16 minute read

BUSINESS

With many tax allowances now frozen at current levels until at least April 2026, is it time to consider Business Property Relief (BPR) investments to complement more traditional tax efficient investments like ISAs and pensions? BPR has now been around for over forty years and allows individuals to pass on BPRqualifying assets entirely Inheritance Tax (IHT) free to their beneficiaries upon death (subject to certain stipulations) along with potentially other tax benefits. Successive governments have encouraged the use of BPR schemes and offered tax advantages to investors in order to encourage private funding into new and innovative UK companies, thus stimulating and growing the UK economy. Not all investments into businesses will qualify for BPR and there is always the possibility that tax rules and legislation could change in the future, however, BPR-qualifying investments will typically be in shares in an unquoted qualifying company, shares in a qualifying company listed on the Alternative Investment Market (AIM) or an unincorporated qualifying trading business, a partnership, for example. As investment will generally be into unlisted start-up companies, the investment risk can be high, with greater volatility, and be harder to sell. However, by diversifying investment across several potentially BPR-qualifying companies you have the potential to spread the risk somewhat, but these are not suitable investments for everyone and there is a real risk that investment capital can be lost, therefore it is imperative that investors have sufficient income and capital elsewhere in order to maintain their lifestyle. Just as with more traditional investments, for example, into unit trusts, Open Ended Investment Companies (OEICs) and managed funds, risk should come hand-in-hand with reward. In addition to the potential for greater growth from small start-up businesses compared with the established large corps, the government offers certain tax advantages to investors. There are different types of BPRqualifying investments which carry different rules. However, some of the tax advantages on offer could be the ability to reclaim up to 30% of the value of your investment in income tax relief, the ability to defer a capital gain and the potential to receive tax free dividends. They also offer the ability to pass on qualifying shares to your beneficiaries entirely free of IHT (provided shares are held at the time of death and have been held for at least two years – note the much shorter time frame than the ‘7-year rule’ applying to some gifts!) and should not use your inheritance tax nil rate band, albeit the value of BPR investments remain in your estate for the purposes of calculating the residence nil rate band.

BPR investments are not suitable for everyone, however, with frozen tax and tax efficient investment allowances for at least the next five years, compared to rising incomes and estate values, it is inevitable more people will find themselves with bigger tax bills in the coming years and perhaps this will mean that BPR investments will become as familiar as more traditional tax efficient investments. To those who have maximised their ISA and pension allowances or those who find themselves now needing to address estate planning, please contact Fort Financial Planning on 01935 813322 for a completely free, confidential and no obligation chat.

AN EASY GUIDE TO CHOOSING YOUR INSURANCE BROKER

When you need to insure your business, you could spend hours searching comparison websites. You could do it yourself or you can go the route most people choose and find an insurance broker. A broker acts on your behalf and will do the research and source the best policies and providers for your needs.

CHECK THE REVIEWS

Reviews are one of the most important indicators that your broker is well liked and possesses the experience and expertise of various insurance situations. They may be well known in the local business community. Check their testimonials on their website to see what others say about them.

THE CONSULTATION

Once you have narrowed down a list of prospective brokers it is time to set up a consultation. The consultation is an opportunity for you and the broker to get to know each other, ask pertinent questions, and review services and establish a rapport. Much like a doctor, your insurance broker has to know all the details to accurately diagnose the right policy and provider. Be as open as possible so a correct assessment can be made and non-disclosure is not a risk.

A qualified broker has access to many insurance companies and can discuss knowledgeably what each can offer and the covers they believe you will need. They will give you informed options so that you are in control of what you wish to cover. See if your insurance broker can offer you ‘added value’. Do they offer more than insurance cover? Will they disappear as soon as the purchase has taken place or will they stay in contact offering information throughout the year? Bonus tip: Check out your insurance broker’s partners to have a good understanding of who they are working with.

THE PURCHASE

Choosing insurance can be overwhelming. Always choose a well-reviewed insurance expert, capable of providing you and your business with the best possible options and coverage. Look for information about the insurance company that your broker has chosen so you feel confident with whoever you are giving your money to. Remember, there are many multinational insurance companies that you may not have heard of, as they don’t need to advertise on customer

Telephone: 01460 206588 or 07341 663783 info@hollowayinsurance.co.uk platforms but are as securely financially rated as the high street names. Ask, if you do not understand the vocabulary that your broker is using. Remember to balance the final price with the cover you have purchased. Price, of course, is an important factor. However, it is important to get it right, otherwise you could find that you are either paying far more or that when you make a claim, you realise that your insurance doesn’t cover it.

