Monthly Archives: July 2023

Mental Health, Mental Health at Work, News

The Future of Therapy: Embracing the Convenience of Online Sessions

In the modern world, we’re all looking for ways to make our daily lives more convenient. From online shopping to virtual meetings, technology has made it easier than ever to get things done from the comfort of our homes. And now, this same convenience is available when it comes to therapy. With online therapy sessions from Help to Heal, you can talk with a licensed professional therapist from the comfort of your own home anytime that’s most convenient for you.

 

Online Therapy Offers Accessibility and Flexibility

The future of therapy is rapidly evolving with the convenience of online sessions. One major benefit of online therapy is the accessibility and flexibility it offers. With online therapy, clients no longer have to worry about scheduling issues or travel time to see their therapist.

Instead, they can access therapy from the comfort of their own home or any location with internet access. This feature greatly benefits individuals who live in remote or rural areas where mental health resources are scarce. Additionally, online therapy allows clients to schedule sessions at times that are most convenient for them, such as early morning or late at night, which can accommodate busy work schedules or family obligations.

 

Digital Platforms Enhance Patient Privacy

Unlike traditional therapy sessions, online sessions can be conducted from the privacy of a patient’s own home or other preferred location without the need to travel to a physical office. This can be especially beneficial for individuals who may feel uncomfortable or stigmatized by seeking therapy in person. In addition, many online therapy platforms offer secure messaging systems and encrypted video sessions to ensure that patient information remains confidential and protected.

 

Teletherapy Allows for Remote Care

Teletherapy is revolutionizing the world of mental health treatment by offering the convenience of remote care. With teletherapy, patients can access therapy sessions from the comfort of their homes using video conferencing technology. This has opened up new opportunities for individuals who may have difficulty accessing traditional in-person therapy due to geographic location, mobility issues, or other barriers.

Additionally, teletherapy sessions can be scheduled during convenient times, allowing for greater flexibility. As technology continues to improve, it’s likely that teletherapy will become an even more prominent and widely used form of mental health treatment in the future.

 

Virtual Sessions Reduce No-Show Rates

This is due to the convenience and accessibility of online sessions, which remove many of the traditional barriers to attending appointments. Patients no longer need to worry about travel time, traffic, or finding parking, which can be a major deterrent to attending in-person appointments.

Online sessions also provide more flexibility in scheduling, allowing patients to easily find a time that works with their busy schedules. Additionally, virtual sessions provide a level of anonymity and privacy that can make patients feel more comfortable sharing personal information.

 

E-Therapy Is Transforming Mental Healthcare

The world of mental healthcare is undergoing a revolution with the rise of e-therapy. Online therapy sessions are giving clients the convenience and accessibility they need to take control of their mental health and well-being. E-therapy eliminates many of the barriers that can prevent people from seeking traditional in-person therapy, such as scheduling conflicts, transportation issues, and stigma.

With the ability to communicate with a licensed therapist from the comfort of their own home or office, clients are more likely to follow through with their treatment plans and make progress toward achieving their goals. As technological advancements continue to drive the growth of e-therapy, mental healthcare providers must embrace the convenience of online sessions to better serve their clients and remain competitive in the industry.

 

Data & Analytics, Remote Working

12 Tips To Help You Work For A Data Business Remotely

Working remotely has become increasingly common in today’s digital era, and the data industry is no exception. Whether you’re a data analyst, scientist, engineer, or any other role within a data business, the ability to work remotely offers flexibility and freedom. However, it also comes with its own set of challenges. In this article, we will explore some valuable tips to help you navigate the remote work environment successfully and thrive in your data-related role.

Establish a Dedicated Workspace

One of the first steps towards a productive remote work experience is setting up a dedicated workspace. While it may be tempting to work from the comfort of your couch or bed, having a designated area for work can significantly improve focus and productivity.

Ideally, choose a well-lit space with minimal distractions, where you can have a desk, chair, and all the necessary equipment nearby. This physical separation between work and personal life can help create a better work-life balance and enhance your overall productivity.

Set Clear Goals and Deadlines

Working remotely requires self-discipline and accountability. Set clear goals and deadlines for your projects to stay motivated and focused. Break down complex tasks into smaller, manageable steps, and track your progress along the way.

