Business Quarterly (BQ); a magazine bringing innovative and inspiring content to businesses and professionals. This issue highlight matters that will help you make smart decisions in a difficult and challenging environment - as well as business support and advice in these uncertain times.

1. 1
NEWS | VIEWS | REPORTS | EVENTS | MARKETING | FINANCE
BQ
BUSINESS QUARTERLY
OCT 2020
R&D CLAIMS &
Bounce Back Loans
Retirement Plans
Don’t underestimate
their value
Covid 19
The Jobs Impact
Marketing Challenges
Action Tips
Skills Transfer
for a virtual age
Don’t just
move forward,
make sure it’s
the right
direction.
“
How to avoid common
mistakes to strengthen
your business resilience.
See inside.

2. 2
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3. 3
BQ
BUSINESS QUARTERLY
BQ Magazine published by NER Media part
of Xeitre Group Bergen Chambers 68 carden
Place Aberdeen AB10 1UL. Tel: 01224 925960
E: info@nermedia.com W: nermedia.com
Publishing executive: Paigham Mustafa.
Editor: Evalsam Okoli.
Bounce Back Loans -
Can they affect R&D Claims?
Chronic Pain
Alternative Therapy
Can Coaching Help You
Find Direction?
Retirement Plans:
The Solutions
Skills Transfer
for a Virtual Age
4
6
7
10
Welcome to
BUSINESS
QUARTERLY
T
he unpredictability of the emerging “new
normal” caused by the Covid-19 pandemic
has affected all of us and has left a
shocking impact on businesses. One thing that can
clearly be seen is the buoyancy of the north-east
community which has been inspiring; proving
that innovation and flexibility helps in adapting to
survive these extreme disruptions to our lives.
Business Quarterly is the new magazine that will
bring innovative and inspiring, content for you
and your business.
How do we choose engaging and interesting
features for you? No small feat, but one made
easier by our extraordinary team bringing
together like-minded people passionate to deliver
inspirational and motivational ideas for business
professionals like you.
This issue highlights matters that will help
you make smart decisions in a difficult and
challenging environment – as well as business
support and advice in these uncertain times.
We also have effective sales and marketing tips
to help your business keep up with the changing
demands and consumer behaviours.
Enjoy the read, stay safe and stay positive!
Evalsam Okoli
12
Avoiding common
mistakes can strengthen
your business resilience.
See page 14.

4. 4
R
esearch and Development (R&D)
relief is introduced by the govern-
ment to encourage companies to
invest in research and de-
velopment which offers
additional relief on the
expenditure incurred to-
wards this end.
The government has
confirmed that R&D for tax purposes
only takes place when a project seeks to
achieve an advance in either science or
technology. Activities that directly con-
tribute to achieving this advance need
not be achieved or fully realised - as long
as the expenditure towards this advance-
ment is incurred, R&D is still considered
to have taken place.
An SME company that qualifies for the
relief will be allowed to claim an addi-
tional deduction equal to 130% of the
cost incurred on R&D in calculating the
company’s taxable profit. The effect of
this relief is that the company will be
able to deduct up to 230% of qualified
R&D expenses from their taxable profit
which can result in significant reduction
in corporation tax payable or issue of tax
credit by HMRC to the company if there is
a surrender loss.
Undoubtedly, there are certain condi-
tions in relation to the R&D expenditure
to be met before such expenditure can
qualify for tax purpose. It must be rev-
enue expenditure; related to the trade,
incurred on staff and soft-
ware; it must not be subsi-
dised and lastly the compa-
ny must be a going concern
with the intention of trad-
ing for the foreseeable fu-
ture.
In these difficult times when business-
es are considering a wide range of sup-
port from the government, R&D relief is
widely considered by professionals to
keep businesses afloat. But unfortunate-
ly, receiving of other support schemes by
the government could seriously reduce
the chances of success of any R&D relief
claim due to the European rules sur-
rounding state aid given to companies.
However, this could change at the end of
the transition period.
The state aid rules exist to prevent un-
fair advantage being given to selected
businesses and there are financial limits
to what a company can receive in state
aid. R&D relief is regarded as state aid
and likewise some of the schemes (such
as the Bounce Back Loan (BBL), Business
Grants, Job Retention Scheme for Em-
ployers and CIBLS loans, etc.) recently
introduced by the government with good
intention to support businesses during
Can Bounce Back Loans affect
your R&D relief claim?
Olamide Soyombo

