set on getting Britain building again, BusinessTime in Essex Editor, Peter Richardson, sat down with Phil Holding (above) and Steve Tilley (below), shareholding directors at Colchester-based Horizon Construction Group, to discuss if a building revival really is to be set on firm foundations.
landmark) and the company has a sister London-based company as well as its Colchester-based operation. Together employing 50 staff and with a current combined turnover of £40 million, it sits comfortably in the bracket of a middle sector construction firm – but it is a company which has always been ambitious.
It works across many sectors, including automotive (a number of Porsche, Jaguar Land Rover, BMW and Mercedes showrooms have been built by them), care and education, as well as residential schemes.
Most recently, it won the £4.5 million contract from Colchester City Council to build the exciting new Digital Forum in Queen Street, its first significant public sector contract. It’s also working on a 62-bed care home in Hextable for a leading care provider and on its largest contract to date, a residential project in Wickford, building 122 housing association sector flats.
Firm foundations it would appear from which to move forward into the promised land of the new Government’s building utopia!
“Well, the early signs are promising,” said Steve.
“Anything which simplifies planning regulations and cuts the incubation period between a project being agreed in principle and work being able to start on site has to be welcomed. Overly-complicated planning legislation causes delays and delays can be very costly. These costs have to be suffered by someone, either the contractor by substantial delay to anticipated commencement dates, the client, or both end up swallowing additional costs which, in an already difficult and challenging market, can be done without.
“As an example, we had the opportunity to bring in a senior site manager to work on a large project. A person of this nature is hard to find so we wanted to pounce quickly. However, the project then suffered a further three-month delay which meant we had to incur his wages while we had to double-up on sites and keep him busy whilst waiting for the delayed project to start. This is just one example of how red tape causes delays and adds to costs.”
It also highlights another issue which has caused the construction industry considerable angst for some time now – the skills shortage. With a more than cursory look to the skies, Phil pulls no punches on the importance of this particular issue.
“In the office and, particularly, on site, we have a real challenge when it comes to finding properly qualified staff. It’s all very well having ambitious plans to build an additional 1.5 million homes, but where are all the tradespeople to build them?
With the emphasis in recent years to encourage youngsters into further education, we’re really struggling to source good and interested tradespeople. The problem has only been worsened by Brexit. We desperately need to encourage the next generation into the construction industry. The move towards greater university education has seriously impacted on the number of youngsters opting for trades training. It's essential we reverse this trend sooner rather than later,” said Phil.
To the mix of planning delays and skills shortages can be added, in Phil’s eyes, the
issue of client commitment.
“When we are asked to tender it is likely we will be one of four or five tenderers. The value of tendering can be quite high, with only a one in four or five chance of winning the tender. All I would ask is that once the successful tenderer has been selected, there is some sort of commitment from the client to then move ahead with the project as, all too often, a site is sold or the client simply says it’s over-budget – when, from the outset, they had the opportunity to seek a private quantity surveyor to produce a high-level cost plan to give an indication of costs. Yes, if I had a magic wand to change one thing, it would be to introduce some sort of client commitment,” he said.
In the absence of a magic wand, Phil will resort to relaying on the years of experience his company enjoys and its rocksolid reputation for providing top-quality work across multi sectors to ensure it reaps its share of the benefits which everyone hopes will arise from the expected opportunities of the coming years.
How not to lose sleep over business interruption
BUSINESSES of any size will always suffer the odd bump in the road.
Sometimes these bumps can be more serious - a theft, vandalism, a fire or a floodbut there are a variety of things that cause a business to halt operations and come off the rails for a while.
Any setback or disaster impacts your business in various ways. You might need funds to fix damaged premises or replenish lost stock, but what about other losses when your business operations are interrupted? Loss of income when you can’t trade? Continuing fixed expenses such as rent, utilities and salaries that have to be paid? Supply chain interruption? The erosion of customer trust when orders cannot be fulfilled?
Something going wrong can lead to all sorts of financial headaches, and there may be parts of your business that keep you awake at night more than others.
What aspects of your company do you lose most sleep over? What or who could you not do without? Is it any of the following? And did you know that business interruption insurance can offer a solution to your sleepless nights?
Your key personnel: some of your staff are invaluable. When a key person, such as a top executive or a uniquely skilled employee, is suddenly unavailable due to illness, injury or unexpected departure, the resulting disruption can result in more than just a diary rejiggle. It can severely affect operations and revenue. Keyman insurance is a type of insurance that provides a financial buffer, compensating for the absence of critical staff by covering subsequent expenses, temporary staff replacements and maintaining your business’s stability during any transition.
Your digital infrastructure: your digital infrastructure is all the online systems that support your business's operations, including websites, e-commerce platforms and cloud services. What if your server goes down? What if you are hacked and have data stolen? What if there is an internet outage like the recent Microsoft one? Business interruption insurance is crucial in mitigating digital disasters and the resulting loss in income. Taking cybercrime as an example, cyberattacks
can halt operations and lead to significant financial losses, and the recovery process can be lengthy and costly, but BI insurance can provide essential financial support, covering lost income and additional expenses incurred during downtime, and allowing your business to recover more swiftly.
Your production: do you operate a busy production line? Does your business rely on daily manufacturing? If production comes to a halt, how much revenue would you stand to lose an hour, a day, a week? Business interruption insurance is essential for protecting against the financial fallout from production disruptions. Your business can receive compensation for lost income and extra costs incurred while getting back to full production capacity. This coverage ensures that your business can maintain financial stability and navigate the recovery process without undue strain.
Your ability to trade: it’s pretty basic – if you can’t trade, you can’t make money, so if your business comes to a standstill due to fire, flood or vandalism, you’re going to lose out until you can get back on your feet again. Business interruption insurance plays a crucial role in enabling businesses to continue trading following unforeseen disruptions that disrupt cash flow, customer relationships and market position. It can cover payroll, plus make up the shortfall of any lost income, ensuring your business weathers the storm and maintains operations.
Running a business and enjoying a good night’s sleep are not always compatible bedfellows. Matthew Collins, Director at Chelmsfordbased Ascend Broking Group, suggests how this can be put right.
Your overheads: bills still need to be paid and rent still needs to be stumped up, even if your business is interrupted. How do you keep these commitments going when your business is standing still? Business interruption insurance is indispensable for covering overhead costs during periods of operational stoppage. This insurance provides crucial financial support to cover ongoing expenses such as rent, utilities, payroll and other fixed costs that continue to accrue even when revenue generation is halted.
Your reputation with customers: when things go wrong, you’re at risk of not being able to provide your service or fulfil customer orders, leading to potential client dissatisfaction and desertion. How would you recover from having to delay or cancel orders should your business operations grind to a halt? Could you survive if frustrated customers left in droves? Once again, business interruption insurance is indispensable for safeguarding a company's reputation when service delivery is jeopardised and customers’ loyalty is tested. Its safety net offers financial support for lost income and expenses, meaning businesses can maintain service levels and retain their reputation.
There are many worries when it comes to your business, but most can be alleviated by the comfort of business interruption insurance. Getting it right is essential, as some 40% of businesses that experience a major business interruption incident fail within two years. Working with a specialist in this sector will ensure you fully understand what you have cover for and the process (and time) an insurance company will take to ease any cash-flow pressures.
Business interruption insurance provides valuable reassurance and will help you avoid those business owner sleepless nights.
When change isn’t as good as a rest
WITH the dust having settled on the UK General Election, we are already getting a feel for the changes we, in the business community, can expect to experience in the years ahead –albeit there’s a lot of fleshing out to do on many of the proposals.
Like or loathe the changes and all the additional admin work they will bring, we have to accept that, in a democracy, ‘the people have spoken’ and so we must put up and shut up until we next have the right to make our opinion known at the ballot box. But scratch just a little below the surface of Labour’s ‘landslide’ victory – suggesting the vast majority of people in the UK have subscribed to a Labour-led government - and just exactly what do the stats tell us?
Of those eligible to vote, just 60% bothered – a new historic low and undoubtedly reflective of the disillusionment felt by so many in how our political system operates. As my dear old dad used to say, ‘son, whoever you vote for, a politician will surely get in’. Of those who did bother to get off their backsides, Labour achieved just 34% of the overall vote, in the process recording
600,000 fewer votes than the party achieved in 2019 under Jermey Corbyn. Hardly a ringing endorsement from the country.
And if you’re not yet convinced that this democracy lark is not all it’s cracked up to be, Reform UK, despite winning 600,000 more votes than the Lib-Dems, achieved just five seats compared to the Lib-Dems’ 72 seats.
Whatever your political leanings – and I really am not trying to make any party political points here – this is a long way from being a democratically representative government. The Electoral Reform Society is, understandably, having a field day, calling July’s election the most disproportional UK general election result in history.
I appreciate our first past the post system has some advantages in terms of stability of government, but just how democratic is it when a party – in this case Reform UKsecures 14% of the vote but just 1% of the seats. Surely, to be truly democratic, the make-up of the House of Commons should reflect the national feeling. If a party secures 20% of the national vote, it should have 20% representation in government. It cannot be beyond the wit of man to devise a system which more accurately reflects this laudable truly representative outcome.
Anyway, I doubt very much is likely to change in the foreseeable future, so we may as well all get used to quite a bit of new business legislation which will keep us on our toes for the next five years. My crystal ball is no clearer than anyone else’s but one subject which will undoubtedly dominate is the skills shortage. It will be very interesting to see how the Government’s newly announced Skills England will operate and what inroads it will make into a problem very high on many businesses’ agendas. The agency is expected to take up to a year to set up and the Prime Minister has acknowledged it won’t provide a quick fix. In the shorter term, here in Essex the issue is being addressed by the Essex Local Skills Improvement Plan (LSIP) and you can find out more about this on pages 29-31.
Whatever changes we face in our business lives in the coming years, I guess we should
Looking at business life with Editor, Peter Richardson
take heart from the fact that after the past eight years of Brexit, Covid and cost-of-living crisis, we should be pretty well-versed in adapting to unexpected change. And if it all really does get too much for you, take a look across the Atlantic and realise there’s always someone worse off than yourself!
Trampled in the rush to be offended
MY column in the summer issue on womenonly support groups certainly ruffled a few overly-sensitive feathers. A critical response to my column on LinkedIn prompted a flurry of reactions, nearly all totally ignoring the main issue I raised.
I was rebuked on a number of points but, to summarise said rebukes, I produced an appallingly unbalanced piece of journalism and demonstrated views that belonged in the 1950s, not 2024 - the clear indication being I am a terribly outdated male chauvinist pig.
So, if I may just briefly address those two issues. Firstly, my column is just that – it’s a column offering my personal take on a subject. As such, as with all columns, it was never intended to be a balanced piece of journalism. That said, I did twice contact the originator of the LinkedIn post offering a full-page in the autumn issue to air their response but, as yet, have heard nothing back.
Secondly, I fail to understand how anyone who actually read the column could conclude I am some sort of woman-hating dinosaur, bearing in mind my column stressed my admiration for the women I have worked under and with, my criticism of men who can make women feel uncomfortable in a business setting and the need for men and women to work together to ensure gender equality.
Another case, I fear, of people in this day and age, in their rush to be offended, jumping to conclusions rather than reading what was actually written.
Make a list… we’ll check it twice!
AT the time of writing, the UK is in the middle of a heatwave, so it feels strange to be writing about Christmas! But it's never too early to get into the festive spirit.
This year marks the return of Christmas parties to Hylands Estate. This year, we’re delighted to be opening our beautiful house and Grand Pavilion so you can guarantee a unique venue to host your bespoke work Christmas party. Not sure where to start with organising your party? Follow our top tips.
Choosing a room: the beauty of Hylands Estate is you can choose a room that suits your group size. Our award-winning Grade II* listed mansion, Hylands House, has a range of beautifully restored rooms, such as the stunning neo-baroque Banqueting Room, where you can hold your Christmas meal for up to
80 guests. In contrast, the elegant contemporary Grand Pavilion offers multiple options to host a party for up to 300 guests.
Decide on a theme: with 24-carat gold leaf and scroll decorations, silk-lined walls and hand-painted wall motifs, the Banqueting Room provides a stunning backdrop for your guests. Perhaps a Bridgerton-themed party has been rumoured by Lady Whistledown?! Hylands House is perfect for reserving a seat for Queen Charlotte!
Check all bases are covered: our Grand Pavilion is complete with sparkling chandeliers and ivory drapes, offering a stylish celebration space for larger parties of up to 300 guests. Equipped with innovative lighting and plenty of room, it really is the best party space. With its own stylish bar, kitchen, modern toilets and private outdoor area, you have everything you need to host your reception in style.
Pick your feast for the occasion: as well as a beautiful setting, we find our customers always leave Hylands talking about the great food they enjoyed at their event. We provide an extensive list of caterers accredited to work at Hylands House, ensuring their expertise and in-depth knowledge of our venue delivers the very best service. We have 29 accredited caterers offering varied cuisine including Asian, African, modern European, Greek, Turkish and more.
Keep the bubbles topped up: you may supply your own drinks free of charge for the meal through your selected caterer or bar company, who can operate a full drinks service from a bar in the house or Grand Pavilion. Additional hours to keep the party atmosphere going are available to purchase in advance,
Thomas Woodards, Events and Business Development Manager at Hylands Estate, offers some tips to help ensure your Christmas party hits the mark.
just let us know when you confirm your booking.
End the night comfortable and safely: although we have a list of taxi companies we can recommend to ferry you home at the end of the night, sometimes that isn’t practical for your colleagues. We’ve been busy creating partnerships with local accommodation sites that fit our style and values. We can make recommendations for your guests to stay locally in rooms that are luxurious and comfortable.
Discover the unparalleled charm of Hylands House and the contemporary elegance of the Grand Pavilion, set amidst breathtaking parkland. If you’re in search of a truly remarkable venue for your business events, look no further.
• Company Away Days
• Go Ape Team Building
• Exhibitions & Trade Fairs
• Filming & Photography
• Hybrid Meetings
• Awards Ceremonies & Dinners
Be careful not to let the tax tail wag the dog
FOLLOWING a change of government and pressure to plug the hole in the public finances, it’s expected tax increases will be announced in the Budget on October 30.
Labour has confirmed it will honour its manifesto commitment not to increase income tax, national insurance or VAT, but changes in inheritance tax (IHT), capital gains tax (CGT) and pension reforms haven’t been ruled out.
Business owners are asking what they can do to safeguard against the uncertainty of potential tax reforms. Our advice is the same as it always has been: undertake regular reviews of personal wealth and business structures to ensure ongoing relevance and efficiency, and ensure planning opportunities are not missed.
We work with business owners and individuals to ensure easy wins and planning opportunities are taken advantage of.
Accelerated business sales: if a sale or exit is already in the pipeline, consider whether it’s possible to accelerate the sale to lock in the current CGT rates as well as ensuring entrepreneurs' relief (now called business asset disposal relief) is utilised.
Disposal of high value assets: for assets owned personally which have appreciated in
value, consider selling the asset, or alternatively gifting as part of a wider estate planning exercise to secure the current CGT rate. Care needs to be taken where assets are gifted, as immediate tax charges and reporting obligations may arise.
Sale to an employee ownership trust (EOT): although not a decision to be taken lightly, those looking for an exit or establishing a longer-term legacy may want to consider selling their company to an EOT. Existing owners can realise value without CGT consequences, allowing the business to continue for the benefit of the employees.
Settle assets into a trust: a trust can help manage and distribute wealth over time. With appropriate planning, trusts can offer some protection from IHT and ongoing control over asset distribution.
Use of a family investment company (FIC): setting up a FIC can help manage and control family wealth and protect from IHT. They’re becoming an increasingly common alternative to trust structures.
Pensions: make use of pensions allowances to boost pension pots and take advantage of tax relief of up to 45%. Under current rules, most pensions are free from IHT and grow taxfree. The generosity of pension tax reliefs are expected to be significantly curtailed under the new government.
UNLOCKING YOUR POTENTIAL
Moore Kingston Smith LLP is one of the top 20 accountancy and audit firms in the UK with a focus on owner managed businesses.
Highly invested in the local business community, our Romford team are members of the Essex Chamber of Commerce and work with local companies to stimulate sustainable prosperity for Essex.
Our Romford team offers:
• Dynamic tax planning and advisory services
• Strategic business advisory
• Business outsourced solutions
• Audit, accounting and tax compliance services
Michelle Denny-West, Tax Partner with leading accountancy firm Moore Kingston Smith, urges people to carefully consider potential taxsaving measures – and not let the tail wag the dog.
