What is unsecured business finance?

There are now over 40 lenders willing to lend unsecured small business loans in the UK. Whilst the majority of these will require a personal guarantee (PG) from directors, some do not. The difficulty being they all have different criteria, different application processes and different sectors they prefer lending to. A complex and time consuming task for business owners. Our experts save you time by guiding you through these processes and they will work quickly to understand the business and financial requirements of the applicant, introducing only those lenders who can meet those needs and who are most likely to accept the unsecured business loan application.

The benefits of arranging Unsecured Business Finance are (subject to status):

• Whilst lenders like to see 1 years’ worth of trading, providers can offer unsecured loans to start ups
• Borrowers do not always need to be homeowners
• Options may be available to those with an adverse credit history
• Funds can be made available within a matter of hours
• Personal loans can be used by sole traders and directors to put money into their firm.

Typical outcomes would be lenders do not take a legal charge over any specific asset. The lender does, however, seek a personal guarantee from the borrower.

Merchant cash advances means you raise finance based on your credit card turnover. Your proven average monthly turnover is typically the amount you can receive a merchant advance loan for.

Please talk to us about any financing needs you have for your business; we will be delighted to arrange a meeting with a local finance expert.

Tax relief for employee travel where there is “hybrid” working

During the COVID-19 pandemic many employees were required to work from home.  Since restrictions have been lifted, employers have put in place “hybrid” working arrangements whereby employees work from home on certain days and in the office for other days. Some of these arrangements are contractual and others are arranged on a voluntary basis.

HMRC have recently updated their internal guidance in their Employment Income Manual to deal with situations where employees are travelling between home and their office which, in most cases, will continue to be treated as ordinary commuting and not an allowable business journey. The exception is where home is their workplace and the place where the employee lives is dictated by the requirements of the job.

Note that HMRC Guide 490 for employers has yet to be updated.

The legislation in section 337 ITEPA 2003 permits relief for travelling expenses necessarily incurred in travelling in the performance of the duties of the employment. Subject to certain conditions, travel may be considered to be in the performance of the duties of the employment, where:

• travel is between workplaces,
• travel is between home and work, where home is the workplace and the place where the employee lives is dictated by the requirements of the job, or
• a travelling appointment is held.

Section 338 ITEPA 2003 permits relief for the cost of travel for necessary attendance at any place in the performance of the duties of the employment. Travel for necessary attendance includes journeys that employees make to or from a place they must attend in the performance of their duties, but not journeys that are ordinary commuting or private travel.

New HMRC example of hybrid working:

An employee works in his employer’s office for 4 days every week, but the requirements of the job dictate that he must work at home every Friday. It is accepted that his home is a workplace on Friday.

His travel from home to his employer’s office on Monday to Thursday is ordinary commuting because those premises are a permanent workplace.  His travel costs on those days are not deductible.

If he is unexpectedly required to visit the employer’s premises on Friday to carry out the duties of his employment, his travel costs are deductible under Section 337 ITEPA 2003. On that day he is travelling between two workplaces.

Contrast with the following HMRC example:

Elliot’s employer has decided to offer its employees a hybrid way of working which allows a mixture of working at home and working in the Bristol office. This flexible way of working is offered on a voluntary basis.

Elliot decides to split his time between working at home and in the Bristol office. Tax relief is not available for journeys between home and the office because the office remains a permanent workplace.

Elliot using his home as his workplace does not override the fact that it is his home and travel to a permanent workplace from home is ordinary commuting.

See: HMRC updated guidance - (https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim32170)

What to do with your savings?

Saving used to be the foundation of good financial management. Putting cash away to deal with emergencies, or to build up a cash sum for anything from a deposit on a first home to our old age was the first step to financial security.

The banks and building societies were only too pleased to help us become savers. They needed our cash to lend out to other customers and they would pay interest to encourage us to leave it on deposit with them, but times have changed. It looks as though the banks don’t want your savings and they are certainly not keen on paying a good rate of interest on them.