Use productivity tools, such as task management apps or project tracking software, to stay organized and prioritize your work effectively. By setting clear goals and deadlines, you’ll maintain productivity and ensure timely delivery of high-quality results.

Harness the Power of Document Management Tools

In a data-driven business, managing and organizing documents efficiently is paramount. When working remotely, relying on physical paperwork and traditional filing systems becomes impractical. Instead, leverage the power of document management tools to streamline your workflow and ensure easy access to essential files and information.

Consider using cloud-based platforms or document management software that allows you to store, share, and collaborate on documents securely. These tools enable you to create centralized repositories, categorize files, set permissions, and track document versions effectively. You can also find tools that allow you to compress PDFs, which save on space and allow you to send files to colleagues with ease.

Leverage Communication and Collaboration Tools

In a remote work environment, effective communication and collaboration are essential for a successful data business. Take advantage of the wide array of communication tools available to you, such as video conferencing platforms, team chat applications, and project management software.

These tools enable seamless collaboration, real-time discussions, and the ability to share and review data and insights. Stay connected with your colleagues, participate actively in team meetings, and leverage these tools to foster a sense of camaraderie and collaboration within your virtual workspace.

Check In with Colleagues more

Working remotely can sometimes make you feel isolated from your team. To bridge this gap, make it a priority to schedule regular check-ins with your colleagues, supervisor, or clients. These check-ins provide an opportunity to discuss ongoing projects, address any challenges or concerns, and receive feedback on your work.

Additionally, maintaining regular communication helps build trust, promotes transparency, and ensures that everyone is on the same page. By fostering strong connections through regular check-ins, you’ll feel more connected to the larger goals of the data business.

Establish a Consistent Routine

Maintaining a routine is vital when working remotely. Start your day by following a consistent schedule, just as you would in a traditional office environment. Wake up at a specific time, get dressed, and engage in a morning routine that prepares you for the workday.

Establishing a routine helps signal your brain that it’s time to shift into work mode and improves your overall productivity and focus.

Continuously Upgrade Your Skills

The field of data is ever-evolving, with new technologies and methodologies emerging regularly. To stay relevant and competitive in a remote data business, it is essential to continuously upgrade your skills and knowledge.

Take advantage of online learning platforms, webinars, and industry conferences to expand your expertise. Explore topics such as data analysis techniques, machine learning algorithms, data visualization tools, or programming languages relevant to your role. Engage in networking opportunities within the data community, join professional forums, and participate in data-related discussions.

Safeguard Data Security and Privacy

Working remotely poses unique challenges in terms of data security and privacy. As a professional in a data business, it is crucial to prioritize the protection of sensitive information. Take necessary precautions to secure your remote work environment and mitigate potential risks.

Ensure that your devices, including laptops and smartphones, have updated security software and strong passwords. Utilize encryption tools when transferring sensitive data, and be vigilant about phishing attempts or suspicious emails. Avoid using public Wi-Fi networks when handling confidential information and consider using a virtual private network (VPN) for an added layer of security.

Manage Your Time Effectively

When you work remotely, you have greater autonomy over your schedule. While this flexibility can be liberating, it also requires self-motivation and effective time management skills. Create a daily or weekly work schedule that aligns with your most productive hours and the needs of your team or clients. Break down your tasks into smaller, manageable chunks and set realistic deadlines for each.

Use productivity techniques like the Pomodoro Technique, where you work in focused bursts with short breaks in between, to maintain your focus and optimize your time. Remember, self-discipline and effective time management are key to meeting deadlines and delivering high-quality work.

Create a Culture of Trust and Accountability

Remote work relies heavily on trust and accountability within a team. As a data professional in a remote setting, it’s crucial to foster a culture of trust and accountability. Communicate openly and transparently with your team, sharing progress updates, challenges, and successes.

Honor your commitments and deadlines, demonstrating reliability and professionalism. By fostering a culture of trust and accountability, you’ll establish strong working relationships and ensure a cohesive and productive remote data business.

Embrace Flexibility and Adaptability

Remote work offers unparalleled flexibility, and embracing it can enhance your productivity and work satisfaction. Embrace the freedom to create a schedule that aligns with your peak productivity hours and personal needs. However, remain adaptable to changing circumstances and business priorities.