Gifting: make use of IHT gifting exemptions which include an annual exemption of up to £3,000 per year, small gift exemptions of up to £250 per recipient per year and the widely underutilised normal gifts out of income exemption which does not have a monetary limit.
When tax planning, be careful not to let the tax tail wag the dog (i.e. make decisions based on tax consequences alone), and ensure sufficient professional advice is taken.
Would you defend yourself in court? Or would you hire counsel? If so, would you want to be represented by a respectable silk or a barrack-room lawyer?
In many ways, this is the nature of question businesses should also ask themselves around R&D tax credits and the quality of agent they would seek to represent them. Would you go it alone, use a reputable tax advisor or a boilerroom operator?
It is not a decision companies can afford to get wrong. That is because HMRC has become increasingly active – and to a certain degree adversarial – towards claimants under the scheme.
It is an understandable course of action. The recent HMRC Annual Report and Accounts showed that between 2020-21 and 2022-23, an estimated £3.5 billion had been lost to error and fraud in R&D tax credits.
Its current estimate is that in 2023-24 the level of fraud and error had been cut by almost 50 per cent against the previous three-year average. This has been achieved through several steps, as set out in the HMRC accounts, including:
• increased volume of compliance inquiries
• all claims being made digitally, supported by an Additional Information Form that requires identity details for agents engaged and a director responsible
• sectoral analysis of claims value
• a random inquiry programme
• much-increased compliance headcount
But making the right TAX RELIEF CAN YOUR BUSINESS
These measures are welcome in bringing discipline to the process, but they have increased both the administrative burden and the level of scrutiny on claimant firms. Due to the increase in compliance activity, it is good practice to prepare for the possibility of an inquiry even before submitting a taxrelief claim, just in case your company’s name should come up at random. That means
delivering very precisely according to HMRC’s expectations.
This requires the R&D claimed for to have been overseen by a genuine subject-matter expert. In turn, they will have to demonstrate that the project undertaken truly was a complex matter and not a question of routine methods or copying of what came before.
The steps taken in the project, how they work
right choices is key CAN BOOST BUSINESS
towards the overall objective and how they had to overcome a genuine technological or scientific uncertaint must have been chronicled in detail. Because, in any litigation, evidence is key.
The claim needs to set out how each of these requirements is met, even before the question of the financial inputs of the claim are considered. Because unless they are met, there
is no legitimate claim to be lodged in the first place.
All of the above may seem like trite statements of the obvious. But with one in seven of all SME claims in 2023 to 2024 estimate still to be subject to error and fraud (down from a whopping one in five in 2022-23), plainly some firms – and even tax agents – are not getting to grips with it.
Make a just claim
This is why it is essential for businesses to ensure they are represented by high-quality professional advisers. Given the volume of compliance inquiries, it is worth understanding from your adviser what happens next should one arise.
Will the tax agent defend it? If so, will they charge for it? If so, on what basis? Will it be on a fixed fee, or will it be on a time-cost basis?
Should your firm consider their response to those questions to be satisfactory, then make sure that they become contractual conditions under the letter of engagement.
In any event, given the risk an inquiry might arise, it is worth knowing why your professional adviser would not provide that support for free. At RDA, we always stand both by our clients and by the standard of our work, handling the inquiry process and the interaction with HMRC on their behalf — there seems little reason why yours should not too.
Given the increased risks of an inquiry and the effort it takes to contend with one should it arise, it may seem a deterrent to pursuing a claim altogether.
Indeed, that certainly appears to be the case. R&D Tax Credits payments made to SME companies in 2023-24 were down 30% year over year.
But it would be wrong for those with legitimate, quantifiable R&D projects not to seek tax relief. Because there were still £4.55 billion in payments made to SMEs – almost £4bn of which was entirely free from fraud and error – even under the current compliance regime, with a further £4.9bn to larger companies.
For any company, surely, getting access to their fair share of that really would be a relief.
Mind the gap but just how easily can this particular gap be bridged?
ACCORDING to a recent report from The Open University and British Chambers of Commerce, 62 percent of UK businesses now face skills shortages.
Elsewhere, a survey by the Association for Project Management (APM), the chartered membership organisation for the project profession, found 93% of East of England SMEs have ‘concerning’ skills gaps in project management.
Ask any business what its key challenge is, and skills shortages is likely to be top or very close to the top of the proffered list.
To address this key issue, the Essex Local Skills Improvement Plan (LSIP) has been established under the leadership of Essex Chambers of Commerce.
BusinessTime in Essex Editor, Peter Richardson, sat down with Joanne Giles, Essex LSIP Project Director, to discuss what is being planned to solve the skills shortage issue in the county.
Peter: Are there any specific skills challenges Essex faces which are unique to the county?
Joanne: Essex has a mix of urban centres,
international ports, airports, universities, and rural areas. This diversity creates varied skills needs across different sectors.
The county experiences significant economic disparities, with some areas lagging behind the national average in growth. This results in a wide gap between the wealthiest and most deprived areas.
There is a notable shortage of higher and advanced technical skills among residents. This gap affects the county’s ability to meet the demands of its diverse economy.
Certain parts of Essex have high levels of economic inactivity, which poses a challenge for local employment and skills development. With a growing focus on sustainability, there is a need to develop green skills to support the county’s environmental goals.
The Essex LSIP and the Employment and Skills Board (ESB) are actively working to address these challenges through various
To page 20
Skills Essex – coming soon!
If this feature wets your appetite for all things skills, you won’t want to miss our Skills Essex supplement which is being published with the winter issue of BusinessTime in Essex, hitting desks on December 1.
Sponsored by Essex County Council and the Essex Local Skills Improvement Plan, the supplement will be taking an in-depth look at the all-important issue of skills shortages across the county and how they can best be addressed.
If you’d like to contribute to the supplement, contact BusinessTime in Essex Editor, Peter Richardson, on 07778 067614 or at peter@pjrcomms.co.uk
Rising to the skills
Business Dri ven Empl oyer Led
From page 19
initiatives and collaborations with employers, education providers, and local authorities. Whilst the skills demands are complex, they are not unique to Essex.
Peter: Are you confident Essex LSIP is fully aware of the key challenges facing the county or is the full picture still materialising?
Joanne: The Essex LSIP has made significant strides in identifying and addressing key challenges in the county. Through extensive consultation, data analysis and evidence collection, the LSIP has highlighted its priorities and critical issues, such as skills shortages, recruitment challenges and the need for digital and green skills.
essential to ensure resources are applied effectively. The LSIP’s approach remains focused on continuous engagement with employers and stakeholders to adapt to emerging needs.
Peter: What are the priority areas Essex LSIP needs to tackle?
Joanne: There are a few! Probably easier here if I share with readers the following charts.
All our colleges have adopted policies and procedures that are more responsive to the county’s skills needs. However, this work is dynamic and must evolve annually as courses are conducted.
To support this initiative, the county was awarded £5.5 million to help colleges and Independent Training Providers (ITPs) scale up to meet skills requirements. This funding can be used for building new facilities or equipping existing spaces with state-of-theart technology. Additionally, we are developing innovative AI-driven solutions to assist employers with talent planning and recruitment.
Whilst we have identified priority areas for the county, they do not include every sector that is represented within Essex. However, given the dynamic nature of the local economy, the full picture is likely still materialising and will be subject to changes, it is important that we take an iterative approach to the actions and planning. Regular data and intelligence updates are
Peter: Everyone likes/ expects instant results but tackling the skills challenge is, I assume, a long-term project. That said, are there any low-hanging fruit you can pick to give some early successes?
Joanne: The project will continue to be a primary focus for the county. With the new Government in place and the implementation of Skills England, the priority for growth will largely depend on skills policies that align with the requirements for growth. The new Labour Government remains committed to a policy of local employer engagement.
Significant changes have been observed following the publication of the Local Skills Improvement Plan (LSIP) in September 2023. The local authority has aligned its skills policies with the LSIP, using it as a guiding framework.
Peter: Tackling the skills challenge needs a collaborative approach. How will Essex LSIP bring about such a collaborative approach from so
skills challenge
many diverse vested interests across the county?
Joanne: We have established sector-based project groups, represented by employers from across the county. There has been significant interest from employers wishing to engage. Rather than experiencing employer fatigue, employers recognise the importance of their input and, more importantly, feel their voices are being heard by both local and central government.
Each sector group represents the priority sectors within the county. These groups comprise employers, skills providers, sector bodies, the Essex Careers Hub and representatives from the local authority. This wealth of knowledge and collaboration is fed into the Essex Skills Board.
Bringing together employers with sector specialisms provides us with a rich context and understanding of current and emerging requirements. This collaboration offers opportunities to discuss solutions that help us advance the priorities within the plan.
Peter: Is Essex LSIP working in splendid isolation to tackle the problem in Essex or can it call on assistance from, or work with, other LSIPs across the region or country?
Joanne: The 38 Local Skills Improvement Plans (LSIPs) collaborate in several ways to address regional skills needs effectively/
Each LSIP is led by a designated ERB (Employer Representative Body), which works closely with employers, education providers and local stakeholders to develop and review the plans. This ensures the skills being developed are aligned with the needs of the local labour market. Of the 38, 32 are led by the local Chambers of Commerce. Essex Chambers of Commerce is responsible for the ‘Essex, Southend and Thurrock’ Local skills Improvement Plan.
LSIPs identified common skills needs across different areas and developed joint strategies to address them. This helps in creating a more cohesive approach to skills development and ensures resources are used efficiently. Neighbouring counties often collaborate to address regional skills gaps. This can involve sharing resources, aligning training programs, and coordinating efforts to meet the needs of the broader regional economy.
The ERBs meet regularly and attend regular Department of Education webinars where we share best practice, information on projects and partnerships that could add value across the wider network.
Peter: Is the LSIP funding sufficient to realistically tackle the issues that need addressing or could lack of funding prove a barrier to success?
Joanne: Funding remains a complex and ongoing challenge without a single solution. The Local Skills Improvement Plan (LSIP) itself does not receive funding to facilitate skill development learning. Instead, the LSIP serves as a mechanism to create an ecosystem that advises and enhances the skill
system based on information gathered from our employer network.
The primary function of the LSIP is to help shape the funding landscape, ensuring resources are allocated and utilised effectively. This ensures essential funding is not wasted and is directed towards addressing the root causes of skill demand. This role will be crucial throughout the devolution process, enabling us to support and influence the structure of Adult Skills Funding in the county based on the needs identified by employers.
Peter: How does anyone interested in finding out more about what is being done, or being part of the solution, get involved?
Joanne: If anyone wants to hear more about the work we are doing and how they can become involved, they can contact me at Joannegiles@essexchambers.co.uk or visit www. essexchambers.co.uk/lsip/lsip-report/
Changes to non-dom rules: where are we now?
AS of today, individuals who are domiciled outside the UK, can claim to pay their UK income and capital gains tax on a remittance basis. This means that non-UK income and gains are not taxable as they arise, but instead are taxable in the UK in the year the funds are remitted to the UK.
This tax treatment is subject to the individual making an election and, once they have been resident in the UK for seven years, a remittance basis charge must be paid for each year they wish to make this election.
Since 2017, deemed domicile rules were introduced to prohibit long-term UK residents or previously UK domiciled individuals claiming this basis of taxation – maybe in hindsight, that was the beginning of the end.
UK Inheritance tax (IHT) is also based solely on the individual’s domicile. This means non-UK domiciled individuals are only subject to UK IHT on their UK assets.
The proposed changes announced in March were to remove the concept of domicile from the UK tax system from April 2025, and thus remove the remittance basis. Prior to the election, Labour indicated it was broadly in agreement with the proposed changes. However, in late July it published an outline of its vision, the main concept being to move away from domicile to a system based instead on residence.
The proposal is to introduce a new Foreign Income and Gains (FIG) regime from 6 April 2025, meaning:
l the current remittance basis of taxation would end
l individuals who become UK resident, having been non-UK resident for the previous 10 years, would not pay UK tax on their FIG for the first four years of UK residence, even if they are remitted to the UK
l any UK resident individuals who would still be within their first four years of UK residence on 6 April 2025 will qualify for the above for the remainder of their first four years in the UK
l a facility to remit any pre-April 2025 FIG to the UK at a flat tax rate will be available. The rate and length of time this facility will be available is still to be decided and is expected to be announced at the Budget in October, currently it is only defined as being ‘attractive’.
Domicile doesn’t only impact income and capital gains, but it is the basis of the UK IHT system. Therefore, this is also proposed to change to a residence-based
tax. The suggestion is that being UK resident for 10 years would bring the individual’s worldwide assets into the scope of UK IHT. And they would remain within the net of IHT for 10 years after they leave the UK.
Settling a non-UK trust whilst non-UK domiciled has been a standard tax planning strategy for many years. This can ringfence non-UK assets from UK IHT even if the settlor becomes domiciled in the UK in the future.
The proposed changes would affect trusts where either the settlor or a beneficiary is domiciled outside the UK.
For settlor interested trusts settled by a non-UK domiciled individual, non-UK income and gains arising on or after April 6 2025 will be taxable on the settlor under the new FIG regime. This will bring the tax position in line with that for UK domiciled settlors.
In a world where borders have become more open, and horizons closer, the concept of domicile has perhaps become outdated. That is clearly the opinion of successive governments, with the proposals to remove domicile from the UK tax system. But now that a new Government is in place, what are the proposed changes? How will they impact you? And is there anything that you can do? David Tallon, Tax Associate at leading Essex accountancy firm, Rickard Luckin, tackles these questions.
An attraction of trusts for non-domiciled settlors is that for IHT the trust’s domicile is based on the position when the trust is set up. Therefore, settling a trust whilst non-domicile with non-UK assets, can shelter those assets from UK IHT even if the settlor becomes UK domicile in the future. This ‘excluded property’ trust treatment is also planned to end. It appears the test will be changed to looking at the settlor’s position under the residency-based test on any occasion in which the trust could be chargeable to IHT.
This will of course impact current structures, as such the Government is considering how this will be implemented to provide parity between the IHT treatment for long-term UK residents and their trusts, whilst allowing appropriate adjustments to existing structures to be made.
This is an area of uncertainty for many business owners, where offshore trusts have been included within their corporate structures. We will be watching any further announcements closely and working with our clients and contacts to navigate these changes.
More Esperanto, a bit less Jabberwocky?
‘Twas brillig, and the slithy toves Did gyre and gimble in the wabe All mimsy were the borogoves And the mome raths outgrabe’
With due thanks to Lewis Carroll for this nonsense poem, ‘Jabberwocky’. The sentence construction and some of the words are recognisably English …. but we haven’t a clue what the poem means.
Good fun, but what if people in the workplace were talking Jabberwocky to each other? Well, to some extent they are! Recent research from LinkedIn found 40% of workers aged 55+ haven’t spoken to a Gen Z colleague in a year. 20% of Gen Z workers haven’t spoken to someone older than 50.
That’s worrying. The term ‘generation gap’ was first coined 80 years ago, but the gap is wider now. 80 years ago, even if the
generations viewed the world though different lenses, they had limited choice in how to communicate: it was telephone or typewriter. Not so today. Communication preferences can be starkly different for different age groups. The trend is towards much less formal communication.
It's easy for Gen Z workers to view older workers as out of touch yet determined to enforce their outmoded ways of working. Conversely, the remaining Baby Boomers and Gen X workers in the latter part of their career are sometimes offended by the informality of Gen Z communication, interpreting it as too casual or even plain sloppy.
That mutual disdain can quickly turn to mutual distrust. It’s easier to stay in our own little echo chamber of like-minded colleagues. When that happens, the culture becomes toxic, grievance and turnover rates rise and a lot of productivity is lost.
The answer is to work harder
than ever at our communication. While businesses should be explicit about the sort of communication acceptable to different audiences, maybe they could also identify some areas where they could be a bit less formal.
How might we find more common ground between the generations?
Lis McCormick, director at Essexbased McCormick
Ltd, urges everyone, young and old, to mind their language.
In what ways might we be able to laugh about our differences? What could older colleagues learn from younger ones, as well as the other way around?
Reverse mentoring is a great way of turning the generation gap on its head. Laughing at ourselves is a great way to build relationships. How about a Friday afternoon prize for ‘meme of the week’? Different ideas will work in different settings – and some of the best ideas are likely to come from Gen Z workers!
