©Bloomberg Balfour Beatty has restored its dividend and reduced losses in a sign it is returning to health after a torrid two years that saw the construction group issue a string of profit warnings and fend off a takeover attempt. More On this topic IN Construction Balfour, which had been
Trimo is known for being a leading provider of architectural solutions, the company has released news that they will be holding a selection of national workshops in order to improve fire safety in the building industry. Trimo was first established in 1961, operating for more than 50 years and has
The latest Construction Products Association summer forecast isn’t predicting sunshine for the construction industry. In the document the main worry is that the term ‘uncertainty’ and what it is actually supposed to mean or refer to, shows up a whopping 70 times throughout the course of the forecast. In 2015,
Buy-to-let: should you use a limited company? Donna McCreadie is a buy-to-let taxation specialist at Perrys Chartered Accountants. Here she discusses the pros and cons of using a limited company to hold rental properties. Following the announcement to restrict tax relief on finance costs on buy-to-let properties, many individuals are
The government has confirmed the fifth carbon budget for 2028 to 2032, agreeing to reduce emissions to an average of 57 per cent of 1990 levels. It has accepted the recommendation to limit emissions during the period to the equivalent of 1.725 billion tonnes of carbon dioxide made by
The plans centre around eight major strategic development sites, with the centrepiece a new £200m light rail link between Luton Airport Parkway rail station and the airport. The link will be funded from London Luton Airport Limited’s (LLAL) capital programme. LAL has appointed Arup to design and procure the scheme,
HSE supports calls for an MOT style Landlord’s Gas Safety Record Published: 10 June, 2016 The Health & Safety Executive (HSE) is supporting the Association of Gas Safety Managers (AGSM) campaign to move to an MOT style of annual gas safety check for landlords, and is beginning a consultation process
Taylor&Emmet LLP is expanding its commercial property team to strengthen the legal advice it provides to North Derbyshire’s rural businesses. Bryony Shaw joins the Sheffield-based solicitors to take on a mixed workload of commercial work at the firm’s Bakewell office. She will be assisting Taylor&Emmet’s commercial property partner in Bakewell,
A home refurbishment project with a twist will soon be open to the public, demonstrating the solutions possible for dementia friendly construction work. The dementia friendly construction zone is being built on The BRE Innovation Park in Watford. The project is expected to be open to the public in October.
As part of the ongoing regeneration of Slough town centre, Barnshaws Section Benders has provided curved steel to support The Curve, the new cultural and learning centre: a project delivered by Slough Urban Renewal on behalf of Slough Borough Council. The steel forms part of the building’s façade, which delivers
©Bloomberg Balfour Beatty has restored its dividend and reduced losses in a sign it is returning to health after a torrid two years that saw the construction group issue a string of profit warnings and fend off a takeover attempt. More On this topic IN Construction Balfour, which had been dragged down by construction contracts won on wafer thin margins, said pre-tax losses reduced 86 per cent to £21m for the half year to July 1 on revenues down marginally from £4.2bn a year earlier. The group has proposed a half-year dividend of 0.9p a share, marking a significant milestone in its recovery plan led by Leo Quinn, the former boss of defence research group Qinetiq, who joined the construction company in March last year in a bid to revive the company. Shares in the company rose more than 7 per cent to 261p as Mr Quinn said the business had “stabilised”. “Like an iceberg the numbers are just the tip of it and don’t begin to show the extent of the progress we have made,” he said. Balfour took on too many contracts at rock-bottom prices in the wake of the recession but expects 90 per cent of those “historic” UK projects to be complete this year, allowing the company to focus on more profitable work. Losses in its UK business fell from £145m in 2015 to £66m as low margin or lossmaking contracts came to an end. Balfour is focusing on winning fewer larger contracts worth more than £5m in the UK, which it says will improve its ability to control the work and help it to restore construction margins to at least 2 to 3 per cent by 2018. It is also cutting £100m of costs and stripping out management layers under a turnround programme dubbed “Build to Last”. Nearly 1,000 back-office and administrative staff have been cut while the US business has been consolidated under a single leader. Balfour’s order book rose 12 per cent to £12.4bn at the half-year stage, compared with £11bn at the end