Business News

E-Synergy is hosting a “Fund Awareness Seminar & Showcasing Event” to help announce the extra £4 million the NISPO Funds recently received.

Entrepreneurs, Businesses in the start-up phase, Businesses looking to raise investment finance, Investors, Business Mentors etc

Date:       Tuesday 23rd April2013      
Time:       8.00am -8.30am  Registration / Breakfast /Showcases
               8.30am - 9.00am  Presentations
               9.00am - 9.30am  Networking
Location:  The Pump House, Titanic Docks, Queen's Road, Queen's Island, Belfast, BT3 9DT

Cost: Free
Contact: Kathleen White, 02890 823 684, k.white@e-synergy.com

Business in the Community has extended the deadline for its 2013 NI Impact Awards and there’s a category for the Most Responsible Small Business.

The award is for companies with fewer than 50 employees demonstrating a sustainable and responsible approach to doing business, which benefits their stakeholders and wider society. Entries now close at 12 noon on 15 April 2013 and you can find out more and download an application pack at www.bitcni.org.uk/awards

Winners are presented with their award at one of the most exciting and prestigious events in the NI business calendar – Business in the Community’s Gala Awards dinner at the Waterfront Hall, which this year takes place on
6 June 2013.  

Further information can be found at http://www.bitcni.org.uk/what-we-do/ni-impact-awards/

The Invest Northern Ireland Innovation Vouchers July call for applications is now open. The programme provides a voucher of up to £4000 to enable eligible businesses to engage with one of the 41 universities, colleges and other publicly funded research organisations throughout Northern Ireland and the Republic of Ireland. The call closes at midnight on the 31st July 2012 and more information can be found here.

The NISPO Accelerator Applications close on the 11th of November 2011.  Companies must be early stage with high growth potential and the ability to demonstrate that circa £50k of investment will take them to a quantifiable milestone that accelerates the growth of the business.  Further information can be found here.

Entries are now open for the Nokia Digital Media Awards.  This year there are 23 categories including Best Mobile Website, Best Digital Game, Most Useful App and Best in Social Media.  Entries close on 21st November and the awards ceremony will take place on 30th March 2012.  Further information can be found here.

Google updates it's algorithm.  The algorithm is a system for ranking web pages used by the Google search engine and the latest update, Panda 2.5, seems to have had an impact of the way web pages are found on Google.  An interesting blog by web design company Chooboo can be found here.

BBC 3 and  Radio 1 are running a week long series of features and programmes featuring youth unemployment.  The week includes a series of programmes on BBC3  including an episode on 20th October focussing on starting a business.  More information can be found here or take the "Get yourself Hired Test" here.

Quantatitive Easing, 6th October 2011 - The Bank of England’s Monetary Policy Committee today  voted to inject a further £75bn into the economy through quantitative easing.  They also voted to hold the official Bank Rate paid on commercial bank reserves at 0.5%.  In a letter from the govenor of the Bank of England to the Chancellor, Mervynn King stated that the reasons for QE included as follows " The pace of global expansion has slackened, especially in the United Kingdom's main export markets. Vulnerabilities associated with the indebtedness of some euro-area sovereigns and banks have resulted in severe strains in bank funding markets and financial markets more generally. These tensions in the world economy threaten the UK recovery." 

Further information can be found here.  

The National Minimum Wage Rates will change from 1st October 2011

The NMW rates are reviewed each year by the Low Pay Commission and from 1 October 2011:

• the main rate for workers aged 21 and over will increase to £6.08
• the 18-20 rate will increase to £4.98
• the 16-17 rate for workers above school leaving age but under 18 will increase to £3.68 
• the apprentice rate, for apprentices under 19 or 19 or over and in the first year of their apprenticeship will increase to £2.60

Further information can be found here

HMRC issues reminder on new tax return penalties

The changes introduced by HMRC will affect self assessment returns from 2010/11.

The new penalties for late filing of a self assessment return are as below:

• An initial £100 fixed penalty, which will now apply even if there is no tax to pay for the year, or if the tax due for the year has already been paid on time;
• After 3 months, additional daily penalties of £10 per day, up to a maximum of £900;
• After 6 months, a further penalty of 5 per cent of the tax due or £300, whichever is greater; and
• After 12 months, another 5 per cent or £300 charge, whichever is greater. In serious cases, the penalty after 12 months can be up to 100 per cent of the tax due.

New penalties for paying late are 5 per cent of the tax unpaid at:

• 30 days;
• 6 months; and
• 12 months.

Interest will also be charged on top of these penalties.  The tax return deadlines remain unchanged - 31 October for paper returns and 31 January for online returns. The deadline for paying any tax due also remains the same at 31 January

Further information can be found here 

HMRC urge Business to disclose if they are ready to register for VAT. 

The VAT Initiative campaign is an opportunity for businesses to tell HMRC, between now and 30 September that they should be registered for VAT. The campaign is aimed at businesses that have  passed, or expect to pass within the next 30 days the current VAT threshold of £73,000 or who passed the VAT threshold in a previous 12 month period but did not register for VAT.  Not registering for VAT when you have exceeded the threshold is an offence and, in addition to the VAT due, there may be penalty charges. If you tell HMRC voluntarily under the VAT Initiative before 30 September you will incur a lower penalty than if HMRC have to enforce your registration

For further infomation can be found here

The Arts Council for Northern Ireland has launched the Creative Industries Innovation Fund.  The Fund is administered by the Arts Council of Northern Ireland, and supported by Northern Ireland Screen and Digital Circle.

 There will be one funding round under the Creative Industries Innovation Fund programme in each financial year from 2011/12 to 2014/15.

This first funding round for 2011/12 is open to digital content development projects only, particularly those in areas of:

•  Digital animation
•  Mobile and web content
•  e-learning and serious gaming
•  Film
•  Television
•  Music (where activity is focused on the use of music in the areas above)

100 per cent grants up to a maximum of £10,000 are available to cover eligible costs for successful projects.

Further information can be found on the Arts Council website.

IntertradeIreland has announced the launch of the 2011 All Island Seedcorn Business Competition. Seedcorn is a business competition for early stage / high growth companies in any sector on any part of the island. The competition, aimed at companies who have a new equity funding requirement, has a prize fund of €280,000 and offers  the opportunity to:

The closing date is 1pm on Friday 16 September 201.  For full details about the competition click here

NISP connect has announced the open application window for Pitchfest 2011. Eligible companies must be based in Northern Ireland and must not have raised in excess of £500,000 in seed or institutional venture capital funding.  Each application is reviewed by a screening committee of established local angel investors. Up to twelve companies will advance to final night, where they make in-person presentations to all attendees at Pitchfest 2011. There, the audience votes for the one company they think has the best chance of making it big, and the winner is presented a £1,000 cash award that night! Pitchfest is very different from a Halo investor evening in that you will not be pitching to an investor audience for money. This means that your company will still be eligible to pitch at Halo at a later date. First Prize: £1,000 & 2 runners up prizes of £500.  For more information go to http://www.nisp.co.uk/Connect/home_4.aspx.

Default Retirement Age to be phased out. The Government has said that the default retirement age of 65 is to be phased out between 6 April and 1 October 2011. This means employers will no longer be able to let employees go simply because they have reached the male state retirement age.

New Fire Safety Regulations in force in Northern Ireland. As of the 15th November 2010 the legislation regarding the fire safety regulations in don-domestic premises have changed. Under the new legislation workplaces will no longer need a fire certificate but must have a 'suitable and sufficient' risk assessment in place to include all matters relating to fire safety. For more information E-mail: hswni@detini.gov.uk

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