If we can do some of these
things, some of which take a bit of effort, we’ll be moving away from workplace Jabberwocky towards workplace Esperanto. From a nonsense language to an intentionally constructed language that allows people to communicate with one another (you’ll even find Esperanto on Google Translate and Duolingo!)
So, from this old Baby Boomer, a plea for a bit less Jabberwocky and a lot more Esperanto in our dealings with colleagues just starting out on their careers.
Felicaj tagoj!
Business Advice from the experts
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New employee rights: what does this mean for employers?
ONE of the changes Labour is bringing in is to grant basic day-one rights to all workers, including the right to bring an unfair dismissal claim.
Up until now, only employees with at least two years’ service had a right to claim unfair dismissal. Extending this right to workers and removing the continuous service requirement will, combined with the promise to review the status of employees and workers, introduce a new class of claimant and force employers to review how they manage their workforce.
Proposals to remove the caps on levels of employment tribunal-awarded compensation and to double the limitation period in which an employee may bring a claim to six months could leave employers fearing more unfair dismissal claims being made against them.
Organisations can begin to prepare for the future by updating processes and practices for consistency. Employers can minimise the risk of claims by following best practice from hiring, managing and ending employment in legally compliant ways. Employers who have carefully drafted processes and procedures that are crafted to their business requirements which can be applied in a straightforward manner, consistently and fairly will be much better placed to defend speculative claims against them. This should also help both employees and employers enjoy a productive and positive workplace which may assist in recruitment and retention.
Fair dismissals based on capability, conduct, or redundancy will not be impeded. It commits to allowing employers to conduct “probationary periods with fair and transparent rules and processes” to evaluate new employees, ensuring new joiners cannot be terminated without justifiable reason or cause. The Government may either make failing a probationary period a fair reason for dismissal or amalgamate it into one of the existing fair reasons.
Alternatively, the Government may choose to amend legislation to make all dismissals (apart from automatically unfair dismissals) fair during the
probationary period. If so, Labour may also look to impose a cap on the length of probationary periods preventing employers from arbitrarily extending these periods.
Litigation can be costly, stressful and unpredictable. The latest statistics show the average award for unfair dismissal was £11,914 in 2022/23 and legal fees alone to defend claims can easily reach more than £40,000 plus VAT.
Currently, to dismiss an employee lawfully, employers must first establish a fair reason for dismissal. There are five potentially fair reasons including conduct, capability, redundancy, illegality and some other substantial reason (SOSR). SOSR is a catch-all for fair reasons that do not fit within the other categories.
Having established a fair reason, employers must follow a fair procedure. Amongst other actions, employers should always provide an employee with the following:
• the reasons for their potential dismissal, including a breakdown of any redundancy process
• reasonable time to consider the information
• the opportunity to respond to the information
• after a decision has been made, the right of appeal.
Employers are strongly encouraged to follow the ACAS Code of Practice on Disciplinary and Grievance Procedures. If the employment tribunal finds the employer has acted unreasonably in not following this code, any compensation can be increased by 25%.
As employment tribunals scrutinise the process followed, it is critical for employers to follow a fair and reasonable procedure and ensure they can evidence they have done the right thing. Documenting the process followed is key, as Alex Haines, Trainee Solicitor, Employment at Tees Law, explains.
Throughout the process, employers should maintain a reasonable approach and explore alternative measures, including performance improvement plans or additional training for an underperforming employee. Following the terms of the employment contract is paramount, particularly regarding any stipulated notice periods. Employers should also ensure there is no direct or indirect discrimination towards the employee based on any legally protected characteristics.
Expert employment solicitors can help businesses in the following ways.
Helping businesses to dismiss fairly: by adhering to the guidelines, and by following the steps outlined, employers will mitigate against the risks of incurring claims.
Staying one step ahead: businesses could consider lengthening their probationary periods in addition to updating and refining their employee handbooks to ensure their processes and procedures leave no ambiguity, providing clarity on the dismissal process.
Minimising the risk of tribunal claims: we always recommend businesses seek guidance at the earliest stage when contemplating the dismissal of an employee. Our team offers pragmatic customised advice, ensuring the dismissal decision is justifiable and only after all other possibilities have been comprehensively explored.
Our expert professionals can assist businesses in avoiding making mistakes during the dismissal process that can prove costly, both financially and reputationally. We will navigate you through the procedures, tailoring bespoke contracts and handbooks to keep you out of the courtroom.
When it comes to running a business we understand that it’s the personal touch that counts.
Running a business can be complicated, so ensuring that you have the right team to support you and your business has never been so important.
With over a hundred years of experience working with clients, our dedicated team of accountants, auditors, corporate finance and tax advisers are on hand to assist you every step of the way.
Call our team today to find out how they can help you look after the things that matter to you and your business.
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Why Essex businesses must prioritise cybersecurity skills across the entire workforce
THE responsibility of safeguarding a business's digital assets can no longer rest solely on the shoulders of the IT department.
While IT professionals play a crucial role in maintaining cybersecurity, the reality is that every employee interacts with technology daily and, therefore, has the potential to either fortify or compromise the company's defences.
Consequently, developing high-quality cybersecurity skills across the organisation is not just prudent, it is a necessity.
Cybersecurity threats have evolved far beyond the viruses and malware that were once the primary concern of IT departments. Today, cyber threats faced by businesses include phishing attacks, ransomware, insider threats and social engineering tactics that specifically target nontechnical staff.
Cybercriminals are increasingly targeting employees who may not have a strong understanding of cybersecurity, knowing these individuals can be easier to deceive. This expanding threat landscape makes it clear cybersecurity is not just an IT issue but a company-wide concern.
Even the most advanced security systems can be undermined by a single employee who unwittingly clicks on a malicious link or falls prey
to a phishing scam. According to a 2023 report by IBM, human error was a major contributing factor in 95% of all cybersecurity breaches. This statistic underscores the critical need for comprehensive cybersecurity training that empowers every employee to recognise and respond to potential threats.
By fostering a culture of cybersecurity awareness, businesses can turn their workforce from a potential liability into a line of defence. When every employee is equipped with the knowledge to identify and report suspicious activities, the likelihood of a successful cyberattack is significantly reduced.
Beyond preventing breaches, equipping everyone with cybersecurity skills enhances overall business resilience. In the event of a cyber incident, employees who are trained to respond appropriately can mitigate damage, contain the threat and assist in the recovery process. This proactive approach protects the company’s assets, whilst minimising downtime and financial loss.
Moreover, a workforce well-versed in cybersecurity contributes to GDPR compliance. These regulations require businesses to implement comprehensive security measures and to demonstrate employees are adequately trained to handle sensitive information securely. Failure to comply can result in hefty fines and reputational damage.
Chris Hodson, Programme Director at Pitman Training in Essex, explains why cybersecurity is everyone’s business.
Trust is a valuable currency. Clients and partners need to know their data is safe in your hands. A business prioritising cybersecurity training for all employees sends a strong message to stakeholders that it is serious about protecting sensitive information. This commitment to security can be a differentiator in the marketplace, enhancing the company’s reputation and fostering long-term relationships with clients and partners.
By investing in high-quality cybersecurity training for all employees, businesses not only protect themselves from potential threats but also build a resilient, compliant and trustworthy operation. In a world where the cost of a cybersecurity breach can be devastating, there is simply no alternative. Cybersecurity must be everyone’s responsibility.
EMPLOYMENT AND HR SUPPORT
We understand that things can sometimes go wrong for employers, causing uncertainty, disruption and loss of productivity, which affects morale as well as the bottom line. Our specialist team offer comprehensive advice and support to help you resolve the issues as quickly as possible and commercially.
Business Companion helping you and your business survive and thrive
MONG the many elements of running business, understanding customers and ensuring you’re operating within the law are right up there at the top of the agenda. Keeping up-to-date with seemingly ever-changing legislation can be an onerous task for businessowners but, fortunately, there is invaluable help at hand.
Business Companion is a free online resource provided by the Chartered Trading Standards Institute (CTSI) and backed by the Department for Business and Trade. It hosts a wide range of easy-to-understand impartial guidance on all the Trading Standards laws that can affect your business, to support you in
building a flourishing business. Whether you fix cars, supply mobile phone apps, sell alcohol, or serve food and drink, you will find all the latest information on the website.
Whether you are looking for a quick answer or more in-depth information, Business Companion can help you. Along with the basic guidance that gives users
a general understanding of the rules that apply to them, Business Companion offers quick guides that provide answers to core questions on key topics. The quick guides are organised by what, where, and how you sell, with signposts that direct you to more detail on specific subject areas under In-depth Guides.
You can also find Business in Focus packs, which includes guidance on topics relevant to all businesses, as well as guidance for more specific businesses. Guides include:
u selling goods via online platforms.
The challenges of starting a business and understanding
what is required of you can be overwhelming. To assist you in understanding your obligations as a business and the rights of your customers, the guides on selling goods online and starting an online business are the solution u ADR.
All traders who sell goods and services to consumers have an obligation to Alternative Dispute Resolution (ADR), which is a process for resolving disputes between consumers and
New product safety course
DO you work in the consumer products industry? Are you responsible for designing, manufacturing or distributing consumer goods? Or are you part of the supply-chain? If so, the CTSI’s new certificate training course should be of interest to you.
The Business Certificate of Competence in Product Safety (BCCPS) course has been created with you in mind. At
long last, there is a certification that, formally, recognises your knowledge and accomplishments in the field of product safety - while providing insights, techniques and best practice that aims to put your business ahead of the competition.
The world of legislation and regulating products is complex but essential for both businesses and consumers. This training, led by industry experts, will provide the information you need to help you navigate this complex area.
You will learn why product safety is important, how the various regulators carry out market surveillance and enforce product safety and how to manage the risk that arises from
participating in the market. This information will enable you to ensure the safety of your products, customers and ultimately protect your brand.
The BCCPS training course has been created for all product safety professionals who offer goods on the UK market or who wish to do so in the future. The course will teach you the skills and competencies needed to deal with the very specific legislative challenges you will encounter when placing goods in this dynamic and receptive market.
The BCCPS fills a very obvious gap - particularly for those seeking a formal recognition of their own product safety skills and experience, or a
simple way of determining the accomplishments and capabilities of others. The course also provides ample networking opportunities - as you will learn alongside a select cohort of your peers in the global product safety industry.
While the majority of the course is taught through live online learning, the initial and final 'in-person' stages are held in London, UK (conducted over several days). There, you will get the chance to meet both the other members of your cohort, and the course contributors too. For further information, go to www.tradingstandards.uk/bccps
A welcome Companion
businesses that doesn’t involve going to court. As it is often quicker than court proceedings and less confrontational, ADR can be an important consideration for a fruitful ongoing relationship between a business and its consumers. The guide contains everything you need to know about ADR, plus further benefits, and information on how to become an approved ADR body u consumer vulnerability. While businesses have a responsibility to treat all consumers fairly, they also have a responsibility to ensure all customers get the best outcomes in the decisions they are making. It is particularly important they are aware of their responsibilities in identifying and supporting consumer vulnerability. The consumer vulnerability guidance is intended to help you, as a business, understand what consumer vulnerability is, and how to identify and assist those affected by it
u providing safe products for the UK marketplace.
For businesses bringing products to market, it is crucial they understand the processes for safety compliance in order to avoid harm – or even fatality – and the subsequent risk of reputational damage. The guidance will help manufacturers, distributors, and retailers understand all they need to know about bringing safe products to market
u net zero and the green economy.
The UK's journey towards net zero will require a concerted effort
on the part of every consumer and business in the country. Customers of today, tomorrow and into the future are looking for environmentally friendly products and services. Like many business owners, you may be wondering how you can transition into a net zero business, but still keep within the law. The Net zero for businesses guide will help your business understand how to become greener and learn best practice.
To keep you up-to-date with changes in the law, Business Companion has a feature that allows you to create a library for all the guidance relevant to your business. Any changes in the law will automatically be updated and the website will send you an alert to review the new information.
Every guide is available to you for free, and they can be downloaded and printed. This allows you to access the information relevant to your business quickly and easily from anywhere, as well as distribute it to staff and colleagues.
The website is governmentbacked, so you can rest assured the information you find is accurate and current.
With hundreds of guides available, you know you can turn to Business Companion to find the answers you need. Check out our guides today by visiting www. businesscompanion.info
Mandatory duty to prevent sexual harassment in the workplace
THE main provisions of the Worker Protection (Amendment of Equality Act 2010) Act 2023 will introduce a duty on employers to take reasonable steps to prevent sexual harassment of their employees and give Employment Tribunals the power to uplift sexual harassment compensation by up to 25% where an employer is found to have breached the new duty to prevent sexual harassment.
Employers will be required to take reasonable steps to prevent sexual harassment of employees in the course of their employment. The EHRC will be able to enforce the new duty and Employment Tribunals will be able to award an uplift to an employee's compensation where it finds there has been a breach of the duty.
The technical guidance and EHRC Code are due to be updated to reflect the new duty in advance of it coming into force and are expected to provide guidance on what will amount to reasonable steps. It is likely the reasonable steps an employer should take will depend on its size and resources, and the particular industry in which it operates.
The following measures could well be included: having a clear and regularly updated policy specifically dealing with sexual harassment; providing mandatory training for all staff on what amounts to sexual harassment, the standards of behaviour expected in the workplace and how to raise a complaint; providing mandatory training for managers on how to handle a sexual harassment complaint; having a zero-tolerance workplace culture in relation to sexual harassment, which is openly supported by senior management; encouraging the reporting of sexual harassment via different methods; having a clear process to make and investigate complaints and providing appropriate support to those who raise complaints; monitoring the progress of all sexual harassment complaints to ensure they are properly investigated and resolved; conducting regular staff surveys to ascertain the extent of any problem or potential risk of sexual harassment.
In conjunction with the new Act, the then government asked the EHRC to develop a new statutory code of practice. EHRC has been revising older technical guidance and consulting on a new draft code and it is anticipated its final revised guidance will be published in September, a month before the changes introduced by the
A new mandatory duty on employers to prevent sexual harassment in the workplace will come into effect on October 26.
Julian Outen, Partner and Head of Employment at Ellisons Solicitors, explains what it will mean.
In anticipation of the new duty, it would be advisable for employers to start acting now if they haven’t already turned their minds to this. Initial training could be undertaken and rolled out across the business, with training also being introduced at induction stage for new hires. A review and overhaul of internal policies is essential.
An initial audit or “litmus test” survey of employees could be a useful starting point to help identify areas of risk and where it may be sensible to focus efforts initially. For further input on this,
Higher Technical Qualifications at Chelmsford College
HIGHER Technical Qualifications (HTQs) are an innovative bridge, filling the fundamental gap between conventional academic pathways and the dynamic skill requirements of today's industries.
These vocational qualifications emphasise practical, technical competencies and knowledge that are directly relevant and applicable to the workforce. Though beneficial for individuals' post-secondary education, HTQs offer a viable alternative to traditional university degrees, paving a clear path towards employment or further studies. Industries such as engineering, healthcare, digital technologies and construction are prime sectors HTQs significantly impact.
HTQs stand at the core of the UK Government's strategy to mitigate skills shortages and bolster productivity, upskilling the workforce with essential technical skills. Positioned at levels 4 and 5 on the Regulated Qualifications Framework (RQF), these qualifications are parallel to the initial two years of a bachelor's degree or a higher national diploma (HND), crafted in close collaboration with industry stakeholders to ensure the curriculum is in tune with both current and upcoming sector needs.
A distinctive feature of HTQs is their focus on practical and experiential learning, encompassing work placements, apprenticeships, or simulated working
environments. The objective is to give students handson experience, preparing them with immediately applicable workplace skills. The recognition of HTQs by employers and professional bodies significantly enhances their market value, spotlighting them as a commendable choice for career-oriented education.
Chelmsford College is a critical institution that embraces and promotes HTQs to meet local and national workforce demands. The college offers an assortment of HTQ courses across diverse fields, mirroring the wide range of industries it serves. A few notable courses include:
1. Engineering and Manufacturing: Courses like the Higher National Certificate (HNC) and Higher National Diploma (HND) in Engineering provide foundational and advanced training in engineering principles, design, and manufacturing processes, catering to the mechanical, electrical, and civil engineering domains.
2. Digital Technologies: With courses in Software Development and Cybersecurity, the college addresses the burgeoning need for tech professionals adept in programming, software engineering, network security, and ethical hacking.
3. Health and Social Care: The Higher National Certificate and Diploma in Healthcare Practice blend theoretical knowledge with practical skills, preparing students for various healthcare roles, including advanced positions in nursing or specialised healthcare services.