The Covid crisis is still not over, but it could be that normal life is becoming a real prospect for the near future. The Bank of England has even raised its own interest rate – the rate that underpins the rates the high street banks use – in an attempt to get inflation under control as the economy bounces back.

But although the base rate increased from 0.1% to 0.75% in recent months, the banks don’t seem too keen on passing on the increase to savers. You might still only earn 0.01% on easy-access deals from the big banks; Barclays, Lloyds (including Halifax), HSBC and NatWest (including Royal Bank of Scotland).

The simple reason is that they are already awash with cash, having benefited from an additional £187 billion savings accumulated since the start of the pandemic and total of around £974 billion sitting in easy-access accounts.

They don’t need to pay you to look after your money and the reserves are so high this is unlikely to change any time soon.

It is possible to earn slightly better rates on your savings with some smaller banks and online providers. Your financial adviser could help you find the best performing accounts, but it might still be difficult to earn more than around 0.75%.

This is of course substantially below the current inflation rate of 6.2%, meaning that your savings will decline in value in real terms.

So what are the alternatives?

With investments, your cash is used to buy something, such as stocks and shares. These may rise and fall in the short-term, but if you invest carefully for a few years, you have an excellent chance of riding out these ups and downs and taking advantage of long-term potential growth in the markets to provide capital growth – or income.

Starting investing can seem a big step, but with help from your financial adviser, investing – in a tax-efficient ISA – can be as easy as saving. Ask them to help you select managed funds that are right for you.

Please note: The information contained in this article is based on general knowledge and does not constitute financial advice or a recommendation to suitable investment strategy, you should seek independent financial advice before embarking on any course of action. Please talk to us and we can recommend an independent adviser. 

HMRC urges caution as fraudsters seek to attack personal tax accounts

HMRC is warning individuals not to share their personal information online to avoid their identities being used to claim bogus Self-Assessment tax refunds.

HMRC is aware that criminals are attempting to obtain customers’ Government Gateway logins and other personal details, enabling them to register for Income Tax Self-Assessment and submit bogus tax refund claims before pocketing the repayment.

Individuals, ranging from teenagers to pensioners, are being targeted on social media platforms by fraudsters seeking to ‘borrow’ their identities. In return, the individual is promised a cut of the tax refund ‘risk-free’.z

Handing over sensitive personal information to criminals like this, even inadvertently, risks individuals involving themselves in tax fraud, and having to pay back the full value of the fraudulent claim.

Customers should therefore only deal with HMRC directly or through their tax advisor in relation to their Self-Assessment tax refunds.

See: HMRC urges caution as fraudsters seek to hijack personal tax accounts - GOV.UK (https://www.gov.uk/government/news/hmrc-urges-caution-as-fraudsters-seek-to-hijack-personal-tax-accounts)

25th March 2022 – Hillmans Weekly Update

Below I have summarised all the main tax related updates we have seen this week.

• Spring Statement 2022
• What is Property Finance?
• £150 million innovation loans scheme launched
• National Living Wage and National Minimum Wage rates for 2022
• Should you consider a Salary Sacrifice Arrangement to reduce tax and NICs?

If you have any queries about this week’s content, or if you need any assistance please do not hesitate to contact me.

I hope you have a great weekend.

Stay safe and well.

Cheers,

Steve

Steven Hillman BSc (Hons) ACA
Chartered Accountant
Tel: 01934 444100

Spring Statement 2022

The Chancellor of the Exchequer, Rishi Sunak, delivered his Spring Statement on Wednesday 23 March 2022. Below are the key measures affecting our clients.

National Insurance Contributions (NICs)
Despite lobbying to delay the upcoming 1.25% increase in NICs payable by employees, employers and the self-employed, the government has decided to go ahead as planned from April 2022, to provide additional funds for health and social care. 

Some new measures have however been announced in an attempt to combat the effect of the increase, at least partially.