Being flexible allows you to navigate unexpected challenges and effectively respond to evolving project requirements. Embracing flexibility and adaptability empowers you to thrive in the remote data business landscape.

Celebrate Achievements and Milestones

Working remotely can sometimes make it challenging to feel a sense of accomplishment. Celebrate your achievements and milestones to maintain motivation and morale. Acknowledge your progress, whether it’s completing a complex analysis, exceeding client expectations, or mastering a new skill.

Share your successes with your team and celebrate collective wins as well. Recognizing and celebrating achievements not only boosts morale but also reinforces a positive and supportive remote work culture.

Working remotely in a data business presents unique opportunities and challenges. By implementing these practical tips, you can navigate the remote work environment effectively and excel in your role as a data professional. Create an optimized workspace, prioritize communication and collaboration, foster trust and accountability, and nurture your well-being.

Embrace continuous learning, flexibility, and adaptability while celebrating achievements along the way. With these strategies, you’ll thrive in the dynamic and evolving landscape of remote work in the data industry.

Apprenticeships, Education News

Leading Equestrian Training Provider Launches Apprenticeship in Equestrian Sporting Excellence

Leading Equestrian Training Provider, Haddon Training, has launched their Apprenticeship in Equestrian Sporting Excellence (AESE), a flagship programme that aims to nurture and develop talented riders in their pursuit of excellence.

 

AESE is tailored around the equestrian Olympic disciplines and delivered in direct partnership with British Eventing and British Showjumping, alongside key figures within the Dressage community. Learners will represent one of the following disciplines: dressage, para dressage, showjumping, or eventing. By focusing on their chosen discipline, apprentices will gain specialised knowledge and skills that can propel their careers forward.

 

Learners also have the opportunity to receive coaching from world-class trainers at specialist camps that take place at regular intervals during their time on the programme. Renowned experts in the industry, including Heike Holstein, Charlie Hutton, Andrew Saywell and Corinne Bracken, will provide invaluable guidance and mentorship.

 

“AESE is such a unique programme and fits into an area of the industry that other qualifications don’t fulfil.  It is targeted at riders working within the industry to enable them to maximise their potential. We are supporting the next generation and developing their individual skills.”- Charlie Hutton – International Dressage rider and coach

 

As an apprenticeship, the AESE qualification primarily takes place in equestrian yards, allowing learners to gain practical experience in real-world settings. Apprentices will be paid and employed at their chosen yard throughout the duration of the programme, offering them a valuable opportunity to earn while they learn.

 

Course subjects for AESE 2023 include development of technical and tactical skills, media communications, nutrition, and psychological and emotional performance.

 

“The best part of my apprenticeship is how much confidence I have gained and the progression in my riding, which is incredible! I have learnt so much in such a short space of time and I love my new independent lifestyle.” – Emilia Bishop, former Equestrian Sporting Excellence Apprentice

 

This apprenticeship replaces the highly successful AASE programme, is available to individuals based in England and is equivalent to A-Level standard.

 

Athletes can enrol now for a September 2023 start.

 

To learn more about AESE and Haddon Training, visit: https://haddontraining.co.uk/sporting-excellence-programme-overview/

Business Advice, News, Start Ups, Start-Up News

Five Steps to Boost Your Chances of a Successful Start Up

Written by Entrepreneur and growth specialist Matthew Hayes, the MD of Champions UK plc 

OF all the statistics I read in business, one that makes my heart sink the most is the fact that, on average, almost 20 per cent fail in the first year.

That’s one in five: and equates to tens of thousands across the UK.

These businesses won’t necessarily be bad businesses. They could have amazing staff. They might well be selling a product or a service people love. They could be generating high levels of revenue.

But they will be doing something which is fundamentally wrong and which is setting themselves up for failure.

By the way, failure shouldn’t always be seen as a negative. As some of the most successful entrepreneurs have shown, failure can happen and often, the lessons learned from a failed business will help pave the way to success in the future.

However, with the current economic climate anyone setting up in business will pay a high price if a new business fails quickly after launch.

With this in mind, here are five steps that I’d advise anyone who is thinking of setting up should consider.

