HMRC interest rates reduce, farmers start to receive delinked payments, how to check eligibility for farming grants and funding, plus much more!
Today’s blog post covers a variety of topics, starting with HMRC’s decision to reduce interest rates following a reduction in the Bank of England’s base rate . We also support farmers by providing information on delinked payments, and potential funding and grants. Small Business Britain opens up registrations for its September instalment of the Small and Mighty Enterprise Programme, and we discuss how energy can be harnessed from wastewater.
HMRC interest rates to be reduced
The Bank of England’s decision to reduce the base rate to 5% means that HM Revenue & Customs (HMRC) will also reduce their interest rates.
The interest rates charged by HM Revenue and Customs on late tax payments, as well as the rates they pay on repayments are linked to the Bank of England’s base rate. Late payment interest is charged at base rate plus 2.5%. Repayment interest is paid at base rate minus 1%, subject to a minimum of 0.5%.
The reduced rates will apply from:
- 12 August 2024 for quarterly instalment payments; and
- 20 August 2024 for non-quarterly instalments payments.
If you need help with your tax or are concerned about being able to pay a tax payment, please get in touch. We can work with you to make a payment arrangement with HMRC.
First instalments of delinked payments paid out to farmers
Last week, the Rural Payments Agency (RPA) announced that 98% of eligible farmers have now received their first instalment of the new delinked payments.
The second instalment is due to be paid from 30 September. This is earlier than originally planned. According to RPA Chief Executive Paul Caldwell, the payment has been brought forward “to make sure farmers are paid promptly to improve cash flow during this challenging period.”
Farmers will receive support via delinked payments until 2027.
The delinked payments are based on the average BPS payment received by the farm for the 2020 to 2022 scheme years. Progressive deductions will be applied when calculating the delinked payments each year from 2024 to 2027.
If you were expecting a delinked payment and have not received your first instalment, please feel free to get in touch and we will be happy to help you.
See: https://www.gov.uk/government/news/first-instalment-of-new-delinked-payments-issued-to-businesses
2024 Sustainable Farming Incentive agreements now live
The first of the 2024 Sustainable Farming Incentive agreements for 2024 are now live.
A tool is available that can help you find out about grants and funding that you may be eligible for. The tool can be found here – https://www.gov.uk/find-funding-for-land-or-farms
The tool doesn’t confirm your eligibility, but it is a good way of tracking down actions that you may be able to get paid for.
If you need any help finding funding that you may be eligible for, please feel free to give us a call and we would be happy to help.
See: https://www.gov.uk/government/news/first-sustainable-farming-incentive-agreements-live-for-2024
Do you want to supercharge your growth?
Small Business Britain has opened up registrations for its September instalment of the Small and Mighty Enterprise Programme.
This is a six-week CPD accredited programme that’s designed for small businesses and will give sole traders and micro businesses expert guidance and mentoring to help them grow.
The programme is free and will be held entirely online, meaning that it can be accessed from anywhere in the UK with an internet connection. An in-person event will be held to celebrate the achievements of those participating.
For further information and to register, see: https://smallbusinessbritain.uk/small-and-mighty
The Strikes Act to be repealed
The government has announced its intention to repeal the Strikes (Minimum Service Levels) Act 2023.
The Act was intended to ensure minimum service levels were maintained during strikes, particularly in critical sectors that are essential for the safety, health, and welfare of the public. This includes services like healthcare, transportation, education, and emergency services.
With a number of high-profile strikes occurring this year, no employer has actually used the legislation and the laws have not helped resolve disputes.
The Act will be formally repealed as part of the upcoming Employment Rights Bill that will be introduced in the next few weeks.
See: https://www.gov.uk/government/news/public-services-back-on-track-as-strikes-act-to-be-repealed
Energy to be harnessed from wastewater
Wastewater Fuels, located in Warwickshire, have come up with a new innovation that harnesses energy from wastewater.
Stainless steel mesh rods are used in wastewater to break down organic material into hydrogen ions that are then converted into hydrogen gas and stored in the rods.
The process has been tested in several trials and production of a full-scale sewage facility that makes use of it has now been given the green light.
The new technology has considerable potential. Currently, about 2-3% of National Grid energy is used in treating wastewater at 9,000 water treatment sites across the country. A method to treat wastewater while generating energy at the same time could be transformative as a renewable energy source.
For further information about the processes involved, see: https://www.gov.uk/government/case-studies/flush-to-fuel-transforming-wastewater-into-hydrogen-power
Active Cyber Defence 2.0 announced by NCSC
The National Cyber Security Centre (NCSC) have announced an introduction to Active Cyber Defence 2.0.
Because NCSC is part of Government Communications Headquarters (GCHQ) it has access to unique information that can help it to supplement the commercial market in providing defences against cyber attacks.
NCSC already provides a suite of services that can help organisations protect themselves against cyber threats, most of which began in 2017. Since cyber capabilities of organisations generally have evolved, as do cyber threats, NCSC is looking to put together a next generation suite of services under Active Cyber Defence 2.0 (ACD 2.0).
The original ACD services were largely targeted at the public sector, however NCSC are considering whether they need to broaden out to other organisations. They are looking at where the cyber defence edge is to be had and where they can particularly add value.
NCSC are calling for organisations to work in partnership with them in identifying and running experiments.
Defence against cyber attacks has become an integral part of business, so any developments that can assist with this burden will be of interest to all businesses.
See: https://www.ncsc.gov.uk/blog-post/introducing-active-cyber-defence-2