Sunny Bamra, Assistant PrincipalTechnical Education and Essential Skills at Chelmsford College, extols the virtues of HTQs.
4. Construction and the Built Environment: Construction Management and Building Services
Engineering Qualifications prepare students for managerial roles within the construction industry, focusing on project management, sustainable building practices, and technical aspects of building services.
Chelmsford College is ready to deliver high-quality technical education that aligns with the demands of modern industries. By maintaining strong connections with local employers and professional bodies, the college ensures its curriculum remains relevant and comprehensive, thus preparing its graduates to effectively meet the challenges of today's workplace and contribute positively to the economy.
If you are looking to upskill yourself or your staff, please visit www.chelmsford.ac.uk/htqs or call 01245 265611 for further information
TECHNICAL QUALIFICATIONS (HTQs)
HTQs are higher level technical qualifications that have been developed by employers and awarding bodies, so you’ll get the right training, knowledge, and skills to succeed.
If you would like to find out more contact us or scan the QR code to view our courses.
Bank of England to provide keynote address at digital skills showcase
BRAINTREE District Council has announced its upcoming Digital Skills Showcase and Business Expo, an inspiring and practical event designed for businesses of all sizes and stages.
This inaugural event will take place at The Plaza, Horizon 120 in Great Notley on Thursday, October 10, from 9:45am to 4pm. The event is managed by The Consortium and is supported by BusinessTime in Essex magazine.
Government-funded, the Digital Skills Showcase and Business Expo is packed with valuable information for modern businesses. The aim of the event is to equip delegates with knowledge, inspiration and networking opportunities,
with a strong focus on digital skills. Whether you're looking to improve your digital presence, gain a competitive insight, explore AI's potential, or streamline your digital processes, this event has something for everyone.
Cllr Frankie Ricci (pictured), Cabinet Member for Economic Growth and Infrastructure at Braintree District Council, said: “Boost your digital presence and stay ahead in the digital age by attending our comprehensive digital skills showcase and business expo. We have an exciting line-up of speakers, a number of workshops led by experts as well as local businesses showcasing their digital service offerings. There will be opportunities to make connections and network with experts too.”
The Digital Skills Showcase and Business Expo has received £44,360 from the UK Government through the UK Shared Prosperity Fund.
Event highlights include:
• a keynote address from The Bank of England with an overview of the economic outlook for business
• a panel discussion ponders the topic ‘Next-Gen Workforce – is AI taking over?’
Future and IT Money-Saving Tips for Small Businesses.
The Business Expo will showcase local companies with digital service offerings and offer a valuable networking opportunity.
• an overview of how to access funding as well as an introduction to the Local Skills Improvement Plan for Essex.
Workshops sessions will be led by experts, on topics including Making Tax Digital, Digital PeopleManagement, AI: the Digital
Registration closes on October 1 and places will be allocated on a first-come, first-served basis. This event is fully funded by UK Government and the state subsidy is valued at £500 per business. There is no cost to participate. Register for free at www.braintree. gov.uk/digitalskills
ARU is
of the Year University
Grow your business through Knowledge Transfer Partnerships
• Government funding can cover up to 67% of the total cost
• Access to a world-class knowledge base, resources and graduate
• Gain access to new markets, increased productivity and better processes
• Build expertise, generate knowledge, and develop innovation.
If you have a strategic, innovative idea for your business, get in touch today.
Tel: 01223 695878
Email: business@aru.ac.uk
More than just a ‘box ticking exercise’
The Mental Health Toolkit provides straightforward, powerful tools to support workplace wellbeing for organisations across mid and north-east Essex.
Delivered by Mid and North East Essex Mind, an independent mental health charity, The Mental Health Toolkit helps workplaces gain insights into mental health while building long-term cultures of empowering support and wellbeing.
mnessexmind.org/training
It’s unreal, it’s so simple and effective. It’s incredible that the cards in the Toolkit really do explain how our minds work and react.
I always try to put into practise everything I’ve been taught, and I’ve learnt so much thanks to my involvement with Mid and North East Essex Mind.
There’s no one silver bullet to make good mental health happen; there’s lots of little bullets that lead you there, that’s what the 12 steps in The Mental Health Toolkit has taught me.
Danny Marvan Marvans Vegetation Management
twoCelebrating decades leading Essex Chambers of Commerce
THIS year I am celebrating a very significant milestone, my 20th anniversary working at Essex Chambers of Commerce.
During the past two decades so much has changed, not just for the Chambers but the county and country. In that time, we have faced wars, recessions, Brexit, a global pandemic, a cost-of-living crisis, the death of a beloved monarch and the coronation of a new king.
The political landscape of the country has altered many times during those years. We have seen numerous prime ministers, a coalition government and most recently the return of Labour into power. As of July 5, we have a new government and quite a different set of MPs in Essex. There are new policy initiatives to get used to. However, we hope to see positive changes that will enable business to prosper.
I will continue to engage with local MPs, maintaining relationships with those returning to Westminster and supporting those new to the House of Commons. Nurturing these relationships ensures those who represent us understand the Essex business landscape and the concerns of those who work in it. Where previously Essex was represented by 18 Conservative MPs, there are now 10, as well as five Labour, one Liberal Democrat and two from Reform. This is a richer mix than most counties.
Throughout my time at Essex Chambers of Commerce, I have had the privilege to forge strong bonds between the Police, community organisations, major infrastructure projects, internationally renowned brands and business leaders in Essex. I am extremely proud to have established our patronage initiative, working closely with some of the region’s most successful and prominent organisations. Not only do we support these businesses individually but we also work to bring them together to collaborate for the betterment of our community.
Recently we enabled a fantastic partnership to flourish between, local rail
Denise Rossiter, CEO of Essex Chambers of Commerce, reflects on recent political changes and achievements of the Chambers as she celebrates 20 years with the organisation.
operator Trenitalia c2c and two of Southend’s leading tourist attractions, Adventure Island and Sealife Adventure. The organisations have come together to offer those travelling to the ‘Essex Rivera’ unrivalled value days out this summer season. It is extremely rewarding when the work we do behind the scenes leads to fantastic offers that benefit our region.
It has also been vitally important to me to support charities throughout my tenure and I was delighted to recently announce Mid & North East Essex Mind as our nominated charity for 2024. With the stresses and anxieties prevalent in our modern world, I am proud to champion the work the charity provides to those impacted by poor mental health. Myself and the Chambers team will be supporting the charity through our events programme and other fundraising efforts. We hope you will be able to join us in supporting this amazing cause.
Throughout the years, I have overseen the constant development of our International Trade department to ensure our services remain a steadfast and reliable resource to those trading globally. My team’s knowledge is second to none and we offer a range of compliant certified documentation services and training. You can find out more on how our services can benefit your business on pages36 and 37.
As the only accredited Chambers in Essex, we are connected across the globe to an amazing network of specialist advisors and businesses. We work with organisations in this network to help increase our global reach and provide opportunities for local businesses to expand theirs. The recent success of our unprecedented Essex Global Summit event was a testament to the calibre of businesses we can bring together to explore global commerce. We are also in talks with organisations such as Australian Chambers of Commerce, the Government of Western Australia European office, and the Bulgarian Chambers of Commerce and have launched a series of webinars that will magnify the opportunities available to your business in these regions.
My anniversary is not the only milestone, as the Chambers recently celebrated its 27th Annual General Meeting at the impressive headquarters of our patrons, Essex & Suffolk Water. AGMs are a perfect opportunity to reflect on the Chambers’ achievements. We continue to go from strength to strength thanks to our amazing member community. It was a particularly special occasion as two new board members were appointed to join our governing body. We are delighted to welcome Joe Denham, Chairman of VegTrug Ltd, and Andy Mead, Director of Finishing Line Ltd, to the board. To have two such accomplished business leaders appointed to join us is a very proud moment for Essex Chambers.
I have an abundance of happy memories and proud moments during my illustrious career leading the Essex Chambers of Commerce. I’ve witnessed much growth in our business community and I am confident the county’s tenacity will lead to a prosperous future. I look forward to many more years working with you all.
Why Local Skills Improvement Plans are crucial
LSIPs place employers at the heart of the local skills system, ensuring the training and education provided align with the actual needs of businesses.
These plans are tailored to address the specific challenges and opportunities within a local area, making them more effective in meeting the unique demands of the local economy.
LSIPs foster direct and dynamic working relationships between employers, education providers, and other local stakeholders, promoting a more coordinated approach to skills development.
By ensuring the workforce has the necessary skills, LSIPs help improve local productivity and competitiveness.
They provide a clear set of actionable priorities that stakeholders can rally behind, driving meaningful change and ensuring that skills provision is more responsive to emerging needs.
Overall, LSIPs are designed to create a more agile and responsive skills system that can better support local economic growth and development.
Since the general election, there has been a significant shift in direction following the change in government, attributed to the implementation of new policies outlined in the Labour manifesto. However, skills remain at the heart of it all.
We have a new Secretary of State for Education, Bridget Phillipson, while Baroness Smith was appointed Minister of State (Minister for Skills)
The Education Department has been particularly busy since the general election due to several key initiatives and changes introduced by the new government. One major development is the launch of Skills England, a new body aimed
at addressing the fragmented skills landscape and boosting the national skills policy to drive economic growth.
This initiative involves collaboration between central and local government, businesses, training providers, and unions to meet the skills needs of the next decade.
Additionally, the government is focusing on reducing reliance on overseas workers by developing home-grown talent, particularly in sectors such as construction and healthcare. These efforts are part of a broader strategy to enhance productivity and support local economies.
In addition to these new initiatives housebuilding and devolution are key priorities in the government’s immediate policy agenda.
The success of housebuilding is intrinsically linked to a successful devolved skills budget and access to funding for all independent training providers and colleges. Unless we have both our system will not have the agility it requires.
We are working as closely as possible with our local authority colleagues to ensure we are as close to the detail as possible around devolved funding and will help shape the needs for the county.
We continue to collaborate with our college and training provider partners to stay abreast of the evolving skills and funding requirements. Our goal is to help develop solutions that meet the needs of Essex employers and citizens wherever possible.
In partnership with Innovate UK, we are analysing the future skills demands and the anticipated changes in current occupations. This understanding will enable us to adapt the skills provision in Essex accordingly. The findings, which are targeted at employers, education, and training providers, will highlight
both the matches and gaps between future training needs and current offerings.
The outputs from workforce foresighting identify recommended changes to education and training provision – principally occupational standards that will deliver the knowledge, skills and behaviours required by future occupations.
In some cases, this will include the development of short courses and continued professional development (CPD) to upskill the current workforce to meet future needs. Additionally, foresighting outputs can be used to develop programmes, qualifications, and occupational standards for new entrants to the workforce.
By collaborating effectively, the county’s providers will be able to implement the recommended changes necessary to address the evolving skills landscape, thereby supporting a successful economy.
The question we hear frequently is, “I am an employer in Essex, why does this affect me?”
It is evident the factors we have mentioned will significantly impact employers in Essex. It is crucial to support the upskilling and reskilling of your current workforce, as well as to identify and recruit new talent from local schools and colleges.
Failing to keep your workforce’s knowledge and skills up to date with current requirements and technologies will transform them from an asset into a liability for your business.
You will not be able to respond to the changing climate of
Joanne Giles and Andy Sparks provide an update on the progress being made by the Essex Local Skills Improvement Plan (LSIP).
business demand! You will not be able to keep pace with industry and grow your business!
Our ongoing efforts are meticulously aligned with the skills you require. We are committed to advocating for your needs with both central and local government, collaborating with our providers to develop and deliver solutions that address the specific needs of the county.
We cannot afford to be complacent. Businesses of all sizes must prioritise upskilling and reskilling. It is essential to carefully consider the skills your business will need and select the right provider to help you implement this plan effectively.
Your business voice is central to the initiatives being implemented by the new government. By engaging with us through Essex Chambers of Commerce and participating in our LSIP professional discussions and sector skills groups, your input becomes the driving force for change and will be heard at the highest levels of government.
What is a non-disclosure agreement?
ANON-DISCLOSURE agreement, often referred to as an NDA or confidentiality agreement, is a legally binding contract that establishes a confidential relationship between parties.
One party shares sensitive information, and the other party agrees to keep that information confidential. NDAs are commonly used to protect trade secrets,
• Mutual NDA: both parties disclose information to each other
• Employee NDA: used when hiring employees to protect company secrets.
The party or parties signing the agreement agree that sensitive information they may obtain will not be made available to others. These types of agreements are often signed before the due diligence process of an asset or share sale as the seller will be
it can be enforced. It is important the courts of one country are not given exclusive jurisdiction. You may want to enforce the NDA in a different country if an unauthorised disclosure is made there.
Craig Kelly, Corporate & Commercial Solicitor at Aquabridge Law, which has offices in Essex and Suffolk, explains the importance of a non-disclosure agreement – and the different types available.
If one party breaches the NDA, the other party or parties are legally allowed to sue the party who breached the agreement for damages. • an officer of the recipient
Navigatingupcomingthe Budget
IF you are a higher rate taxpayer, making personal pension contributions before the Budget announcement could be advantageous.
There is widespread speculation that higher rate tax relief on pension contributions may be restricted to the basic rate. To ensure you secure the current level of relief, consider making your contributions sooner rather than later.
Other potential changes could include taxing a portion of the tax-free lump sum on pensions and altering the inheritance tax advantages of pension pots. Engaging closely with your financial adviser and accountant will be essential to navigate these possibilities and make informed decisions.
Anticipations are high that the Capital Gains Tax (CGT) rate will increase, potentially aligning with income tax rates. Additionally, the valuable Business Asset Disposal Relief, which currently allows eligible gains up to £1 million to be taxed at 10%, may be at risk of removal. Here are some steps to consider:
l Business Sales: If you are in the process of selling your business, aim to conclude the transaction before 30 October to lock in the current reliefs. If selling to a third party, it may be challenging to complete by the budget date, but it would be wise to explore your options and initiate conversations.
l Family Reconstructions and Buyouts: Accelerate discussions regarding family reconstructions, management buyouts, or employee ownership trusts.
l Loss Realisation: If you hold assets that are likely to incur a loss
upon disposal, consider crystallising these losses for potential future tax benefits.
l Gifting Assets: Evaluate the benefits of gifting assets under the current holdover relief rules in case of any future restrictions.
l Death Uplift: Consider the implications of potential changes to the death uplift of assets to market value and take action during your lifetime if necessary.
The budget may also bring changes to inheritance tax reliefs, particularly Business Property Relief (BPR) and Agricultural Property Relief (APR). With the possibility of these reliefs being reduced or removed, consider earlier gifting strategies to mitigate concerns over these valuable inheritance tax reliefs. Always factor in non-tax considerations when planning your estate.
Given the anticipated changes, having an urgent and thorough conversation with your professional services team is highly recommended. The team at Scrutton Bland will be with you every step of the way and will be happy to speak with you to discuss your options.
You can visit our website www. scruttonbland.co.uk to sign up to our Budget Breakfast event taking place on Thursday 31 October where our team of experts will
AS the new Chancellor, Rachel Reeves, prepares to deliver the first Budget of the new government on Wednesday October 30, there are significant anticipations regarding the focus areas of the forthcoming tax strategy. With likely changes in Pensions, Capital Gains Tax, and Inheritance Tax, it is crucial to consider pre-emptive actions to safeguard your financial interests. Chris George, Tax Partner with leading regional accountancy firm, Scrutton Bland, outlines some of the practical steps you can take in consultation with your financial adviser and accountant.
deliver their take on the Labour government's announcements and make their predictions about how it will impact personal and business finances.
A very useful guide
ASIDE from the forthcoming Budget, Scrutton Bland has published a very useful guide called Tax Made Easy 2024/2025. This guide will provide key planning points for both you and your business to consider this tax year. The guide provides some practical tax tips and is presented in an easy-to-understand style and avoids the use of jargon, it simplifies some of the more complex tax concerns and highlights planning opportunities as well as some of the compliance issues that you may need to be aware of.
These issues include: family matters, working for others, running a business, tax and your investments, disposals and capital gains tax, property matters and preserving the inheritance.
The guide can be downloaded at https:// www.scruttonbland. co.uk/news-views/taxesmade-easy-4/
The challenge of trying to help those who help others
THE past few years have been challenging for many businesses and individuals alike. Few, though, might appreciate the real upheaval and even struggle faced by charities and not for profit organisations.