 

  • Business Plan – you need a robust and unique business plan from day one, something that works and something that is different from what others are doing. It’s so key to have a clearly defined plan, product and culture. You should regularly refer to this plan and make sure everything you do has this plan at the heart of it. It’s rarely a good idea to join a busy marketplace or industry and just do the same thing as everyone else with a generic philosophy. You need to have something unique to differentiate you from the rest of the market and make you valuable. You need a high level of focus and consistency across the board, but this is particularly vital when implementing your business plan and vision.

 

  • Differentiation – As I’ve mentioned, differentiation is vital, and entering a market with fierce competition requires very close attention to be paid to your differentiation techniques. Think about these questions: what makes your business unique? Why should customers buy from your brand over competitors? Having a strong USP in place will add value to your brand; however, if you do not promote this USP effectively, your business will not attain those sought-after results. Through clear and consistent messaging that highlights your USP in your marketing strategy, and with frequent outreach to create a constant stream of recognition for your brand, your business will be set up to achieve success.

 

  • Investment market – The private investment market is very active right now and open for opportunity, particularly in venture capital and private equity. There’s a great chance right now to look for investment. When you’re looking for investment opportunities, it’s important to remember you can’t take it lightly. When dealing with high-level financial professionals you need a robust plan, proof of concept, due diligence, unique points of difference and most importantly a plan for what you need financially in the next 3-5 years. Top level investors require a certain level of sophistication and professionalism when looking for an investment opportunity.

 

  • Data and insights – Businesses are built around people, and people are often illogical. Don’t ignore data and insights but be aware that you can drown yourself in them. If they affirm what you’re doing or vice versa that’s great to know, but in business it’s good to use gut instinct and get behind an idea which you genuinely believe in. If you make it your mission to make an idea work that you fully believe in, you can do it, even if one statistic suggests it’s not the perfect idea. If you’re genuinely passionate in an idea and have a real vision for it, you can make it a success. Your success is based on your own determination, the main barriers you face in life is ones you put in front of yourself. There’s a lot of very successful businesses that people or data might have suggested it was a bad idea to begin with.

   

  • Expert help – Focus on what you can do well personally and find experts in each area to handle everything else. You can only do so much, and you can’t be the best at everything. Whether you outsource or hire people for internal roles, you need a strong team around you that is ready to handle any area of work needed for your business.

 

Champions UK plc is the expert growth partner that can drive your start up to success through its full-service suite and holistic approach to your business’ needs. You can Get in touch if you’re ready to take your business growth to the next level and a member of the team will be on hand to discuss your vision and create a bespoke plan with your desired deliverables.

 

Cybersecurity, News, Tech, Technology

Cohesity Research Shows Cyber Insurance and Ransomware Payouts Paper Over Cracks in Cyber Security Confidence

Cyber threats are increasing, capabilities aren’t keeping pace and ransom payouts and insurance cover the gaps, these are the findings from new research commissioned by Cohesity, a leader in data security and management. 

As part of a global survey of over 3,400 IT and Security decision makers, 91% of those surveyed in the UK believe that the threat of ransomware attack has increased over the past year and 39% of respondent’s organisations had been a victim to it in the last six months, showing again how ransomware continues to blight the industry.

Cyber resiliency plans that enable organisations to anticipate, withstand, recover from and adapt to different types of attack aren’t keeping pace with rising threats. While over 85% of respondents’ organisations have a cyber resiliency strategy in place, only one in five (23%) have complete confidence in it and over half (53%) say that it has gaps, could be improved or they have little confidence in it. 42% say their teams are stretched too thin, while over a third of respondents (38%) say their organisation’s leadership is simply not aware of the importance of cyber resiliency, perhaps explaining why organisations are still failing to invest sufficiently in skilled people and solutions. In fact, 70% of respondents believe that they currently lack enough skilled workers to respond effectively to a data breach or loss.

“A cyber resiliency strategy that prioritises the ability to recover from a cyber-attack is arguably more important than one that focuses solely on prevention,” said James Blake, CISO EMEA at Cohesity. “But all the time that companies try to pay their way out of trouble with ransoms, insurance or warranties is throwing money in the wrong direction as this won’t help them recover the data and processes that keep the organisation in business. The gaps aren’t in prevention or even in the workforce, the gaps that need bridging are in the c-suite taking the threats seriously and investing in tools to rapidly recover from attacks.”

