HLAS

Earlier this month, the business secretary Grant Schnapps announced a government review into tackling late payments for small businesses, while also urging large companies to pay their smaller suppliers promptly. Small businesses routinely suffer from late payments from businesses they supply, which can lead to cash flow problems, putting their firms at risk and preventing them from growing. The majority of small businesses do not have large balance sheets and cannot accommodate long payment terms or delays to receiving payment within their cash flow cycle. Significant time and resources are spent on chasing late payments. The Payment and Cash Flow [...]

Innovate UK are to invest up to £4 million in an innovation project. This will be to develop and demonstrate closed-loop recycling for the fashion and textile sector at scale. This is the initial activity of a £15 million UK Research and Innovation Circular Fashion Programme. The aim of this competition is to fund a research and development activity demonstrator. This will demonstrate new technologies, services, processes and business models capable of addressing the recycling and sorting challenges, as part of the UK’s fashion and textile sector and their direct supply chains. See: Competition overview - UKRI Circular fashion programme: [...]

The Department for Business, Energy & Industrial Strategy (BEIS) has launched the Artificial Intelligence (AI) for Decarbonisation Innovation Programme. It will support the development of innovative artificial intelligence technologies for decarbonisation applications to support the transition to net zero. The programme will also promote coordination and collaboration between AI and carbon-emitting sectors in the United Kingdom in order to maximise the economic and carbon benefits of AI solutions in solving our most critical decarbonisation challenges. See: Apply for the Artificial Intelligence for Decarbonisation Innovation Programme - GOV.UK (www.gov.uk)

The Information Commissioner’s Office (ICO) is producing topic-specific guidance on employment practices and data protection. The ICO is releasing drafts of the different topic areas in stages and adding to the resource over time. A draft of the guidance on monitoring at work is now out for public consultation. The draft guidance aims to provide practical guidance about monitoring workers in accordance with data protection legislation and to promote good practice. The public consultation on the draft guidance and draft impact assessment will remain open until 11 January 2023. See: ICO consultation on the draft employment practices: monitoring at work [...]

HMRC is reminding taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year. These grants are taxable and should be declared on tax returns for the 2021 to 2022 tax year before the deadline on 31 January 2023. The Self-Employment Income Support Scheme (SEISS) application and payment windows during the 2021 to 2022 tax year were: SEISS 4: 22 April 2021 to 1 June 2021 SEISS 5: 29 July 2021 to 30 September 2021 SEISS is not the only COVID-19 support scheme that should be declared on tax returns. If taxpayers received other [...]

HMRC has announced their suggested reimbursement rates for employees' private mileage using their company car from 1 December 2022, which are summarized in the table below. The rates have been reduced in line with the recent fall in petrol prices. However, diesel prices remain the same and LPG reimbursement rates have increased. Remember, that provided all private fuel is fully reimbursed by the employee/director, the fuel benefit does not apply. Engine Size Petrol Diesel LPG 1400cc or less 14p (15p)   10p (9p) 1600cc or less   14p   1401cc to 2000cc 17p (18p)   12p (11p) 1601 to 2000cc [...]

UK Export Finance has launched a new product to help support SMEs through challenging market conditions. The new Bills and Notes product is now open to guarantee payments by overseas buyers. The product will be available to more financial institutions with a simpler, more streamlined process. Bills and Notes are a standard method of payment where money is due under bills of exchange or promissory notes. UKEF has now improved its offer to enable overseas buyers of UK goods to benefit from extended payment terms structured using these methods. Simply put, it means that small UK businesses can get paid more quickly [...]

We were finally getting over the financial crisis when Covid struck. Then, in the trough of the worst economic downturn in 300 years, we discovered that recovery was driving the FTSE to new heights and the job market into a frenzy. In the wake of that, it became clear that the recovery was overheating and that we are now facing a period of rising inflation and industrial action. Russia’s war in Ukraine has made things worse. It has not only meant human suffering – it has affected the entire global economy, driving up the cost of food and energy. It adds [...]

Innovate UK Knowledge Transfer Network (KTN) and the Defence Science Technology Laboratory (Dstl) are inviting you to attend three virtual roundtable discussions in December. The discussions will focus on: Sustainable materials for space - 1 December 2022 Lightweight materials and structures for space - 6 December 2022 Materials to survive the natural space environment - 8 December 2022 This is your chance to influence the focus areas of Dstl's Materials for Space Science and Technology Research direction. The findings will feed into a technology roadmap to shape Dstl's future Materials for Space strategy for advanced materials and processes relating to [...]

Innovate UK is inviting innovative companies in the digital health and medical device sectors to join their Global Incubator Programme (GIP) in the USA. Applications are open to innovative companies developing technologies across a broad range of healthtech sectors including: Clinical decision support Hospital efficiency Remote patient monitoring Digital therapeutics Surgical devices ICU devices Outpatient medical devices Artificial intelligence in radiology Wearables and devices that enable patient monitoring Diagnostic platforms Biomaterials Prospective applicants should have: A novel / innovative solution with some traction (such as efficacy data or reference customers). A strong leadership team ready to dedicate time in Houston [...]