5. 5
the Covid-19 pandemic.
The implication of this state aid
rule could limit the chances
of success of an R&D relief
claim made or could result
in a repayment demand
of an R&D claim already
given to a company if such
incentive is withdrawn by
HMRC. So that means if, for
instance, Bounce Back loan
has already been received, there
is a risk that any new state aid such
as R&D relief may be denied by HMRC.
There has been a considerable number of
businesses who have fallen into the state
aid rules where they received Bounce
Bank Loan but were denied R&D tax re-
lief which would have been more benefi-
cial because BBL is a loan that would be
paid back unlike the R&D relief. Alterna-
tively, one could say BBL is preferable in
terms of cash flow.
To circumvent this, the company needs
to be clear that the BBL loan received
is not spent on any R&D pro-
jects other than ordinary
support for their busi-
ness (i.e. provision of
working capital for
the business) and
evidence for this
must be kept. If this
is absolutely distinct
in the application of
R&D relief claim, it is
improbable that their ap-
plication will be affected even
if a BBL loan has been received prior
to an R&D claim by the company.
Please seek professional advice so that
an assessment can be made and the eligi-
bility of your R&D relief can be checked,
even if you have received BBL loan.
Olamide Soyombo is a Client Manager
at Bergen Associates and can be contact-
ed by email at olamide.soyombo@ber-
genassociates.co.uk
XERO accounting
software for your
business. FREE.
Get in touch now for details:
E: business.support@bergenassociates.co.uk

6. 6
O
ptimum health can be referred to
as a fine balance of the physical,
mental, emotional and spiritual
aspects of ourselves. I believe that
understanding this, in addition to self-
awareness starts the journey to healing
and wholeness.
People suffering from chronic pain
(pain that lasts longer than 3 months)
are assumed to be on the rise. Numerous
physical pain conditions can be linked
to stress and emotional imbalance.
I think that while some prescription
medications manage the symptoms of
pain, not many address and cure the root
cause.
Chronic pain can be caused while
working in a high demanding job or
putting yourself through constant stress,
mentally, physically and emotionally.
Improvement in nutrition and regular
exercise routine are good ways to
alleviate such conditions but are these
always enough? I know someone
who suffered from chronic migraines
caused by the whole body being out of
alignment, trapped nerve endings and
reduced oxygen levels to different parts
of the body. A friend used an alternative
therapy – The Dorn Method which she
said could stop the migraines and help
to regain energy levels since the whole
system was compromised, but was not
picked up by medical examinations,
scans and x-rays.
The Dorn
Method is a form
of alternative
therapy and can
be used to remedy
misalignments
in the spinal
column and other
joints. During
treatment, the practitioner palpates
the patient's spine. If any 'unbalanced'
areas are found, possible underlying
misalignments are palpated with gentle
pressure using the thumb or hand, while
the patient enacts guided movements
such as swinging the leg or arms to
distract the muscles' inertia.
I believe this technique has proven to
not only transform lives but help people
gain freedom from conditions that are
painful and chronic.
Mia Middleton is an Alternative Therapist workng in
Aberdeen. Email: info@miaalternativetherapist.com
Chronic Pain?
Here’s an alternative therapy...
Mia Middleton
Chronic pain can be
caused while working
in a high demanding
job or putting yourself
through constant
stress: physically
and emotionally.
Mia Middleton