of its last full financial year. Earlier this week Balfour Beatty won a £524m contract to electrify California’s diesel-hauled railway network, its biggest commission in the US to date. Other contract wins this year include a £170m contract to upgrade baggage screening and handling systems for Heathrow airport. It has also secured a £416m contract to build the western section of the new £4.2bn London super sewer under the Thames river from Ealing to Hammersmith in a consortium with Morgan Sindall. Britain’s construction industry slipped into recession last month making Mr Quinn’s efforts to revive the business more difficult. The company has joined business lobby groups in calling on the government to use historically low interest rates to boost infrastructure investment in the UK, including new road, rail, flood defence and power projects. “We’re looking for a lead from government,” Mr Quinn said. “Money is effectively free so it’s a good time for the government to be making long-term decisions on infrastructure.” Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link
Trimo is known for being a leading provider of architectural solutions, the company has released news that they will be holding a selection of national workshops in order to improve fire safety in the building industry. Trimo was first established in 1961, operating for more than 50 years and has developed a wealth of experience in the manufacturing of sustainable cladding systems. The company has become well known for their complete envelope solutions as well as their specialist knowledge and reliability. The well-established company is using this good source of information in order offer expert advice to those looking for advice and support. The workshops that will be held by Trimo are all CPD-certified and will cover a range of different topics such as insurance, fire testing, materials used and their installation and building regulations in relation to fire and fire safety. Following the recent headlines of cladding test failures after the catastrophic events at Grenfell Tower in London, a vast number of construction companies are wanting reassurance that what they known about the industry and fire standards does actually meet industry standards. Therefore, the CPD-certified workshops being offered by Trimo are an excellent resource for those seeking extra training or reassurance about their fire safety knowledge and standards. The workshops will also offer companies the opportunity to bring up and discuss and questions and concerns in regards to fire safety procedures and requirements that they may have. The aim Trimo is trying to achieve by holding these sessions is to make sure that participants are able to access the most up to date information and guidance from the cladding experts at Trimo. The company are hoping that these sessions will help the building industry learn and recover from the recent and horrific incident, as well as making sure that fire safety is kept as a priority in all future construction projects.
The latest Construction Products Association summer forecast isn’t predicting sunshine for the construction industry. In the document the main worry is that the term ‘uncertainty’ and what it is actually supposed to mean or refer to, shows up a whopping 70 times throughout the course of the forecast. In 2015, the same term cropped up a mere 22 times in comparison. The projection that has been produced this year by the Construction Products Association, or CPA, only stretches to 2019, the year the UK is set to leave the EU, shorter than previous forecasts which have stretched between three and five years. It could be that, without a comprehensive understanding of the terms in regards to Brexit, no accurate prediction could be reached and any attempts would only be speculation. The CPA forecast that was published in 2015 went two years further that the normal three year forecast. Comparing the 2015 prediction to the most recent demonstrates that confidence in the construction industry has dipped, with industry activity estimated at 9% higher in the 2015 forecast. A most worrying point in the 2017 forecast is that the construction industry appears to be edging towards a recession in 2018. It is widely thought that although it could be a difficult time, a full recession could be narrowly avoided. Without worrying over predictions of the future, growth in the construction industry has appeared to have suffered a slight dip in recent months, with activity appearing to decline according to CPA figures. This uncertainty is clear in a number of other industry surveys and is not surprising since the Government appears to be unclear of the different elements of Brexit, or so it has been reported. In all, uncertainty isn’t necessarily negative, just the industry surveys protecting their own back against projecting results too one way or the other when in fact there are too many unknown variables at the moment to do anything more than speculate.
