ERYC – Business Support Update 8th April 2024

Apr 9, 2024

Information provided by the Business Support Team – Invest East Yorkshire. www.investeastyorkshire.co.uk

We are now in the new tax year, check out the business news section which summarises the various changes which have come into effect which may be relevant to your business.

With changes also due around public procurement, if you are within the construction sector and looking to win more work, then don’t miss out on hearing from Stefanie Wright, from East Riding of Yorkshire Council and YORcivil Framework Manager NE, who will be giving an overview on the construction process for East Riding and surrounding areas. Focusing on how to work for Tier 1 contractors via the frameworks and tendering for direct contracts, insights will also be given on the new Common Assessment Standard (CAS) and the differences from PAS 91.

Book your place now by visiting Winning More Work through Tenders workshop | Eryc (evolutive.co.uk)

New flexible working rules for employees

On 6th April the Employment Relations (Flexible Working) Act 2023 was updated giving employees the ability to request flexible working from day one of their employment.

Flexible working isn’t just about working from home or an office – it can also mean job-sharing, flexitime, compressed hours, annualised or staggered hours.  

Further guidance can be found at:
https://www.acas.org.uk/acas-code-of-practice-on-flexible-working-requests/html

New HMRC guidance on tax for training costs

HMRC has updated its guidance for self-employed individuals to provide clarity on the tax of training costs. Check if the cost of your training could be an allowable business expense by visiting:
https://www.gov.uk/guidance/check-if-the-cost-of-training-could-be-an-allowable-business-expense 

Fully funded apprenticeships in small businesses

The Government announced in March that from 1 April 2024, it would fully fund apprenticeships for under 21’s in small businesses.  Small businesses will no longer need to cover part of the training cost, making apprenticeships more accessible to small businesses.  Changes to the apprenticeship levy also means that larger organisations can transfer up to 50% of their levy to other organisations.

Further details can be found here:
https://www.gov.uk/government/news/prime-minister-to-announce-major-reform-package-to-boost-apprenticeships-and-cut-red-tape-for-thousands-of-small-businesses

Reminder Payroll and National Insurances changes

The new increased minimum wage rates that have come into effect are set out below:

 

2023/24 rate 2024/25 rate
21 and over (previously 23 and over) £10.42 £11.44
18 to 20 £7.49 £8.60
Under 18 £5.28 £6.40
Apprentice £5.28 £6.40
Accommodation Offset £9.10 £9.99

 

For full details visit: https://www.gov.uk/national-minimum-wage-rates

Also, don’t forget the 2% cut in employee national insurance contributions. Employees will now be deducted 8%, rather than 10%, on monthly earnings between £1,048 and £4,189. A 2% deduction on earnings above this amount continues to apply.

There is no change to the rate of employers’ national insurance, which stays at 13.8% on monthly earnings above £758.

For full details visit: https://www.gov.uk/government/publications/changes-to-national-insurance-contributions-from-6-april-2024/reduction-to-the-main-rates-of-primary-class-1-and-class-4-national-insurance-contributions

Changes to Paternity Law

The law on statutory paternity leave has changed with leave being able to be taken at any point in the first year after birth or adoption and enabling the two weeks to be taken as non-consecutive if requested. 

For further details visit: https://www.acas.org.uk/paternity-rights-leave-and-pay/taking-paternity-leave#:~:text=If%20the%20baby%20is%20due%20on%20or%20after%207%20April,2%20weeks’%20statutory%20paternity%20leave.

AI upskilling pilot fund

Are you a business that operates in the professional business services sector, if so check out the new pilot scheme that will help fund AI training to upskill workers. Available until the 23rd April the £7.4 million fund provides 50% match funding. 

For full eligibility, details and how to apply visit:
https://www.find-government-grants.service.gov.uk/grants/flexible-ai-upskilling-fund-pilot-expression-of-interest-1#eligibility

For full details on all our services including business support, managed workspace and meeting and conference facilities visit: https://investeastyorkshire.co.uk/ or contact the business support team on 01482 391622 or business.support@eastriding.gov.uk.

Are you looking for office or conference space? Visit https://investeastyorkshire.co.uk/business-centres/ for availability and further information.

Related Posts

Karl Chairs his first Beverley Chamber meeting.

Karl Chairs his first Beverley Chamber meeting.

Newly appointed chairman, Karl Douglas, held his first meeting at The Kings Head, Beverley. He opened his address to welcome guests and members to the Chamber, commenting how honoured he is to lead the organisation into its next chapter. Karl said "Our mission is to...

read more
The Beverley Chamber has a new Chairperson

The Beverley Chamber has a new Chairperson

The Beverley Chamber of Trade held their AGM at the ERT, on the 31st January 2024. It was the end of an era and the start of a new chapter for the Chamber of Trade. After 12 years as Chairman Julian Minshall stepped down and Karl Douglas stepped in as the new...

read more