30 minute read
acumen business convention
Let’s get together in November!
It’s time to put the last 18 months behind us! And what a better way to do it in the business world, other than get together with 300 business friends that we meet on an annual basis (apart from the year that shall not be mentioned!)
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This can only be the ACUMEN BUSINESS CONVENTION! Normally held in the spring, this year it will be held on 09 November 2021 as they refuse to go two years without it!
The ACUMEN BUSINESS CONVENTION is an annual event, held at the esteemed Grand hotel in Brighton and the 9th November event will be the eleventh year that the event has been held.
As one of the largest business events outside of London, the event has successfully inspired, educated and helped develop new professional relationships for over a thousand decision makers over the years.
“The last 18 months have been challenging to all of us, both personally as well as within our businesses and we really want to make it an event of celebration!” says Penina Shepherd, Founder and CEO of Acumen. “We want to see people laughing, being inspired and making meaningful FACE TO FACE connections and have all this sprinkled with some Acumen magic”.
Being all about celebrating the local community, the event not only supports a charity every year but also brings local heroes to the Arena stage. Our local heroes share with our attendees how their businesses can thrive in the local community so, as a guest, be prepared to learn a lesson (or two…). Overall, the speakers year in year out have left guests moved, educated and wowed.
The 2021 line-up
They’ve set the bar even higher this year by having four remarkable speakers on the Main Stage. This year includes the brilliant David Gower, English Cricketing Legend. In his talk David Gower will share highlights of his astonishing career including the triumphs and set-backs as well as the humorous anecdotes that keep it all in perspective. The journey of a successful career in sport and media resembles that of running any business and David’s story will no doubt shine a light on those traits that can make all the difference to reaching personal growth and business success.
The Main Stage will also see Justine Roberts, Founder of Mumsnet, who will share ‘The Mumsnet Story’. The idea for Mumsnet came from Justine’s first family holiday as a parent. Everything about the trip was disastrous and all the parents at the resort bemoaned their choice; ‘if only we’d known before we left’. It turned out to be a lightbulb moment, as she realised that the web would be a great place to tap into the wisdom of others who’d been there and done that. Twenty years later, Mumsnet is one of UK’s biggest online communities with over 8 million users a month – a community committed to making parents’ lives easier and campaigning on issues such as miscarriage, support for families with children with special needs and post-natal care.
Aside from these incredible two examples of who you will see on the day, the event also features an additional line-up of eight(!) stellar speakers such as Peter Turley of Sell Squared, Charita “Momma Cherri” Jones, a Brighton icon, Stephen Boobyer, Deputy Chairman of World of Books; Matt Hunt, Founder of Protein Balls, Camille Pierson, Managing Director of The Float Spa and more, all who will be sharing their inspiring journeys and imparting their invaluable knowledge.
There are more surprises that are being finalised as this article goes to print, so watch this space…
ACUMEN BUSINESS LAW is excited to present their eleventh annual convention to friends, clients and individuals from all different types of industries alike, both new and old this year. The 2021 ACUMEN BUSINESS CONVENTION will not only leave guests moved, educated and wowed but also will be a door for you to open meaningful, lasting connections too.
To reserve your space at the 2021 ACUMEN BUSINESS CONVENTION, please visit
www.acumenbusinessconvention.co.uk What to do next:
Go to www.acumenbusinessconvention.co.uk
to book your ticket;
Save the date:
DATE: 09 November 2021
TIME: 11.30 -18.30 + networking;
VENUE: Grand hotel Brighton WHAT’S ON: inspiring speakers, live
entertainment, lunch, hundreds of
business leaders and surprises- all
sparkled with Acumen magic…
The event sells out every year.
Visit the website now to see if there are
still early bird tickets available
20% off standard booking fees plus free travel reports.
Whatever the size of your business, we offer a tailored and bespoke travel service to suit the needs of your business. Book flights, hotels, car hire and rail on a regional and international basis.
In this ever changing climate, booking everything through one provider offers you full ATOL protection and 100% financial security.