7. 7
D
o you want to make your business
more successful, retain staff and
nurture long-term success?
What is the magic trick? Performance
coaching! Coaching focuses on future
possibilities, not past mistakes.1
Impulsive leadership, dependency,
dictation of workplace rules, simply
stifle ingenuity and innovation, yet have
been the workplace norm for too long.
Work teams and cultures are evolving
to interdependence and shared success.
The antiquated ‘blame and control’
culture has gone, and so could be your
business unless you change too!
What are the implications for
organisations whose leaders adopt
a coaching leadership style or who
work with a coach on a 1:1 basis?
Those leaders and individuals will,
indisputably, create conditions for a
high-performance culture.2
“What we often forget, to the
detriment of high performance, is that
our people and how we work together
makes a company great. It is our people
who serve customers, who design,
build and deliver products and who
create new ideas. It is our people who
innovate and produce results, who
choose to contribute their energies to a
vision or cause beyond themselves ”.3
Performance can be enhanced
by decreasing the interference of
inner obstacles such as fear, doubt,
self-criticism and limiting beliefs or
assumptions.4
The command and
control structure of traditional
management creates interference
because, by definition, what people are
doing is following the rules of what they
have been told. There is little room
for the potential of the human being
to come through, and the result is that
both performance and enjoyment levels
will be low.
Thus, the command-and-control
approach is replaced by a coaching style
of leadership, interference decreases,
potential can emerge, and performance
will improve.
Performance coaching assists clients,
individually or teams, to define and
achieve their goals quickly.
Who benefits? Anyone and everyone
with the passion for success.
Coaching challenges the mindset
and beliefs of teams or individuals.
By defining goals, short, medium and
long-term (3, 5 and 10 years) coaches
challenge thinking and processes to take
you positively forward.
Coaching; it’s the way ahead!
E: hello@coachingforconfidence.com
1. Sir John Whitmore.
2. Sir John Whitmore, Coaching for Performance 5th Edition.
3. John McFarlane, Chairman, Barclays PLC.
4. Timothy Gallway, the Inner Game.
WHERE ARE YOU?
Tony Stead

8. 8
T
he ripple effects of
the pandemic are
difficult to model and
assess, but the struggle to
ensure business operation
has shown that specific
challenges faced, once
mitigated helped to ensure
continuity. The management
of communication emerged
as priority for most
business leaders; effective
communication has shown to
be vital in global uncertainty.
Thus, there is a need to
ensure the right resources
and practices are in place to
work productively, especially
as we adapt to working
remotely.
According to Facebook’s
survey, 31% of small and
medium-sized businesses
have shut down in the last
3 months.1
These closures
are being affected mostly
due to cash flow and loss
of demand, which can be
said to go hand-in-hand.
As companies move from
reacting to modifying the
impact of the outbreak,
strategies to emerge stronger
should come in to focus.
First point of call should
be accelerating digital
transformations as the shift
to remote working reveals
gaps in IT infrastructure,
workforce planning and
digital up-skilling.2
Businesses are struggling
because they did not protect
their growth and profitability
through actions such as
scenario planning and more
frequent financial analysis
to improve resiliency. Also,
there is the need to ensure
relationship management
with customers as well
as adequate relationship
building with prospects, by
thinking through longer-
term and digital business
strategies, which is lacking in
many businesses and has led
to future uncertainties.
PROMOTIONAL CHALLENGES
DURING COVID-19
1. State of small business report by Facebook & Small Business Round Table.
2. Covid-19 Impacts to business by PwC.
MARKETING

9. 9
5
4
3
2
1
5GET ACTIVE ONLINE: There are numerous website builders
that are easy-to-use programs which makes it easy for
anyone to create their own website. Online presence
allows you visibility to keep your customers informed. Your
customers also needs an easy way to reach you and know
what you offer.
Email marketing: Businesses that have an engaged email
list have a huge competitive advantage now. But if you
have not started, it is time to draft some emails. Keep your
email list connected with relevant content not constantly
marketing, so that you can reap the rewards later.
Follow up: If you have contact information for prospects
and customers, it is time to launch a follow-up campaign.
Start with customers as they are most likely to buy again
before you move down your list of prospects.
Social media: If you have an engaged social media
audience, use social media to follow up and to remind
everyone that you are open for business. Like email, you
want to continue to invest in relevant content so that your
audience sticks with you through this crisis.
Online Advertising: As you and your team might have
more time on your hands, focus on your content, which is
important for SEO. Consider publishing FAQs, How To’s,
and other informational content that your prospective
customers would be searching for.
ACTION TIPS
TO BOOST YOUR BUSINESS