Data recovery capabilities

Despite these concerns, 95% are confident they can recover data and critical business processes in the event of a data breach or loss, although 68% said it will be touch and go or they have limited confidence. About a third (37%) cited a lack of coordination between IT and security teams as the biggest barrier to getting the organisation back up and running, a similar number (31%) said that lack of a recent clean and immutable copy of data would be their biggest hurdle. 52% of respondents believe they would recover data and business processes in under a week (1-6 days) and a leading 3% believe they could do it in under 24 hours.

Ransoms and Insurance Payouts 

However, it appears from the research that organisations are prepared to pay to compensate for some of the gaps in their cyber resiliency. Of those surveyed, only 9% ruled out paying a ransom to recover their data after an attack. 29% would definitely pay and 62% would consider it depending on the severity of the attack and cost of ransom. Likewise, 80% believe that they would be covered by ransomware warranties, contrary to Cohesity’s own investigation of the terms and conditions of many warranties. Similarly, 73% of those surveyed said their organisation has cyber-insurance, but reflecting the industry challenges, almost half (48%) said it was harder* to get insurance now than three years ago.

“IT and SecOps must co-own organisations’ cyber resilience outcomes to identify sensitive data and protect, detect, respond, and recover from cyberattacks,” said Brian Spanswick, CISO, Cohesity. “Relying on traditional backup and recovery systems, which lack modern data security capabilities, in today’s sophisticated cyber threat landscape is a recipe for disaster. Instead, organisations should seek out data security and management platforms that integrate with their existing cybersecurity solutions and provide visibility into their security posture and improve cyber resilience.”

Awards, Energy, News, Sustainability, Tech, Technology

‘Oscars of the technology industry’ recognise Yorkshire Green Tech Entrepreneur

A North Yorkshire businessman has been announced as 2023’s Green Tech Entrepreneur of the Year at a prestigious national awards ceremony billed the ‘Oscars of the technology industry.’

 

Mike Woodhall, CEO of Harrogate-based Chameleon Technology, picked up the award after being nominated at the Enterprise Awards 2023 in the Green Tech Entrepreneur category. The annual Enterprise Awards, organised by ScaleUp Group in association with the WCIT (The Worshipful Company of Information Technologists) celebrate the best of the UK’s technology entrepreneurial talent.

 

Now in its 11th year, the awards bring together and honour leading exponents from the UK’s technology sector including entrepreneurs, investors and advisors. The Green Tech Entrepreneur award recognises the achievements of entrepreneurs whose business uses technology to reduce human impacts on the natural environment.

 

As a pioneer of smart energy technology, Chameleon’s mission is to make it easy for everyone to reduce their climate impact by developing connected, clean and cost-effective home energy solutions. As the market leader in energy display technology – a Chameleon display is already in 1 in every 3 UK homes – Chameleon is helping to make low carbon, energy efficiency choices easy for everyone.

 

The company has been entrusted with over £3million of innovation funding from the government’s Department for Energy Security and Net Zero (DESNZ) to build the ‘proof of concept’ of a decarbonised energy system. It is building an integrated home energy management ecosystem, supporting the Smart Meter rollout with over 10 million high-quality in-home display (IHD) devices so far, while also delivering solutions directly to consumers through its consumer brand ivie.

 

Launched in 2022, ivie helps people to make smarter energy decisions on using their heating and home appliances, reducing their energy consumption and costs at home, via cutting-edge smart technology and apps. Chameleon’s growing range of apps and products – including the ivie energy saving app, the ivie Bud in-home display, and ivie Charge app for EV drivers – are already used by tens of thousands of people to help them save energy and carbon and reduce their bills.

 

Commented Mike Woodhall, co-founder and CEO of Chameleon Technology: “I’m delighted to have been nominated and won this award but what it truly reflects is the drive and commitment of the team of people at Chameleon Technology.