T 01444 420004
E roseli.diffenthal@travelcounsellors.com
www.tctravelmanagement.co.uk/roseli. diffenthal
Book a FREE Wellbeing MOT day for your employees!
The Mid Sussex Wellbeing Team offers staff members 30 minute appointments with a Wellbeing Advisor, at your workplace!
Staff members receive a printout of their biometric information such as Body Fat %, Biometric Age, Visceral Fat Rating and more. The employee receives personalised feedback including recommendations for next steps where relevant. We have updated our Covid-19 procedures to ensure appointments are safe. Simply E-mail wellbeing@midsussex.gov.uk to enquire or call 01444 477191.
James Morris Photography
Photographs help to communicate quickly and more effectively; photographs can help us to contextualise information as well as to evoke strong emotional reactions. As an architectural photographer I help companies to communicate their case studies and past projects to customers and stakeholders.
If you need a physical space to be professionally photographed, get in touch quoting ‘SussexChamber’ and get 10% off your first photoshoot!
To get a sense of my architecture photography visit www.jamesmorris.uk
01444 441 656
info@jamesmorris.uk
Crowne Plaza Felbridge benefits from Valor Hospitality Partners’ significant UK expansion
Global hospitality management company doubles UK footprint with 17 new properties
Valor Hospitality Partners, a global, fullservice hotel management company, has recently announced the addition of 17 regional IHG® Hotels & Resorts branded hotels to its UK portfolio, including Crowne Plaza Felbridge - Gatwick, in partnership with owner MCAP Global Finance (UK) LLP, an affiliate of New York based investment manager Marathon Asset Management, L.P. (“Marathon”).
The addition of the 17 hotels to the portfolio doubles Valor’s UK footprint and consists of a total of 2,374 guestrooms across 15 Holiday Inns and two Crowne Plazas. This growth is fuelled by Valor’s guiding principle to offer unique, differentiated experiences for travellers, driven by its worldwide team of ‘Hotelitarians’.
These branded, full-service hotels are strategically located in key regional markets across the UK, including East Grinstead, convenient for Gatwick Airport and a number of other travel hubs across England. Each of the properties in the portfolio represent well-positioned, branded hotels that offer a range of amenities for travellers, from full leisure clubs with swimming pools to spa amenities, and recent renovations to guestrooms, public spaces, dining outlets and meeting and event venues. Many of the hotels will receive further upgrades and, in some cases, possibly up-branding.
Commenting on its new management, Des Caldwell the general manager at Crowne Plaza Felbridge - Gatwick, said: “Valor Hospitality has an exceptional reputation and we’re pleased to be part of its newly expanded portfolio of hotels. Being as close as we are to a major UK airport, we’re well positioned to bounceback from a tough 18 months for the sector, as restrictions continue to be lifted and international travel returns. We’re looking forward to seeing where this new relationship with Valor takes us.”
For more information on Valor Hospitality Partners, this acquisition and its global properties, visit valorhospitality.com.
We all know that change is here to stay, so how are you helping your staff manage this?
In this 90 minute live interactive workshop you will learn: #1 Mindset for thriving #2 Managing the emotional response to change #3 Clarity in action planning #4 Effective communication during change Minimum of 6 attendees per workshop, to a maximum of 20 per company. To discuss and book the workshop then contact Julian Roberts at
www.julianrobertsconsulting.com
or call 07411 019653.
Pushing the boundaries of innovation with the Tetris™ inspired waffle maker – coming this year!
The Gift of Innovation
Giving a gift to someone we care about allows us to show our feelings and appreciation for them.
Lawrence Boon
Managing Director Fizz Creations
Whether that gift is to celebrate a birthday or Christmas, Mother’s or Father’s Day or simply because… Over the past 10 years, here at Fizz Creations we have committed ourselves to developing and introducing fun and innovative products to the world of gifts.