Buy-to-let: should you use a limited company? Donna McCreadie is a buy-to-let taxation specialist at Perrys Chartered Accountants. Here she discusses the pros and cons of using a limited company to hold rental properties. Following the announcement to restrict tax relief on finance costs on buy-to-let properties, many individuals are now considering using a limited company to hold investment properties, but is this more tax/cost efficient overall? Unfortunately, there’s no simple answer to this question, as the best ownership structure for you will depend on a number of factors, such as your annual income and requirements, as well as your longer term intentions for the properties. The proposal to restrict tax relief on finance costs to 20% will result in a hike in tax liabilities for many investors, and this could be avoided or mitigated by transferring the properties into a limited company. Limited company profits are subject to corporation tax at only 20%, reducing to 17% over the next few years, meaning that higher rate taxpayers might benefit from holding long term investment properties in a company structure. If the intention is never to sell the properties, but to pass them on to future generations, a company structure may also be more flexible in terms of Inheritance Tax and Stamp Duty Land Tax planning, so this may sway your decision towards company ownership. However, consideration should also be given to whether you will retain the rental profits within the company, perhaps for further investment, or if you intend to spend some or all of the profits. An individual can receive dividends of up to £5,000 in the current tax year, without incurring any further income tax liability. However, dividends in excess of this amount will be subject to income tax at a rate of 7.5%/32.5%/38.1%, depending on your other income – which is in addition to the corporation tax already paid on the rental profits. Another factor in your decision on ownership of the properties would be your intention for use of the equity within the rental portfolio. Drawing equity from a personally owned portfolio wouldn’t give rise to an income tax liability, should you want to use the funds personally on your main residence or to gift to children, for example. Whereas drawing equity from a portfolio within a limited company, would be treated as dividend income, with the additional tax liabilities thereon. There is also more admin to consider when operating a company structure, which could give rise to an increase in your professional fees, so you should factor this into any costs/benefit analysis being carried out. The first step for those considering a change in ownership would be to quantify the additional tax that may be due as a result of the proposals to restrict tax relief on finance costs. In doing so, you should also bear in mind the changes that are being phased in over a number of years, and that the basic rate tax band is set to rise to £50,000 in the same period. The next step would be to do some homework on the finance options available to a limited company, as the rates of interest may be significantly higher on refinancing the properties, and the additional finance costs could well be more than the potential increase in tax liabilities as a result of the changes. It should also be remembered that moving properties into a company can give rise to a capital gains tax liability, being a disposal at current market value, which might outweigh any savings to be had from company ownership. In some cases, Incorporation Relief may allow the gains made on the properties to be rolled over into the base cost of shares issued in the company on transfer. However, for many property investors there is insufficient activity within the rental ‘business’ to qualify for Incorporation Relief, and if there are significant gains within the portfolio, it would be best to seek non-statutory clearance from HMRC as to whether Incorporation Relief would apply. For existing property investors, it would be beneficial to carry out a review of your portfolio to quantify the following: • Any increase to tax liabilities from 2016/17 as a result of the loss of the wear and tear allowance • Any increase to tax liabilities from 2017/18 as a result of the restriction of tax relief on finance costs • Potential capital gains tax liabilities on moving properties into a limited company • Stamp Duty Land Tax implications on changing the current ownership For those considering their first buy-to-let purchase, it is important not to rush into company ownership without running through the options, to see which is the best ownership structure for you. Source link
The government has confirmed the fifth carbon budget for 2028 to 2032, agreeing to reduce emissions to an average of 57 per cent of 1990 levels. It has accepted the recommendation to limit emissions during the period to the equivalent of 1.725 billion tonnes of carbon dioxide made by the Committee on Climate Change in a report published in November. The committee said reaching the target will require power generation to reach an average carbon intensity of less than 100g CO2/kWh in 2030. It said the limit will put the UK on course to meet the target of reducing emissions by 80 per cent on 1990 levels by 2050. The fourth carbon for 2023 to 2027 has previously been set at 1.95 billion tonnes of carbon dioxide equivalent. So far the UK has already reduced emissions by more 30 per cent on 1990 levels. Energy secretary Amber Rudd said: “Setting long term targets to reduce our emissions is a fundamental part of building a secure, affordable and clean energy infrastructure system that our families and businesses can rely on and that is fit for the 21st century. “The UK remains