Ad Valorem
Treating your business like ours
Yesterday we hosted a face to face Collaborate MK Gold Members workshop, we shared a huge amount of knowledge between us and had an amazing time. A huge thank you to Tim Lee for organising.
(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk
Learning how to manage your books can be a daunting task and relying on others to help you understand your Xero accounting software can leave you with unnecessary stress and worry about your business finances.
All this can be resolved by taking a Xero Accounting Training Course. It may not be the right time for you to hire or outsource your book-keeping, but understanding your financials is key to all business owners and so if it’s not practical to outsource your book-keeping taking steps to fully understand your book-keeping software may be a good first option.
Our Xero Accounting Training Course is suitable for any business owner looking to gain an in depth understanding of Xero. By taking our Xero Accounting Course you will gain the necessary skills to efficiently keep on top of your numbers.
Our Xero Accounting Courses are designed to provide you with the skills to keep your file up to date. Xero Courses typically include:
We always endeavour to design our Xero Accounting Training sessions to tailor our content to the business owner’s requirements. For example, some business owners may have an in-depth knowledge of book-keeping fundamentals but are new to Xero and the single ledger entries, whereas others may be completely new to book-keeping and Xero and require a more generic session.
To summarise, completing a Xero Accounting Training Course will give you a greater understanding of your Xero file and how to use the different functions in Xero so you can run your business finances in the most efficient way. Making your book-keeping processes as efficient as possible will allow you more time doing what you love!
Watch our short video below to understand more about our Xero Accounting Training Course.
If you’re interested in our Xero Accounting Training Course, contact us on:
(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk
We are proud to announce our recent partnership with 2020 Best British Bank award winner, Starling Bank. Being a Xero Platinum Partner, it is important to us that we partner with and refer banks that are compatible with the cloud software to our clients. Starling Bank offers a quick and easy set up made even easier using our new partner referral link. Starling links directly to Xero offering real-time transactional data at a click of a button. Starling also offer an easy to use mobile app, to give you quick an easy access to your bank account while on the go.
Starling Bank is a fully licensed bank and is part of the FSCS providing protection up to £85,000. Signing up to Starling is quick and easy, with the registration process only taking a couple of minutes. You are able to sign up on the go, with no branch visit or paperwork required. To ensure you make the most out of Starling, they offer 24/7 customer support ensuring you feel comfortable using the app software and utilise its capabilities.
To open a Starling Bank you must be a UK resident, and to utilise the business bank account there are a few other requirements you need to meet:
For full business account terms click here.
If you have any questions regarding the above please do not hesitate to contact us:
(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk
R&D (Research & Development) is a tax relief scheme which was introduced by the Government in 2000 to help and reward innovative businesses thus allowing them to progress.
What is R&D?
R&D takes all allowable expenditure incurred during the R&D project and allows you to gross it up by 130% meaning you can effectively deduct 230% of relevant costs from your profits. This equates to more than double of the allowable expenditure incurred.
Qualifying expenditure includes raw materials, staff costs, subcontractor costs and apportionments of overheads that are relevant to the R&D project. Loss making companies also benefit as they can opt for a cash payment of 14.5% of the losses made which increased from 11% as of 1st April 2014.
The R&D claim is submitted with a written report outlining why the project(s) undertaken qualify for R&D and backing schedules with details of costs incurred.
How far back can you claim R&D tax relief?
You have two years from the end of your accounting period to submit an R&D tax credit claim for any qualifying expenditure that you’ve identified during that period. This is because R&D tax credits are a Corporation Tax relief and the deadline for amending your Corporation Tax return is typically 24 months after the end of your accounting period.
Who qualifies for R&D?
The main requirement for a successful R&D claim is that your company is undertaking work which seeks to achieve an advance in science or technology.
The activities that directly contribute to achieving this advance in science or technology through the resolution of scientific or technological uncertainty are also eligible for R&D relief.
The common misconception is that the R&D tax relief only applies to those companies working in a scientific sector. In actual fact any sector could qualify for R&D relief if they can prove the project lead to an improvement in that field.
Here are some examples:
If you think your company could be eligible for R&D tax relief, there are a number of things that we can help you do in order to maximise your R&D claim.
These include:
If you would like to speak to us regarding R&D tax reliefs and whether you would be eligible, please contact us using the details below:
01908 219100
If you’re wondering whether your business is eligible for an R&D tax claim, then take one step further and find out…
Our dedicated R&D Tax Team have over five years of experience in providing professional and exceptional Tax Relief services to many clients and accountancy practices. Our consultants have a superb working relationship with the R&D offices within HMRC and they will adequately agree and submit the quantum of the claim with HMRC. We work on a contingent basis, so there is absolutely no financial risk to you and offer no minimum claim level, complete transparency and 100% success based fee structure.
Click here for more information.
So, what are R&D Tax Credits?
R&D Tax Credits are a tax break situated by the UK Government for limited companies paying corporation tax. The R&D reliefs help a range of businesses that work on unconventional projects in sectors such as Science and Technology. For small to medium enterprises (SME’s) the R&D relief enables companies to take off an extra 130% of their qualifying costs from their annual profit, as well as the standard 100% deduction, giving you an overall total of 230% deduction. The costs that can be claimed include consumable items, staff costs, subcontractor costs and other overheads that are applicable to the R&D project. On the other hand, if you’re a loss making SME, you can still claim 14.5% cash credit into your bank and if your project was unsuccessful, there is still a possibility of making a claim on the losses made.
Are you eligible for R&D Tax Relief?
Most companies think that R&D tax claims are only limited to specific sectors, original ideas and completely new products, but that is not always true. The principle requirement for a successful R&D claim is if your business is undertaking work which directly makes a boost in human knowledge. If your business is taking a chance by enhancing, innovating or developing a process, service or product, then there is a high possibility of your business qualifying for R&D tax credits. Common sectors like Science and Technology are known to be more beneficial in getting a tax credit, but Ad Valorem have proven to have successful claims in the following sectors:
Statistics show that the R&D Tax Relief Scheme has been existing for over 15 years and almost £2bn per year is currently being claimed. Ordinarily, SME’s are claiming £46,000 each per annum.
Click here to find out more information.
How do I claim?
Our tax consultants will fill in all the necessary paperwork, make the claim through your company’s tax return and then submit an R&D tax claim report to HMRC for assessment.
Usually, the process can take as little as four weeks from initial meeting to receipt of confirmation from HMRC. There is also no minimum claim level and no requirement for a multi-year tie-in agreement.
Therefore, if you believe that your company may be eligible for R&D tax relief, then please let us know.
Contact:
Duncan Bruce – Sales & Marketing Director
01908 219114
