This newsletter is part of a regular email I send out to businesses in Scunthorpe. If you have not received this directly from me, please click here to subscribe to my Business newsletter.
See my previous Business Update (08/02/22) on Gigabit Broadband access, NLC Business Digitalisation Grant and the NL Business Awards here.
Following the Chancellor's Spring Statement last week, I wanted to write to highlight the measures outlined to help businesses.
Please see below updates on the following:
- Spring Statement: Fuel Duty Cut by 5p per litre for 12 months
- Spring Statement: Employment Allowance increased by £1,000 to £5,000
- Spring Statement: Research & Development Tax Reliefs reformed to include some cloud and data costs.
- Spring Statement: Business Rates exemption for capital used in onsite renewable energy generation and storage to be brought forward to April 2022
- Spring Statement: Potential future investment policies to be put forward for businesses' views
- Humber Internships Programme matching students with local businesses for 12-week internships
- Labour Market Support Fund opened by Greater Lincolnshire LEP for projects to fill shortages.
Just a reminder that North Lincolnshire Council's Start-Up Grant remains open for new applicants. The Grant aims to assist individuals to meet business costs associated with becoming self-employed or starting a small business, and are awarded in the region of £500, up to £1000.
Businesses may be interested to know that I am continuing my campaign in Parliament to obtain support for energy-intensive industries across the UK, including our steelworks here in Scunthorpe. I have written to the Prime Minister and Chancellor multiple times on this, taken signatures from supportive colleagues and stood up in the Commons to seek assurances from the PM just before the Spring Statement last week. I was pleased to see him confirm a 'British energy security strategy' imminently. The steelworks is so important to our local economy and I know the Government understands this.
Spring Statement Headlines
You can read the full Spring Statement here, or read a summary for businesses below.
Fuel Duty Cut by 5p per litre for 12 months
This cut came into force from 6pm on Wednesday and will last until March 2023. Having co-signed a letter to the Prime Minister last week in favour of cutting fuel duty, I am pleased that this measure has been brought forward. It is expected to save £200 for the average van driver, and £1500 for the average haulier.
Employment Allowance increased by £1,000 to £5,000
This will allow employers to reduce their NICs bill by up to £5,000. It builds off the £1,000 increase to £4,000 in April 2020, and is a tax cut equivalent to employing four full-time employees on the National Living Wage without employers NICs.
Research & Development Tax Reliefs reformed to include some cloud and data costs.
All cloud computing costs, including storage, will qualify for relief. Draft legislation to be published this summer with a view to implementation in April 2023.
Business Rates exemption for capital used in onsite renewable energy generation and storage to be brought forward to April 2022
The exemption was only due to come into force in April 2023. Low-carbon heat networks with their own rates bill will also be eligible for 100% relief from April 2022. Local Authorities will be compensated for loss of income.
Potential future investment policies to be put forward for businesses' views
The Spring Statement document highlights a number of potential policies that could be put in place as the Super-Deduction comes to an end next year (p.42). They include full expensing, introducing a First Year Allowance and/or increasing the permanent level of Annual Investment Allowance. In any instance, they have confirmed that they will cut tax rates on business investment in the Autumn Budget. The Government have promised to consider the views of businesses so watch out for a consultation.
Labour Market Support Fund opened by Greater Lincolnshire LEP for projects to fill shortages
£1.7 million in project funding has been made available to employers across Greater Lincolnshire to fund schemes that reduce labour shortages. The Local Enterprise Partnership has issued a call for projects designed to reduce barriers to employment, with examples including specialised training, recruitment campaigns, retention support and others listed here. Funding requests are expected to be in excess of £200,000 but lower amounts may be considered if the case is strong. The deadline for Outline Business Case Submissions is the 29th April at 5pm, so find out more and apply here.
Humber Internships Programme matching students with local businesses for 12-week internships
The Humber Internships Programme is looking to match up Humber SMEs with students for 12-week internships. These students and graduates have a vast range of specialist skills and can fill a wide variety of roles in a business. They will be ready to start work in June, and then they may need to resume their studies in September or, alternatively, you can offer them a permanent role! ENQUIRE HERE.
The Government is currently asking for businesses' views on the following:
- UK-New Zealand FTA: Trade and Agriculture Commission call for evidence
- Consultation on repealing the EU port services legislation
- Consultation on the future of insolvency regulation
- Further technical consultation on Jet Zero (net-zero aviation sector by 2050)
- Consultation on Online Advertising
- Survey and Call for Evidence on taxation of Property Income.
As ever, it would be great if businesses in our area had their say so our views are represented.
As ever, get in touch with me directly if you need anything else- firstname.lastname@example.org.