The issues they face are often around declining income, increased costs and, in many cases, increased demands for the work they do, especially those providing social care, wellbeing and mental health services and support for individuals affected by the cost-of-living crisis.
Whilst businesses can look at increasing prices and passing on costs to maintain margins, or look at cost savings to manage the situation, it is not as easy for those in the not-for-profit sector. Incomes, especially for funded projects, programmes, schemes or activities tend to be fixed, as do the costs associated with delivery. It is also often more challenging to seek alternative sources of revenue or adapt services for new markets or opportunities.
Those that have traditionally relied on
doubt become an even greater focus especially in light of increased operating costs with the overheads such as energy and insurances all having gone up.
Whilst financial challenges are high on the minds of the boards and teams running organisations, they also see a number of other issues and concerns around their ability to fulfil their charitable objectives. These include issues around staffing, with the affordability of pay in many cases leading to situations where being able to recruit and retain staff is based on the ability to meet pay expectations. Certainly, being able to compete with the salaries for jobs with similar roles in the commercial sector is becoming more of a concern.
The vulnerability of organisations in the third sector often leads to them being the target of cyber-attacks, fraud and data breaches. Keeping up to date with procedures let alone being able to invest in mitigation and management around such things is certainly a real challenge. So too is the ability to adopt and capitalise on digitalisation for ‘business’ processes and marketing alike.
Those trying to help us also need our help. Michael Greene, Partner Streets Whittles Chartered Accountants, explains how these are challenging times for charities and not for profit organisations.
rise to concerns about new legislation or focus that may be less favourable. Certainly, and not least, the announcement to charge VAT on school fees could be a sign that charities across the board may find changes to what is deemed to be charitable activities.
As specialist accountants and tax advisers to the sector, we believe we play a key role in not only providing assurance but also in
INTERNATIONALLY acclaimed mezzo soprano Laura Wright, famous for her TV appearances and singing anthems before major sporting events around the world, wowed a large audience at the Mercury Theatre in Colchester in a concert in aid of Open Road.
International star helps raise thousands for Open Road
Laura was joined by special guests: Aria Close, a phenomenal drag violinist, and Mary Poppins Tribute UK (aka well-known local actress, Nicola Goodchild). There were also three speakers, Anita, Sara and Pinky, who are all on their journeys to recovery after being helped and supported by Open Road. Their courage and determination moved many in the audience to tears.
emotion and information about Open Road.
their journeys to recovery from addiction.
The Colchester-based charity supports individuals and families with addiction issues, particularly drugs and alcohol. Laura and her gifted three-piece band demonstrated the full range of their talents with a setlist that travelled from opera to ballads to pop songs and included pieces from Carmen in addition to songs made famous by Dolly Parton, Adele and Carole King.
The event was organised and hosted by Open Road’s Tim Young. He said: “We, at Open Road, are so grateful to Laura Wright, her fantastic band, Aria Close, Mary Poppins Tribute UK and our speakers for making this event so special and successful. There was a large and appreciative audience who enjoyed a wonderful evening of entertainment combined with
“We must thank the Mercury Theatre for allowing us to use the auditorium at no charge and to our generous sponsors, Streets Whittles Chartered Accountants, without whom none of it would have been possible. Thank you to all those who bought tickets and donated money on the night. We have raised thousands of pounds for Open Road which will go towards transforming more lives and helping individuals and families on
“Open Road’s mission is to empower individuals, families and communities in their journey of recovery from the harmful effects of drugs, alcohol and other addictions. Open Road values and respects the diversity of all and is committed to ensuring we fully represent the people we serve. If you think we could help and support your business please visit www.openroad.org.uk for further info, “ said Tim.
UBridging the gap in industryacademia engagement
NIVERSITIES need to equip students with not only theoretical knowledge but also the practical skills and industry insights necessary to thrive in their careers. Businesses, on the other hand, benefit from a steady stream of graduates who are well-prepared to address real-world challenges.
ARU has launched a Business Advisory Board to link more closely with industry in the region and ensure graduates have the skills needed for the workplace. The board, comprised of prominent business professionals and industry experts, provides invaluable guidance so the Faculty of Business and Law's curriculum aligns with current and future industry needs. This assures graduates possess the skillsets most sought-after by employers.
For instance, the board's insights might influence the incorporation of new modules on data analytics, artificial intelligence, digital marketing or sustainable business practices into the curriculum. This keeps the university's programmes relevant and prepares students for the ever-evolving business landscape.
The Business Advisory Board directly contributes to the university's commitment to student success. The board's role in identifying emerging trends and future skills requirements assures graduates are equipped with relevant skills and more likely to achieve their career aspirations. By integrating
industry insights into academic planning, ARU’s graduates will not only be academically proficient but also ready to meet the demands of the job market.
ARU's vision emphasises impactful research that addresses real-world challenges. The board’s insights and recommendations on emerging trends, challenges and opportunities within the business landscape ensure ARU remains innovative and responsive. The board's recommendations ensure ARU’s research activities are not only academically rigorous but also practically relevant, enhancing the university’s reputation as a hub for innovation.
The board's role in building partnerships with industry and the community is central to ARU's commitment to community engagement. These partnerships create opportunities for students to gain practical experience, contribute to local economic development, and address societal challenges. Moreover, strong industry ties can foster sustainable growth for the university and the region.
One of ARU’s core missions is to prepare students for successful careers. The Business Advisory Board plays a vital role in this by fostering a strong network of alumni and industry connections. This network provides students with valuable career development opportunities, from internships and mentorships to job placements. By connecting students with industry professionals, the board helps them gain practical experience and build professional relationships, which are essential for career success.
ARU is committed to strategic growth and sustainability, aiming to create long-term value for
The dynamic relationship between academia and industry is essential for fostering innovation, driving economic growth and preparing a skilled workforce for the future. Mohammad Ali, Pro Vice Chancellor and Dean at Anglia Ruskin University (ARU) explains how a new initiative will play a key role in achieving this objective.
its students and all other communities it serves. The board will play a crucial role in aligning research with industry needs will ensure that research is relevant to industry challenges. Furthermore, the board's focus on knowledge exchange promotes a culture of innovation and continuous improvement within the university.
Further info at www.aru.ac.uk/business-andlaw/business-services/advisory-board
The cloud accounting myth
BEFORE I start, I should make it clear that I love cloud accounting.
It has changed our lives as accountants, providing us with real time access to our clients’ financial records and enabling us to provide practical and relevant business advice on a scale previously not possible. However, cloud accounting is not quite as amazing as some cloud accounting platforms have claimed. Promises of a financial utopia of ‘fully automated bookkeeping’ and ‘hours saved per week’ enabling you to focus on growing your business rather than worrying about your finances are commonplace. While these systems offer undeniable benefits, they are not the magic solution often advertised.
This article aims to dispel the myth of complete automation in cloud accounting and highlight areas where human intervention remains essential for accurate financial health. I'll also explore parallels with another technology that promised much but hasn't quite delivered – selfdriving cars.
Why cloud accounting needs a human co-pilot
Let's address that alluring claim of automatic bookkeeping first. Cloud software excels at data entry and basic calculations. It can categorise reoccurring transactions, generate standard reports and even send and chase invoices, all without you lifting a finger. However, these tasks represent a fraction of the entire accounting process.
The term Garbage In, Garbage Out (GIGO) has been around for decades: cloud systems rely heavily on users entering accurate information initially so it can learn and replicate those transactions in the future. Errors in categorisation, missing receipts, or typos can lead to significant discrepancies. Cloud systems love black or white transactions where there is no confusion or doubt. Nonstandard transactions like asset purchases (imagine a builder buying consumables from a merchant suddenly buying expensive equipment. It is likely the equipment will be posted to the same expense account as the consumables), or new loan/ hire purchase agreements where the repayments require adjustments to separate the capital from the interest. Then there are perhaps payments in advance or deposits or accruals, all of which actually require a bit of thought.
is not something the software can handle. Deciding between an expense and an investment, assessing bad debts, or identifying potential fraud all demand human insight.
We have seen recent mis-postings which exemplifies this. Dividends posted as Cost of Sales. A regular reoccurring expense picking up a nominal code not used previously. Imagine the impact of an invoice accidentally entered twice, artificially doubling your revenue and risking upsetting a customer by chasing an invoice already paid. Conversely, a missed expense can create an unexpected higher tax bill.
The self-driving car parallel
That bit of thought, otherwise called judgement,
Similar promises were made about self-driving cars. Visions of a world where we could relax and enjoy the ride while software navigated us safely filled the headlines. However, the reality is far from this vision. These vehicles still grapple with unexpected situations, require human intervention to avoid accidents and struggle with complex road conditions. I refer to my car as Nervous Nelly in the way it overreacts. Take a look at the attached photograph where the car is seeing a huge lorry when it is only a small trailer.
The parallel to cloud accounting is clear. Both technologies offer significant advantages – convenience and efficiency in the case of selfdriving cars, and accessibility and data organisation in cloud accounting. However, just as a self-driving car needs a human driver to be truly safe and reliable, cloud accounting needs a human accountant to ensure its accuracy and financial health.
Peter Disney, of Colchesterbased accountancy firm, Wood and Disney, explains why automation isn't necessarily the answer to your financial woes.
A human can review transactions and ensure the software's interpretation aligns with reality. Discrepancies are identified and corrected before they snowball. Navigating tax laws, reporting requirements, and industry-specific standards is best left to a qualified professional.
Perhaps the most important consideration, as far as Wood and Disney is concerned, is the strategic insight we can provide. Beyond basic bookkeeping, we can analyse the financial data, identify trends and provide valuable insights to guide business decisions.
The key lies in finding the right balance between cloud technology and human expertise. Collaboration rather than competition as to who is best. And obviously I would say this, but you do need to partner with a qualified accountant such as Wood and Disney. Regular consultations with us ensure your financial data is accurate, compliant, and used strategically for business growth.
Cloud accounting offers undeniable advantages but it's important to remember it's just a tool, not a replacement for human expertise. Just as selfdriving cars don’t quite work yet, cloud accounting is a powerful tool that requires human oversight for full functionality. Let your accountant be your copilot in navigating the financial landscape, just as a human driver remains essential for a safe and successful road trip.
Directors: beware risk of prosecution
Whether you own an apartment on a long lease and decide to become director of the company that owns the freehold or you are the director of any other company for that matter, you take on duties in the role. These include, for example, as a director you must act in a way that (i) promotes the success of the company (ii) avoids a conflict of interest and (iii) you must always exercise reasonable care, skill and diligence to name just a few of the duties.
What may be less well known is what liabilities you can assume personally by becoming a director. One such liability arises as a consequence of the late filing of the company accounts.
Every year companies are required to send their accounts to Companies House. The late filing of the company accounts carries with it a civil penalty which is imposed on the company but it may come as a surprise to learn that it is also a criminal offence and every person who was a director immediately before the end of the period for filing the accounts, commits the offence pursuant to sections 441 and 451 of the Companies Act 2006 (“the Act”).
Those who commit the offence, may then find themselves receiving a summons from Cardiff Magistrates Court requiring them to attend so the offence can be tried. If found guilty of the offence, a director will be faced with the possibility of a fine but more importantly, a successful conviction will result in a criminal record.
This has resulted in over 800 convictions in 2022/23 and over 1,500 since 2021.
Taking ‘all’ reasonable steps
Although it may appear that no defences are available, this is not the case.
Whilst it is advisable to avoid the situation altogether, under section 451 of the Act, it is a defence if a Director can prove that they took all reasonable steps to secure the requirement to file the document before the period for filing the accounts lapsed.
Additionally, the Court also has a general discretion under section 1157 of the Act if it can be persuaded the person charged “acted honestly and reasonably” and in all the circumstances “ought reasonably to have been discharged”.
However, there are never any guarantees that a director who tries to avail themselves of these defences will be successful and the bar is a high one.
What to do if you have been contacted by Companies House?
If you receive a summons from Companies House it is imperative that you do not ignore it and you seek specialist advice early on because if you do nothing the matter can be heard in your absence.
How Colman Coyle can assist
Colman Coyle has recently had success in a case involving charges laid against eight directors and has experience dealing with prosecutions brought by Companies House. Early communication with Companies House can sometimes result in it agreeing to discontinue the proceedings but getting advice and, if appropriate, communicating with Companies House early on will be key.
Established in 1984 we have an experienced team of lawyers based in our offices in Islington on Upper Street.
Although based in Islington we have strong ties to Essex and are well known for our straight talking and commercially grounded advice.
With each member of the team specialist in their practice area, Colman Coyle offers a range of services covering:
Dispute Resolution - Property - Corporate and Employment
Private Client - Immigration
Never too old to learn
someone. It took me six years to go to ACL Essex to do my GCSE in English. I always said I’d do it and I never did.
As
Colchester centre and now eagerly await their results.
Coral Jones: “I work full-time and I was struggling with my literacy. I have Auditory Processing Disorder (APD) and I found it hard to put things down in writing, understand what I’m writing and send things like emails. They weren’t as clear as they could have been. At times, I may not have been describing what I wanted out of
“I absolutely pushed myself and as a result I have thoroughly enjoyed this learning experience. It’s not easy living with an additional need and I’m never going to lose that, but this course has really helped me look at text very differently. Years ago, I didn’t really understand old texts and I didn’t want to understand them. To me it was a load of old gibberish, but since being on this course, old texts fascinate me and what the writing is trying to portray to the reader.
“The course has already benefitted me in my everyday work. Fingers crossed I gain my GCSE English qualification later this year. It has given me more confidence to be able to put things in writing and portray myself better. Text, writing and books look very different to me now. I now enjoy reading. And I have a newfound love of Charles Dickens!”
Helen Amstel: “When I was 11 years old, I couldn’t write my own name. I’m now 60 and I’ve just done my first GCSE English course at ACL Essex! I wanted to do the GCSE English course at ACL Essex because I work with children with dyslexia and I’ve got some secondary students who are about to do their GCSE English. I really wanted to understand what they were going through, so I started the course as a research project. I went into the course feeling quite nervous.
Old Park Meadow Natural
Amanda Rawlings, Vice Principal Commercial and Employer Led Learning at ACL (Adult Community Learning) Essex, shares two stories which prove it’s never too late to learn.
“Although I didn’t find the course easy, my tutor was brilliant and open to new ideas. I’ve walked away from this class feeling so much more confident in myself. I work as a private tutor who supports children with dyslexia and I feel I can do my job better now than I was doing it before. I’m just buzzing and hoping I pass this summer.”
These are just two incredible learners out of hundreds proving you’re never too old to learn. I hope these stories inspire you to keep learning and maybe we’ll see you in one of our centres very soon!
Quite simply, the best and most cost-effective of 20,000 decision-making, business-focused readers across Essex, in print and online, every issue
BusinessTime in Essex is now the largest and most successful regional B2B print and online magazine in the country, with an ever-growing number of the county’s businesses using it to promote their message. Find out more from our media/info pack at www.businesstimeinessex.co.uk
Sarah Brockwell, part of the Business Coaching team on the Essex County Council-funded Group2Grow programme, said: “After placing a full-page advertisement in BusinessTime in Essex, promoting the Group2Grow Business Coaching Programme, we saw an immediate response in terms of website hits as well as applications to join the programme (which is 100% funded by Essex County Council). If you are considering investing in print advertising, BusinessTime in Essex is highly recommended. BusinessTime in Essex does what it says on the tin - promotes business in Essex!”
and
So if you’d like to be an active part of the next issue, rather than be on the outside looking in, contact Editor Peter Richardson on 01206 843225 or 07778 067614 – or email him at peter@pjrcomms.co.uk www.businesstimeinessex.co.uk
Call us on 01245 904 627
us on 01245 904 627
In no more than 100 words, detail your career to date
I started working as a lawyer at a large firm in Calgary Alberta. I was keen to do litigation work, as I loved moot courts at law school, but soon found contentious work didn’t suit me. When I started working in the Company Commercial department, I found my niche. I loved the fact that in corporate transactions, all parties are really aiming for the same result - to get a deal over the line - and I liked the collaborative effort that goes into finding the best way forward for all parties.
After meeting an Englishman (Tim, my now husband) in the late eighties I moved to England and joined Freshfields, a large international firm, where I dealt mainly with aircraft finance work. I loved the work, but eventually decided that a different work-life balance would suit me better. We moved to the east coast and I joined Thompson Smith and Puxon (TSP), where I am now, to start up a specialist Company Commercial team. Since joining TSP the firm has gone from strength to strength. We deal with clients locally, throughout the UK and abroad, and my team handles a wide range of matters including mergers and acquisitions, restructurings, finance work and all kinds of commercial agreements.