committed to playing its part in tackling climate change to ensure out long-term economic security and prosperity.” Here is how others have reacted: Lord Deben, chairman, Committee on Climate Change “I warmly welcome the government’s acceptance of the [committees’s] advice on the fifth carbon budget. Amidst many competing demands it is to their credit that they continue to prioritise efforts to tackle climate change in the UK and internationally. The government’s commitment to reduce UK emissions by 57% by 2030 will open up opportunities for UK businesses both at home and abroad. It also demonstrates the continued broad political consensus to tackle the serious risks posed by climate change.” James Court, head of policy and external affairs, Renewable Energy Association “The fundamentals of energy have not changed post-referendum, we still need new generation that is cost effective, low carbon and secure. “This would be the worst time for the government to row back or U-turn on existing commitments, which would be toxic to inward investors. So this is a positive first step, but will need to be backed up by a robust energy plan by the end of the year.” Hugh McNeal, chief executive, RenewableUK “This government is global leader in tackling climate change. Today’s announcement is especially welcome given the uncertainty caused by last week’s referendum. “It’s a clear signal that the UK will continue to show bold leadership on carbon reduction. This will allow investment to continue to flow into renewable energy projects throughout the UK”. Richard Black, director, Energy and Climate Intelligence Unit “The biggest energy issue facing the government now is lack of investor confidence. All investors want to see a smooth, predictable playing field in front of them, but over the last year they’ve been thrown one curve ball after another – and that’s making energy more expensive. “Against the backdrop of the £1.7 trillion national debt, a likely Brexit penalty on fuel costs and the fact that many of our power stations are past their sell-by date, reducing the cost of building new kit is obviously a pragmatic thing for the government to do.” “Accepting the Committee on Climate Change’s recommendations for the Fifth Carbon Budget will go some way to restoring investor confidence and so controlling costs. It won’t be enough on its own, but it’s a first step.” Jonathan Selwyn, chairman, Solar Trade Association “The Solar Trade Association very much welcomes the strong support expressed for solar by the Committee on Climate Change and by [Andrea Leadsom] in her evidence to [Energy and Climate Change Committee] yesterday. “However, in our meeting this week with [the minister] we urged her department to take specific actions to address the significant slow-down in the industry following the recent changes to the solar support framework. We believe that a number of relatively minor changes could help stimulate the market. “As an industry we are on the path to a subsidy-free future, we hope by the early 2020s. To achieve this, we need a flourishing UK industry and a government that allows us to compete on a level playing field with other renewables as well as nuclear and gas.” Luke Warren, chief executive, Carbon Capture and Storage Association “This is an important step towards building the long-term confidence in climate and energy policy that will enable the necessary investment in transformative low-carbon infrastructures like carbon capture and storage.” David Reed, head of Npower Business Solutions “We welcome the publication of the fifth Carbon Budget Order as it provides some clarity on government’s continued commitment to meeting the UK’s climate change targets. “It is vital that businesses receive all the support they need from government and industry to ensure the implications of today’s decision are made clear and enable them to make the necessary changes to their operations as we work towards a greener UK.” Claire Jakobsson, head of energy and environment policy, EEF “With the unprecedented level of uncertainty created by last week’s referendum result, it is essential that the government looks to provide stability and continuity where it is able to. Confirming the fifth budget at this level provides a positive signal that whatever the UK’s future relationship with the EU is to be, the scale of our emissions reduction ambitions and the direction of travel will remain unchanged. “Government must now work closely with industry to develop the detail that will underpin this target, ensuring a framework that helps our most energy intensive industries decarbonise competitively, but also drawing on the strengths of UK manufacturing to ensure the UK economy feels the full economic benefit of our decarbonisation drive.” Tom Burke, chairman, E3G “This decision demonstrates that despite Brexit the UK will continue to be a world leader in tackling climate change. But it will mean that the Government will have to double down on a new
