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Archives for September 2020

September 30, 2020 by Megan Joyce Leave a Comment

Supporting our clients then, now and in the future

COVID-19 has presented many businesses with unprecedented challenges. Here at Ad Valorem, we recognised very early on in the pandemic that we had two main priorities; supporting our clients during this time of uncertainty and economic change, and also ensuring the wellbeing of our team. 

Due to our investment over the last couple of years in cloud technology, the transition from office to home working was swift. Most members of staff were able to adapt to working from home within a matter of hours, with our entire team being fully operational only two days after we took the decision to close our office on Monday, 16th March. 

Uncertainty is one of the biggest threats a business can face, and we understand that being a business owner can sometimes be an extremely lonely place. We therefore made it our first objective to contact all clients, whether business owners or self-employed individuals, to act as a sounding board for their concerns and to provide relevant advice for their particular situation. 

In the early days and weeks of lockdown, information was released daily from the government regarding the support being launched for business owners. The daily press releases often provided little detail on this support which we thought could result in business owners finding it difficult to identify what support was applicable to them and how to apply for it. To provide clarity around the government initiatives, we provided detailed weekly guidance emails, along with our Ad Valorem COVID-19 Support Guide, which outlined the support available for different business types and sectors, highlighting eligibility criteria and how to apply for the schemes. 

We fully appreciate the enormity of the impact COVID-19 has placed on businesses and understand that the Job Retention Scheme has particularly helped many of our clients through the lockdown period. As the lockdown has proven to be one of the most significant challenges for business in the 20 years we’ve been established, we are extremely proud and grateful that we didn’t furlough any of our employees and kept our team fully contactable for our clients. In fact, over the lockdown period we’ve welcomed seven new starters across all areas of our practice from payroll, to accounts and tax, to our specialist R&D team. 

As well as focusing on our clients, we have also launched in-house initiatives to take care of our amazing team. Working from home often sees the working day extend into usual social time, resulting in a decrease in exercise. We therefore introduced the Ad Valorem ’Step Challenge’, where employees were targeted with walking a number of steps per week, with a prize available if maintained over the month. Prizes included local business vouchers to support the community economy when lockdown restrictions reduced accessibility and water bottles to encourage a healthy lifestyle. We also hosted family quizzes over Zoom, which kept our more remote team members in touch with each other. 

As lockdown begins to ease and business slowly starts to return to normal, we would like to take this time to reflect and thank both our wonderful clients and amazing team for their continued support and hard work over the last six months. We will continue to support our clients in line with the new normal and are ready for any potential challenges the coming months may bring. 

Digital accounting enables you to access your numbers anytime, anywhere and on any device with an internet connection. If you’d like more information about digital accounting, please contact us using our details below. 

(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk  

Filed Under: Blog, News & Insights Tagged With: Covid-19

September 30, 2020 by Megan Joyce Leave a Comment

What is The Job support scheme?

The job support scheme is a government lead scheme designed to protect and preserve jobs in businesses who are in lower demand over the winter months due to Covid-19. This scheme has been implemented so workers can stay part of a workforce and not struggle to find more income to support themselves and they’re families. 

The job support scheme is aimed to help employees who have been forced to work reduced hours; employees will be placed on reduced hours if the business does not require the staff and/or cannot afford to pay you your full contracted hours. When an employee is on reduced hours, they must work a minimum of 33% in the business to qualify for the scheme.

The idea is that employers will pay their staff for the number of hours worked in their business as usual. However, for the hours you are contracted but you do not work, the government and your employer will split the pay. The government will pay 1/3 of hours not worked (capped at £697.92 a month) and your employer will pay the rest up to 80%. This means employees will earn 80% pay of the hours they do not work. 

In summary you will take 100% of your wage for actual hours worked in the business and 80% wage for the hours you are contracted but you did not work in the business, due to unforeseen circumstances with COVID-19. 

Eligibility

Employers– All employers with a UK bank account and UK PAYE schemes can claim the grant. Employers from large businesses will need a financial assessment test as this scheme will only be provided to those who are experiencing a low turnover due to Covid-19 impact. 

Employees– Employees must be on an employer’s PAYE payroll on or before 23rd September 2020. Submission notifying payment of an employee to HMRC must have been made on or before 23rd September 2020. 

For the first three months of the scheme employees will be required to work at least 33% of their usual hours. After those three months it is up to the government to increase this minimum hour’s threshold. 

How to claim

The job support scheme will be active come the 1st November 2020 and run until the end of April 2021. Employers will be able to make a claim through the Gov.uk website from the 1st December 2020. Payment after a successful claim will debited on a monthly basis. The claim can only be submitted in any given pay period, after payment to the employee has been made and that payment has been reported to HMRC via a Real time information return (RTI).

  • HMRC will check claims and retain any claims found to be fraudulent or showing incorrect information. A full claim must be made by the employer and agreed with their staff. Employees must be notified in writing of any changes made to their contract. 

