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Ad Valorem

Treating your business like ours

Megan Joyce

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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  

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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

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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