Employment Investment Incentive (EII) and Start-up Relief for Entrepreneurs
The Act aims to simplify the legislation provisions of the income tax reliefs for investment in corporate trades.
The amendments have introduced a range of changes to the process of the Employment Investment Incentive (EII) and the Start-up Relief for Entrepreneurs (SURE).
The most significant change being the move away from the current application process to a system whereby companies will now self-certify that they have met the conditions. It amends the trigger points in relation to when claims can be made, tying all claims to a requirement to have spent 30% of the money on a qualifying purpose rather than the various trigger points which currently apply under existing provisions. EII and SURE reliefs will be able to run until the end of 2021.
The Act has updated the rules for capital allowances on Intellectual Property. The update provides additional clarity on income arising when IP is acquired prior to 11 October 2017 and when IP is acquired from 11 October 2017 onwards.
The updates now require that the income received from the two different periods be treated as two separate income streams when calculating capital allowances.
Newly appointed Client Manager, Graham Pogson has been with Nicholsons Chartered Accountants for over 18 years and is based at the firm’s Lincoln office. Graham joins five of his colleagues who have also been appointed as client managers within the firm.
Although Graham works closely with a variety of businesses offering help and support, his area of expertise is working within the agriculture and charity sectors dealing mainly with Limited Companies, Partnerships and Sole Traders.
Graham joined the firm in September 2000 as a junior accountant and is now a client manager. He has extensive experience in the preparation of all different types of accounts and enjoys visiting his clients at their premises to add a personal touch and help businesses to develop. He is known for his attention to detail, which, coupled with a questioning, analytical mind, makes him an integral and crucial member of the Charity and agricultural team.
Experience is key with Graham as he has been a member of the audit team for 16 years where he helped managed the firm’s portfolio of audit clients, but since a change in legislation Graham now works more on the preparation of the annual accounts for these clients.
As a member of the Association of Accounting Technicians, Graham keeps up to date with any changes which will come in to affect through his continued professional development
When not out visiting his clients, Graham enjoys playing football and is a keen Lincoln City supporter.
Over 100 people attended Nicholsons Chartered Accountants’ second annual Small Business Conference which was recently held at the Drill Hall in Lincoln. The year’s theme was based on the ‘employees’ within a business.
The firm was pleased to have secured the internationally renowned freelance speaker and writer, Richard Askam to host the event. Richard writes on the topic of engagement and the art of lost conversation.
Small business software technology company XERO were also in attendance and talked about the ways SMEs can stay on top of their cashflow as well as advising on the tools available to help them keep up to date with their incomings and outgoings.
To help businesses deal with the many challenges they have to face today, Nicholsons brought together a number of business specialists who were able to help and advise small business owners and managers on key topics that are a concern for them. These ranged from cashflow, budgeting, legal issues, performance and retaining staff, cyber security, marketing, social media, technology, efficiency through processes and health & wellbeing, all factors that need to be considered when running a successful business.
The audience had an opportunity to interactive with our speakers by asking any questions at the end of each session.
Richard Hallsworth, a director at Nicholsons says “The world that we work and live in is changing. Politically we are exiting the EU, economically new ways of working like the gig economy have changed the pattern of work, socially we are aware of the importance of good mental health and wellbeing and technology and automation are getting faster and cleverer. Not adapting to the changes around us is not an option. We hope the conference has provided business owners and managers with the tools to make better decisions, to help their businesses go from strength to strength.”
During the morning delegates had the opportunity to visit the stands that were supporting the conference, giving them access to a wide range of services to enhance their business decision making.
Our thanks go to our speakers – Glen Foster from Xero, Richard Hallsworth from Nicholsons, Michael Squirrell from Wilkin Chapman, Anthony McGhie from Barclays, Chris Pickles from F1 Group, Alex Wright from Knapton Wright, Rachel Linstead from Firecracker and Andrew Tomlinson from Nicholsons HR Department and our host Richard Askam.
Our thanks go to our supporters – Lincoln College, DBS Internet Marketing, Reflect Recruitment, Systematic, Optimum Safety Management, St Barnabas Hospice, FSB, Thompson & Richardson, Lincolnshire Chamber and Positive Networking
The new year started with a disappointing 1-1 home draw v lowly Port Vale with a last minute equaliser, the sign of things to come.
However, FA Cup 3rd Round day arrived away at premiership Everton. After conceding twice in 15 minutes, Lincoln battled hard and with a little luck could have forced a replay but lost 2-1 in front of 4,500 City fans.
An away trip to Swindon followed with Lincoln 2-0 up thanks to a wonder goal from Shay McCarten, but City were then reduced to 9 men and held on for a 2-2 draw which led us to the Lincolnshire derby. A 1-0 victory ensued in a tight encounter with Grimsby with their goalkeeper being sent off late on for a lunge on Danny Rowe. Next came a 2-0 away win against Yeovil Town keeping the spirits high.
