Summer temperatures have waned and as the mornings are now crisper, and the evenings darker, the Avanti team are about to have a busy time with three exhibitions this week- October is set to be a busy one for us.
Come along and meet the team at either the Menta Exhibition in Bury St Edmunds on Tuesday 2nd October, or Felixstowe Exhibition on Wednesday 3rd October.
Alongside the usual services of accountancy, payroll, bookkeeping, tax advice, and company secretarial duties, October will see us preparing for upcoming networking launches and heading off to the Franchise exhibition at Birmingham NEC at the weekend.
September saw the Avanti team expanding into Kent to launch Avant Networking Medway in Tonbridge. The launch was a success and we’re excited to see the group grow as our network spreads throughout the UK, with the upcoming launches in Dartford, and Wolverhampton in November.
Our Networking tips provided you with some food for thought when it comes to your next networking meeting –
Consider Zonal Networking for Effective Networking
When you are attending a networking event, consider the venue it is held at, maybe call ahead to see how things are set up if it is a group you haven’t visited before.
As a general rule of thumb though, networking events are set up in zones, and you can ‘work’ these zones to get the best from the meeting.
• Typically where all members and visitors sign in and are greeted by the hosts. The Avanti group hosts will always greet you warmly, assist with any queries, settle you in, and introduce you to members of the group so that you may start to make connections.
• Be warm and friendly but avoid ‘networking’ here – people will be arriving, greeting everyone, relaying messages and excusing themselves form heavy conversation as they get settled in.
• Whatever event you are attending, there will no doubt be a refreshment area where you can ‘wet your whistle’ and expand on your initial greeting. The ‘sweet spot’ is considered to be the immediate area around the refreshments, once someone has their drink etc and appears settled, they are ready to network, and if you are placed there, you will be one of the first people they see – be ready to introduce yourself.
For vibrant networking with a fresh approach, contact Avanti
We brought you handy tips and advice on inheritance and property tax.
As Benjamin Franklin said, the only things certain in life are death and taxes, and inheritance tax (IHT) touches you on both.
When you die, the Government assesses how much the assets of your estate is worth, then deducts your debts from this to give the value of your estate. Your assets include:
- Cash in the bank
- Any property or business you own
- Any proceeds from life insurance policies
But how much tax will you pay:
It is not you, but your estate that will owe tax over a set threshold when you die (a smaller percentage can be paid when you leave a set % to a charity) – excluding your ‘main residence’ allowance which came in in 2017/2018 tax year.
The allowance is only valid on your main residence and where the recipient of a home is a direct descendant (classed as children, step-children and grandchildren).
For couples, when the first one dies their allowance is passed to the survivor thus doubling the threshold before tax is due.
If you know anyone that needs help and advice on Inheritance Tax please ask them to contact Avanti.
If you purchase a property for rental – you will pay capital gains on the eventual profits from the sale, but did you know that you can reduce this profit by deducting allowance expenses such as:
If you decide to purchase a property for rental – you will pay Capital Gains Tax on the eventual profit from sale – but whilst you are renting the property you will have to pay tax on the profits from the rental income.
- water rates, council tax, gas and electricity
• contents insurance
• costs of services, including the wages of gardeners and cleaners (as part of the rental agreement)
• letting agents’ fees
• legal fees for lets of a year or less, or for renewing a lease of less than 50 years
• accountant’s fees
• rents, ground rents and service charges
• direct costs such as phone calls, stationery and advertising for new tenants
• Certain Travel Expenses
What about, if you sell your main home?
Usually, when you sell your main home (or only home) you don’t have to pay any CGT. However, there are some circumstances when you may have to pay some. For example:
- The home includes a lot of land/additional buildings (1/2 hectare or more)
• You’ve sub-let part of it (but having one lodger doesn’t count)
• Part of your home is exclusively business premises
You only have to pay CGT on gains that exceed your annual allowance. Unless you are a property developer and this is your trade
Brexit remains the word on everyone’s lips, and shows no sign of disappearing
Despite many declarations, the long-term effect that Brexit will have on the UK’s small to medium enterprise (SME) businesses is still largely unknown.
After all, SMEs make up more than 99 per cent of our private sector business.
There will be challenges but it can also create opportunities, but this has largely been ignored by commentators so far, seeming to prefer the doom and gloom approach.
Research found that 30% of SMEs find raising finance to be the biggest obstacle to new business, with more than half of UK SMEs describe banks as being hostile to businesses.
The pounds depreciation may provide a solution by encouraging fresh investment, creating other avenues for growth thus encouraging private equity firms to invest more in UK business.
In fact, one in four SMEs report improved exporting opportunities due to the fluctuating exchange rate which is back-up by research from PayPal.
Also, are we heading for the predicted employment crisis? While this is a little melodramatic, we’re likely to see a shortfall in workers once we leave the EU.
VAT is a major concern. No VAT is currently levied on trade within the EU: it is only charged when goods are sold to the end customer. If the UK were to leave the EU VAT regime without agreement, businesses could be required to pay VAT upfront, for the first time. This change would create both cash flow and time burdens, which could be costly for SME’s
Service companies would need to become VAT-registered in each member state where they operate. At present, being registered in one-member state is sufficient to trade in all.
….More information on that in the coming weeks.
Did you know, Avanti can help you by providing valuations?
What to do if you need a valuation?
- The first thing is not to worry about this. In the end any business is worth what someone will pay for it, but at least you will have an idea!
- Be honest and open with your Accountant – we can’t help you if you are not
- Answer questions as quick as you can. The answers may lead to other questions, thereby delaying the final report
- Make sure you have at least 3 years of accounts available
- Get your paperwork in order, you never know you may just get the offer you want straight away
- Ensure there are up-to-date accounts available, if not ask Avanti to prepare them urgently
So how can Avanti help you?
- By having a qualified/experienced accountant carrying out an informed valuation you get to know where you stand, even before you begin negotiations.
- We help by providing advice about the valuation and if applicable what are the next steps to take.
- We can introduce you to other professionals such as commercial solicitors, business brokers, insurance agents and IFA’s
- At each stage we keep the client informed and nothing is done without their knowledge and approval.
Quote of the month “If you stumble, make it apart of the dance”
Remember, Avanti offer so much more than accountancy, we pride ourselves on proactive business advice alongside the usual number crunching. You can also pic’n’mix our services to suit your business, budget and circumstance, to see how we can help move you and your business forward, give us a call (08000) 388 799 for your no obligation advice meeting.