10. 10
Are you planning
on retiring?
Claire Kelly
J
ust because saving for retirement is
difficult, it doesn’t mean you should
give up; and the current reliefs and
allowances on pension contributions
should give cause for optimism.
If you expect to retire on a final-salary
pension and with no mortgage, your per-
spective on retirement may well be rosy;
if you are grappling with debt and wor-
ried about having insufficient pension
savings, it may be a different picture.
For some, the question is not how to re-
tire successfully, but how to retire at all,
given that there may be precious little in
the way of a state safety net to fall back
on.
Research from the Financial Conduct
Authority reveals that around 15 million
individuals are not saving anything to-
wards their retirement and will have to
rely entirely on the State Pension in their
later years.1
Of particular concern is the group of
pre-retirees aged 55–64, only half of
whom have given thought to how they
will manage in retirement; and only a
quarter know how much they have in
their pension pot.2
These people may
only have a few working years left to
build their nest egg.
Why do so many people fail to plan their
retirement? This
could be part-
ly due to massive-
ly underestimat-
ing the amount of
money they need
to save. Accord-
ing to BlackRock,
those who were
asked to calculate
how much they
would need for their desired retirement
income of £26,000 a year estimated they
would require £233,000 in savings; and
yet they would need a pot of £525,000
for this income, even including the State
Pension.3
People also underestimate longevity
and therefore how long retirement could
last. Only 7% of people aged 55–64 to-
day expect to live to 90, but research
indicates that half of them can expect to
live that long.4
The obvious implication
is that many retirement pots will run out
too soon.
Many experts are warning that the end
of final-salary pension schemes, chron-
ic underfunding of defined contribution
pensions, and increasing life expectancy
are creating a perfect storm that threat-
ens to destabilise the financial wellbeing
of the coming generation of retirees.
Claire Kelly BA (hons) DipPFS

11. 11
The solution is to plan.
You have to ask yourself: how much will
I need, and how much can I afford to put
away? Then you need to factor in any oth-
er sources of retirement income and you
can see the size of the gap you are trying
to fill.
Obviously, the
younger you are,
the longer the
investment time
horizon and the
most you will
have to gain when
thinking ahead. However, middle age is a
time when incomes are at or near their
peak, so there are significant opportuni-
ties to catch up.
Subject to limitations, people in the UK
can make pension contributions of up
to 100% of their earnings or £40,000,
whichever is lower. While paying the
maximum may seem a tall order, remem-
ber that the government rewards you for
saving into a pension in the form of tax
relief.
Worryingly, according to BlackRock’s
research, 50% of people are unaware
that the government boosts pension con-
tributions; the research also showed that
fewer than a third of people are aware
of ‘pension freedoms’ changes and how
these impact on their retirement pros-
pects.6
This is further evidence that lack
of awareness remains one of the key bar-
riers to making
adequate re-
tirement provi-
sion.
It’s vital sav-
ers know and
understand all their options for using
their pension; but also that they make
the most of the current tax breaks while
building one.
To receive a complimentary guide
covering wealth management, re-
tirement planning or Inheritance
Tax planning, contact Claire Kelly
at McCue Wealth Management Ltd on
07738432120 or email Claire.kelly@
sjpp.co.uk.
People also underestimate
longevity and therefore how
long retirement could last.
1,2,4,5
Financial Conduct Authority, Financial Lives Survey 2017
3, 6
BlackRock, Global Investor Pulse Survey 2017
The Heart of Aberdeen Doorstep Awards;
HEART– ‘Having Exceptional Achievement
Recognised Together’ – is set to take place this
autumn. The North-East award is designed to
celebrate the outstanding contribution of in-
dividuals and businesses that have made a
difference to the community.
This event is focused on supporting local
businesses and individuals across Aberdeen
and Aberdeenshire giving citizens the oppor-
tunity to nominate those that have made a
difference, with eight awards to be given on
the day.
This gives the opportunity for recognition to
many hotels, restaurants, cafes, salons, barber
shops and a host of other retail stores.
In spite of the challenging times, organi-
sations across the north-east are becoming
innovative in uniting their community. On
October 30, Make Minds Matter will visit the
winners at their doorsteps and honour them
with their well-earned awards.
HEART – ACHIEVEMENT AWARDS

