Are you claiming your full State Pension? A delay to the Procurement Act 2023 and how UK Export Finance could help your business to grow
If you claimed Child Benefit between 1978 and 2000, it might be worth checking to see if you are currently claiming your full State Pension – we guide you through how to check whether you are eligible. We also provide information on the government delaying the 2023 Procurement Act until 2025, and we discuss potential UK Export Finance and show you how it could help your business to grow.
Check your National Insurance record: Are you missing out on your full State Pension?
HM Revenue and Customs (HMRC) has recently reminded people to check and make sure they are not missing out on valuable State Pension entitlements due to gaps in their National Insurance (NI) record.
The issue mainly affects parents, particularly women, who claimed Child Benefit before 2000. During that time, Home Responsibilities Protection (HRP) was designed to reduce the number of NI qualifying years needed to receive the full basic State Pension. However, if you didn’t provide your NI number when claiming Child Benefit, your record may not reflect the HRP you were entitled to, potentially lowering the State Pension you will now receive.
Who should check?
If you claimed Child Benefit between 1978 and 2000, it’s worth checking if HRP was properly applied to your NI record, especially if you took time off work to raise a family. Although HMRC is writing to those affected, you don’t need to wait for a letter—you can check your NI record online or through the HMRC app.
If gaps are identified and you successfully claim HRP, your NI record will be corrected, and the Department for Work and Pensions (DWP) will recalculate your State Pension. This could result in higher payments or, in some cases, back payments.
How to check and claim
It takes about 15 minutes to check your record on GOV.UK. If you find any gaps, you can submit a claim online or by post. There’s no need to apply if you already receive the full State Pension or if your missing year is already counted as a qualifying year.
Why this matters
For those nearing, or at, State Pension age, these missing years could make a difference in retirement income. Taking a few minutes to check your records now could help ensure you receive the full pension you’ve earned.
If you need any help, please feel free to give us a call and we would be happy to help you. Don’t miss out on what’s rightfully yours!
See: https://www.gov.uk/government/news/check-youre-not-missing-state-pension-payments
Procurement Act 2023: Implementation delayed to February 2025
The government has announced a delay to the start of the Procurement Act 2023, moving the commencement date to February 2025.
The Procurement Act aims to simplify and improve transparency in public sector procurement and open opportunities for small businesses.
While the Act’s goals remain unchanged, the government has decided to develop a new National Procurement Policy Statement before the Act comes into force. In short, Labour don’t like the Policy Statement that the Conservatives previously wrote and want to write their own.
How could this affect businesses?
For businesses that had hoped to start capitalising on the simplified procurement processes promised by the Act, this is frustrating news. You may have wasted time and money on getting ready and opportunities for contracts being offered this autumn may now be more difficult.
On the other hand, the additional time may offer you an extended period to be able to adapt to the new requirements and opportunities. This could provide a chance to better prepare for the potential benefits of easier access to public contracts.
Whether or not the delay will mean that the revised framework offers more favourable conditions for businesses remains to be seen.
What’s next?
The government plans to withdraw the previous policy statement and start drafting new regulations to implement the Procurement Act on 24 February 2025. This also involves working closely with the Welsh and Northern Irish governments to ensure a smooth roll-out across the UK.
For businesses, the key takeaway is to stay informed and prepared. The delay offers a window to get ready for the changes, ensuring that when the Act does come into force, you can take full advantage of the new opportunities it promises to deliver.
See: https://questions-statements.parliament.uk/written-statements/detail/2024-09-12/hcws90
Could UK Export Finance help your business to grow?
Kiverco, a family-owned business from County Tyrone in Northern Ireland, has secured multi-million-pound contracts to export recycling machinery to Saudi Arabia with the support of UK Export Finance (UKEF). UKEF has provided a £350,000 export insurance package that will help Kiverco to install new plants in Saudi Arabia.
Kiverco designs and installs recycling plants that process and recover waste across various sectors, including construction, municipal waste, and dry mixed recyclables. With over 400 sites worldwide, the Dungannon-based company is well-positioned to meet rising demand in Saudi Arabia’s waste sector, which is pushing for more sustainable infrastructure development.
This news story highlights the role that UKEF can play in supporting businesses that are looking to expand their trade internationally. UKEF can support businesses to find the finance and insurance needed to grow their export trade.
If you need any advice on the tax implications of exporting or would like advice on obtaining finance, please just get in touch. We would be happy to help you.