Increase in the starting NIC threshold for individuals
The annual level at which employees and the self-employed start to pay NICs was due to increase from £9,568 to £9,880 from 6 April 2022.

This increase will go ahead but be further uplifted to £12,570 from 6 July 2022, effectively aligning the point at which an individual starts to pay NICs with the £12,570 income tax personal allowance.

In the tax year to 5 April 2023, this is a NIC cut worth £267 for most employees and £207 for most self-employed individuals.

Crucially, this will more than negate the impact of the 1.25 percentage point NIC increase for most workers with employment earnings of less than £34,000, providing them with a small contribution to the increased cost of living.

The starting NIC threshold for the self-employed and company directors is computed on an annual basis and so will be set at a pro-rata sum of £11,908 for the whole of the tax year to 5 April 2023, before increasing to £12,570 in the tax year to 5 April 2024.

Class 2 NIC liabilities of the self-employed
For the self-employed, some individuals will find that they no longer need to pay Class 2 NICs from April 2022. The small profits threshold will be set at £6,725 as planned but the requirement to pay Class 2 NIC will only apply to those with self-employed profits over £11,908.

This will benefit approximately 500,000 self-employed individuals by saving them £165 a year.

From 6 April 2023, Class 2 NIC will only be payable by those with profits over £12,570.

What about employers?
No changes have been made to the annual level at which employers’ NIC start to apply; namely £9,100 for most employees in the tax year to 5 April 2023.

However, the Employment Allowance, which allows eligible businesses to reduce their employer NIC cost, will increase from £4,000 to £5,000 for the tax year to 5 April 2023.

It is expected that 495,000 businesses will benefit from this increase, with most saving £150 in the tax year to 5 April 2023.

Personalised summary
While the Spring Statement described tax cuts, we must not lose sight that there is still the upcoming 1.25 percentage point increase in NIC, along with a freeze in income tax bands and allowances. Many individuals and businesses will still be paying more tax and NIC in the year to 5 April 2023 than they did last year.

Please get in touch if you’d like a personalised summary of how these changes affect you or if you have any questions about your payroll.

Income Tax
The Chancellor has committed to reduce the basic rate of income tax from 20% to 19%, but not until 6 April 2024.

Note that the Scottish Parliament and Welsh Assembly have devolved powers to set their own income tax rates on earned income.

It is estimated that this will save 30 million individuals an average of £175 per year.

Business Tax Relief for Capital Investment
In preparation for the 130% ‘super-deduction’ for companies coming to an end on 31 March 2023, other alternatives are being considered in an attempt to continue encouraging investment from April 2023.

In the meantime, remember to talk to us about the reliefs potentially available (to companies and non-corporates) for expenditure on plant and machinery. This includes:

• A £1million annual investment allowance;
• 130% and 50% super-deductions;
• 100% first-year allowances (including on electric cars); and
• 18% and 6% writing down allowances.

The date of acquisition of capital assets can make a difference to the tax relief you can claim so do speak to us before your next sizeable investment.

Fuel Duty
Fuel duty has been cut by 5p per litre for 12 months from 6pm on 23 March 2022.

The Treasury report that this will save the average car driver £100 a year and the average van driver £200 a year.

Household Support Fund
The Household Support Fund will be doubled to £1billion from April 2022. The Fund will help households with the cost of essentials such as food, clothing and utilities.

Green Technology
Green technology, including solar panels and heat pumps, will be exempt from business rates in England from April 2022, a year earlier than originally planned.

VAT on Energy Saving Materials (ESMs) installed in residential accommodation will be reduced from 5% to 0% from this April in Great Britain. The measure will be introduced in Northern Ireland in due course. The 0% rate will apply until 31 March 2027.

A 100% relief for eligible low-carbon heat networks which have their own rates bill will also be available.

VAT Rates in the Leisure and Hospitality Sector
No extension has been granted to the leisure and hospitality sector for use of the reduced 12.5% VAT rate on eligible supplies including food, non-alcoholic beverages and hotel and holiday accommodation. The VAT rate applied to these supplies will revert to 20% from 1 April 2022 as planned.