When the pandemic hit last year, and nonessential retail shut down, we thought to ourselves how will we survive? In essence we make non-essential products. Toilet roll and pasta were the essentials, nobody needs a SLUSH PUPPiE machine… it turns out they did! We literally sold tens of thousands, what with cancelled holidays, stay at home guidance people started to look for fun and our innovative collection of novelty gifts and games hit the mark. We suddenly saw demand surge for our products as consumers looked for a bit of light-hearted fun during uncertain times.
For the team here at Fizz, innovation is key, we design and develop thousands of products every year that are sold worldwide. We are committed to keeping up with trends and staying one step ahead of the consumer to deliver the right product at the right time. From concept to product, we take a creative approach to ensure our ideas are fresh and we make the perfect gift. Creating fun for everyone!
GUNN are offering Sussex Chamber members a oneoff, half-day, strategic advice consultation with one of their chartered Architects, at no cost.
They will talk to you about your site or building or development project and how to get the most out of it. GUNN has expertise in heritage, domestic, residential, retail, F&B, commercial, and educational work. The offer is complimentary and with no obligations.
Organise a Zoom call with duncan@gunnassociates.com to discuss an existing or plans for a new project.
gunn-associates.com
We are offering a free 1 hour phone consultation to help you unlock the potential in your business by looking through the eyes of your customers.
We are an experienced, specialist research consultancy who can work with you to transform your business through a deeper understanding of your team and customers. Research is vital in all businesses, get in touch to discover the profound impact it could have on your company’s strategy, growth and profitability! Please contact: Helen Bailey Tel: 07768 876027
Email:helen@aviatrix.co.uk
www.aviatrix.co.uk
Driving innovation with a Degree Apprenticeship
Within our post-Covid times, there has never been more of a need to re-evaluate career choices and look at acquiring on-the-job practical training in order to ‘earn and learn’.
Degree apprenticeships bring together the best of vocational training and higher education and enable apprentices to combine university study with their current or new role.
The pandemic has catapulted businesses and Degree Apprentices into new ways of working, developing innovative practices and learning. Many Degree Apprentices have made an early and profound impact on their businesses far exceeding what might normally be expected of someone at that level.
Henry Powell, CEO of manufacturing business Inpress Plastics, has seen this first hand and found the Chartered Manager Degree Apprenticeship offered by the University of Chichester has “enabled us to recruit excellent young managerial candidates and turn them into highly productive business managers. Our apprentices have flourished by being given early responsibility and support. This has been particularly apparent during the recent Covid crisis when our management team was significantly diminished with illness. Our apprentices stepped up and managed our business for a full week during colleague illness. This included all areas of responsibility in keeping our 24-hour day production running. As we provide medical, health and infrastructure products this continued production was of great value to our clients.”
Other local businesses that have benefited from apprenticeships in the current climate include Littlehampton Welding, where members of its team have completed the master’s degree apprenticeships in senior leadership. Production manager and apprentice Nathan Saunders said, “I will use the knowledge gained to benefit both the business and myself. To learn vocationally on the job gives an opportunity to integrate learning almost instantaneously.”
What is a Degree Apprenticeship?
Apprentices are employed by an organisation and attend the University of Chichester part-time during working hours. Training is funded through the Apprenticeship Levy or via a funding arrangement with the Education and Skills Funding Agency. Prospective students have no tuition fees to pay.
The University has partnered with an array of organisations across the South of England, to deliver a variety of both undergraduate and postgraduate Degree Apprenticeships.
Stuart Brittle, Managing Director of Medisort, has found that working with the University of Chichester has brought benefits in three ways, commenting “Our apprentice has been given a brilliant opportunity to restart his learning, having not excelled at school. Medisort is accessing new ideas and thoughts and the broad idea of learning has been introduced to the whole team.”
These highly accessible programmes can be for anyone, at any stage of their career and students can choose from a variety of programmes in engineering, digital marketing, social work, teaching, and business management.
The benefits of a degree apprenticeship are plenty. The apprentice gets to earn while they learn, has no tuition fees, and has a greater earning potential upon completion of their apprenticeship, particularly within the technical industries. Whilst employers receive mutual gains in terms of being able to upskill their existing workforce, being cost effective by utilising the Apprenticeship Levy and relevant to the employment gaps in the market.