Childhood career ambition
From a young age I loved the sciences and assumed I would end up being a doctor. However
Revealed
our family GP talked me out of it, saying doctors had to face too much paperwork (so instead I became a lawyer – even more paperwork!)
Best piece of career advice you have given Bring your personality to work. You are more likely to thrive if you can be your own person.
Best piece of career advice you have received Don’t be afraid to admit you don’t know the answer, or don’t understand something.
Your two perfect dinner guests, one business, one pleasure
Mark Carney, an amazing Canadian with a complete grasp of world economics and Jessica Ennis-Hill. I am keen on all kinds of sport and would love to discuss her life as a sportswoman with her.
The secret of running a successful business is Having the right staff. Keen and motivated colleagues make the business. At TSP, looking after our staff is a key priority.
If you were not in your current profession, what might you likely be?
A nutritionist. I find it amazing that science and technology are so advanced, but that there is still a lot of debate about what to eat for optimal nutrition.
and Clacton
If you had a magic wand that could change one thing in business it would be?
Being able to spend less time in front of a screen.
Hobbies/interests
Piano, swimming, windsurfing, kayaking, cycling.
My favourite film
Freaky Friday starring Jamie Lee Curtis and Lindsay Lohan - a mother and daughter end up switching bodies and have to live each other’s lives. It’s absolutely hilarious and brilliant at showing what the other generation goes through, particularly relevant having brought up three daughters!
Tell us something about you that might surprise people I have had two hip replacements in two years –good as new now and the NHS could not have been more amazing about it all. Also I am half Ukrainian half Irish - born in Canada married to an Englishman.
If I ruled the world the first thing I would do is
Get everyone on bicycles. Reduce the number and size of cars that people drive and only allow large vehicles for people who need them for work. The benefits would be enormous – for health and the environment.
ARU Law Clinic nominated for University Alliance Award
THE Law Clinic established at the Chelmsford and Cambridge campuses of Anglia Ruskin University (ARU) has been shortlisted for this year’s University Alliance Award.
ARU Law Clinic was designed with the express intention of promoting collaborative working with students and the local legal profession to ensure students gain experience of dealing with real-life problems alongside the chance to work with lawyers, building professional relationships and networks that are so important for employability. The Clinic has
over 90 volunteer lawyers on rota which enables students to observe a variety of styles and approaches.
The Clinic has a huge impact on the local community, having assisted nearly 4,000 people, and now includes a Support@Court team offering in-court support to those without representation. This initiative, developed in collaboration with CAB Cambridge, enjoys support from the judiciary who have afforded students the rare privilege of being able to accompany clients into the family court.
Mohammad Ali, Pro Vice Chancellor and Dean at ARU, said: “We are a proactive Law
Clinic, always developing new collaborations with, amongst others, Maggie’s Centre at Addenbrooke’s, Jimmy’s Homeless Centre, probation services, city and county councils, mental health organisations, CAB and Women’s Aid.
“We have worked in collaboration with the judiciary across the region to launch three websites providing guidance, information and signposting to litigants in person with family law problems. Given the wide range of service users, referrers and supporters, the Clinic actively respects and embraces different viewpoints, always
striving to deliver a valuable and valued service.”
University Alliance CEO, Vanessa Wilson, said each of the 32 shortlisted nominees has made a significant contribution to their university and wider community, going above and beyond to deliver impact. The shortlists for each award were selected by an independent panel of judges from across the higher education and research sector.
The winners will be announced at the Alliance Awards ceremony on September 10, which will be hosted by the University of West London.
What sport can teach us as business leaders
SPORT is all about teamwork.
Maybe it is the pretty kaleidoscope of off-the-ball movement and tika-taka tactics of Spain’s Euro 2024-winning team this summer. Or perhaps it is the aggressive overtaking of Lewis Hamilton as he pushes his one-man formula one car to its absolute limits. Either way.
Professional footballers all rely on the coaches and the physios, the groundskeepers and the bag-carriers, the tacticians and the nutritionists to perform at elite levels of the game.
Even a driving genius like Hamilton needs the engineers and the mechanics, the logisticians and the strategists, as well as those tacticians and nutritionists, to deliver the conditions for him to be No.1 in his sport (and when they fail to do that, he fails with them).
Bodybuilder, actor, politician Arnold Schwarzenegger expressed it best: “I didn’t get that far on my own. To accept that credit, or that mantle, would discount every single person that’s helped me to get here today, that gave me advice, that made an effort, that lifted me up when I fell.It gives the wrong impression that we can do it alone. None of us can. The whole concept of the self-made man or woman is a myth.”
I believe this wholeheartedly.
In the same way as it is essential for athletes to have high-performing support networks, so too is it essential we, as business leaders, have our own. And that means creating the conditions for our businesses and our people to perform at the very best of their ability.
I am fortunate to have been able to witness elite sport close at hand through my company being a lead sponsor of many different sports entities.
We have partnered with several motorsport teams and drivers, a county cricket club, a successful non-league football club, a golfer and even a swimming club. In doing so, I recognise several common characteristics among the elite practitioners I meet. Of course, they are all physically gifted. But there are mental traits that we all can learn from.
The first are drive and determination. Each of the athletes I have known has dedicated themselves to the pursuit of success. Whether that means honing a golf swing through repeated repetitions or understanding your professional subject inside out, dedication, drive and determination to do the best possible job are vital to success.
“Don’t ever, ever call me a self-made man. “ Arnie
Next are resilience and humility. Sport is a tough, unforgiving world. Athletes’ performances are viewed through the goldfish bowls of stadiums, screens and social media.
In sport, mistakes are seized upon and shouted about. Defeats are decried and bemoaned. Their effects are amplified, often out of all proportion. But we all make mistakes. To err, as they say, is human. And in the same way as an elite athlete must pick themselves up and play again in front of those same fans, so too must a business leader dust themselves down from setbacks with a clear-eyed focus on the next goal.
Then there are teamwork and communication. Managers these days who follow the teacup-throwing playbook of John Sitton’s “BRING YOUR … DINNER” rant or the ‘hairdryer’ tactics of a Sir Alex Ferguson will demoralise and diminish their staff, just as coaches would today’s players.
After all – and to complete the axiom – to forgive is divine. As a business leader, putting your team ahead
Taking the guest columnist role in this issue is Kevin Auchoybur, director of Chelmsford-based RDA UK Ltd, which specialises in research and development tax relief. Kevin suggests there is much business leaders can learn from sport.
of your ego is essential to collective success. The ability to communicate goals, aspirations and incentives clearly and concisely, while listening to the wants and needs of your team, then delivering against them where they align with the objectives and capacities of your business, will reap rewards for all involved.
Finally, there is luck. The bounce of a ball, the decision of an official, the eye of a scout, the selection or substitution of a coach, the crank of a nut or the greasing of a wheel – any of these things, when compounded over time – can make or break a sportsman or woman’s career.
The same applies too in the business world. I fundamentally believe that in sport as in business, luck plays an outsized role in success. You might be the most driven and determined, humble and resilient, effective communicator and team player, but if you are barking up the wrong business tree, you and your product or service will not get you very far.
So, we all need breaks. Arnie’s might have been when one of the judges in the 1966 Mr Universe competition offered to coach him, inviting him to live in London with his family where Schwarzenneger began to learn English.
“When you're the age I was then, you're always looking for approval, for love, for attention and also for guidance,” he has said. “Now, looking back, I see that family fulfilled all those needs. Especially my need to be the best in the world. To be recognized and to feel unique and special. They saw that I needed that care, attention and love."
Wise words. We all – even athletes and business leaders – need those things from time to time.
Just don’t ever, ever call yourself a selfmade man or woman.
Employees returning to the office: the considerationslegal
IN May 2024, Manchester United Football Club made headlines when it offered an early bonus payment to staff who resigned as part of its efforts to get all employees back into the office, bringing an end to home and hybrid working.
The club believes a return to the office will bring substantial benefits for individuals, teams, and the wider club while supporting its journey to return to footballing success. The club cited email traffic statistics to staff as the basis for a ban on working from home.
Some companies are advocating for a full return to the office, while others are enforcing a minimum number of days in the workplace. The number of employment tribunals mentioning remote working increased by 50% in 2022 compared to the previous year.
There are significant tensions between flexible working requests from people keen to secure hybrid arrangements and employers pushing people back into the office. Changes to the flexible working legislation earlier this year are also likely to see this rise further.
Some employers have become encouraged after an employment tribunal earlier this year rejected the case of a senior manager who sued the city watchdog because she wanted to work from home fulltime. Elizabeth Wilson, a senior manager at the FCA, had her request quashed by a judge, who said the regulator was within its rights to deny the request.
One law firm has even started using office attendance as a factor in its partner’s performance reviews, which could have an adverse impact on performance-related pay. This appears to be the latest mechanism in a bid to tackle staff resistance to the return to the office.
Some companies even go as far as disciplinary action, such as bonus adjustments and termination for staff that fail to comply with its mandate of a minimum number of days in the office each week.
Whilst this is by no means the widespread approach, with only a small section of businesses adopting such direct measures, it does prompt the question as to why employers want staff to be present and whether this can only be achieved through being physically in the office.
Whilst it is ultimately down to employers to decide the appropriate culture and working arrangement which suit the business needs, consideration should also be taken for its employees when trying to change such working arrangements and how this might be achieved to avoid a recipe for resentment and resignations. A lack of consultation will undermine employee trust and engagement and may lead to people with key skills leaving the business.
Therefore, consultation with staff and open discussions are not just key, but essential in striking a balance for the business and its employees. This approach ensures both the requirement for people to be in the office more often and the need for sufficient flexibility for employees are met.
Employers seeking to mandate a return to the office should also be mindful of potential legal risks. For instance, such a mandate could lead to indirect discrimination against women or people with disabilities who might be disproportionately affected. Employers also have a duty to make reasonable adjustments to support people with disabilities, both physical and mental, which might include working from home.
Employers should also consider people’s right to request flexible working, which could include working at home or hybrid working. Following the introduction of The Employment Relations (Flexible Working) Act 2024, employees can make two requests in each 12-month period. The response time for employers is two months.
Employers cannot refuse the request unless and until they have consulted with the employee. The employee no longer needs to explain the possible effect on the employer and how this would be dealt with. Employers should also
The need for staff to provide a physical presence at an office location is a debate that many businesses are engaged in, and tribunal cases are expected to increase as UK employers push back on remote working. Samantha Randall, Associate Solicitor at Birkett Long, explains the legal considerations.
understand the negative impact on employee wellbeing and retention if requests are rejected without a valid reason.
Whilst overall levels of home and hybrid working remain high, with a clear shift away from the office as the main place of work for many, it is evident the debate around a return to the office will continue to rumble on, with each case depending on its own facts and circumstances.
Birkett Long can assist businesses and HR departments in finding the right balance between office presence and remote work. If you have any questions or need support with bringing employees back to the office, navigating flexible working applications, or ensuring your business policies are upto-date and compliant, please get in touch with the BLHR & Employment Team at Birkett Long.
How might Labour’s planned Inheritance Tax reforms affect your estate planning?
CHANGES to offshore trusts, Business Property Relief (BPR), and Agricultural Property Relief (APR) could significantly impact your approach to estate planning strategies. Here's how these proposed changes could affect you and the steps you can take to navigate them.
Labour's manifesto has pledged to end the use of offshore trusts to avoid inheritance tax. Offshore trusts have traditionally been a tool for mitigating IHT liabilities by holding assets outside the UK tax net. If these reforms are enacted the tax advantages of using offshore trusts could be significantly reduced or eliminated, increasing the IHT liability on assets held in these trusts.
As a result, it would be sensible to review your estate plan and to consider transferring assets to more tax-efficient structures or bringing them within the UK tax jurisdiction to ensure compliance with the new regulations.
Business Property Relief has been a key means to protect family-owned businesses from being sold to cover IHT liabilities. Labour is considering
the qualifying criteria from 50% trading activity to 80% could exclude many businesses currently benefiting from BPR.
To safeguard against this, evaluate the structure and operations of your business. If changes to BPR are implemented, restructuring to meet the new qualifying criteria or diversifying assets could help mitigate increased tax liabilities.
Whilst there has been no binding statement on APR, its future remains uncertain. The removal or reduction of APR would have significant implications for farming families. Indeed, without APR, families could face substantial IHT bills. This could disrupt farming operations as land may need to be sold to pay IHT.
Consider alternative estate planning tools such as lifetime gifting or transferring land into family partnerships to manage the succession and tax implications. It might also be wise to look at life insurance to cover potential IHT charges.
The potential for sweeping changes to IHT reliefs means taking proactive steps now is essential. Here are some strategies to consider:
Review and update your Will: ensure your
With the new Labour government hinting at potential inheritance tax (IHT) reforms, it's crucial to stay proactive. Fiona Ashworth, Director in Thompson Smith and Puxon’s Colchester-based Wills and Estates team, offer some useful advice.
Consider Lifetime Gifts: bringing forward planned gifts can reduce the size of your taxable estate. However, this must be balanced – it’s important to retain sufficient assets to cover your own needs.
Use Trusts strategically: whilst offshore trusts may face changes, onshore trusts and other tax-efficient structures can still play a role in your estate plan.
Reskilling revolution: 5 steps
organisation become future ready
We are all working in an AIdriven world. We cannot afford to pretend AI will not impact our organisations –doing so will be costly.
We are in or about to enter a ‘reskilling revolution’ where staying ahead means embracing a forward-thinking approach to skills development. The jobs of tomorrow will require skills we are only beginning to understand today. Here’s how you can start your reskilling journey now and set up your organisation, no matter its size or industry sector, for long-term success.
1. Understand the need for reskilling
The first step in the reskilling revolution is acknowledging why it’s crucial. With AI and automation transforming industries, many traditional roles are evolving or becoming obsolete. This doesn’t just affect tech companies—every industry from retail to manufacturing is seeing shifts. Reskilling and upskilling ensure your team isn’t left behind. According to the World Economic Forum¹, almost 50% of the population will need reskilling or upskilling by 2030. Investing in your employees' growth now is a strategic move to future-proof your business.
2. Identify skills gaps and future needs
Start by assessing the skills your business currently has versus those it will need. This means taking a close look at emerging trends and technologies in your industry. A practical approach is to conduct a skills audit: survey your employees to understand their current skills and identify where gaps might exist. You might be surprised by the additional skills your colleagues already have which have not been identified within their current roles. Tools like skills assessments or consultations with training providers can offer valuable insights.
3. Create a reskilling roadmap
Planning is essential. Instead of thinking of reskilling as a one-off event, or a challenge, view it as an ongoing journey. Develop a roadmap that outlines the steps and timelines for reskilling your team. This could include short-term goals like workshops or online courses, and long-term objectives such as certifications or advanced training programmes. The key is to integrate reskilling into your business strategy—this ensures learning and development are part of your company culture rather than an afterthought. Remember, this process doesn’t need to happen overnight; gradual, continuous improvement is often more sustainable.
4. Invest in training resources
One of the biggest concerns for most organisations is the return on investment (ROI) for training. While it's true impactful training requires time and expenditure, the long-term benefits can outweigh the initial costs. Modular training programmes are cost-effective and can be tailored to fit your business’s specific needs. Well established and experienced local training providers can help you find the right solutions for your business.
5. Foster a culture of continuous learning
Creating an environment where learning is encouraged and supported is crucial. This means fostering a culture where employees feel motivated to pursue new skills and where continuous learning is part of the daily routine. Encourage your team to take advantage of available training and provide incentives for those who actively engage in their development. Regularly communicate the importance of reskilling
Simone Robinson, Director at First Ascent Group, Cambridge, urges you not to be left behind as the reskilling revolution gathers pace.
and share success stories to highlight how learning new skills can lead to career advancement and personal growth. By making learning a core value, you not only enhance your team's capabilities but also boost morale, encourage employee engagement and improve productivity.
N.B. Do not forget you and your fellow leaders or senior managers should embody the culture of continuous learning too. A nationwide study into the state of UK management and leadership found 82% of managers who enter management positions have not had any formal management and leadership training - they are ‘accidental managers’.²
Help is at hand
Embracing these steps will not only help you stay competitive but also ensure your team remains skilled and motivated in an increasingly complex world. The reskilling revolution is not a distant concept—it's happening now, and it's vital for every organisation to get on board. As you embark on this journey, remember that you’re not alone. The First Ascent Group team are here to help you navigate your reskilling needs and find the best solutions for your business. Start now to secure a future where your business - and your employees - thrive.
