James Pinchbeck

By James Pinchbeck Partner, Streets Chartered Accountants

James Pinchbeck is a Partner at Streets Chartered Accountants

2022 certainly was the year for renewing connections and making new ones, following on from the long period of COVID lockdowns. The last 12 months have provided the chance to get out and meet people again. Whilst perhaps in a post pandemic world many may be wondering if they have the time to get out and about or even question the value of such activity, it has certainly been the case that being in the market place has provided many an opportunity, as well as enrichment and a true sense of wellbeing.

The year kicked off with Streets sponsoring Lincoln City FC’s match with Cambridge United FC. A match for which some with the firm had mixed loyalties with support from both our local office and that of colleagues from our office in Cambridge. Though the match went in their favour, it was a true pleasure – even for someone who is not a big follower of football to be match side. Streets are always so proud of our local team and the work the Club does within the wider community.

Whilst many business leaders get to grips with the challenges of running a business in the face of a cost-of-living crisis, rising inflation and workforce challenges, Lincoln and the county seems to be exceptionally blessed with its plethora of entrepreneurs. This was experienced first-hand at the Business Expo where Streets hosted a panel of entrepreneurs, including Mohammed Alexander, co-founder of Executives, Luke Smith from Seaweed Culture, Tanvir Hassan, co-founder of Attract, Dumi Siwo, founder and Creative Director of Firmative and Emily Mumford, founder of InkPot & Press who inspired many if not all attending.

Later on in the year Streets were also privileged, as sponsors of the Lincolnite 30 Under 30, to meet more young entrepreneurs – bringing new ideas and innovation to the fore. These included Ashely Wilks – Wallbreaker, Calvin Parson – Sunsorched Productions, Edward Crowther – My Square Metre and Lily Brown – Legless, all of whom kindly did a piece to camera and took part in our enterprising entrepreneur videos.

This was followed by the tenth Taming the Dragons event, which supported by Streets, provides the real live opportunity for businesses to pitch for investment.

As we came to the end of the year, Streets were delighted to sponsor the county’s first Enterprise Awards which were organised and hosted by The Lincolnite and Stonebow Media. The evening served to showcase the vibrancy and imagination of so many innovative and inspiring businesses that operate from across the county. Special congratulations go to the winner of the Streets sponsored Award for Ecommerce – Gifts from Handpicked and Taking on the World – Eagle Innovation.

Whilst perhaps understandably Streets, as a firm of accountants, tax and business advisors, has a passion for enterprise, we are also committed to supporting the community we serve. With this in mind, we were delighted to once again attend and support the Lincolnshire Show, the Nottinghamshire Show and Heckington Show. This is along with our wider support including that of the Army Benevolent Fund Band Concert in the Cathedral and the Lincolnshire Environmental Awards, as well as the Santa Fun Run – to name but a few.

As the summer approached, we were delighted, even excited, after a three-year absence to host our Charity Golf Day at Lincoln Golf Club. Taking place the day after the eleventh C2C2C 100-mile bike ride, for some the day did provide some chance to rest a little. With the ever seemingly good weather and great support from the teams and sponsors the event raised over £6,000 for charity including the Lincolnshire and Nottinghamshire Air Ambulance.

The closing weeks of 2022 have included a number of dinners, two that made their mark and that were particularly special were the inaugural Lincolnshire International Dinner hosted by our local Chamber of Commerce and Lincoln College’s Annual Awards Ceremony – both hosted at the re-imagined Drill. Whilst one served to showcase our world class businesses, the other highlighted the exceptional resolve, tenacity and outstanding achievements of many of the students at Lincoln College.

Whilst we conclude 2022 facing some uncertainty, there does some to be some certainty locally and across the county that we are blessed with many inspirational young and experienced business and community leaders and individuals who do and will step up to the plate and makes things happen for the better in 2023.