A recent degree apprentice in Digital and Technology Solutions Professional (Software Engineer), Katherine Bray, found her apprenticeship “meant I was equal with my peers who are going off to university as I would still get a degree but also be ahead of them because I would be getting 4 years work experience at the same time.”
Making a difference
Bekah Newsom, a current Digital Marketer Degree Apprentice, explained “I was initially attracted to the University of Chichester because they are known for their personal and supportive teaching. This course felt like a natural progression for me to gain further knowledge and experience in pursuing a career in marketing. Whilst studying, I can not only see the connection between theory and practice and how I can apply what I am learning in my role at work, but I am also deepening my understanding of topics by applying real-life situations”.
Fabien Thresher, has also found the Digital Marketer Degree Apprentice a boost to his day to day employment at the Bitdigital web solutions agency, as he can “apply theories learnt to optimise my leadership style, schedule, time management, stress management and motivation”.
Stuart Brittle
Medisort
Bekah Newsom
University of Chichester
Contact us
To find out more about the University of Chichester Degree Apprenticeships, visit chi.ac.uk/apprentice or contact the Apprenticeship Team directly at
apprenticeships@chi.ac.uk
Constant incremental innovation
Focussed innovation provides a cost effective pathway to success, Rob Morgan from cyber security and cloud company, Factory Internet, explains more.
Rob Morgan
Founder, Factory Internet
Innovation is often referred to as something that gives a game changing result. Often, innovation is credited to big changes and huge shifts. In technology, these big shifts are often a combination of many small subtle changes that turn into a dramatic difference when people start to notice a particular change.
A couple of examples come to mind in recent years which you might have noticed. If you’ve ever used the courier firm DPD, you’ll be aware that you get a 1 hour window of when your delivery will occur. Another similar example is Argos Click and Collect where you can browse the catalogue, give them your location and they’ll let you know if a particular item is available for collection or same day delivery.
On the surface, both of these changes look relatively simplistic. Behind the scenes however, both companies have made data the lifeblood of the company. For the Argos checker to work, they need to know where all of their stock is, country wide, on a store-by-store basis in real-time and expose that data to their website so users can see if a product is available for collection or delivery in their area. To further complicate matters, if the item is same day delivery, they need to ensure there are still delivery slots available for that day so they don’t oversubscribe their delivery service.
With DPD, they also need to make their delivery routes available and then predict what time of day your delivery will occur. These innovations also depend on background technology from Cloud to 4G through to devices such as Smartphones. i.e. Smartphones or Vehicle tracking will keep tracks on the vehicle and that’ll feed into live updates to the shipping plan.
At the core of these things, there’s a very simple innovative feature that, on the surface looks quite small, and often starts with a question such as – “Let me see if the item is in stock locally so I can order for collection or delivery today?” or “Let me know when my delivery is due so I can pop to the shops at a different time”.
The common element for these examples is that they both expose a new and innovative feature to the user. I’ve no doubt that an enormous amount of effort will have gone into developing and delivering these features by the project teams behind them. Ultimately however, both of these features have differentiated these companies; at least for an initial period of time, which absolutely gave them more market share and revenue as a result. That market share and revenue gain would heavily exceed the cost of developing these features, additionally, they’ll be able to analyse what sells in which location and at what time of year in a way that’s more sophisticated than they could before. This will help refine their operating model further which will help decrease costs.
A barrier to innovation of course is understanding what to focus on. All businesses, no matter their size have finite amounts of time, money and expertise. Arguably innovation needs to be focused on the areas which can make the biggest difference. Typically, this gets quantified into immediately actionable high impact “low hanging fruit” activities. While these are great, and should be done, they’ll not often lead to the bigger innovation tasks that might make a step change to your business. Listen to the noises and signals, i.e., making our stock management system entirely electronic might not sound that interesting, but it’s a fundamental component of the systems Argos and DPD both have.
How do companies use technology to innovate? Having a defined method of feedback for customers, employees and combining that with industry trends can give you a good start for where the best place might be to focus your efforts.