Research and Development (R&D)
The R&D tax relief schemes for companies will be enhanced from April 2023 but we have to wait until this summer for more details.

We do know the reform is set to boost sectors where the UK is a world-leader, including artificial intelligence, robotics, manufacturing, and design.

GIFT AID YOUR DONATIONS TO HELP UKRAINE
For individuals and businesses wanting to donate money to help to support those suffering in Ukraine, there are a number of charities providing humanitarian relief. Ideally this should be done via the Disasters Emergency Committee (DEC) Appeal at www.dec.org.uk/.

Individual UK taxpayers should make sure to tick the Gift Aid box as that will increase their donation by 25%. It should also be remembered that, like pension contributions, higher and additional rate taxpayers are able to obtain even more tax relief. For example, a £40 donation only costs £30 after higher rate tax relief. 

What is Property Finance?

Our property finance experts specialise in arranging finance for new build, conversion and refurbishment projects for property developers and investors. Our property finance experts also arrange competitive bridging loans to ‘bridge’ a timing gap between a debt coming due, or the main line of credit becoming available. Our experts can also help you to purchase your business freehold with a Commercial Mortgage tailored for you.

The benefits of arranging Property Finance are:

• Access to highly competitive rates, arranged by a team of experts who will walk with you to completion and beyond, advising you every step of the way
• Access to a full range of property finance products from a vast range of lenders
• Bespoke solutions tailored to you

Our experts advise on a range of solutions such as Bridging Finance, Development Finance, Developer Exit Loans, Second Charge Loans, Property Investment Loans and Impaired Credit Loans.

Ask us for an introduction!

£150 million innovation loans scheme launched

Following an extended pilot programme, the government has launched a new series of innovation loans worth £150 million.

Innovate UK will deliver the loans through a series of competitions over the next three years to support small and medium-sized businesses (SMEs) and level up the UK.

The first competition has now opened for applications.

Innovation loans: Future Economy competition - round 1

As part of the first competition, Innovate UK is offering up to £25 million in loans to micro businesses and SMEs.

The funding will be allocated across a series of four consecutive rounds with the next round opening on the day the previous round closes:

• round 1 - opened 10 March 2022
• round 2 - opens 14 April 2022
• round 3 - opens 12 May 2022
• round 4 - opens 9 June 2022 and closes 13 July 2022

See:  UK Innovation Strategy: leading the future by creating it - GOV.UK (https://www.gov.uk/government/publications/uk-innovation-strategy-leading-the-future-by-creating-it)

 

National Living Wage and National Minimum Wage rates for 2022

The government have announced the rise in the National Minimum Wage and National Living Wage from April 2022. Please talk to us if you have any questions about your payroll.

In full, the increases are:

• National Living Wage (23+) to increase from £8.91 to £9.50
• National Minimum Wage (21-22) to increase from £8.36 to £9.18
• National Minimum Wage (18-20) to increase £6.56 to £6.83
• National Minimum Wage (16-17) to increase £4.62 to £4.81
• Apprenticeship Wage to increase from £4.30 to £4.81

See: National Minimum Wage and National Living Wage rates - GOV.UK (https://www.gov.uk/national-minimum-wage-rates)

Should you consider a Salary Sacrifice Arrangement to reduce tax and NICs?

With the increases in National Insurance Contributions (NIC) from 6 April 2022 many employees and their employees are considering changing their entitlement to their contractual salary for either tax free benefits in kind such as additional contributions into their pension, or benefits in kind that have a low tax and NIC charge such as an electric company car. This needs to be done with care and requires a change to the Contract of Employment.

From 6 April 2017 where a benefit is given as part of optional remuneration arrangement (salary sacrifice), the rules for valuing the amount of the benefit treated as earnings from the employee’s employment has changed.

