IN THE SPOTLIGHT: ACCOUNTANCY SERVICES


IN THE SPOTLIGHT


Milton Keynes Chamber of Commerce member, Swoop Funding, is dedicated to supporting SMEs by utilising ground-breaking financial technology to match businesses with tailored funding solutions. Working with over 1,000 funding providers, simplicity, speed and expertise are at the heart of all they do. Often referred to as the ‘Martin


Lewis for business’ CEO Andrea Reynolds said: “At Swoop we do the heavy lifting for business owners, saving them valuable time so they can quickly and easily access the funding solutions needed to protect the financial health of their businesses. “In recent months we’ve seen


increasing numbers of businesses rely on Swoop to get access to funding lifelines - through Government backed schemes such as Coronavirus Business Interruption Loan Scheme (CBILS), non-Government loans, and other finance solutions including grants and equity investment opportunities. We work closely with the Government, trade bodies, and


partners to ensure we continue to provide SMEs with the best and most relevant financial solutions. “We’re dedicated to supporting


our community by sharing the latest relevant funding information, holding topical webinars and ensuring businesses are aware of what finance options are most applicable to them. And we’re constantly building new technology to help simplify and speed up access to funds.” Intent on supporting members


during this current economic crisis by providing access to key funding solutions, the Milton Keynes Chamber of Commerce recently partnered with Swoop to launch the new Chamber Finance Finder. In addition to access to funding tailored for their specific business needs, members also enjoy exclusive benefits such as a dedicated


This issue’s spotlight is on the ACCOUNTANCY SERVICES sector in Milton Keynes


FINDING FUNDING SOLUTIONS


‘AT SWOOP WE DO THE


HEAVY LIFTING FOR BUSINESS OWNERS’


Chamber Finance Finder hotline providing


guidance to businesses’ funding queries, plus a free


financial health check, as well as PLAN FOR YOUR PENSION


Tony Byrne (pictured), managing director of Wealth and Tax Management discusses the Lifetime Allowance and how it can affect your pension planning.


Since 2006 there has been a cap on how much your pension can be worth before you face a tax charge, known as the Lifetime Allowance (LTA). The LTA is currently £1,073,100, a figure increased by inflation at the end of each year. The tax is only applied once you


take benefits from your pension/s that exceed the LTA limit and it is based on the excess amount only. Let me illustrate what I mean with an example. ‘Richard’ has a number of pensions


with a total value of £1.35m. He is aged 64. Although his pensions are worth more than the LTA limit, he is


not yet subject to a tax charge because he hasn’t yet started drawing benefits from any of them. The LTA tax charge applies to the


excess above £1,073,100 and is taxed at a rate of 55% on lump sums or 25% on income (in addition to tax already being deducted from your pension income). The tax applies on the incidence


of one of the 13 Benefit Crystallisation Events or BCEs. Yes, there are 13 of them! Richard intends to start taking


his three final salary pensions at age 65. They have a combined value of £950,000. His three money purchase pensions have a


16 inbusinessOCTOBER/NOVEMBER 2020


value of £500,000. So when he starts to draw his final salary pensions next year he will not trigger a LTA charge because the value of the pension benefits realised is less than the LTA of £1,073,100. Does this mean he will avoid the LTA charge for the rest of his life? Sadly not. At 75 he will pay the tax charge based on the valuation of all of his pensions minus the then LTA figure. The tax charge will be paid from his money purchase pensions. That’s because reaching age 75 is classed as a Benefit Crystallisation Event! So how do you plan to minimise the effect of the LTA tax charge on


your pensions? Fortunately, help is at hand. We


offer lifetime cashflow planning using our Money Forecast system. Our software incorporates LTA tax planning which helps to minimise the impact of the lifetime allowance and avoid unplanned, nasty tax bills. If you need advice, you know where to come.


Visit: www.wealthandtax.co.uk


Swoop co-founders Andrea Reynolds and Ciaran Burke


finance alerts and updates. If you would like to find out more


about this new tool, get in touch. Visit: www.swoopfunding.com


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