Building a Product Strategy and having a Product Management Process or bringing a product manager into your business to herd the ideas and help drive the execution of the ideas can also be invaluable. It’s important to realise that the process of innovation when done well isn’t a big bang, it happens over time as an output of lots of small changes that collectively turn into something that ultimately makes a big difference. If you can keep iterating at a constant pace and incrementing consistently, that will often be more successful than a big bang launch.
Making building projects more profitable and efficient through innovation in systems, tech and communication
Covid-19 has forced companies to reinvent themselves and explore new opportunities in order to recover and keep their heads above water and new challenges have arisen for Architects designing living working and learning spaces in the post-Covid world.
Duncan Gunn
Director Gunn Associates
A focus on innovation in design and digital areas has enabled us to respond to new market challenges and offer flexible services during these challenging months. We’ve had to adapt the way we communicate within our team, and to customers; by accelerating use of innovation in technology to streamline systems and methodologies and processes.
Having long been subscribers to CAD, Microsoft, CRM, and Adobe products, we have now adopted the FONN online document management system into the heart of the business. A game-changer in guaranteeing our customers, and other project players the output they require, in an organised and timely manner. The development team can upload and comment on the latest information, make on-site observations, and track project progress. Everyone knows that they are looking at the latest revisions and trust is quickly established.
Cost and time overruns are well known killers of SME developments and the primary reason that sites can end up in receivership. The pandemic has given us limited face-to-face interaction, fewer site-visits, planning delays, shutdowns and a shortage of building materials. Communication at each stage of a project, using predictive analytics as to where the schedule may head and involving stakeholders from the outset, has armed us with the kind of foresight that could save sites, businesses and livelihoods. The expectations of developer and domestic clients has changed, and we have moved quickly to re-evaluate the way we design and how we advise them. By changing how we monitor projects and project teams, clients have visibility on issues immediately, and design teams and contractors are confident that the design is coordinated.
We too have pioneered new ways of working in a ‘Replanning the plan’ methodology; agile solutions that maximise the viability of sites, capitalise on plots and add value to clients’ existing and new developments. An efficient and accurate site viability programme assists developers and landowners in evaluating their sites. Previously offered at feasibility stage, we are now rapidly reviewing, adapting and rethinking the layout of existing plans in light of the pandemic fundamentally changing how we use spaces to live, work, learn and play.
Computational Fluid Dynamics has a powerful role in innovative design.
The greater availability of computer power has enabled advanced computational analysis tools such as Finite Element Analysis (FEA) and Computational Fluid Dynamics (CFD) to play integral roles in modern design.
Gary McDonald
Director TriVista Engineering Ltd
FEA is now an established tool in the structural analysis of modern products and likewise CFD is an advanced tool for innovative products involving fluid / gas flows or heat transfer.
CFD provides high accuracy flow analysis achieved by solution of the fundamental equations describing fluid mechanics and heat transfer. Liquid or gas motion over or through any product or system can be simulated enabling flow parameters (e.g. pressures, velocities, temperatures) throughout the flow field to be readily quantified and graphically visualised. CAD is now widely used by companies in creating realistic geometries of innovative product designs and CFD enables this design geometry to be virtually tested and the associated flow or heat transfer phenomena to be visualised. This enables the designer to make informed modifications accelerating design improvement before parts are even manufactured. Innovative designs can therefore be rapidly evaluated and improved. A wide range of flow analyses can be performed for example: internal or external flows; conjugate heat transfer (simultaneously solving product conduction, free and forced convection and radiation); transient flows; moving mesh where geometry varies with time; multi-phase flows; particle and droplet transport flows and rotating system or turbomachinery analysis. CFD is also now well established in being coupled with structural analysis tools (FEA) to enable multi-physics problems such as Fluid Structure Interaction (FSI) and advanced thermal stress analyses to be performed.
TriVista Engineering is an established consulting service that specialises in FEA, CFD, and mechanical design support. The organisation has been based in Sussex for over 19 years and now have satisfied clients all over UK and internationally.