Where a benefit is given under optional remuneration arrangements, the general rule is value of the benefit treated as earnings from the employment is the greater of the amount of:

• salary or cash pay given up by the employee in return for the benefit
• the benefit treated as earnings from the employment under the normal rules, ignoring any amount made good, as outlined in HMRC booklet 480

The 5 exceptions to this rule are:-
• employer pension contributions;
• employer-provided pension advice;
• employer-supported childcare and provision of workplace nurseries; and
• cycles and cyclist's safety equipment
• Ultra – Low (< 75g) CO2 emission cars

Many employers have started offering zero or low emission cars as an alternative to additional or reduced salary entitlement. The normal optional remuneration arrangement rules do not apply to cars with CO2 emissions of 75 grams per kilometre (km) or less. Cars with CO2 emissions of 75 grams/km or less continue to be taxed on the cash equivalent of the benefit worked out under the normal rules without having to make a comparison with the salary foregone.

Example

An employee is given an electric car which is available for their private use under an optional remuneration arrangement in which the employee gives up salary of £150 per month, or £1,800 per year. The car has zero CO2 emissions and has a list price of £40,000 and a cash equivalent value of £800 (£40,000 x 2%). The relevant amount to be treated as earnings from the employment is the £800 cash benefit because its CO2 emissions are no more than 75 grams.

18th March 2022 – Hillmans Weekly Update

Below I have summarised all the main tax-related updates we have seen this week.

• Buy New Equipment Before 6 April?
• What is Peer to Peer (P2P) lending?
• How To Create a Marketing Plan
• Small Business Sustainability Basics Programme

If you have any queries about this week’s content, or if you need any assistance please do not hesitate to contact me.

I hope you have a great weekend.

Stay safe and well.

Cheers,

Steve

Steven Hillman BSc (Hons) ACA
Chartered Accountant
Tel: 01934 444100

The Small Business Sustainability Basics Programme

Small Business Britain is launching “The Sustainability Basics programme”, in partnership with Oxford Brookes Business School, to help small businesses make the most of the opportunities of sustainability.

This free programme (and community of like-minded businesses) will give each entrepreneur the basics they need to supercharge their sustainability planning, reduce their impact on the planet, and turn their sustainability plans into fantastic commercial advantage.

This programme will be delivered over six weeks entirely via digital channels.

Webinars are recorded and available for catch up on a dedicated page on the Small Business Britain website.

All sessions begin at 11am and the modules include:

1. 21 March 2022: Sustainability is Good for Business
2. 28 March 2022: Starting at the Beginning: Energy and Transport
3. 4 April 2022: Where You Are & What You Do
4. 25 Apr 2022: A Team Effort: Working With & Adapting Your Supply Chain
5. 3 May 2022: Offsetting: The Good, The Bad & Making a Plan
6. 9 May 2022: Sustainability for You

See:  https://smallbusinessbritain.uk/

What is Peer to Peer (P2P) lending?

P2P is a relatively new concept which bypasses the banks to allow businesses to borrow money directly from ordinary people. Businesses get the funding they need, and lenders get a better rate than they would leaving their money in the bank. In between the borrower and the lender stands the P2P platform which handles the collection and distribution of loans and repayments.

P2P is very bespoke. The idea is to assess what the business needs first rather than attempting to fit them into a ‘product’. Consequently, an early informal chat through is often the best way to progress. Our P2P experts will guide you through the funding process, advising you every step of the way and their knowledge of the market and the lending platforms is unrivalled.

Our P2P experts have been involved in advising businesses on the raising of funds via P2P platforms since its emergence. They have even advised some newly emerging platforms on how to construct their lending guidelines and how they should treat new borrowers.

Please talk to us about financing options – we can introduce you to an expert!

How To Create a Marketing Plan

Successful businesses all have two things in common – a thorough understanding of customer needs, and they have a total dedication to their customers.

This involves the process of knowing:

• Who their customers are;
• Their customers’ perception of the company and their needs; and
• How to attract them back time and time again!

