FTSE 100
PAUL ROBERTSHAW Talking about telecoms
-19.58 5915.55
Full inter view - Page 3
JILL HAGUE Global ambitions Column - Page 4
An EXAMINER publication
KIRKLEES BUSINESS NEWS The business NEWSpaper for Kirklees
Chamber calls for action on funding BUSINESS leaders in Kirklees have w e l c o m e d t h e g o v e r n m e n t ’s announcement of a third round of Regional Growth Funding to help UK companies grow and create jobs. But the Lockwood-based Mid Yorkshire of Chamber said it was essential that the extra £1bn funding available under the latest round of RGF “should be provided with the minimal bureaucracy and delay”. Chamber policy chief Steven Leigh said: “Our region has benefited from about £60m of funding from the first two rounds of the RGF and the chamber welcomes this additional tranche, which could provide a significant boost to companies in mid-Yorkshire.” Mr Leigh said the funding should go to support advanced manufacturing businesses, saying: “Support for these key industries is strategically important as we look to rebalance our economy. “It is essential at this time of uncertain economic conditions that companies are given the support and reassurance to invest and grow with confidence.” Mr Leigh said the chamber’s latest quarterly economic survey showed that many firms were delaying investment and employment plans due to concern over current economic circumstances.
Businesses eligible for RGF funds must have ambitions to create new jobs in their local community – and must also illustrate that their development plans will have a significant impact on the local economy. “It is companies such as this, with real ambition and growth prospects, which will provide the employment and wealth creation necessary to lead our country’s economic recovery,” said Mr Leigh. “It is essential that this funding should be provided with minimal bureaucracy and delay – so that firms can begin to invest and expand immediately.” Mr Leigh also called for more pro-business measures in next month’s Budget to improve the business environment and provide greater incentives for private sector investment. “Previous commitments to reducing the amount of business regulation and red tape, to the substantive reform of the planning system, to the reform and simplification of public procurement processes and to facilitating the release of private money for major infrastructure projects should now be delivered as an absolute priority,” he added. Companies to benefit from previous rounds of RGF cash include Brighouse-based Halifax Rack & Screw, which received £200,000 to boost a
■ PRIORTY: Steven Leigh (left), head of policy and representation for the Mid Yorkshire Chamber of Commerce; and David Frith, corporate finance partner at Deloitte in West Yorkshire
£1.5m investment in production facilities at its Armytage Road premises. David Frith, corporate finance partner with Deloitte in West Yorkshire, urged companies to prepare well if they intended to bid for round three funding. He said Yorkshire firms had enjoyed “real success” in the previous two rounds of RGF – but said it would become increasingly difficult to secure funding from this pot. He said: “The two previous rounds of RGF have been heavily oversubscribed, but with significant funding
available to business in Yorkshire, taking the time to prepare and submit a quality bid is worthwhile.” He added: “Businesses should ensure they fully understand the bidding criteria and options.” He said: “This is expected to be the single largest grant funding route available to businesses in 2012. “Plan your project now, assess its merits and recognise it weaknesses. A well thought through bid, carefully planned and impartially reviewed, will boost your chance of success.”
Redknapp case fuels demand for insurance
■ ENQUIRIES: Steven Gash, of Clough & Co
DEMAND for tax investigation insurance is soaring in the wake of football manager Harry Redknapp being cleared of tax evasion, it is claimed. Steven Gash, practice chairman of Cleckheaton-based chartered accountancy firm Clough & Co, said specialist insurance policies were available to cover accountancy and legal fees that may be incurred during HMRC tax enquiries. He said: “Any business or individual submitting a tax
return can be investigated by HMRC and a large number are selected randomly, so lots of people find themselves under investigation every year. “In the past, a lot of people failed to understand how much an investigation could cost them and just saw the insurance as another cost, but we recently had a client that had to claim for fees of more than £40,000 through tax investigation insurance – even though they were completely innocent – so it’s
well worth the small outlay. “It also cost the last seven clients to be investigated – who didn’t have cover – a total of £139,723 which could have been paid by insurers.” Said Mr Gash: “Although very few people will find themselves in Harry Redknapp’s shoes, his situation highlights how much these cases can cost and how long they can last and it’s certainly raised awareness about the importance of keeping tax affairs in order.
“We’ve been offering this insurance for the last 10 years, but just recently enquiries for it have gone through the roof.” Jurors accepted Redknapp's denials that he avoided tax on £189,000 in a Monaco bank account. His acquittal alongside co-defendant and former Portsmouth chairman Milan Mandaric blew the final whistle on an £8m City of London Police investigation that lasted five years.
INSIDE Room for a winner A DESIGN and marketing agency with a national client base is the latest winner of a monthly business award. The Engine Room Design Co Ltd, based at Huddersfield’s Media Centre, won the Eaton Smith Business of the Month Award. Co-founders Darren Evans and Helen Whitehead received their framed certificate at a presentation at the law firm’s High Street offices.
● Full story - Page 8
The most trusted news brand in the business
examiner.co.uk
2 8 , Fe b r u a r y, 2 0 1 2
Business expands DENBY Dale businesswoman Jo Haigh has expanded her business in West Yorkshire. The partner at fds Corporate Finance Services, has set up a Wakefield office to complement the firm’s existing sites in Birmingham and London – and is already making an impact with the local business community.
● Full story - Page 6