Innovation on the High Street
The Economic Development team at Horsham District Council have been working hard behind the scenes developing several exciting new projects which will be rolled out over the coming months, to deliver vital local business support and promote economic recovery across the District.
West Sussex Retail Hub
Free online training is being made available to independent retailers from Monday 12 July through the ‘West Sussex Retail Hub’ as part of the West Sussex Retail Training and Support programme funded by a joint bid to the West Sussex Business Rates Pool. Independent retailers can access pre-recorded learning modules on ten key topics, including using social media, creating marketing plans, and understanding today’s customer. The modules are free to engage with and accessible at any time of day. They will be supported by live Q&A sessions, running through July, August, and September, alongside downloads and useful resources.
Welcome Back Fund Projects
Horsham District Council have also been the beneficiary of a £128k share of the £56m ERDF Funding known as the Welcome Back Fund, building on the remaining monies leftover from the £50m Reopening High Streets Safely Fund. Working with partners across our communities, Horsham District’s share of the fund will be used to deliver several projects that seek to safely reopen our economies.
This will include seven community-led events or projects which will be developed within the key high streets across the District.
A Mystery Trails project will also be delivered under the fund across our market towns, to encourage safe footfall and dwell time. The trails will be based on an outdoor “escape room” concept. Targeted at small groups of family and friends, the story led trail games will cater for a cross generational audience encouraging them to rediscover their own high streets and explore local towns across the District.
To facilitate a green recovery, the fund will contribute towards a new Rewilding High Streets project. The project seeks to extend existing nature recovery network schemes within the District, into our high streets. Bringing more nature into our local high streets, will add to the welcoming look and feel of the high streets contributing towards the visitor’s experience. Again, this will be community led and co-ordinated by a contracted consultant with expertise in the field.
Finally, the Visitor Experience project will be delivered through 121 consultancy and accessible workshops. The focus of the project is on High Street “Instagrammability”. With social media platform “Instagram” acting as a costeffective marketing channel, the project will ensure that local high street businesses are equipped with the skills they need to create Instagrammable spaces within their businesses and attract visitors to their high street. If you are a consultancy and would be interested to get involved in any of these projects, please contact the Horsham District Council Economic Development team direct via the following email address:
BusinessDevelopment@horsham.gov.uk.
General Support
The Economic Development team are on hand to support local businesses with any enquiries they may have. To find out more about Horsham District Council’s business support services, please take a look at our dedicated business webpages here: https://
www.horsham.gov.uk/business
To keep up to date on our upcoming projects and other local news for businesses, please sign up to our fortnightly Business Support Email Newsletter. The newsletter acts as one of our key communication channels with businesses, providing advice and support to help you start, manage, and grow your business along with details of local resources, funding opportunities and relevant news updates.
The Rise of the Unscrupulous R&D Tax Credits Expert
Over the last 12 months there has been a lot of talk in the accounting and tax profession about the rise in the number of “R&D Tax Credits Experts” coming into the market and even more concern about the quality of the work that they produce.
There has also been a significant rise in the number of cold calls that businesses are receiving from sales teams at these new “experts”, promising thousands of pounds in cash for your business.
Sounds familiar, I hear you say! Well, that’s because it is. With the closure of the PPI claims industry, a number of people who set up claims’ management companies to make a fast buck, have turned their attention to R&D Tax Credits for the next fast buck.
They are treating the process like a claims’ management company would. Pile in a load of stuff in the funnel let some of it fall by the wayside and pick up the cream at the bottom. They are relying on the fact that HMRC doesn’t have the manpower to check every claim and that if most of them get through, they’ll do all right.
Is that the right way to approach things? Of course it’s not. The idea of R&D Tax Credits is to reward companies who are taking a significant financial risk in developing new, or improving their existing products, processes, materials, devices and software, not to throw a load of spurious brown matter, that might be mud, at a wall and see what sticks.
It is fair to say that the legislation is complicated and that many businesses don’t have the capability to understand it in its entirety, let alone apply it to their circumstances, so there is a place for a genuine expert to support a company to claim.