Example given by the government 

  • Beth normally works 5 days a week and earns £350 a week. Her company is suffering reduced sales due to coronavirus. Rather than making Beth redundant, the company puts Beth on the Job Support Scheme, working 2 days a week (40% of her usual hours). 
  • Her employer pays Beth £140 for the days she works.
  • And for the time she is not working (3 days or 60%, worth £210), she will also earn 2/3, or £140, bringing her total earnings to £280, 80% of her normal wage. 
  • The Government will give a grant worth £70 (1/3 of hours not worked, equivalent to 20% of her normal wages) to Beth’s employer to support them in keeping Beth’s job. 

For more information on the Job support scheme please visit Gov.uk

(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk  

Filed Under: Blog, News & Insights Tagged With: Covid-19

September 14, 2020 by Megan Joyce Leave a Comment

The scheme was announced to help both small and medium sized business recover from the negative financia

There is no doubt that 2020 is proving to be massively different to any of the predictions given by tax advisers at the start of the year. After three years of wall to wall Brexit coverage, a worldwide pandemic has changed the business landscape beyond recognition and there is the inevitable speculation amongst business leaders that there will need to be an increase in taxes… but what will this look like? 

In July, Chancellor Rishi Sunak commissioned the independent Office of Tax Simplification to review how Capital Gains is paid by individuals and smaller businesses. This has naturally led to a nervousness around whether this will lead to a Capital Gains Tax increase. Of course, this is purely speculation and every year around the presentation of the annual tax budget, rumours of tax changes are rife, many of which never materialise.

Other areas which might see changes are the various reliefs available for selling our main residences, our businesses and certain other assets, such as vintage cars, which at the moment are exempt.

We should not forget that there have already been some changes in April 2020 to Capital Gains Tax on residential properties, with the key change being that tax is now due to be reported and paid within 30 days of the completion date. In the grip of the pandemic, the Government did announce a relaxation to this rule with penalties only being charged for completions after 31st July 2020.

What should the public do to prepare?  

Firstly, there is no doubt that the Government will be watching the economy very carefully before making changes to taxes. It is important not to take action based on speculation or rush into a decision without all of the facts. 

Our advice is that people should take the opportunity to review their affairs and seek professional help if needed. 

How can we help?

We have dedicated Personal & Corporate Tax departments, who offer a free no obligation meeting.  In our initial meeting we learn about your plans for the future and identify areas in which we can help you to meet your short and long-term financial goals.  

If you would like to arrange a meeting, please contact us on our details below. 

 (E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk  

Filed Under: Blog, News & Insights Tagged With: Tax

September 7, 2020 by Megan Joyce Leave a Comment

What is the Kickstart Grant Scheme?

The scheme was announced to help both small and medium sized business recover from the negative financial impact of COVID-19. This can be achieved through the purchase of professional services, purchasing minor equipment or to adopt new technology to prepare and diversify in response to the pandemic. SEMLEP’s Growth Hub is responsible for allocating the grants in the SEMLEP area of Bedfordshire, Northamptonshire and Milton Keynes. 

Grants of up to £5,000 will be available, with most grants predicted to be in the region of £1,000 – £3,000. One aspect of the grant is specifically aimed at tourism and hospitality-related business’, which you will need to specify during the application process to determine which funding allocation your grant will come from. Whether your business is or is not related to the hospitality sector you will still complete the same application form.

How do I receive the grant?

If you are successful in being awarded a grant you will receive a grant offer. This then allows you to purchase the items or services approved in your grant application. Once you have purchased your intended product you can claim the amount for the grant payment to be issued to you.

Is my business eligible to receive the grant?

First and foremost, you must be based in the SEMLEP area and you must be able to implement the changes listed on your application proposal as soon as your grant has been approved, with all required permission in place (such as planning permission or dependent licences). 

You must also employ less than 250 people and have a turnover of less than £45m.

Click here to view the Growth Hubs most frequently asked questions:

How do I apply for a grant? 

On Monday 14th September at 9am the South East Midlands Kickstart Grant Scheme will be live and available for you to begin your application. To prepare and increase your chances of being successful for your application, please see below some example questions that may appear during the application process.

Link: https://www.semlepgrowthhub.com/wp-content/uploads/2020/09/South-East-Midlands-Kickstart-Grant-Scheme-webform_03.09_web-version.pdf

With Milton Keynes and surrounding regions being a comparable business hub to the capital, it is expected that there will be a high number of applications. With an estimated only 200 grants available in the SEMLEP region it is vital to be prepared.

Dates to remember

Monday 14th September (9am): Applications open

Monday 28th September: Successful applicants will be notified and grant offer letters will be issued

For any further questions or to confirm your eligibility, please do not hesitate to contact us:

(E) enquiries@advaloremgroup.uk or (T) 01908 219100

Filed Under: Blog, News & Insights Tagged With: Covid-19

September 4, 2020 by Megan Joyce Leave a Comment

Xero is an efficient and popular accounting software that makes running your business simple. Xero is used by millions worldwide and can be easily accessed anywhere via the cloud. We are proud to be a Xero Platinum Partner and have implemented their software internally. During lockdown alone we have helped over 130 clients to convert to using Xero, with the ‘cloud’ aspect being highly beneficial during the period of reduced functionality. There are many reasons to love Xero, but we’ve highlighted our favourite benefits below. 