Expect more from your broker - expect our full spectrum of solutions

Risk Management Company Needs Insurance Guidance Proud to be insuring and supporting local businesses

Compliance Communication Telephone: 01460 206588 or 07341 663783 deanholloway@gauntletgroup.com

Expect more from your broker - expect our full spectrum of solutions INSURANCE & RISK MANAGEMENT You can rest easy with our regular compliance newsletters, articles, action plans and support to FOR BUSINESS keep you up to date on the latest legal developments as your company grows.We don’t believe in finding you We aren’t just here to help you when you have a claim, all our clients have access to FREE risk cheap business insurance, management resources that will improve e ciency we believe in finding you the best and reduce risk within your company whatever stage or sector of business you are in.business insurance and working With over 30 years’ experience and as part of the with you to ensure that you are Gauntlet Group we o er an unrivalled level of access to market. We have access to more options and more supported at all stages. insurers than most of our competitors, o en leading Proud to be insuring and supporting to a more competitive quote for your business.www.hollowayinsurance.co.uk local businessesinfo@hollowayinsurance.co.uk 01460 206588

HOW TO HELP SOMEONE WITH DEMENTIA

‘Where did I put my phone?’ I search all the usual places: kitchen work surface, next to my bed, on the arm of the sofa, car, and no sign of it. ‘Maybe I left it at work?’ I drive back to the office and check my desk drawer. No sign of it there either. Just as true panic sets in something digs into me. My phone has been in my back pocket the whole time.

This is actually typical of me, although it seems to be happening more as I get older. I have always put it down to having a busy mind that just throws out some of the basic stuff! Sadly, sometimes forgetfulness is not quite so simple, and dementia can start at any time of life.

The Private Client Team at Pardoes have all trained as Dementia Friends and can therefore provide a sympathetic, sensible approach to the problems that may arise following a diagnosis. It is worth passing on a few of the practical points that were raised.

Someone with dementia will find it more difficult to process information and to respond appropriately. Any instructions that need to be given should be given one at a time not as a string of requests in one sentence. Short, easy-tounderstand instructions are more likely to be processed. Some day-to-day activities will also become progressively more difficult as the condition worsens but the person living with dementia can be assisted by breaking the task down into more basic steps. For example, ‘fill the kettle with water’, ‘put a tea bag in a mug’, ‘turn the kettle on’, etc.

It can be very difficult for loved ones to communicate a bereavement in the family to someone with dementia. In the later stages, memory retention can be very limited, and it is hard to know how to respond when asked repeatedly about someone who has died. There is no real right or wrong way to deal with this but each time the same information is delivered it causes the same level of sadness to the person with dementia. Sometimes there is no alternative but to be direct, however, changing the subject or distracting them away from the enquiry is often a better solution.

PARDOES FREE LEGAL HELPLINE

Questions for the Qualified

Tough times require a community willing to help and support one another. Due to the restrictions in place in Somerset (and the nation) we have had to halt our popular free Legal Clinics in the villages/towns dotted around South Somerset. We have endeavoured to continue to help our community by offering other free services such as The Friendly Law Podcast which covers a range of important legal topics, but we would like to offer a further solution: The Pardoes Free Legal Helpline will commence on the 22 February and will run every Monday between 16:00 and 18:00. It will be manned by qualified staff The Legal Helpline

It is our ambition that dedicating this time to give free legal help will ease some people’s worries and give back to the community of which we have been a proud member for over 100 years. Please book an appointment using our enquiry form at the bottom of our website homepage www.pardoes.co.uk Alternatively, please check our website/social media platforms @PardoesLLP to find out who will be taking calls and their number. We look forward to hearing from you. Practical help with finances and even health decisions (if the person does not have sufficient competence to decide for themselves) can be given providing there is a Lasting Power of Attorney in place appointing a chosen attorney to act in this capacity. Lasting Power of Attorney can only be executed by someone in the early stages of dementia, so it is essential to put this in place sooner rather than later.

On a final note, diagnosis of dementia involves lots of factors but is often accompanied by a short test of memory and cognitive skills. Just because someone gets a couple of the questions wrong does not necessarily suggest dementia.

If you would like to discuss this issue further, please give me a call on 01935 382689 or email at catherine.murton@pardoes. co.uk.

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• Friendly, patient, and knowledgeable help • Keep in touch with family, friends and colleagues for free over the Internet • Sell online easily, quickly and reliably • Buying advice, setup and installation I’m Phil Hudson, your local tech expert and trouble-shooter. I’ll come to you and sort things out, at a time that suits you. Or you can drop off your machine at my workshop for quick, efficient care and maintenance.

Call me now on 07805 783147

INSPIRATIONS FOR THE CURIOUS SHOPPER

Hello from The Emporium, we’re at the heart of independent shopping in Yeovil!

We’re having a lovely summer, it’s so encouraging to see our shop getting busier every week and our cafe starting to feel like it used to before the many months of lockdown... we couldn’t be happier and we thank all of our amazing customers and supporters for all they do, to keep us going on this incredible journey!

The shop is looking stunning! We’ve had several new traders join us which has given us the push to refresh, redecorate and reorganise - the results are amazing and I hope you agree that the shopping experience we deliver is amongst the best locally. If you have not yet found us, come and say hello! Take in the delights of the 65 different traders at The Emporium, stock spread across antiques, gifts, collectables, arts, furnishings, fashion and interior design. it’s certainly a destination worth travelling to! The cafe is the icing on the cake: breakfast, lunch or afternoon tea awaits – contact us to book a table.