The logic is that you gather information about your business and get an insight into the way customers and prospective customers think and make ‘buy’ decisions. So, take a day out to work on your marketing plan and set some targets.

At the end of a marketing day, you should be in a position to:

• Have gathered information about existing and potential customers needs and wants
• Have facilitated a discussion about the marketing position the company should be in
• Know the unique selling points that this business has and how to take advantage of these
• Understand how to differentiate the business from competitors
• Produce a marketing plan

A marketing plan sets out how you are going to put your growth strategy into practice. The marketing plan ensures that everyone in the business knows what you are trying to do and what they need to do to make it happen.

The key areas to consider are:

• Include your targets or objectives for the next 12 months. What are you trying to achieve?
• Outline a budget and any deadlines which will help you focus on your priorities and commitment to achieving them.
• Focus on communicating with existing and potential customers – set out when and how you will do this (to maintain customer awareness).
• Outline how you are going to reach new customers and by what methods (social media, website, newsletter, mailings, calls, signage, events).
• Build a schedule of marketing activities.

Please talk to us – we can provide you with a marketing template to get your thoughts into a plan so you can take action and grow your business!   

Buy New Equipment Before 6 April?

Your business year end, not 5 April, is relevant for capital allowances purposes.

If, however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA).

The AIA provides a 100% tax write off for new and second hand equipment used in your business. This tax relief extends to fixtures and fittings within business premises such as electrical, water and heating systems. AIA does not apply to motor cars but there is a special 100% tax relief if you buy a new zero-emissions motor car.

If you are running a limited company, remember that new plant and equipment currently qualifies for a 130% super tax deduction.

11th March 2022 – Hillmans Weekly Update

Below I have summarised all the main tax related updates we have seen this week.

• Don't Lose Your 2021/22 Personal Allowance
• Consider a Salary Sacrifice Scheme
• VAT Rates For Hospitality Sector Due to Increase from 1 April
• International Women’s Day 2022

If you have any queries about this week’s content, or if you need any assistance please do not hesitate to contact me.

I hope you have a great weekend.

Stay safe and well.

Cheers,

Steve

Steven Hillman BSc (Hons) ACA
Chartered Accountant
Tel: 01934 444100

Consider a Salary Sacrifice Scheme

Another way that you could avoid the personal allowance trap and also reduce income tax and national insurance would be to agree with your employer to sacrifice some of your salary in exchange for a tax free, or low tax benefits in kind. Common examples would be additional pension contributions or providing an electric company car in exchange for a lower salary.

We can assist you in setting up a salary sacrifice arrangement correctly as it will involve amending the contract of employment. You may be doing this anyway as many employers are moving to “hybrid” working and changing the days that staff are required to work in the office.

Don't Lose Your 2021/22 Personal Allowance

For every £2 that your adjusted net income exceeds £100,000 the £12,570 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%.

The restriction applies between £100,000 and £125,140 adjusted net income. 

International Women’s Day 2022

International Women's Day (IWD) takes place on 8 March annually. It is a global day celebrating the social, economic, cultural and political achievements of women.

The day also marks a call to action for accelerating gender parity. The IWD 2022 theme is #BreakTheBias.

Get help and guidance on how to plan (https://www.internationalwomensday.com/Resources) and IWD 2022 (https://www.internationalwomensday.com/Events) activity and how to support the #BreakTheBias campaign theme.

VAT Rates For Hospitality Sector Due to Increase from 1 April

Early in the COVID-19 pandemic, the Chancellor reduced the rates of VAT for the leisure and hospitality sector to just 5%. That reduced rate applied from 15 July 2020 until 30 September 2021 when the rate was increased to the current 12.5%. However, the rate is scheduled to revert to the normal 20% rate from 1 April 2022.

The businesses affected by the temporary rate reduction are those

• supplying catering services including restaurants and takeaways
• operating hotels and providing holiday accommodation and
• operating leisure attractions such as zoos and theme parks

Businesses should listen to the Chancellor’s Spring Statement on 23 March in case he announces an extension of the 12.5% rate.