“Everything Chameleon, and by extension the ivie brand, does is to make managing energy simpler, smarter and more personal for as many people as possible. Accurate, real-time energy data is crucial for achieving this. With live data, people can make smart energy-saving decisions on the spot that bring genuine change to how they use energy.”

 

Close to 50,000 households have now downloaded the ivie app and are successfully using it to monitor their home energy habits, lower energy bills and cut their carbon emissions.

 

Added Mike: “I’m proud to say that Chameleon Technology is a real innovator in the smart energy space and a key supporter of Net Zero and low carbon technology projects. It’s imperative that consumers are fully engaged with the transition towards carbon neutrality. However, more must be done to get the UK on track to achieve the Government’s environmental targets – and, as a progressive business, we are fully committed to driving this agenda.”

Business Advice, Finance and Banking, News

How Virtual IBANs Can Streamline Financial Operations for Your Business

Staying ahead of the competition is crucial in today’s rapidly evolving business landscape. One area where businesses can gain a competitive edge is in their financial operations. Traditional banking systems and processes can often take time and effort.

However, a solution has been gaining traction – Virtual IBANs. These innovative tools offer a streamlined approach to managing financial transactions, providing businesses greater efficiency and flexibility.

This article will explore how Virtual IBANs can revolutionize your business operations, offering benefits such as enhanced cash flow management, improved reconciliation processes, and simplified international transactions. Let’s dive in and see how Virtual IBANs can transform how you handle your finances.

Understanding Virtual IBANs

In today’s fast-paced digital world, businesses constantly seek ways to streamline their financial operations. One innovative solution gaining traction is the use of Virtual IBANs. In this blog article, we will explore the concept of Virtual IBANs and discuss how they can benefit businesses in managing their financial transactions more efficiently.

What is a Virtual IBAN?

Virtual IBAN, or Virtual International Bank Account Numbers, is a virtual representation of traditional IBANs. Virtual bank accounts enable businesses to send and receive payments without opening multiple physical bank accounts in different countries.

Streamlining Financial Operations

By leveraging Virtual IBANs, businesses can centralize their financial operations and simplify managing global transactions. Instead of maintaining multiple physical bank accounts in various countries, companies can use a single Virtual IBAN to receive customer payments and make payments to suppliers. This streamlines the reconciliation process, reduces costs associated with international transfers, and provides better visibility and control over financial transactions.

Enhancing Efficiency and Accuracy

Virtual IBANs also enhance efficiency and accuracy in financial operations. With traditional bank accounts, businesses often need help with timely payments, manual reconciliation, and errors in transaction data. Virtual IBANs automate these processes, ensuring faster payments, real-time transaction tracking, and accurate financial reporting.

Mitigating Currency Risks

Another advantage of Virtual IBANs is the ability to mitigate currency risks associated with international transactions. With Virtual IBANs, businesses can hold funds in multiple currencies, easily managing foreign exchange and minimizing currency conversion costs. This reduces the impact of fluctuating exchange rates and gives companies more control over their finances.

Increasing Security and Compliance

Virtual IBANs also offer increased security and compliance measures. With traditional bank accounts, there is always a risk of fraudulent activities and unauthorized access. Virtual IBANs provide enhanced security features such as two-factor authentication and encryption, ensuring that financial transactions are secure and protected.

How to get a Virtual IBAN for your business

To obtain a Virtual IBAN for your business, you will need to follow these steps:

  1. Research and choose a reputable provider, such as Openpayd, that offers Virtual IBAN services.
  2. Contact the provider and provide them with the necessary information about your business, such as legal identification and proof of address.
  3. Complete any required application forms and provide any additional documentation requested.
  4. Pay any applicable fees or charges associated with obtaining a Virtual IBAN.
  5. Once your application is approved, the provider will assign you a unique Virtual IBAN number.
  6. Start using your Virtual IBAN to streamline your financial operations and enjoy the benefits it offers to your business.

In conclusion, Virtual IBANs offer a convenient and efficient solution for businesses to streamline their financial operations. By centralizing transactions, enhancing efficiency and accuracy, mitigating currency risks, and increasing security and compliance, Virtual IBANs provide numerous benefits to businesses.