Four successive draws followed, the first being live on Sky Sports with a 3-3 draw away at 2nd in the table Bury, where Lincoln led 3 times but were succumbed to a late leveller.
4,500 fans flocked to Nottingham to see a 1-1 draw with local rivals Notts County, with John Akinde missing a late penalty.
A home 1-1 draw with Northampton resulted in City’s Harry Anderson being sent off in the first half. This was not as disappointing as the 2-2 home draw versus Stevenage with us leading 2-0 with 3 minutes remaining.
An excellent 2-0 away victory at Morecambe with Bruno Andrade scoring both goals. He has therefore scored the last 6 goals for Lincoln, in fact the only Lincoln player to score in February.
February finished with another 1-1 draw at home to play off chasing Exeter. This time Lincoln equalising deep into injury time where many fans had already left after a somewhat frustrating display.
As the final quarter of the season approaches, Lincoln remain top of the league, 3 points clear
- Keep detailed records of your annual income and expenditure for your property rental business
- Claim all costs of running the property rental business, including mileage/travel costs if you physically collect the rents
- Consider operating your property rental business through a limited company, as tax rates may be lower
- Keep details of all capital costs of acquiring properties, such as legal fees, SDLT etc., as they will be needed when the property is sold
- If you have lived in the property for any period of ownership, document the dates so that exemptions can be claimed when the property is sold
- Bear in mind the extra 3% SDLT on any property purchase that is not your main residence
- Consider transferring properties to trusts as a way of passing on wealth to the next generation in a tax-efficient way
- If married or in a civil partnership, you may want to put properties into joint names, and make an election to vary the property ownership, and therefore the property income, from the standard 50/50 split to reduce your joint tax bill
- Beware that gifts of property to anyone other than your spouse could cause a Capital Gains Tax liability
- When selling a property, make sure you make best use of all annual allowances and basic rate tax bands, and those of your spouse/civil partner
There is no substitute of individual tax advice tailored to your own particular circumstances!
Nicholsons Chartered Accountants is delighted to welcome Craig Griffiths to the team based at the firm’s Lincoln office. Craig has joined the Audit Team as a Semi Senior Accountant.
After finishing sixth form at William Farr, Craig joined the Lincs FM Group in 2012 as an Apprentice Accountant. He stayed with the firm for six years and during this time he also attended Lincoln College in the evenings to study for his AAT qualification.
Craig is a Liverpool supporter, not only does he enjoy watching the game, he also enjoys playing in the local Sunday league. As well as football Craig plays badminton once a week and enjoys eating out and going away with his girlfriend.
Left to right – Alex Cass and Billy Toulson – Standing Aimee Harrison and Imogen Flower – Sitting Lucy Christopher and Ieuan Thomas-Cousins
For those not Star Wars fans a Padawan Learner is a Force sensitive adolescent who trains as a Jedi. In the real world they are known as apprentices.
Over the last couple of years, we have invested into the apprentice scheme and recruited Lucy, Alex, Billy, Aimee and Imogen into our admin and accountancy teams. After my initial shock at how young they looked I was delighted at how mature they all seemed but as the years have moved on, I grew to really appreciate what they had brought to the business. They have been so keen to learn picking up everything we asked of them, but they also brought with them enthusiasm and a freshness that blew through the firm.
“having an apprenticeship isn’t just about getting great skills and great training; it can be the stepping stone to a fantastic career ” David Cameron (link https://www.gov.uk/government/speeches/apprenticeship-speech-delivered-by-prime-minister-david-cameron-in-milton-keynes)
As Lucy, Alex, Billy, Aimee and Imogen move on through the business and now enter their fourth year with us all have been rewarded for their development; Lucy has now completed her business administration studies and is one of our senior secretaries, Alex passed his Chartered Accountancy exams on the AAT fast track route and has taken on an audit and accounts role, Aimee has been rewarded for her hard work and was appointed to a semi senior position, Billy has completed his apprenticeship and is a junior accountant studying for his ACCA qualifications, and finally Imogen has taken up an apprentice role in our financial services department working alongside head of the department, Gail Paton. For me though one of the most significant achievements for all our apprentices to have been nominated over the last two years at the Lincoln Business Awards. With an outstanding achievement by Aimee in 2017 as she went on to win her category. They’ve all got another important task, to mentor our two newest apprentices; Ieuan and Josh!
In addition to the freshness and enthusiastic attitude, the scheme provides structured training, third party tutoring, monitoring and appraisal and grant funding to contribute to their development.
The apprenticeship scheme has been a real success for us, and I want to encourage every business to consider taking on their own Padawan Learners!
As Yoda would say “Great job, Lucy, Alex, Aimee, Billy and Imogen, the good work, keep up hum keep up”