¹ www.weforum.org/publications/the-futureof-jobs-report-2023/
² www.managers.org.uk/knowledge-andinsights/research/better-managementreport-take-responsibility-take-action/
To discover how the First Ascent team can help your organisation master the five steps needed to reskill your team, call Simone Robinson on 01223 223807 or email simone.robinson@firstascentgroup.com
Free events to support businesses
BUSINESSES across Tendring are being encouraged to save the dates of a series of free networking events and seminars to upskill and share best practice.
The Tendring4Growth Business Fortnight, run by Tendring District Council (TDC), will feature expert speakers covering topics on digital marketing and women in business, as well as specific industries such as tourism, business in town centres, and creative and cultural arts.
Locations across Tendring will play host to these events from Monday, September 23 to Wednesday, October 2, including the annual Jobs and Skills Fair.
Ivan Henderson, TDC Portfolio Holder for Economic Growth, Regeneration & Tourism urged local businesses to mark their
calendars for upcoming events.
“Our Tendring4Growth Business Fortnight is a fantastic opportunity for businesses to share leading practices, form new relationships and learn new methods to facilitate growth,” Councillor Henderson said.
“The schedule provides a diverse range of activities for everyone, and I am excited to engage with local firms and honour their achievements.”
The Tendring4Growth Business Fortnight springs into action with the launch event Regenerating Tendring on Monday, September 23 at Clacton Leisure Centre. This offers a broad overview of business success stories and attendees can learn about opportunities for growth within Tendring.
This is followed by Tourism on Tuesday, September 24 at the Kingscliff Hotel in Holland-
on-Sea, encompassing strategic guidance to businesses within the sector to attract visitors and encourage them to stay longer.
On Wednesday, September 25, an event at the Lifehouse Spa and Hotel in Thorpe-le-Soken will deliver not to be missed advice on how businesses can improve their social media presence and consumer engagement. There will also be tips on cyber security and how to prevent ransom attacks.
The Jobs and Skills Fair will return to Clacton Town Hall on Thursday, September 26 from 10.30am to 2.30pm, providing the opportunity for businesses to come face-to-face with a diverse range of potential candidates.
Week two begins with a Women in Business networking event on Monday, September 30 at The Waterfront in Dovercourt, where attendees will be
empowered by inspirational stories and business guidance across a range of industries.
On Tuesday, October 1, the Creativity and Culture event at The Electric Palace in Harwich is a chance for local creatives to discover support to access funding, network, and discuss projects with TDC’s Creativity and Culture Team.
The Business Fortnight concludes with the Town Centres event on Thursday, October 2 at The Nose bookshop in Waltonon-the-Naze. Here, town centrebased businesses can network, find out what they can do to improve trade, and the support available from the council.
Businesses can obtain further information on these events by contacting the Economic Growth Team via email at tendring4growth@tendringdc. gov.uk
Forward thinking the key to the electric vehicle business debate
NEARLY 10 billion vehicle miles were driven in Essex in 2023, finally taking us back up to pre-pandemic levels, as drivers of cars and commercial vehicles return to our county’s roads.
If we look into that statistic though, we see the biggest increase is in commercial vehicles; cars actually peaked in 2016 and still have some way to go to hit that level again. The reasons for this are varied, but it shows when it comes to Essex’s work vehicles, we need to look at how businesses can best take advantage of lower running costs, reliability and saving the planet.
The word on the lips of many fleet buyers is ‘electric’, but it is clear from the research we have been doing at Anglia Ruskin University that, similarly to private car drivers, the route to battery-powered vehicles is not always a simple one. When we polled small businesses about this topic, they were confused by range, affordability, charging and government support for these greener forms of work transport.
So, should you invest in an Electric Vehicle (EV), or is it best to wait 10 years until most petrol and diesel vehicle sales are banned? If you have environmental concerns in mind, the answer always has been, and continues to be, buy now. Every piece of peer-reviewed academic research on the topic shows EVs are greener than fossil fuels, in most cases at around 16,000 miles after purchase. This is a tiny amount of distance travelled for the average commercial vehicle
and it means, after this distance, your vehicle is both better for the planet and helps reduce overall air pollution in the towns and cities where you drive.
However, those same SMEs we spoke to say running costs, and total cost of ownership as well as simplicity in purchase, use and disposal are what matters to them, and we can understand it. For most businesses, a car is a tool, like any other you’d use. Businesses cannot afford for this tool to not work, be delayed (whist it is charging) or not pay for itself. You will hear EVs just don’t go far enough and you cannot find places to charge them and, to an extent, I have to agree, or at least I did when I first used an EV more than 10 years ago - and I had sympathy with these issues until recently.
However, for businesses making any investment, it’s important to take a longer-term, strategic view. The reason I say this is because EVs need to be thought of as a technology product, rather than a motorised horse and cart. When you first had a mobile telephone, you
Tom Stacey, Senior Lecturer in Operations and Supply Chain Management at Anglia Ruskin University, offers some insightful thoughts on commercial EV thinking.
was terrible, taking grainy pictures that were a novelty. Now you take your iPhone rather than camera to take beautiful pictures for a client, and they receive it in seconds on email.
Let’s apply that to EV range. My first EV would drive 90 miles on a very good day, but I could rely on 60 miles driving carefully in winter. Fast forward seven years and my 2020 Tesla Model S will deliver 400 miles of range in summer. That’s better than my last petrol car, and it’s safer to boot. How about chargers? At the end of May 2024, there were 62,536 electric vehicle charging points across the UK, across 32,992 charging locations. This represents a year-on-year increase of 43% in the number of public devices, with 18,910 installed since May 2023. To put this in perspective, the United Kingdom is home to 8,353 petrol stations either operational or under development, and numbers have fallen by more than 36 percent since 2000.
How about Essex? Well, Essex
strategy and has committed to a minimum of approximately 1,500 public charge points by 2025 and around 6,000 public charge points by 2030, which is a substantial increase from the circa 400 currently registered in the county. This does not cover workplace chargers which, by extrapolating national data, are estimated at around 1,000 in the county. Essex is also home to the UK’s first full electric service area – Gridserve in Braintree, which was opened in 2020, features 37 chargers and is also home to the UK’s fastest charger unit which can add 100 miles of range in five minutes!
So, EVs are clearly better for the environment, and currently do attract government subsidies for commercial use. In addition to this, many of the businesses we spoke to commented they are almost free to run for around half the year if their premises have solar power.
It is still hard to comment on the value of swapping out a serviceable fossil-fuelled vehicle for an EV for non-environmental reasons, but in light of the comments above, it might be worth looking at this through a technology lens. Would anybody put a high value on your old Nokia 6110, or your fax machine - other than perhaps as a museum exhibit? With that in mind, Essex businesses probably want to invest in the most compelling future technology, rather than the past.
The future of Essex’s voluntary and community sector: navigating challenges and fostering growth
ESSEX has an extensive and vitally important voluntary and community sector (VCS) which is facing unprecedented challenges.
Demand for services provided by the sector has never been higher and many organisations are struggling to meet ever-increasing needs in the county.
The after-effects of the COVID-19 pandemic and the ongoing cost-of-living crisis have exacerbated the serious situation confronting voluntary and community groups.
At ECF, we are tackling this problem with a new strategy to sustain and strengthen this vital sector. Through strategic support and enhanced community philanthropy, we aim to inspire more local giving and ensure the success and sustainability of the voluntary sector in Essex.
The pandemic and cost-ofliving crisis have strained charities and voluntary organisations that form the backbone of our local communities. However, with strategic support and increased philanthropy, there is potential not only to weather these turbulent times, but also to emerge stronger.
The COVID-19 pandemic led to a surge in demand for support from local charities, while simultaneously disrupting funding streams. Organisations have seen an increase in complex needs in the communities they serve, including higher levels of mental health issues, unemployment and social isolation. Despite these challenges,
the sector demonstrated remarkable resilience by adapting through digital service delivery and innovative community support systems.
However, the subsequent costof-living crisis has exacerbated these challenges. Rising costs for essentials, coupled with diminished income from grants, public giving and corporate donations have placed many charities in a precarious position.
We recently undertook a survey which revealed 96 per cent
surveys have given us essential insights into the sector’s evolving needs. These findings guide our funding priorities, ensuring resources are directed to where they are needed most.
Recognising the importance of core funding, we strategically focus on providing grants for basic operational expenses, ensuring that organisations can maintain essential services amid rising costs. This approach aligns with findings
Join our Charity Symposium on 20 November 2024
Building on the success of their Symposium held last year, ECF will be holding a further event on 20 November at Hatfield Place, near Chelmsford, from 12 noon.
This year’s event, “Empowering Communities, Shaping the Future,” will bring together leaders from voluntary, community, public and private sectors to explore the importance of a strong Civic Society. We will highlight the role of grassroots leaders and showcase the contributions they make to improve the lives of people in Essex.
To find out more and to register please email andy@essexcf.org.uk
of voluntary organisations had increased operational costs, while 81 per cent reported a decline in income, forcing difficult decisions such as staff reductions and service cuts.
In response to these challenges, we have launched a comprehensive approach, including community listening projects (CLP) and proactive grant-making. Our CLPs are critical for understanding the impacts of recent events. In-depth interviews, focus groups and
or email
from the national membership body, The Association of Charitable Foundations, which emphasises the critical need for core funding to support the sustainability of community organisations.
The VCS in Essex is at a crossroads, but with a strategic and bold approach, there is a path forward. We are committed to supporting the sector through proactive grant-making, community engagement and strategic partnerships. By building
Andy Payne-Worpole, Director of Policy and Programmes at Essex Community Foundation (ECF), an independent charitable trust based in Chelmsford, highlights the challenges faced by the voluntary and community sector and ECF’s proactive approach to address them.
stability, growing capacity and advocating for the sector, we aim to ensure charities and voluntary groups can continue to play their vital role in supporting our communities.
We want to inspire more local donors and explore new investment opportunities that meet the needs of donors and promote a fair and equal society in Essex. We also recognise the sector’s sustainability depends on the ability to increase its capacity.
Strengthening the voice of the VCS is essential to ensure the sector’s needs are recognised and addressed by policymakers. We want to engage with local, regional and national policymakers, funders and other stakeholders to highlight the sector’s critical role and challenges. In this way, we can influence funding practices, ensure fair representation of the sector’s needs and promote an environment for the VCS to flourish.
A significant portion of voluntary and community groups in Essex operate on limited budgets and, despite their vital role, their size often makes it difficult to secure funding. Now is a great time for businesses to really make a difference in their local community by supporting charities and voluntary groups that are meeting vital needs at a grassroots level.
Freeport East highlights Bathside Bay importance
FREEPORT East has highlighted the importance of the Bathside Bay port expansion project in Harwich as a top priority for enabling the Government to deliver on its ambitious 2030 objectives for clean power and offshore wind.
At its latest Board meeting, Chief Executive, Steve Beel, and executives from Hutchison Ports updated the Board on discussions relating to securing Government support for the anticipated private sector investments in the port and associated facilities. This would bring thousands of jobs and support the UK to remain internationally competitive in the offshore wind sector.
In line with international experience of developing major new port facilities for the offshore wind sector, the Board agreed on
the need for support from the Government alongside existing freeport status to ensure the project could now move forward as quickly as possible.
The Board also discussed wider developments at Freeport East, including the recent Harwich Innovation Cluster event and related projects in green hydrogen and clean fuel production involving firms including RWE, Haltermann Carless, Rux Energy and Firefly Green Fuels. Further afield, the Board discussed the progress of new facilities at Gateway 14 for inward investments from Assan Panel and Bauder, both of which recently secured planning permission and will shortly move into the construction phase.
The Board also reviewed latest progress on applications under the £800k Freeport East Clean Growth Fund and Skills & Innovation Fund and gave its approval to move forward with allocations in the coming weeks.
Mark Lemmon, Chairman of Freeport East, said: “We know the extensive capabilities of Bathside Bay will serve as an important catalyst in achieving the Government’s goal of generating 55 gigawatts of offshore wind power by 2030, thanks to its unique port capacities. As part of a wider, ‘Clean Growth Zone’ at Freeport East that incorporates green hydrogen, cleaner aviation fuels and green manufacturing we are fully prepared to support the Government’s Net Zero agenda.”
Ivan Henderson, Deputy Leader of Tendring District Council and Freeport East Board member, said: “Bathside Bay is the top priority for Freeport East and Tendring District Council and is ‘shovel-ready’ to act as the key enabler for revitalising the economic fortunes of Harwich and the wider area. We look forward to working with the new Government to ensure the project best serves their national policy ambitions”
Energy is no longer the poor relation of business considerations
ENERGY has been a hot topic for the past couple of years, and for all the wrong reasons.
This increased focus has made business owners more aware of their energy consumptions and costs. While the market has stabilized somewhat, volatility remains a concern.
Working with a third-party intermediary (TPI) can bring advantages to your business. We know the market. Having access to the whole market, we work with around 46 out of 72 commercial energy suppliers to provide the best possible service to our clients from sole traders and micro businesses through to SMEs and large corporations. Many of these suppliers don't deal directly with customers, so we offer a valuable service by connecting you with multiple options. Our long-standing relationships often mean we can secure better deals for our clients.
When we receive your offer to quote for your energy it’s not just a simple process of giving you prices. We analyse your bill to make sure you’re not paying unnecessary charges and or the incorrect rate of VAT.
By letting us handle your energy procurement, you can focus on running your business. We'll monitor the market and advise you on the best time to renew your contract.
The energy landscape is constantly changing. We offer a wide range of contract options: bespoke, standard fixed, fully fixed, pass through, energy only, basket and flexible pricing.
New OFGEM rules mean suppliers can only work with TPIs who have ADR (Alternative Dispute Resolution) insurance. So, if you have a complaint, it will be independently investigated.
As with the domestic market, businesses are being encouraged to replace old style meters with SMART meters. That way all the new ways to deliver energy can be utilised and will provide a more accurate use of the energy, which will save money over estimated bills.
In addition to energy procurement, we offer a comprehensive range of services, including:
• water procurement
• green energy
• energy efficiency
• Bill validation
• KVA review
• property management
• metering
• solar
• EV chargers
• telecoms and data services
• smart meters.
A key development within the Freeport East area, Bathside Bay is a green energy hub designed to support the growing offshore energy sector. Having been granted planning approval by the Tendring District Council in May 2024, the site is an expansion of existing port facilities and provides 120 hectares of storage and infrastructure for the offshore wind industry together with heavy duty quay provision and deep water access in one of the UK’s most sheltered natural harbours. With 1.4km of new quay in total, the ability to service multiple vessels at the same time provides extensive operating efficiencies for the offshore wind sector. All of the manufacturing, assembly and installation of offshore wind turbines can be achieved at pace and at scale at Bathside Bay and it is therefore excellently positioned to support the Government’s ambitious 2030 targets.
Energy costs nowadays are likely to be one of a business’s major expenses major expenses, yet still many business owners don’t give sufficient thought to how they can reduce these costs. Paul Hughes, who runs Colchesterbased independent utility broker, PLH Utilities, explains why and how they should.
We also specialise in property management, particularly for landlords and investors in HMOs and serviced accommodation. Our services include bundled energy packages with broadband, water and TV licenses, as well as a no-standing-charge electricity tariff. We have a wealth of experience when it comes to looking after Property Portfolios.
Give me a call to see how we can help you streamline your business operations and reduce costs.
Be mindful of likely Furnished Holiday Let changes
AS predicted, Labour has confirmed plans to implement the changes outlined in the last Conservative Budget regarding the taxation of Furnished Holiday Lets (FHLs). While comments can be made until September 15 2024, it seems unlikely there will be any backtracking.
So, what does this mean for FHL owners? From April 2025, the specific tax treatment and separate reporting requirements for FHLs will be removed. The key benefits to be removed include:
• exemption from finance cost restriction rules
• more beneficial capital allowance rules on fixtures and furniture
• access to reliefs from taxes on chargeable gains for trading business assets, including gift holdover relief, business asset disposal relief (10% tax rate), and rollover relief
• inclusion as relevant UK earnings for pension purposes.
The changes will apply from April 6 2025 for income tax and capital gains tax and from April 1 2025 for corporation tax.
People should be aware of transitional rules which are as follows.
Capital allowances: FHL owners will no longer receive beneficial capital allowance treatment but will be eligible for replacement of domestic items relief. Previous allowances will not be clawed back, allowing ongoing relief claims on the capital allowance pool. Any new expenditure must be considered under property business rules.