Business Advice, News

Capital Allowances and Tax Savings in the UK: Unlocking Opportunities for UK Owner-Managed Businesses

Capital allowances provide a valuable opportunity for owner-managed businesses (OMBs) in the UK to reduce their tax liabilities and increase cash flow. By properly identifying and claiming capital allowances, OMBs can benefit from significant tax savings. In this blog, our tax advisors have explored the concept of capital allowances, discuss the various types of allowances available, highlight key considerations for OMBs, and provide practical insights on how to unlock the full potential of capital allowances to maximize tax savings.

Understanding Capital Allowances

Capital allowances are tax deductions that businesses can claim on certain types of capital expenditure. These allowances allow businesses to deduct the cost of qualifying assets from their taxable profits, reducing their tax liabilities. Understanding the different types of capital allowances is crucial for OMBs to identify eligible expenditures and optimize their tax savings.

Types of Capital Allowances

Annual Investment Allowance (AIA): The AIA enables businesses to claim a 100% tax deduction on qualifying capital expenditure, up to a specified limit. This allowance encourages investment in plant and machinery, providing a valuable tax-saving opportunity for OMBs.

First-Year Allowances (FYAs): FYAs allow businesses to claim an enhanced tax deduction for certain qualifying expenditures, such as energy-efficient equipment, cars with low carbon emissions, and research and development assets. Utilizing FYAs can result in accelerated tax relief and significant tax savings.

Writing Down Allowances (WDAs): WDAs provide tax relief for capital expenditure that does not qualify for AIA or FYAs. WDAs allow businesses to claim a percentage of the cost of the asset each year until the full cost is claimed.

Structures and Buildings Allowances (SBAs): Introduced in 2019, SBAs provide tax relief on the construction or renovation costs of non-residential buildings. OMBs can claim SBAs to reduce their tax liabilities over a fixed period.

Key Considerations for OMBs

Identifying Eligible Expenditure: OMBs must carefully review their capital expenditure to identify eligible assets and expenditures that qualify for capital allowances. This includes considering both new purchases and existing assets that may have been overlooked in previous tax returns.

Documentation and Record-Keeping: Accurate and comprehensive documentation is essential to support capital allowance claims. OMBs should maintain records of invoices, contracts, and other relevant documents that demonstrate the capital expenditure and eligibility for allowances.

Timing of Expenditure: Timing plays a crucial role in maximizing tax savings through capital allowances. OMBs should strategically plan their capital expenditure to optimize the use of allowances, such as aligning purchases with accounting periods or claiming FYAs for energy-efficient assets.

Maximizing AIA Utilization: OMBs should monitor and plan their qualifying capital expenditure to make the most of the available AIA limit. By understanding the rules and limitations of the AIA, businesses can optimize their claims and maximize their tax savings.

Special Considerations for Property Investments: OMBs involved in property investments should be aware of the specific capital allowance rules and considerations. This includes understanding the availability of SBAs for non-residential buildings and the treatment of fixtures and fittings.

Seeking Professional Advice

Navigating the complexities of capital allowances requires expertise and thorough knowledge of tax regulations. OMBs are strongly encouraged to seek professional advice from tax specialists or accountants with experience in capital allowances. Professionals can help identify eligible assets, ensure compliance with regulations, and maximize tax savings by leveraging available allowances.

Capital allowances offer significant opportunities for tax savings to UK owner-managed businesses. By understanding the different types of allowances, identifying eligible expenditures, optimizing the timing of expenditure, and seeking professional advice, OMBs can unlock the full potential of capital allowances and reduce their tax liabilities. Utilizing capital allowances not only enhances cash flow but also allows OMBs to reinvest savings into their businesses, supporting growth and long-term success. As capital allowance rules and regulations evolve, OMBs should stay updated and adapt their tax planning strategies to fully benefit from the tax-saving opportunities offered by capital allowances.

Charity & CSR, Homelessness, Housing, Investment, Investment News, Social Housing

SASC invests in Cornerstone Place to fund properties for single people who are homeless or at risk of homelessness in Rochdale

Cornerstone Place, a social enterprise that provides property solutions to homeless support charities, has received a social investment loan of £884k from Social and Sustainable Capital (SASC) to build 14 properties for people who are homeless or at risk of becoming homeless in Rochdale, Greater Manchester.