The plans centre around eight major strategic development sites, with the centrepiece a new £200m light rail link between Luton Airport Parkway rail station and the airport. The link will be funded from London Luton Airport Limited’s (LLAL) capital programme. LAL has appointed Arup to design and procure the scheme, with a planning application set to be made in autumn. Procurement will begin next spring with construction due to start by autumn 2017. The system will be operational by 2020. The fully automated 24-hour system will reduce journey times between London St. Pancras and the airport terminal to less than 30 minutes. A preferred 2.2 km route for the link has been identified between two purpose-built stations. Meanwhile, a £110m redevelopment of the airport is already underway, with McLaughlin & Harvey expanding the terminal building and Buckingham Group Contracting delivering a new 1,700-space multi-storey car park, among other works. Other schemes unveiled today by Luton Borough Council include multi-million pound mixed-use developments at Napier Gateway, Henry Boot Developments’ Butterfield Business Park, High Town, Sloane International luxury apartments and British Land’s Power Court. Luton Town Football Club owner 2020 Developments has also set out plans to develop a new stadium, while Capital & Regional – the owner of the 1 million sq ft The Mall shopping centre – announced significant redevelopment plans. Councillor Andy Malcolm, chair of London Luton Airport Limited (LLAL), said: “With a catchment area of 23m people within a two-hour travel time, London Luton Airport is ready and willing to make a significant contribution to meeting the growing demand for air travel in London and the South-East. “Combined with the prospect of four fast trains an hour which we are lobbying for, this investment in mass passenger transit will transform the experience of those travelling to the airport by rail, and will encourage more people to do so and therefore help to reduce congestion on the roads.” Luton Borough Council chief executive Tony Holden said: “The investment framework presents a clear and coherent plan to the local community, partners and potential investors, and focuses attention on ensuring everything that we do is aimed at improving health, wellbeing and prosperity of our residents. “The council has grasped its ‘place shaping’ agenda and is delivering a comprehensive investment strategy of local, regional and national significance.” Source link
HSE supports calls for an MOT style Landlord’s Gas Safety Record Published: 10 June, 2016 The Health & Safety Executive (HSE) is supporting the Association of Gas Safety Managers (AGSM) campaign to move to an MOT style of annual gas safety check for landlords, and is beginning a consultation process on the change. Since the launch of its campaign in November 2013, the AGSM has lobbied with Home Group and others to raise awareness of the benefits of moving to an MOT style of Landlord’s Gas Safety Record (LGSR). A move to an MOT style of servicing would mean that the gas safety check could be carried out up to two months before the due date, but that the due date would remain unchanged each year. Claire Heyes, chief executive officer of the AGSM, said: “We believe that the key to making significant savings in gas access is through an industry-wide move to the MOT style of servicing. It will lead to improved productivity for landlords, planned servicing for summer months, improved tenant cooperation, less confusion for elderly and vulnerable tenants, allowing for a greater focus on other areas of safe affordable warmth.” The HSE’s Stuart Kitchingman spoke at the 2016 AGSM Gas Safety Management Conference and confirmed the HSE’s support of the move to an MOT style of LGSR. He confirmed the wording of the proposed amendment to HSE Regulation 36(3)(aa) which would state: “For the purposes of paragraph (3)(a), a safety check carried out not less than 10 months and not more than 12 months after the date of the most recent safety checks shall be treated as if made at the end of that period.” Subsequent meetings between the AGSM and the HSE have confirmed they are currently putting in place a comprehensive consultation process and an impact assessment to assist with the additional approval, which is still required. Ms Heyes concluded: “We are working closely with the HSE and welcome their support and their plans for consultation. The change to an MOT style of LGSR will have a significant impact on the rented housing sector and make considerable savings.” Mark Henderson, chief executive of Home Group, added: “The Gas Access Campaign has put the issue of annual safety checks firmly on the agenda. The MOT style proposal is a significant change which can help improve safety and at the same time produce considerable savings for landlords. “More than 200 voices from the highest levels in housing associations, local authorities, MPs and gas experts supported our call and we’ll now harness that support to make sure the MOT style system works as best as possible for the sector by fully engaging with the HSE.” Source link
Taylor&Emmet LLP is expanding its commercial property team to strengthen the legal advice it provides to North Derbyshire’s rural businesses. Bryony Shaw joins the Sheffield-based solicitors to take on a mixed workload of commercial work at the firm’s Bakewell office. She will be assisting Taylor&Emmet’s commercial property partner in Bakewell, George Thomson, on new and existing matters for a wide range of organisations based in and around the popular market town. Bryony worked previously at Sheffield firm, Ironmonger Curtis, where she provided corporate support for the sale and purchase of dental practices. She said: “Taking on a much wider commercial property remit is enabling me to broaden my knowledge base and technical skills. Taylor&Emmet is a large firm with professional support systems and I have been really impressed with what I’ve seen so far.” George Thomson added: “Bryony is a welcome addition to our team. Her enthusiasm, regional knowledge and excellent application of commercial property law will enhance the services we provide locally. Bakewell serves a varied client base and I have no doubt she will quickly cement her place within the town’s business community.” For more information about the range of rural business services offered by Taylor&Emmet’s Bakewell office, telephone (01629) 812613, visit www.tayloremmet.co.uk or follow the firm on Twitter, @tayloremmet.