Time Saving Capabilities

Modern day bookkeeping and accountancy should be fast and efficient just like the modern-day business owner. Xero gives you the opportunity to take control of your business finances anywhere in the world via a mobile app. With automation and high-performance accuracy, Xero helps to create endless efficiencies by reducing the amount of time you spend manually inputting your business finances.

You are able to view your real time financial details including information such as: outstanding invoices and bills you are still required to pay.

Anytime, Anywhere

Xero has now made it easier than ever to go mobile by giving business owners access to their business finances anytime, anywhere. Using the Cloud, Xero can be accessed on any devise using a 2-step authentication for extra security. All information on Xero is encrypted so only you can see your finances. By downloading the Xero app on your smart phone it allows you to track your finances on the go. With Xero you’re in control. 

Efficiency

Another benefit of keeping your accounts on Xero is the efficiencies it creates. Having your real time financial figures at your finger tips, available anywhere in the world helps to create educated decisions. Through the use of the Xero app you are able to raise invoices and upload and expense receipts as soon as required with the simple push of a button helping you save time.

Instant Financial Reporting

With Xero you are guaranteed fast and updated results upon log-in. Every transaction made, every profit and loss and other information is instantly updated onto your private account. As a business owner you need to be confident the numbers you are seeing are up to date. With Xero, you can have accurate results and information at your fingertips. 

Always Improving

Xero is always testing new ways to improve itself, such as giving regular free software updates to all its users. Xero releases monthly product updates to keep track of any changes, one recent example of this is Xero’s making tax digital connection. With Cloud software there is no need to install or update, all data is backed up automatically. Cloud-based software can be used from any devise with internet connection, keeping small business owners connected with their accountants and data. The software can also integrate with third- party business apps which is not only easy and simple to use but cost effective. Flexibility with remote working is also something that Xero are working on closely, making data fluid and accessible. 

Navigation Made Easy 

Navigating your way through Xero couldn’t be simpler; be it on the app or web. Xero have designed easy click steps to make your experience quick and accessible. All the information you will need about your business finances can be found in the new organisation menu. The menu is clearly displayed and gives you access to files, organisation details, invoices and bank accounts. Xero has also designed a dashboard to show all financial aspects with the help of illustrated and up to date graphs and charts. 

For any further questions or to request a demo of Xero please do not hesitate to contact us.

(E) enquiries@advaloremgroup.uk  (T) 01908 219100

Filed Under: Blog, News & Insights Tagged With: cloud accounting

September 4, 2020 by Sophie Wright Leave a Comment

Am I eligible for the Childs Trust Fund?

If you were born between 1st September 2002 and 29th January 2011 you may be entitled to receive some money from HMRC! 

Who are the HMRC?

HMRC stands for Her Majesty’s Revenue and Customs and they are essentially a team within the Government that is responsible for collecting peoples taxes and make sure everyone is paying the correct amount of tax and simply collection of all the money that pays for the UK’s public services. These public services include paying police officers, firemen and nurses and doctors working for the NHS.

What is a Childs Trust Fund?

A Childs Trust Fund is a pot of money that the HMRC created for babies born between 1st September 2002 and 29th January 2011 in order to help make sure they have some form of savings for when they reached the age of 18 and became an adult.

This week marks the first day, 18 years later, from when the first Childs Trust Fund was made available, and therefore those turning 18 will be able to claim their money saved in their ‘pot’.

Do I have a ‘pot’ waiting for me?

If you were born between the above dates then there will be a savings pot saved for you! If you ask your parents or guardian they may have the details but do not worry, if they weren’t aware of the scheme you may still be able to receive a sum of money to receive on your 18th birthday! HMRC automatically enrolled eligible babies to the scheme and puta minimum of  £250 into the account.

How to I make the most out of the Childs Trust Fund?

If you are not 18 yet, it is still possible to save more money in to the account.

With the trust fund the more you put in creates potential for the money you will get out. Some people might choose to invest their pocket money or ‘spend half and save half’ of their Birthday or Christmas gift money. The fund is an investment, meaning it may grow in value over time and the amount you put in may or may not have increased by the time you come to cash it in.

I want to have more control of my Trust Fund

If you are 16 you are able to take over control of the Child Trust Fund account and whilst you cannot withdraw any money until you are 18, you will be able to meaning you would be responsible for putting money into the account instead of your parent or guardian. You would also be responsible for contact your Child Trust Fund provider should you ever have any questions.

I am about to turn 18, what happens next?

On your 18th Birthday you will be allowed to take out the money from the account. It is then your choice what you do with the money! You may choose to spend it on supplies for uni or you may choose to reinvest it into an adult savings account.

For more information click here.

(E) enquiries@advaloremgroup.uk  (T) 01908 219100

Filed Under: Blog, News & Insights Tagged With: Tax

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