The loan from SASC’s Community Investment Fund will pay for the Whitworth Road project, a new development in North Rochdale, which has 13 one-bedroom apartments and one two-bedroom apartment. The apartments will be built by Agile Property & Homes using Modern Methods of Construction that use renewable materials and can reduce energy costs and carbon emissions by up to 90% compared with traditional building methods.

The development also includes ancillary space to facilitate support staff on-site 24/7 from Stepping Stone Projects[i], a homelessness charity set up in partnership with Rochdale Council that already has an operational project with Cornerstone Place. Stepping Stone Projects will own the properties after completion, managing the units and delivering wrap-around support to the tenants.

Cornerstone Place was set up in 2019 with a mission to help end street homelessness in the UK by 2030, with a unique proposition that offers homelessness charities an alternative to renting or buying properties. They source the properties, arrange all the funding, manage the build and professional teams, arrange long-term finance and deliver the projects for the charities.

The aim is that the homelessness charity will end up owning the property without needing to dip into or tie up their valuable reserves, helping them to serve the people in their community over the long term.

David Ball, Co-Founder & Director at Cornerstone Place said: “There is a massive need for the Whitworth Road properties, with figures showing 283 people are in statutory temporary accommodation in Rochdale, 892 ‘open homelessness cases’ and a housing list nudging 8,000 applications. With SASC’s loan we will be able to fund the development for the benefit of the local community which will be managed by Stepping Stone Projects a trusted and impactful regional charity dedicated to supporting people.”

Mark Bickford, Chief Investment Officer at SASC said, “The management team at Cornerstone Place and the construction company are experienced and the project is well-planned, with Rochdale Borough Council strongly committed to the success of this project.

“The modular homes, coupled with the support from the charity, will provide a ‘stepping stone’ on the pathway to independence for care leavers, people who are homeless and those at risk of losing their homes. These homes will provide much needed accommodation for people in need who are not quite ready to live independently without support.”

SASC’s Community Investment Fund launched in 2014 and lends amounts of between £250,000 and £2 million to community based, locally led organisations which are providing essential services to improve the well-being of local residents.

For more information on Cornerstone Place visit: www.cornerstoneplace.co.uk

For more information on Stepping Stone Projects visit: www.stepping-stone.org.uk

For more information on SASC visit: www.socialandsustainable.com

[i] https://www.stepping-stone.org.uk/

Finance and Banking, News

ACCA comments on HMRC R&D tax relief report

This afternoon, HMRC published its Approach to Research and Development tax reliefs.

Lloyd Powell, head of ACCA Cymru/Wales, said:

“Businesses and agents are bearing the brunt of HMRC inefficiencies. The R&D tax relief system is in a desperate state.

“ACCA is calling for a radical approach to fix the system, so that the UK can continue to be open for business and investment. Too often members are telling us that businesses are looking to move to other jurisdictions for R&D.

“Businesses are being put off claiming R&D relief and looking to move jurisdictions to escape the inefficiencies of the UK system.

“HMRC needs significant investment. In particular it needs to develop appropriately trained people to deal with R&D queries. ACCA and its members don’t see those skill sets at the moment.

“The R&D tax relief system is opaque. There is lack of transparency and process and a lack of contact with individual officers. This all needs to be rectified.

“Members are telling ACCA that HMRC is not reading the reports that are sent to them (supporting R&D claims). HMRC staff are struggling and need support. HMRC needs to invest in training on technical details to stop some turning to unsuitable tools like general internet searches to reach incorrect conclusions.

“The government says it want to keep investment in the UK – it wants the UK to be at the forefront of research, innovation and development. HMT know the sort of forest they want, but HMRC can’t see the wood for the trees and are chopping down everything for fear that something bad might grow.

“ACCA will continue to support HMRC but if HMRC cannot make significant improvements to its R&D capacity, then we would recommend a more radical change. HMRC should restrict R&D claims to only agents who are signed up to the PCRT (Professional Conduct in Taxation Group). PCRT has an established set of standards and requirements. Such a move would reduce HMRC workload on R&D and the businesses would be able to benefit from much needed investment.

“At the moment HMRC is using a sticking plaster on a gaping wound of a regime. This can’t go on.”