Losses: FHL properties will become part of the UK or overseas property business, combining the profits and losses of all properties in the business. Losses carried forward will be available to set against future property business profits, providing relief for those with carried forward losses.
Capital gains (CGT) reliefs: current CGT reliefs for FHL properties will
cease. Anti-forestalling rules will prevent obtaining tax advantages through unconditional contracts with connected parties completing after April 5 2025. Business Asset Disposal Relief (BADR) may still apply under specific conditions, potentially allowing a 10% tax rate on disposals as late as April 5 2028.
The draft legislation doesn’t mention future VAT implications for shortterm letting properties or for those already registered for VAT. It's assumed VAT legislation will continue to apply, though this could complicate matters for some. Advice should be sought regarding the sale or cessation of VAT-registered activities.
So, who will be affected the most? Higher rate taxpayers with high borrowings, as limited basic rate tax relief on interest will lower net returns; new entrants
With changes imminent regarding the taxation of furnished holiday lets, Chris Scargill, Tourism Partner at accountancy firm, Larking Gowen, looks at how they could unfold.
losing relief on initial furnishing or those expanding properties or portfolios; married couples or civil partners who will return to fixed profit allocation percentages and unmarried individuals who can’t easily reallocate a capital share of the property without triggering a potential CGT transfer.
If you want to discuss this, or have questions, please get in touch.
Mary Anne Fedeyko Head of Corporate & Commercial
Why PR is central to your business's success
BUSINESSES of all sizes need more than just a solid product or service to thrive — they need visibility, credibility, and a strong public presence.
That’s where public relations come into play. Done well, it can transform your business and open the doors to new opportunities.
Media coverage provides an impartial endorsement that direct advertising often lacks, positioning your business and your contributing experts as a trusted authority rather than just another advertiser.
Securing press coverage also introduces your brand to a broader market. National media exposure can reach a vast number of people, while trade and local media help establish your standing within your industry and immediate community.
Neglecting PR while your competitors engage in it can put you at a significant disadvantage. Without a strong PR presence, your competitors will capture media attention, enhancing their visibility and credibility at your expense.
The digital benefits of media coverage are also substantial. Media mentions with backlinks to your website can enhance your search engine ranking and drive significant online traffic. Additionally, a well-timed feature or interview can attract potential leads and enhance sales inquiries, illustrating the tangible impact PR can have on your bottom line.
PR can also play a role in influencing internal culture. Positive media coverage highlights your business’s achievements, boosting employee morale and showcasing a positive work environment. This visibility not only attracts top talent but can make your current team feel proud of their workplace, contributing to further growth and development.
Integrating PR with other marketing efforts is essential. Synchronising PR messages across social media, newsletters, and events amplifies your reach and reinforces key messages. Media mentions should be complemented by cohesive online and offline marketing strategies for a unified communication approach.
To leverage PR effectively, it’s crucial to be agile and responsive. Real-time news cycles require swift and effective communication strategies. Staying informed and ready to act on breaking news ensures you maximise your media coverage.
Here are some practical tips for effective PR:
• develop a comprehensive list of relevant national, trade, and local media contacts to your industry and market
• build strong relationships with journalists, radio hosts, and TV producers to help facilitate favourable coverage
• share press coverage across social media channels, your website, and email newsletters to extend its reach and showcase your
Matthew Rowe, Director of Colchester-based MJR Marketing and PR Consultancy Ltd, explains how maximising your business’s PR exposure can give you the edge over your competitors.
business’s strengths and successes, reinforcing your brand’s credibility
• monitor how media mentions affect your online presence and search rankings.
• if in-house resources are limited, consider outsourcing to PR experts to maximise your media opportunities
• ensure your PR activities are integrated with your overall marketing strategy for a cohesive brand message
• be prepared to act quickly on media opportunities, including breaking news, to leverage timely exposure.
www.essex-fire.gov.uk/riskassessment
Don’t let late payments drown your business
IT is not easy out there for small businesses to grow anymore and, without your cash flowing, it means suppliers don’t get paid, wages can be delayed and there is a reduced capacity to invest in the business.
A robust credit control system is the cornerstone of financial stability for any business. These days, such a system can be both inhouse or outsourced. However, the principles are the same. It is a proactive approach involving a series of measures to ensure timely payment of invoices. The process begins with a comprehensive assessment of potential customers. Credit checks are essential to evaluate their financial health and payment history. This information is crucial in determining whether to extend credit and, if so, under what terms.
Clear and concise payment terms should be explicitly stated on all invoices and contracts. There should be no ambiguity about the due date and any potential penalties for late payment. This clarity not only helps to manage expectations but also serves as a legal basis for pursuing recovery actions if necessary.
Efficient invoicing is another critical component of effective credit control. Invoices must be accurate, detailed and issued promptly. Any errors or delays can lead to confusion,
disputes, and, ultimately, late payment. Regular monitoring of outstanding invoices is essential to identify potential problems early on. This allows businesses to take timely action, such as sending reminders or initiating collection procedures.
Open communication with customers is vital throughout this process. Polite but firm reminders about overdue payments can often resolve issues without resorting to more drastic measures. Building strong relationships with customers can also help to prevent disputes and encourage timely payment.
Despite the best efforts of your credit control teams, there are instances when external support becomes necessary. If you have followed the guidance above, using a debt collection agency or a solicitor becomes easier.
For cases where amicable resolutions are not possible, debt recovery agencies can be employed. These agencies have the expertise to pursue the collection of outstanding debts with minimal fees, often working on a ‘no collection, no fee’ basis. Many can also support you through the journey of legal action, should debt recovery efforts be unsuccessful. However, court action may impact customer relationships going forward.
Ultimately, preventing late payments is more effective than dealing with the consequences. A proactive credit control strategy and realising the available options can significantly improve the
Is your business leaking cash due to late payment and a build-up of bad debt? You are not alone. In today’s challenging economy, every penny counts and the ripple effects of late payments can be catastrophic to small businesses. It’s a survival game.
Chris Baddeley, Managing Director of Southend-based Scott & Mears Credit Services Limited, explains how you can minimise the problems.
financial health of a business. By taking decisive action and seeking expert help when needed, small businesses can increase their chances of receiving timely payments and ensuring longterm success.
The need to drive late payment out of the UK economy
THERE are 5.5 million small businesses in the UK, which employ 16.7 million people. That’s 60% of all private sector employment and around half of turnover in the private sector.
It’s clear to see that small businesses are key to securing economic recovery, driving innovation and creating jobs. They really are the backbone of our economy and at the heart of our communities. Given the right support and policy framework our small businesses have the capacity to drive economic growth and future prosperity.
That’s why Federation of Small Businesses (FSB) wrote its Small Business Manifesto – a comprehensive package of recommendations to create the conditions for growth now and in the future; many of which do not involve additional spending.
By creating The Small Business Act, FSB feels a host of policy areas where legislative action is required could improve the operating environment for small businesses - including, driving late payment out of the UK economy
Ann Scott, Essex Development Manager at FSB, said: “Thousands of small businesses are being held back, not by a lack of ambition but by a systemic poor payment culture, with a lack of adequate protection for the self-employed and small businesses.
“Previous FSB research found if late payments had been made on time and as promised, in line with other comparable countries, 50,000 business closures could be avoided each year.
“The definition of prompt payment for a small business supplier, contained in the voluntary Prompt Payment Code, is to pay 95% of invoices within 30 days. That is a far-off dream for many small firms. FSB research found in every quarter of 2022, the majority of small businesses experienced late payments. For one in four small businesses, they reported late payments had got worse, quarter-on-quarter.
“Since 2020, the small business community contracted by a net half a million. With smaller businesses generally having much lower cash reserves than their larger counterparts, the risk is that late payment was already a contributory factor to this 10 per cent shrink and could now cause this number to rise.
“Cashflow is critical for all small businesses, but too often they are simply not paid promptly – or sometimes at all – for their work.
“Ending the scourge of late payment must be an urgent priority for the new UK Government, signalling a proper understanding of the challenges small business owners face. The
economic headwinds that we face make addressing late payment more critical than ever,” added Ann.
FSB has set out its suggestions, which are:
l give audit committees of large companies oversight of payment practices and mandate that payment performance/ improvement is reported in the firm’s annual report
l publicly commit to limiting maximum payment terms to small suppliers in law to 30 days by the end of the Parliament if payment practices do not significantly improve
l end poor payment across all public procurement, by barring poor payers from contracting with any public authority, including devolved/local government and non-departmental government bodies
l deliver legislative changes needed to increase the powers/resources of the Small Business
Commissioner to independently investigate poor payment practices and be able to receive referred cases/investigations from parliament/third parties with information received anonymously
l make it easier for small businesses to use court processes by increasing the limit in the small claims track to £25,000
l establish a business disputes resolution portal to help small businesses triage/ resolve disputes more cheaply and at an early stage, signposting small businesses to relevant legal resources/services such as FSB’s legal advice.
Andy Paul, Small Business Team Client Manager at Rickard Luckin, said: “Small businesses rely heavily on timely payments and customers adhering to the credit terms they offer. Many people don't realise delayed payments can severely impact cash flow, their own creditors and the ability to pay staff. Financially supporting small businesses is crucial, and paying on time plays a significant role in this. By coming together to support small businesses with prompt payments, we can help stabilise the economy and reduce the rate at which small businesses fail. Supporting small businesses means supporting our economy.”
Rickard Luckin is sponsor of the FSB Essex Business Bootcamp on September 17, where NatWest will be talking about how to manage late payments. Boor your ticket at www.fsb.org.uk/event-calendar/ fsb-business-bootcamp-makeyour-small-business-count-17sept-24.html
Fire Risk Assessment
Every business, no matter what size, must now have a recorded fire risk assessment. Does yours? (there’s also unlimited fines for breaches) Search:
Is your business risking it all?
By Alison Loades, Business Engagement Officer at Essex County Fire and Rescue
In the hustle and bustle of managing a business, one critical task often gets relegated to the background: fire safety. However, with the recent updates to The Regulatory Reform (Fire Safety) Order 2005, every premise which comes under the Order is legally required to have a recorded Fire Risk Assessment. If you are the designated Responsible Person, ensuring that your Fire Risk Assessment is a robust and detailed evaluation is crucial for the safety of everyone within your premises.
The Five Key Steps to a Comprehensive Fire Risk Assessment
1. Identify the Fire Hazards
Begin by meticulously inspecting your premises to pinpoint potential fire hazards. Consider elements like heaters, lighting, electrical equipment, and any hot works. Even seemingly everyday items such as smoking materials or storage practices can pose significant risks. Ask yourself - what could start a fire? What could burn? How could a fire start?
2. Identify People at Risk
Everyone within your premises is potentially at risk, but certain groups require special consideration. Night staff, visitors unfamiliar with the layout, lone
workers, children, the elderly, and individuals with disabilities need tailored safety measures. Understanding who is at risk allows for more effective planning and protection.
3. Evaluate, Remove, or Reduce the Risks
Once hazards and at-risk individuals are identified, the next step is to evaluate these risks. Do you have adequate escape routes and plans? Is your fire alarm system up-todate and functional? Are fire extinguishers correctly placed and maintained? Is Emergency Lighting requiredmaintained? Addressing these questions helps in formulating strategies to remove or reduce risks, ensuring that preventive measures are not just in place but are also effective.
4. Record Findings, Prepare an Emergency Plan, and Provide Training
Documentation is key. Record your findings meticulously and develop a comprehensive emergency plan. Ensure that all staff, including temporary employees, are well-versed in this plan. Regular fire drills and up-to-date training sessions are essential. An action plan, prioritising necessary steps to reduce hazards, should be created and maintained.
5. Review and Update Regularly
A Fire Risk Assessment is not a one-time task. Regular reviews are essential to adapt to changes. Have there been structural changes to the building? Have you started storing new materials or chemicals? Have you experienced a fire or a near miss? Each of these scenarios necessitates a re-evaluation of your fire risk assessment to keep it relevant and effective.
Staying Ahead of the Risk
Fire Risk Assessment is an ongoing responsibility. It requires vigilance, regular updates, and a proactive approach to training and preparedness. By staying on top of these requirements, you not only comply with legal mandates but, more importantly, ensure the safety and well-being of everyone within your premises.
For further information on conducting Fire Risk Assessments and understanding the legal requirements, visit our comprehensive guide on the Essex County Fire and Rescue Service website.
Understanding and implementing these measures can make the difference between a safe environment and a potential disaster. Make fire safety a priority - because lives depend on it.
Merger takes place between ARU and Writtle
THE merger between Anglia Ruskin University (ARU) and Writtle University College – a landmark event in UK Higher Education – has formally taken place.
Writtle University College is now ARU Writtle, in a move that provides a sustainable, longterm future for one of the oldest specialist institutions in the UK.
During the next five years, ARU will invest £10million to improve the Writtle campus estate, near Chelmsford, and develop and extend the education and research opportunities at ARU Writtle.
Writtle was established in 1893 and has particular expertise in the areas of agriculture, horticulture, equine and canine
studies, and animal management. ARU Writtle will continue to offer its full range of degree courses.
A specialist Further Education college, called Writtle College, has also been established to maintain the current course provision for 16-18-year-olds and provide a range of opportunities for adult learners.
More than 300 Writtle staff have joined ARU as part of the merger, which will allow ARU – the Times Higher Education University of the Year – to develop and extend its strengths across both education and research, as well as broaden and deepen its regional partnerships and impact.
Professor Roderick Watkins, Vice Chancellor of Anglia Ruskin University (ARU), said: “This is an exciting time and a significant
milestone in our history.
“We are delighted to have merged with Writtle University College, and together we will build on their excellent reputation and vision to achieve sustained growth in Higher and Further Education.
“Our collective academic expertise in fields including animal, environmental, health and sports sciences will help us to support and expand both education and research at the Writtle campus.
“What makes this merger so significant, and sets us up for future success, is our shared values, and how we place our students at the heart of our institutions. We warmly welcome Writtle’s staff and students to ARU.”
Leading law firm elevates Basildon presence
ESSEX-BASED law firm Birkett Long has elevated its presence in Basildon, Essex, by moving to a new office on the sixth floor of Phoenix House.
Having opened in Basildon in 2011, this move aligns with Birkett Long’s growth strategy. It aims to strengthen its regional footprint, particularly in South Essex, furthering its objectives to sustain its position as the leading Essex-based law firm providing excellent service for all, by all, all of the time.
David Cant, Partner and Director of Business Development and Marketing at Birkett Long, said: “This move also creates a significant career opportunity for an experienced professional to join Birkett Long,
take on the leadership of the office, and further develop our presence across South Essex and beyond. Initially, a significant part of the role will focus on team building and client and business partner relationship management.”
Basildon, with a population of 180,700 and an economy worth £3.7bn, is the largest and fastestgrowing economy in Essex and a significant driver of regional and national growth. The new office is part of Birkett Long’s commitment to transformative developments in Basildon and surrounding regions.
The office, strategically positioned just off the A127, is a 10-minute drive from Basildon railway station. This ensures easy access for clients and business partners, making it convenient for them to reach the office from
Basildon, Southend, and the A127/A13/M25 corridors. The office is also positioned for a 35-minute commute to London (Fenchurch Street Station), further enhancing its accessibility.
The new office features a fantastic panoramic view, providing a spacious and inspiring environment for staff and visitors.
Martin Hopkins, Managing Partner at Birkett Long, confirmed, “This move reflects Birkett Long’s commitment to aligning its services with the evolving needs of clients in the region.”
At Phoenix Business Park, sustainability takes centre stage. The latest Environmental, Social, and Governance Standards are closely monitored, focusing on energy efficiency and emission profiles.
The new office provides a comprehensive and sustainable workspace solution for Birkett Long and its staff, clients, and business partners. It also offers free parking, the excellent on-site Phoenix Bistro restaurant, and high-quality meeting rooms.
Birkett Long is here for good. It’s not just about knowing the law, it’s also about the impact we have on businesses and our communities. Birkett Long has offices in Basildon, Chelmsford, Colchester, London and Europe. It provides a wide range of legal and independent financial services for business including corporate and commercial advice, regulatory law, dispute resolution, education, insolvency, intellectual property and employment and for individuals: wills and conveyancing, family law, independent financial advice and dispute resolution.
We believe in the passion and enterprise that exists here in Essex
That’s why we work in partnership with ambitious businesses to help them overcome obstacles, make the most of opportunities and support them in achieving business success.