Tag: tax

Categories
Business tips Cash Finance Function Tax Uncategorized

More money for your business – tax savings during covid 19

More money for your business than you know

Even with a little glowing light at the end this unimaginably long tunnel, it does feel like for 2021, things just managed to get worse. But we’re not here to spread doom and gloom. We want to bring hope and open your eyes to options that until now you might not have considered for your business.

More options than you realise.

You’re probably feeling like you’ve exhausted all of the support, funding and loans available to you. However, as Accountants and Advisors we have a duty to ensure our clients leave no stone unturned in these remarkable conditions we find ourselves in. And there are ways, many ways.

As expected, we have seen the government extend initiatives, pumping more money into the pot. Money to give businesses and individuals the necessary support to try and survive. But government support and loans are not the only options for businesses right now.


Cashflow from Tax Advice & Reliefs

We highlighted it back in March but still tax advice seems to be getting missed out of the opportunities. 

Now is the time to consider tax reliefs and advice for your business

And there’s a lot to consider – see the image and summary below:


Tax is a very real cost to businesses. To fail to reduce it, is to miss out on money that should
be working for you, in your business. Having an awareness of the tax consequences of grants and loans when using them is vital. You don’t want to walk into unexpected tax charges. But with the right advice you can identify major cash injections.


If you’re a business owner reading this, valuable tax savings could help counteract some of the damage you and your business are feeling right now. There are essential and popular advisory opportunities that can get money back in a relatively short timeframe with HMRC.


And tax savings don’t need to be paid back. No debt hanging over your head. Just money back
into your business. Take R&D Tax Relief as an example, you could claim up to 33%
of the costs incurred on activities that are considered eligible. This money
can be used for absolutely anything.

Don’t leave any stone unturned

Work with us, or your Accountants and Advisers, and do not leave any stone unturned. Don’t miss out on any opportunity for money back into your business when you’ve come this far.

Take a look at the image and summary, see if anything flags up for you. If they do, let’s talk.

We can help get you through this. 

 

1. Book a call with me: https://debbiebaileymoney.co.uk//contact-us/ 

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Connect with me on social media: 

Categories
Business tips Cash Finance Function R&D

You are not getting the tax advice you need…..

Stop! You are not getting the tax advice you need....and deserve

There’s an unspoken truth when it comes to tax advice: for business owners, there’s a complete lack of transparency from advisors over what tax advice actually is. This means as a business owner:

…..you don’t know what to expect from your accountant

…..you don’t know if you are getting all the advice you need

But isn’t ‘really’ anyone’s fault.

Tax advice is an incredibly complex area that hasn’t been set out as a universally defined and priced service before. Like say, bookkeeping. If you need bookkeeping, your accountant will ask you several questions about your business and give you a price based on the requirements of delivery.

Tax advice shouldn’t be any different but currently it is. Well it was until now….

Three types of Tax Service

We’ve devised a way to define our tax services to make them completely transparent and clear for our customers, and us too! 

Our Tax Services are broken down into three areas:


Tax compliance

Helping you pay the right amount of tax that’s due; your year-end accounts and tax return.


Tax advice

Delivery of specific work or planning to improve your tax position, to make a future saving, or get cash back into your business e.g. making an R&D Tax Claim

 

Tax consultancy

Reviewing your overall affairs & motives and applying tax legislation to their situation, to see where you may benefit from advice in the future.

Most accountants will have a tax compliance service that is priced or built into their accountancy package services; with tax advice delivered and charged for as and when a situation arises.

Tax consultancy though?  This is a bit of an unknown. But it’s where the most value sits for you as a business owner.  Find out more about our tax consultancy services below.

Our Tax Services

At Southbourne Accountancy we aim to be completely transparent with our pricing and recognise that as with accountancy services, the individual tax requirements of a business are very different.  

At each stage of a business’ lifecycle, there are different tax service options to consider, to make sure you are paying the most efficient amount of tax.

Take a look at our tax diagnostic service here

Like what you see?

If you’d like to have a chat with us about our tax services and find more about what you could be doing, book a call below at a time that suits:

Book in a call to get started now

 

 

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Connect with me on social media: 

Categories
Business tips Cash Finance Function Gym

Without Tax Diagnostic Software, your accountant cannot make you as tax efficient as possible. We can.

Without Tax Diagnostic Software, your accountant cannot make you as tax efficient as possible......

 We can. 

Tax is complex. You may or may not know it, but the UK tax code is the longest in the world. Hidden amongst the ever-growing 11,520-page sea of legislation, there are hundreds advisory needs, saving opportunities and available reliefs – all created to encourage you and your business.  

At Southbourne Accountancy, we have invested in technology that makes it simple enough for you to make the most of a complicated situation…  

A good accountant will use their expertise to focus on structuring your current affairs to ensure you are tax efficient today, and in the future. Unfortunately, this usually happens in the background and with limited expertise. Furthermore, this happens without much involvement from the most important influence – you.  

That is why we have invested in tax diagnostic software.  

 

What is Tax Diagnostic Software? 

 

It is a tool that has never before been available. It’s only utilised by the most proactive of accountants. Those who are at the forefront of the industry know that expertise is never going to be maximised without collaborating with technology.  

A tax review with diagnostic software takes you through a structured yes/no questionnaire format. The questions take around 30minutes to complete. They cover all areas of tax in the background, so that your advisor can focus on your goals and drivers.  