If you are told claiming is “risk free”, because you won’t pay us a penny until you get your money back, you’ve been told a mistruth, it is risk-free in terms of your liability to the company that prepared your claim, but your liability to HMRC could be significant, with interest levied on refunds that are subsequently clawed back and significant penalties for the most spurious of Tax Credit applications and smaller penalties possible for an incorrect claim.
We’ve been around for 8 years, I’ve been a qualified accountant since the turn of the Millennium, I was involved in my first claim in 2005 and have been preparing claims since then. For the next 8 years it was for my employers in Clinical Research and Motorsport Engineering. Our Lead technical report writer has a PhD in Computational Fluid Dynamics and was a serial researcher at a number of prestigious Universities around the world, before working on the Fuel Systems at Airbus and then working in the IT industry before starting to write technical reports for a number of larger specialists.
Here’s our short checklist of things to do before engaging a R&D Tax Credits Expert
Check out the business at Companies House to see how long it has been in existence
Check out previous directorships for the directors of the business on Companies House
Check out previous roles on Linked In for the owners and staff, is there an expert there?
Find out what their definition of “Risk Free” is Do they have Professional Indemnity Insurance that covers you if they get it wrong?
Ensure that you receive a copy of the technical report to read through to ensure that what they have written, reflects what you have done. That is in effect what you are paying them for and what HMRC will judge your claim on. If it’s full of lies and inaccuracies, don’t expect HMRC to be lenient because “they didn’t share it with us.”
Be wary of someone who completely cuts your accountant out of the loop
Are we perfect? 99.5% of the time!
Oh and don’t get me started on the software to support accountants prepare their own claims. If you don’t know what qualifies for R&D Tax Credits how is a piece of software to help you prepare the claim going to help!
If you’d like a no nonsense, reduced risk approach for your R&D Tax Credits claims or an expert to support your clients, get in touch with us. Book a 15 minute call at www.calendly.com/simon-bulteel or visit the website at www.coodentacconsulting.co.uk
Electric car – are you ready?
The most enthusiastic petrolhead may sneer at the prospect of going electric, however the Government continues to move forward with its green policies to phase out the production of new petrol and diesel models by 2030.
Over recent years there have been concerns of making that switch to electric vehicles such as access to charging points, the range, charging times and the cost of vehicle. It is fair to say that there have been massive improvements in these areas, although there is still plenty of work to do to improve the electric infrastructure in the UK.
To encourage early adoption the Government released big incentives for individuals and businesses to use clean energy.
First year allowance for businesses
Your business can claim 100% of the cost of an electric vehicle in the year of purchase against profits made in the accounting period.
The first year allowance is only available on new, or nearly new (e.g. demonstrator) vehicles and will be available for purchases made by 31 March 2025.
Used electric models are not eligible for this allowance.
For sole traders and partnerships, there will be an adjustment for private use. This first year allowance may play a key part in reducing taxable profits for companies once the new Corporation Tax rates commence from 1 April 2023.
Road tax
The zero emissions produced by electric cars mean that there is no road tax to pay.
Benefit in kind – company cars
There is a 1% benefit in kind rate from 2021/22 on new and existing electric cars, which will rise to 2% for 2022/23, 2023/24 and 2024/25.
There is no fuel benefit as electricity is not classed as a fuel.
The company has to pay Class 1A National Insurance on the benefit at 13.8%.
Charging points
To further aid the uptake, grants are available for home owners to install electric charging points. If you are still sitting on the fence about making that switch, there are certainly benefits to make you think again. One thing is for certain, we will all be driving electric vehicles at some point!
Denny Carr, FCCA
Director, Honey Barrett Chartered Accountants
If you require any further advice please call 01892 784321 or visit www.honeybarrett.co.uk.
Are you considering an electric car?
Contact Honey Barrett today and our team can advise on the tax relief benefits and financial advantages of transitioning to a zero emission vehicle for you and your business. Call 01892 784321
or visit www.honeybarrett.co.uk