This month, I’d like to take a moment also to celebrate the many people who work at The Emporium. I’m inspired every day by the dedication and creativity, along with the sheer hard work, that our team puts in! unemployed people on the Kickstart scheme. We currently have 23 members of staff on this government run scheme. I’m proud of the contribution they make and the development I am seeing; it’s brilliant as is the support and training offered by our other members of staff. I’m thankful to all of these amazing people. If you’d like to join us as a trader, we are actively inviting antiques traders to join us ahead of our new antiques department launching in September. We have created some new trading areas and excitedly await launching this new room soon. Contact us to open your own shop at The Emporium.

Contact us as always in the following ways:

Phone: 01935 411378

Email: info@theemporiumyeovil.co.uk

Website: www.theemporiumyeovil.co.uk

Visit: The Emporium, 39 Princes Street, Yeovil, BA20 1EG

SUMMER READING

We have selected some fabulous summer reads, ALL £2 OFF for staycations, garden relaxing or for the pure pleasure of enjoying a good book.

In a devastating moment of clarity, Margery Benson abandons her dead-end job and advertises for an assistant to accompany her on an expedition. She is going to travel to the other side of the world to search for a beetle that may or may not exist. Enid Pretty, in her unlikely pink travel suit, is not the companion Margery had in mind. And yet together they will be drawn into an adventure that will exceed every expectation.

Devil and the Dark Water By Stuart Turton £8.99

Set in 1634, a boat leaves the East Indies with a detective duo on board. Although one is locked up and facing execution, their skills are very much needed when the voyage is beset by a terrible forewarning. ‘Wildly inventive, Turton’s tale defies definition as either historical fiction or crime novel, but provides all the pleasures of both genres and more’

The Greek myths are among the world’s most important cultural building blocks and they have been retold many times, but rarely do they focus on the remarkable women at the heart of these ancient stories. ‘Funny, sharp explications of what these sometimes not-very-nice women were up to, and how they sometimes made idiots of . . . but read on!’ Margaret Atwood

In this riveting real-life thriller, Philippe Sands offers a unique account of the daily life of senior Nazi SS Brigadefuhrer Otto Freiherr von Wachter and his wife, Charlotte. Drawing on a remarkable archive of family letters and diaries, he unveils a fascinating insight into life before and during the war, as a fugitive on the run in the Alps and then in Rome, and into the Cold War.

There are those who say radio is old school…. that it’s only people of a certain age who listen and, with an abundance of streaming services, radio has no future.

But try telling that to the millions who tune in to their favourite stations every day.

Forty-eight million adults – 88% of the UK adult population – listen to radio for more than one hour every week (source: Radio Centre).

They can’t all be wrong.

Competing alongside new streaming technologies, radio continues to thrive and expand. Not least, through the launch of new local stations widening choice and providing content that is truly local.

Radio occupies a place in people’s hearts and minds because it’s human. It’s a real person talking to you about real things that matter. There is no personality – no human interaction – with streaming services. Radio is like someone chatting away sitting next to you. For people who live alone it’s company and comfort.

One of the great things about radio is that you can listen without having to stop what you are doing. You can’t do that with TV, newspapers and social media. They require your full attention.

The place where radio is heard the most is in cars. Think about how much time you spend driving around each day. Be it thirty minutes or a couple of hours, most likely you will listen to radio. People listening in cars is radio’s USP. It’s radio’s captive and most engaged audience.

The other great thing about radio is that it’s free. With streaming services you have to subscribe.

In addition radio offers huge listening choices, from all speech, Top-40, jazz, classical, to local stations like Radio Ninesprings that provide hyper-local coverage that no one else provides. There are no visuals with radio, of course, but the best pictures are on radio! Radio programmes enhance our imagination and keep our brains active. Music on radio conveys emotions and memories. Music, news, information, a little bit of learning, friendly chat – with radio you get a powerful mix.

In terms of revenues, last year was the most successful ever for the commercial radio sector. It was also a record year for community radio with 300 licensed local stations now broadcasting, while the BBC introduced the BBC Sounds app.

People like music and chat playing in the background as they get on with their daily lives. And, research shows they are happy to stand back and let a presenter/DJ choose the music and select the talking points. The public like to be entertained. They like being the audience.

Radio is not going away, not now, and not in the near future.

The sector has matured well and having it tagged ‘old school’ has a nice ring about it.

As a medium of mass communication and a ‘friend in the room’, radio is definitely here to stay.

To listen to Radio Ninesprings:

Yeovil and South Somerset 104.5 FM Chard/Ilminster 107.6 FM (from August) Wincanton/Bruton 103.3 FM (from August)

To listen online:

www.radioninesprings.com Listen on Smart Speakers:New Local Radio Station for say: ‘Alexa enable the Radio Yeovil and South Somerset Ninesprings skill’ thereafter: ‘Alexa play Radio Ninesprings’ Radio Ninesprings can also be heard on Amazon TV