Could your business do with a resilience health check?
Welcome to today’s business news blog post. Please contact us if you want to talk about how these updates affect your business.
Preparing your business for emergencies
The UK government has a webpage with guidance to help businesses identify and prepare for the hazards and threats that may disrupt their operations.
Being more prepared and resilient could give a competitive advantage to your business. The actions you take to make your business resilient will depend on your circumstances and the risks you are comfortable taking. Having assessed these, only you can decide how much time, and possibly money, you want to invest in increasing your resilience.
These suggested actions will help you get started:
- Do a business resilience health check to help you understand how to make your company prepared for emergencies by using the weblink below.
- Talk to neighbours, businesses, and customers about your plans and how you could support each other.
- Test your plan and adjust it where necessary to avoid complications in an emergency.
- Make sure all your staff have copies of your plan and that they know their responsibilities in an emergency.
- Read the guidance for preparing your businesses for flooding and for preparing your premises.
- Use MLS Accountancy’s business helpsheets for up to date advice and information on setting up and running your business successfully.
See: Preparing for emergencies – GOV.UK (www.gov.uk)
Additional information required for Research & Development (R&D) claims
The latest Finance Act includes two changes that will affect all R&D claims:
- A requirement to provide additional information before an R&D claim is made; and
- A requirement for certain companies to make a claim notification within six months after the end of the accounting period for which they want to claim R&D relief.
When a limited company intends to make a claim for research and development (R&D) tax relief, since 8 August 2023 it is now required to provide detailed information to HMRC in advance.
You will need to set out details of the R&D project(s) undertaken, including the scientific or technical uncertainty that the work was seeking to overcome, along with details of the work done to resolve that uncertainty.
For accounting periods beginning on or after 1 April 2023, there is also a new R&D claim notification form which must be submitted within the ‘claim notification period’, which ends six months after the end of the accounting period for which the company wants to claim R&D relief.
Broadly, new claimants or those who haven’t claimed for three years will need to complete this claim notification form for accounting periods beginning on or after 1 April 2023.
Talk to us; we can assist you in preparing the notification or prepare it on your behalf.
HMRC late payment interest rates to be revised after Bank of England increases base rate
The Bank of England Monetary Policy Committee announced an increase to the Bank of England base rate from 5.00% to 5.25% on 3 August 2023.
HMRC interest rates are linked to the Bank of England base rate.
Because the base rate has changed, HMRC interest rates for late payment and repayment will increase.
These changes will come into effect on:
- 14 August 2023 for quarterly instalment payments; and
- 22 August 2023 for non-quarterly instalments payments.
Latest Health and Safety Executive (HSE) updates
The Health and Safety Executive (HSE) regularly issues safety updates, some of the latest are listed below.
Improving general ventilation in the workplace
Employers must make sure there is adequate ventilation in enclosed areas of their workplace.
Help bust the myths on portable appliance testing
Portable appliance testing (PAT) is the examination of electrical appliances and equipment to make sure they are safe to use.
HSE’s Dust Kills campaign continues
HSE’s Dust Kills campaign urges employers and those working in construction to be aware of the risks from exposure to silica and wood dust.
For updated safety alerts and notices see: HSE: Latest news on health and safety at work
Workplace Charging Scheme
The Workplace Charging Scheme (WCS) is a voucher-based scheme that provides eligible businesses with support towards the upfront costs of the purchase and installation of electric vehicle (EV) chargepoints.
All businesses can use it to help provision chargepoints for their staff or fleets. Charities and small accommodation businesses can further use it to provision chargepoints for their guests or visitors.
The grant covers up to 75% of the total costs of the purchase and installation of EV chargepoints (inclusive of VAT), capped at a maximum of:
- £350 per socket; or
- 40 sockets across all sites per applicant – for instance, if you would like to install them in 40 sites, you will have 1 socket available per site.
Closing date: 31 March 2024.
See: Workplace Charging Scheme – GOV-UK Find a grant (find-government-grants.service.gov.uk)
£40 million fund launched for 5G across the UK
The UK government has launched a £40 million fund to spark local digital revolutions and unlock 5G benefits across the UK.
Local and regional authorities can apply for a share of the multi-million-pound fund, designed to accelerate innovation in sectors such as advanced manufacturing, transport, agriculture, and public services, helping to create better connected places across the UK.
The cash boost will create 5G Innovation Regions by awarding funding to areas that can demonstrate how they will drive the development and adoption of 5G and other technologies. This will make sure communities in towns, cities and rural areas across the UK take full advantage of the benefits advanced wireless connectivity and digital technologies can provide, as well as attract commercial investment to grow the economy.
Applications of the technology could include connecting sensors that analyse and help to improve air quality by better managing traffic, and deploying 5G-enabled drones that can scan fields and crops, collecting data on weather and environmental conditions.
The deadline for receipt of applications is 10 September 2023.
See: 5G Innovation Regions: open for applications – GOV.UK (www.gov.uk)