A home refurbishment project with a twist will soon be open to the public, demonstrating the solutions possible for dementia friendly construction work. The dementia friendly construction zone is being built on The BRE Innovation Park in Watford. The project is expected to be open to the public in October. A result of the partnership that has been formed between Loughborough University and BRE, the demonstration home will be 100 sq m and will feature a range of adaptations that would cater for a number of the different stages of the debilitating illness. The intention behind this project is to show the number of innovations that can be used to keep sufferers at home and independent for longer. Dementia is a broad term for a number of brain disorders that can lead to the loss of brain function. One of the more well-known of these disorders in Alzheimer’s. Dementia has a number of progressive symptoms such as impaired memory, learning and reasoning which in time become increasingly severe. The Alzheimer’s Society has carried out research which shows that there are around 850,000 people in the UK suffering with dementia. It is thought, especially as the population gets older on average, that this number will increase. Predictions show that the figure will increase to more than one million by 2025 and two million by 2051. The project that is under construction by BRE and Loughborough University is a part of BRE’s hopes and intentions to find solutions that will allow those suffering with dementia to live independently for as long as possible. The adaptation of the demonstration home at the Watford Industrial Park will cover a number of design for dementia principals that were established by Dr Rob McDonald and Bill Halsall at Liverpool John Moores University. The input of carers and nurses have also been combined with BRE’s design expertise in order to create this demonstration house. It is hoped that the work being put in by BRE and Loughborough will encourage more of the industry to look into the ways construction work can be tailored towards tackling the challenges of this debilitating disease.
As part of the ongoing regeneration of Slough town centre, Barnshaws Section Benders has provided curved steel to support The Curve, the new cultural and learning centre: a project delivered by Slough Urban Renewal on behalf of Slough Borough Council. The steel forms part of the building’s façade, which delivers a truly modern aesthetic, intended to uplift the local area. As a result, the building has been awarded ‘Development of the Year 2017’ at the Thames Valley Property Awards. The new steel framed structure is 90m long and includes a floor space of 4,500m2, which houses a café, museum, library, offices, exhibition space and a 280 seat auditorium. Each elevation features cantilevers, or, a glazed curving façade, a characteristic which was enabled by Barnshaws Section Benders expertise. The Tividale based metal bending and fabrication expert was contacted to assist in the project due to a proven track record of providing similar solutions for landmark building projects, such as the Francis Crick Institute in London and the Oval cricket ground living wall. Precision curved steel is opening up new opportunities to architects and contractors, allowing new buildings to move on from the boxy structures that defined building design during the late 20th century. Businesses such as Barnshaws offer highly specialised machinery and an expert workforce to deliver CE marked curved steel sections to almost any radii, a service which defines the aesthetic of The Curve. These sections are now taking their place in new buildings all over the UK, offering residents facilities that raise the profile of the local area. Designed by CZWG and completed by Morgan Sindall and Caunton Engineering at a cost of £16.5 million during September 2016, the building now acts as a vibrant community hub, featuring sustainable technologies such as photovoltaic roof panels and a low energy ventilation system. Reception of the building has been overwhelmingly positive, with the industry now recognising the buildings ground breaking design. Greg North, Commercial Director at Barnshaws added: “At Barnshaws we gather great experience in delivering specialised curved sections for landmark building projects, utilising our capacity and unique service offering to meet complex architectural challenges and achieve deadlines. We also offer aluminium louvres as part of our façade expertise, so we are ready to service almost any structure with high quality fabrications.”