- More businesses able to access Gigabit Broadband, NLC Business Digitalisation Grant, NL Business Awards Entries Open- 08/02/22
- End of 'Plan B' Restrictions on Thursday, Launch of Help to Grow Digital, Local Grants for Cycling Infrastructure- 25/01/22
- NEW: North Lincs Council Grants announced - 31/12/2021
- Business Update 21/12/2021: One-off grant and discretionary grant announced, SSP rebate reinstated
- Business Update 17/12/21- New Covid rules for businesses, NLC Start-Up Grant and Sustainability Grant
- Local Hospitality and Tourism Fund open, Key takeaways from last week's Budget, Campaign Success on Lorry Park Facilities- 03/11/2021
- Government consultation on Vaccine Passports- COVID-19 Business update 28/09/2021
- Share your Kickstart experiences, £220 million to reduce emissions & flexible working consultation launched- COVID-19 Business update 24/09/2021
- Important: Local DWP Kickstart event, updated Furlough and SEISS information, key conslutations - COVID-19 Business update 20/08/2021
- Important consultations, quarantine rules for industries, new allergen regulations and CJRS update- COVID-19 Business update 27/07/2021
- Covid Guidance from Monday, Hospitality Recovery Plan and info for social care providers- 16/07/2021
- Changes in restrictions, final reminder for discretionary grant 15/06/2021
- Discretionary grant up, Farmers Consultation, CJRS elgibility 28/05/2021
- NLC Schemes, 4th SEISS grant, Discretionary Grant update - COVID-19 Business update 05/05/2021
- Updates to work safety guidance, Register for FREE weekly tests, Grants and other business support schemes - COVID-19 Business update 08/04/2021
- Ready to reopen Scunthorpe, FREE lateral flow tests for biz with over 50 employees, SME Brexit Support Fund - COVID-19 Business update 24/03/2021
- Weddings and Sports roadmap + Big update covering support schemes, tax changes, and policy updates - COVID-19 Business update 16/03/2021
- Special Business update - Budget overview - COVID-19 Business update 03/03/2021
- Lockdown grants update, Important Furlough and Self-Employed Income Support Scheme deadlines - COVID-19 Business update 08/01/2021
- Lockdown Grant Details - COVID-19 Business Update 05/01/2021
- Discretionary grant update, notes from Weddings meeting, lower self-isolation period- COVID-19 Business Update 14/12/2020
- Tier 3 Grant open, Tier reviews, outbreak control support and wet pubs grant- COVID-19 Business Update 4/12/20Tier 3 restrictions, new SEISS up - COVID-19 Business Update 26/11/2020
- COVID Winter plan, furlough changes, self-isolation payment - COVID-19 Business Update 24/11/2020
- Discretionary grant released - COVID-19 Business Update 13/11/2020
- Chancellor's announcement updates, Discretionary Grant confirmed, industry guidelines - COVID-19 Business Update 06/11/2020
- Lockdown support and grants - COVID-19 Business Update 04/11/2020
- COVID-19 Business Update 23/10/2020- Chancellor’s IMPROVED Winter Support Package
- Coronavirus Business Update 22.09.20- Chancellor's Winter Support Package
- Coronavirus Business Update 22/09/20- Today's updates and key guidances
- COVID-19 Business Update 08/09/2020- Feedback from hospitality industry needed, job creation schemes available for your business
- COVID-19 Business Update 09/07/2020- Further reopening of businesses, eat out scheme details, green homes grants
- Important update: Chancellor's statement and what it means for you - 08/07/2020
- Quick update - full list of businesses, guidance available - 24/06/2020
- Further opening of key sectors, self-employed support - COVID-19 Business update 23/06/2020
- NLC Discretionary Business Grants now open for application - COVID-19 Business update 01/06/2020
- COVID-19 Business update 29/05/2020 -Important update on furlough, Self-Employed income support scheme EXTENDED
- COVID-19 Business update 26/05/2020- Retail update, tax clarifications, claim for SSP
- COVID-19 Business update 14/05/2020- Major housing update, holiday entitlement guidance, guidance for discretionary council grant released - COVID-19 Business update
- COVID-19 Business update 13/05/2020- Furlough scheme extended, health and safety priority
- COVID-19 Business Update 11/05/20- Details on today's announcements, how to make your workplace "Covid-Safe"
- COVID-19 Business update 04/05/2020- Bounce back loans available NOW, Council to get discretion for grants, further info for employees
- COVID-19 Business update 27/04/2020- New 100% backed loans for small businesses, Furlough scheme feedback
- COVID-19 Business update 15/04/2020- Date set for furlough scheme (get ready!), more info for the self-employed
- COVID-19 Business update 03/04/2020- Coronavirus Business Interruption Loans, Industry updates
- COVID-19 Business update 27/03/2020- Important update for employers: more details on "furlough"/ "80% scheme"
- COVID-19 Business update 26/03/2020- Self-employed details, letter to Chancellor and Business Secretary
- COVID-19 Business update 24/03/2020- Important guidelines and updates
- COVID-19 Business update 23/03/2020- Lockdown and further information
- COVID-19 Business update 22/03/2020- Coronavirus Job Retention Scheme, my pledge to the self-employed
- COVID-19 Business update 20/03/2020- URGENT UPDATE
- COVID-19 Business update 18/03/2020- Business Interruption Loan Scheme, Business Rates Holiday, Small Business Grants