If there is a change announced on 23 March, there will only be a limited amount of time to implement changes to prices and VAT accounting.

For businesses using the VAT Flat Rate Scheme, the flat rate percentages will revert to the pre 15 July 2020 amounts if the VAT rate reverts to 20% from 1 April 2022.

4th March 2022 – Hillmans Weekly Update

Below I have summarised all the main tax related updates we have seen this week.

• Last chance for pre-April tax planning?
• One month until Making Tax Digital (MTD) for VAT becomes law!
• What is Working Capital Finance?
• Digital Security by Design: Technology Access Programme

If you have any queries about this week’s content, or if you need any assistance please do not hesitate to contact me.

I hope you have a great weekend.

Stay safe and well.

Cheers,

Steve

Steven Hillman BSc (Hons) ACA
Chartered Accountant
Tel: 01934 444100

One month until Making Tax Digital (MTD) for VAT becomes law!

Making Tax Digital for VAT becomes mandatory for all VAT registered businesses from 1 April 2022

From 1 April 2022, all VAT registered businesses must file digitally through Making Tax Digital, regardless of turnover.

We can sign you up to MTD, although you will be responsible for meeting your VAT obligations. Those who do not join Making Tax Digital for VAT may be charged a penalty by HMRC for failure to do so.

What is Working Capital Finance?

Working capital finance solutions offer businesses the opportunity to improve cash flow. The world of commercial finance and asset based lending (ABL) is complex and expansive with products, terminology and contractual interpretation varying from lender-to-lender.

The Benefits of arranging Working Capital are:

• Up to 90% of outstanding invoice value can be advanced within 24 hours;
• Flexible lending - funding increases in line with your growth (UK and Export);
• Confidentiality - lenders can offer a completely confidential service - your customers need not know you have a facility in place;
• Lenders allow you to manage your funding at all times;
• Sector-specific finance is often available;
• Structured ABL - funding for management buy-outs/management buy-ins and
• Trade Finance & Supply Chain Finance Solutions.

Specialists in this area can advise on:

• Invoice Finance - an effective way of quickly accessing a proportion of the value (up to 90%) of your invoices. Effectively a business ‘sells’ its invoices to the lender in return for accessing cash at the point products and services are sold. Specific sector based offerings are available, as is the ability to arrange finance for selected invoices only
• Structured ABL - generate a higher level of funding by unlocking the maximum value tied up in the combined assets within your business, including Debtors, Inventory, Plant & Machinery and Property. Additional forms of funding can be structured in addition to this, such as top up loans in order to drive growth
• Trade Finance - supply chain finance with various options, enabling the purchasing of goods from overseas where you are otherwise unable to obtain credit from suppliers.

Typically you will need to ensure your management accounts are up to date, you make available current detailed lists of debtors and creditors, and you might need up to date projections before an expert will consider your application.

Please talk to us about finance, we have working capital finance partners who have many years of experience and success in advising businesses across a wide range of sectors in obtaining working capital finance solutions.

Last chance for pre-April tax planning?

The new tax year starts 6 April 2022, so you have one month to consider your options, once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before the 6 April.

Do you fall into any of these categories?

• You have or are thinking about a change in your personal status (single, married, separating, joining or dissolving a civil partnership).
• You claim Child Benefit and the income of either parent is likely to exceed £50,000 for the first time during tax year 2021-22;
• Your annual income is approaching or above £100,000;
• You have not yet topped up your pension contributions for tax year 2021-22;
• You are self-employed with a 31 March 2022 year-end;
• You are self-employed and are thinking about the purchase of equipment or vehicles; and
• You are the director and/or shareholder of a limited company and have not yet considered voting final dividends or bonuses for 2021-22.

If you do we can help you discuss your options ahead of the 6 April deadline!

The above list is not comprehensive, and we specialise in helping clients with all taxes including PAYE, NIC, VAT, Corporation, Capital Gains and Income tax. Please contact us for further advice.