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association: Comment Striving to strengthen extra support with added margin


With continued development of extra support, independent electrical & kitchen retailers are reaping the benefits of being a SIRIUS Buying Group Member. Stuart Hopwood, Owner and Founder of Lingua Franca International and Director of Events for and on behalf of the SIRIUS Buying Group, explains.


O


bviously, one size doesn’t fit all when it comes to retailers choosing an ideal business partner to assist


in profitable. Trading as a single individual independent


under your locally recognised business name, or, a multiple location store branding [though part of a buying group] or conducting your business under an agency umbrella labelling of a multi-national, the common denominators facing all are several. Whether part of a specific Association, Group,


Franchise or Membership, benefits come in a variety of levels. Valuable, individual support from chosen suppliers, and an array of suitable business benefits negotiated on behalf by your chosen business partner are just a couple of elements. Yes, extra margin is extremely important in the business plan, but so is shared knowledge from peers. The simplicity of meeting with other like-minded individual businesses is also an essential healthy approach to continuous success and opportunities. Knowing the importance of offering valuable


support to its Group Membership, year on year and throughout the year there are several important gatherings of independent retailers


who have chosen their SIRIUS business partner route for successful and profitable business. Whether these meetings be on the business


premises of individual manufacturers or an approved suppliers’ chosen venue for specific training, the knowledge gained from all these organised events is paramount, providing valuable product information and an insight to future business opportunities with the relevant companies. Two major annual events providing support and valuable benefits for SIRIUS Members have become highly respected within the industry of providing ROI for all concerned. The annual VIP Conference in May and the September VIP Trade Show are gatherings of professionals with a single goal, longevity of business success. An ideal setting for 3 days of business functions, SIRIUS chose The Ritz-Carlton ABAMA in Tenerife for its 2019 VIP Conference. Though an intensive itinerary within a relaxed environment, the agenda has been specially arranged to provide a multitude of opportunities for all who attend. This event depicts the meaning of camaraderie and support with like-minded independent retailers sharing successes or other gleaming information from others.


With over 20 Approved Suppliers supporting


and presenting at this year’s VIP Conference, according to one retailer, “the value of attendance is far greater than a First-Class ticket to the Far East”. Though no one will be travelling first-class to


the Canaries, there is a guarantee the Conference at this venue will be five star. Helping to provide tools to create benefits


for all its Members to secure the opportunities in current trading models or diversification, SIRIUS have the determination to support the independents on their roads to future success. The other major 2019 support for both


Members and Approved Suppliers is the annual VIP Trade Show & VIP Awards Dinner being held this year on 18th September. With most suppliers already confirming


Spaces, plans are well advanced for another fabulous event at the Marriott Forest of Arden in the Midlands. Striving to strengthen extra support for its


Members, in turn, benefitting its approved suppliers, the SIRIUS team are constantly looking positively ahead. Oh, and we’re already negotiating with


several potential destinations for the 2020 VIP Conference. Watch this space.


On VAT and pensions – new tax and employment legislation you need to know about


In his regular column for the magazine this month, Howard Saycell, Retra CEO, outlines new legislation around pensions, and a new initiative from HMRC which will require all VAT registered businesses to file their VAT digitally.


B


y the time you read this we will be into April, but I am penning this article before both the Retra


Conference at the end of March and the original Brexit deadline. At this point only one of those looks certain to happen but I hope the outcomes of both will be good for your business into the future. April often sees the government adopting or amending legislation that effects our industry, and this year is no exception. This month see the start of the Making Tax Digital initiative, requiring all VAT registered businesses to file their VAT digitally from software from this quarter onwards. HMRC launched a voluntary MTD pilot for Income Tax in spring 2018 and you may want to consider joining this in advance of this becoming mandatory in the future. On April 6th 2019 the minimum contributions which must be made to automatic enrolment


16 | www.innovativeelectricalretailing.co.uk


workplace pension schemes rises from 5% to 8%. Contributions rose last year on 6 April and again this year on the same date. If you have staff in a workplace pension scheme, it’s your responsibility to ensure that at least the minimum amounts are being paid into it. The increases apply whether you set up a pension scheme for automatic enrolment or you decided to use an existing pension scheme. The total minimum contribution will be 8% of qualifying earnings [up from 5%]. Your employer’s minimum contribution will be 3% [up from 2%]. If you pay this 3% minimum, the worker’s minimum contribution will be 5% [up from 3%]. You need to make sure the way you calculate contributions and pay them into your pension scheme is ready to apply them from 6 April 2019. It is also very important to let your staff know about the increases. This will avoid any issues when they get their next salary payment. If the


mandatory increases happen in the middle of a pay period- which they will if your staff are paid monthly – you must ensure that the increased amount of pension contribution was effective from 6 April 2019, not from the start of the next pay period. If you fail to implement the increases on time, you’re at risk of a fine. There are currently no plans for further


increases in minimum employer or worker pensions contributions into the future, but there are two more items of employment legislation to be aware of. The first is lowering the age for automatic pension enrolment from 22 to 18, slated for the middle of next year, and to remove the qualifying lower earnings band. This will scrap the current £6,032 threshold so that contributions are calculated from the first pound. Remember the Business Helpline is free


to all Retra members and is open Monday to Friday every week on 01234 269110.


April 2019


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