James Pinchbeck is Partner at Streets Chartered Accountants, a top 40 UK accountancy practice. James, as a specialist in marketing professional services, is responsible for the development and implementation of the firm's strategic marketing as well as its engagement in the community it which it works and serves. His role allows him to capitalise on his broad interest in the national and local economy as well as his passion for enterprise. As part of his wider interest in enterprise, marketing and education, James is a board member of NBV – the East Midlands Enterprise Agency, an FE College Governor and a board member of the University of Lincoln’s Business School. He is also an Institute of Director’s past Branch Chairman.

By James Pinchbeck Partner, Streets Chartered Accountants

At a time of rising inflation and living costs, for many younger workers and households, it is something they will not have experienced in their lifetime and many will have listened to the Chancellor with baited breath for measures and support to ease the burden.

Whilst many were urging the Chancellor to use the Spring Statement to axe the health and care national insurance increase due to come in this April, few probably really thought he would and he didn’t. 

In terms of support for all households facing increased costs of living, he announced a 5p reduction per litre in the fuel duty levy from 6pm.

This will no doubt be welcomed by those reliant on their car for work, particularly those living and working in rural areas where alternative lower cost travel options are not always available.

Whilst we head towards the warmer months, few though will take their minds off increasing energy costs with the price cap hike due to come in from April.

The number of people who can benefit from the news of the removal of 5% VAT levied on the installation of renewable energy including heat pumps, solar and wind etc, will probably be limited and lagged in their benefit for most.

The Chancellor also announced an increase in the Household Support Scheme with a further £500m of support being available to local authorities to target assistance to those affected by energy price increases.

When it comes to managing rising energy costs for businesses, again the measures announced were limited in that they failed to address the issues currently faced.

Supply chain issues, labour shortages increasingly giving rise to price rises for consumers and energy price rises are all key contributors to overall price rises faced on goods, especially food and other key household items.

His help with energy costs for businesses was limited to removing business rates due on a range of green technology used to decarbonise buildings, including solar panels and batteries, whilst eligible heat networks will also receive 100% relief.

So looking at how the Chancellor sought to balance managing the economy, public debt and borrowing whilst seeking to promote growth and to help those, if not all, affected by rising living costs, what were the key announcements?

In the here and now, or at least to have a more immediate benefit was the announcement that the threshold at which National Insurance Contributions are levied will rise by £3,000 to £12,570 in line with the Income Tax Threshold.

The Chancellor declared that this represents a £300 tax cut for those who will benefit from the change from July 22.

This threshold increase is believed to benefit some 70% of the workforce and should help to mitigate the increase due to come with the new National Insurance health and care levy.

When it comes to help for businesses, the Chancellor served up a lukewarm helping of reheated announcements made previously with support around reductions in business rates, stating he would introduce reliefs a year earlier in April 22, through his Help to Grow initiatives and a continued focus around innovation through research and development tax reliefs.

He did however offer support to employers, from the 6th of April, through an increase in the Employment Allowance from £4,000 to £5,000. This allows smaller businesses to reduce their employers National Insurance contributions bills each year.

As his Statement came to an end, the Chancellor’s final announcement was on the proposed reduction in the basic rate of income tax from 20% to 19% before the end of this Parliament.

Perhaps with a sense that this Statement was one based either on government seemingly becoming a little jaded, running out of steam, or facing the challenges of dealing more and more with issues in the here and now as opposed taking a more longer-term perspective.

With recent media coverage we might be forgiven for thinking that it was a statement that marks the start of a government laying the foundation and making preparations for a general election, perhaps even as early as next year.  

James Pinchbeck is Partner at Streets Chartered Accountants, a top 40 UK accountancy practice. James, as a specialist in marketing professional services, is responsible for the development and implementation of the firm's strategic marketing as well as its engagement in the community it which it works and serves. His role allows him to capitalise on his broad interest in the national and local economy as well as his passion for enterprise. As part of his wider interest in enterprise, marketing and education, James is a board member of NBV – the East Midlands Enterprise Agency, an FE College Governor and a board member of the University of Lincoln’s Business School. He is also an Institute of Director’s past Branch Chairman.