The Business Exchange Swindon & Wiltshire Edition 65: February/March 2023 | Page 10

FINANCE

LAST CHANCE TO ACCESS EXPERT FUNDING AND GROWTH ADVICE

This March Innovation 4 Growth is hosting its last workshop to help SMEs in Swindon and Wiltshire achieve their growth goals in 2023 .
Delivered by UWE Bristol and funded by the European Regional Development Fund , Innovation 4 Growth aims to encourage businesses to innovate and grow through grant funding and business support .
The last workshop entitled Funding Business Evolution is being held on Thursday 2nd – Friday 3rd March at The Workshed in Swindon .
The workshop will help attendees to explore available funding options , provide assistance on funding applications and give guidance on what a good funding pitch looks like . Experienced guest speakers will offer their valuable insights over the two-day event , sharing their learnings on innovation , funding and successful business models . The workshop sessions include :
• The funding landscape A practical exploration of the many ways to fund an innovation / change or growth project , from bootstrapping to debt financing , angel investors to crowdfunding .
• What do funders need to know to support your project ? What does a funder need to see in your application for you to be successful , and why does a great funding application need more than data ?
• Communicating your innovation How do you explain your idea to a funder , a potential client or partner ? Getting the narrative right will impact across the business , we ’ ll work on getting it fine-tuned .
• How to plan for growth What does good growth mean to you ? People , processes , time and money . How do you create time to evolve your business while still keeping current clients and projects healthy ?

Making Tax Digital - the things you need to know

Clare Bowen is a Director at Monahans , the south west ’ s leading accountancy and business advisory firm .
Expert speakers and facilitators will include , Mark Corderoy , Entrepreneur in residence at Launch Space and Bristol Robotics Laboratory Hardware Incubator , Lucy Paine , Business Development Manager at UWE Bristol , Jim Hughes , Founder of Untamed , Martin Barnes Kick Arse Startup Pitches , Kat Wellum-Kent Fractional Finance , and Jack Stanbury , Business Innovation & Skills Manager at UWE Bristol .
For more info : www . innovation4growth . co . uk / swi4gworkshops
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Amid the current financial climate , uncertainty is the major issue for many organisations ; supply chain issues , will the Government provide sufficient support against the energy crisis , will interest rates rise or fall ? Meanwhile , the Government moving goalposts only adds to business woes .
Fortunately , recent changes made to Making Tax Digital ( MTD ) for income tax strike a more positive chord . Delaying MTD ’ s implementation until at least April 2026 has eased an air of panic for many businesses who weren ’ t ready for the changes . HMRC deciding to stagger compulsory entry into the scheme also makes sense , rather than maintaining the original strategy of everyone
having to conform simultaneously , which would have been impractical .
For the organisations that are ahead of the game and have already put plans in place to digitise their systems , your efforts haven ’ t been wasted . MTD will give businesses a much more uniform and structured method of approaching their finances via real-time data . A steadier stream of information and knowledge around tax liabilities will be significant advantages , allowing for clarity on what tax is owed quarterly rather than businesses facing a hefty and unexpected tax bill at the end of the year . Sole traders , who may use their bank account as the only gauge of their financial standing , will benefit greatly .
So , there are clear positives , but HMRC decisions such as this tend to provoke more questions than answers . With the proposed staggered implementation , it remains to be seen who will be impacted and when .
Another issue not yet addressed is around basis periods because it is as yet unclear how HMRC will accommodate businesses who don ’ t work to the UK tax year as their year-end . Those that have a year-end in one period but have to report on it in another may face scenarios where they have to pay tax on more than 12 months ’ worth of income .
It ’ s these real business issues that the government needs to understand in the time between now and the new
deadline . Meanwhile , the delay has given businesses some breathing space but that ’ s not an excuse to sit back . MTD will ultimately benefit all businesses , through comprehensive insights into cash flow and better understanding of tax liabilities , and businesses should use these two extra years to prepare rather than delay the inevitable . Monahans is working hard to ensure our clients have the most up to date information on how they may be impacted . Monahans is working hard to ensure that we are ahead of the curve on all new MTD developments . If you need support with your MTD accounting , please get in touch today and we ’ d be more than happy to help : www . monahans . co . uk / contact-us .

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Monahans prides itself on being a local firm with international reach . We stay true to our commitment of being a trusted partner to our clients , helping them achieve their ambitions .
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