We will apply your personal, business and financial situation to all the advisory needs, saving opportunities and tax reliefs available, ensuring that each and every one is identified.  

 

You will be certain that no stone is left unturned, and that every possible opportunity is being considered.  

 

How does it work? 

 

STEP 1 PREPARE FOR THE MEETING 

We’ll invite you to your tax diagnostic review, and we’ll have already inputted your accounting and personal data. The software will analyse this and generate an array of questions specific to your situation.  

STEP 2 DURING THE MEETING 

As you answer the questions, we’ll talk more about your personal drivers, motives and ambitions, keeping jargon to the minimum.  

STEP 3 THE RESULTS 

After all the questions are answered, we’ll have a detailed report of every single advisory opportunity that is relevant to your situation. It’s as exciting as it sounds; we will have total visibility and certainty of your situation.  

STEP 4 PLAN OF ACTION 

 

With a new awareness of the personal goals that are associated with your tax situation, we will create an action plan with you at its centre. It’s time to become truly tax efficient.  

 

What to expect? 

 

After a tax diagnostic review, clients are expected to feel… 

  1. Instant progress, through the ‘quick wins’ that we will identify 

 

  1. Long term goals achieved – future tax advice will be considered, plus proactive restructuring to ensure the future that you want is a possibility 

 

  1. Control over your tax position – for the first time, you’ll be in the driver’s seat… no expertise needed! 

 

 

  1. A better understanding of tax – our clients have their eyes opened to the world of tax, and knowledge is power. 

 

Get in touch 

 

Ask your accountant if they offer a tax diagnostic service. If they don’t describe a systemised approach like the above, then they do not. We use the only software available and you are being underserviced.  

To find out how you can access our tax diagnostic service, contact us on debbie@southbourneaccountancy.co.uk/07307 186302. 

 Also, grab a copy of our “32 ways to extract value from your business” – save tax

1. Book a call with me: https://debbiebaileymoney.co.uk//contact-us/ 

2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://debbiebaileymoney.co.uk//fitness-ebook/ 

3. Connect with me on social media: 

 
Categories
Business tips Cash Finance Function

R&D – How to get more cash back into your business

Research and Development - How to get more cash back into your business

 

In February 2020, the government pledged to increase public investment in R&D to £22bn a year by 2025, meaning there is a significant opportunity for businesses to invest more on innovation and get cash back into their bank. 

R&D is a tax relief which is massively underclaimed by UK businesses, it is money that many businesses need right now. You can claim up to 33% of eligible costs incurred and better still you can go back up to two years. The average claim made by SMEs in the UK is £53,714 (2017-18). 

You can decide if to receive a cash payment now or a corporation tax reduction. R&D exists in every sector, it is not just for scientists in white coats. 

How can R&D help your business get more cash? 

There are two schemes available, this article will concentrate on the SME scheme (companies which have less than 500 staff and either not more than €100 million turnover or €86 million gross assets. Most companies, including start-ups, fall into this category.) 

A SME company that qualifies for R&D tax credits can account for an extra 130% of qualifying costs on top of the 100% already deducted. Loss making companies can in certain circumstances surrender their losses in return for a payable tax credit. 

If as a loss-making company you decided to carry forward that loss for future tax benefits, you may want to consider changing your tax return to so the carried forward loss is a tax credit. This would give you cash now when you might need it most.   

What is R&D? 

HMRC are looking for R&D that seeks to make a worldwide advance in some area of science or technology. It doesn’t have to be earth-shattering and it doesn’t have to succeed. In fact, failure on technical grounds e.g. it was too technically challenging. is often some of the best evidence of a qualifying R&D project!  

The work needs to involve technical ‘uncertainty’ i.e. it’s not straightforward and requires some iterative work and testing; and the work is carried out by staff who have either training or experience in the area of science or technology being advanced. 

Who can claim? 

To be eligible for R&D tax relief, your company must be Limited, and subject to corporation tax. Your company must have fewer than 500 staff and either not more than €100 million turnover or €86 million gross assets. Most companies, including start-ups, fall into this category. 

What are the criteria: 

1) There must have been at least one technical goal.  

2) There must have been at least one significant technological or scientific difficulty to overcome while trying to achieve this goal. 

3) There must have been people with the right skills and experience involved in overcoming this technical goal. 

What do you need to do: 

Once you have established if you have a valid R&D claim you will need to: 

  1. Work out when the R&D project starts and ends. 

  1. Collate qualifying costs 

  1. Complete the calculations 

  1. Send HMRC details to support your R&D claim, you may wish to use the online service. 

  1. Submit you CT600. 

This article does not go into the specifics of the claim and qualifying costs. Please speak to a trained professional if you require additional information and support.  

So, don’t wait to make a claim, assess your projects to determine if your business has been involved in Research and Development and get that cash back into your business’ pockets.  

2. Download our free guide on “stopping your fitness business running out of cash”  https://debbiebaileymoney.co.uk//fitness-ebook/  

3. Download our free Coronavirus support guide: https://debbiebaileymoney.co.uk//coronavirussupport/  

4. Connect with me on social media:  

 

 

Categories
Business tips Cash R&D

R&D Tax Credits Infographic

Want to find out more

Arrange a 15 minute call with our R&D Tax specialist.

Contact us
Categories
Business tips

How much should you charge? The complex issue of pricing.

    If you would like to discuss your cash flow further or have any other business queries then please use the button below to complete a contact form. Or email me on debbie@southbourneaccountancy.co.uk

    Contact me