12. 12
Skills Transfer
for a Virtual Age
The Shift from Office Manager to Product Manager
Technical also means you must
be willing to learn from rules,
and not just learn the rules.
Kaycee Obanya
O
ne of the things I have picked
up in my career is the value of
the office manager. They are
the gatekeepers who enforce the rules
and ensure the smooth functioning of a
“physical” organisation. What happens
when these organisations go “virtual”? What
opportunities are available for these friendly,
organized, rule-keeping gatekeepers?
The job situation for an office manager has
changed, thus there is need to revalidate
skills and be more curious about technical
things than ever before. Being technical does
not require coding. Technical just means to
ask more questions and be willing to source
for knowledge of any nature - to get the job
done. Technical also means you must be
willing to learn from rules, and not just learn
the rules.
Since the “office” is no longer trendy,
with the right level of commitment, people
who are already experienced in office
management should consider product
management. The product manager ensures
a great product is built and shipped to the
customer. Most product managers oversee
every piece of work delivered by their
product engineering team. It does not mean
they are the boss, but a facilitator and their
leader.
A product manager is the customer’s
advocate and must understand the
customer’s needs. Similarly, a product
manager is typically the design authority
and key decision maker in their product
area, sometimes titled “product owner”,
because they must be accountable for the
feature they define and prioritize. Therefore,
effective product managers create rules
and procedures that prevent misuse or
misunderstanding of their product.
I have been in the software development
field for over 13 years and held several
roles including being a technical product
manager, responsible for defining product
features from a technical perspective. I
was not responsible for setting the product
vision or creating the roadmap as this is
the job of a commercial product manager.
I however ensured contractual obligations
were met or exceeded, features delivered
on time, and business value properly
documented. My role did not include writing
codes, although I learnt a new programming
language to take on project tasks. This role
requires interaction and collaboration with
different groups of users and customers
as-well-as maintaining a relationship with
senior business
executives – just
as an office
manager.
As an office
manager, you
are friendly,
understanding,
and organized
thus a product
management
career transition
can be considered
in this new virtual working period.
Dr. Kaycee Obanya PhD.

13. 13
T
he impact of the lockdown on
the UK job market has been
dramatic. In August about a
third of the UK’s 33m workforce
were being supported by the
government, through the furlough
scheme, self-employment income
support or Universal Credit. A
further third were working from
home and a final third were at
work.
The impact has not been uniform.
People under 30 or over 60 , in
part-time work or on low pay are the
most likely to have been furloughed
or made redundant. Conversely,
those aged 35 to 59, on higher pay
or in full-time work are the most
likely to be working from home and
to have remained in employment.
Jobs in retail, hospitality, leisure
and travel have been hardest hit.
Manufacturing and construction
businesses, though not required
to cease operations during the
lockdown, have also cut jobs.
There are areas of growth too,
mainly in health and social care,
grocery and online retail. According
to research firm Nielsen, over a four-
week period during the lockdown
7.9m UK households ordered
groceries online, up from 4.8m last
year. The majority of vacancies
currently posted on the Department
for Work and Pensions “Find a Job”
website are in healthcare, nursing,
social work, teaching, warehouse
and logistics.
The lockdown imposed a
nationwide experiment in working
and consuming remotely. The
experience has given an impetus for
the organisational changes needed to
exploit digital technologies.
By international standards the UK
has a very flexible labour market,
one which, by the end of last year,
had helped bring the unemployment
rate to the lowest level in almost
50 years. That flexibility will not
be enough to prevent a sharp rise
in unemployment in the coming
months. But it will be a source
of strength as the UK seeks to
innovate and grow its way out of the
COVID-19 downturn.
COVID-19 – THE JOBS IMPACT
The lockdown imposed a nationwide
experiment in working and consuming remotely.

14. 14
BEWARE OF
ERRORS
O
ver the years, I’ve come to realise
that business owners make many
mistakes that effect informed
business and tax decisions. These
mistakes not only affect growth but also
cripple business resilience in the event
of unforeseen circumstances such as this
current pandemic. It is evident from this
pandemic when a lot of businesses (even
multi-national firms) fold up because
they cannot withstand this turbulence
period due to their inability to plan for
the unknown.
There have been various suggestions
from practitioners as to what these
mistakes are especially in relation
to taxes. However, it is important for
business owners to avoid such mistakes
while recovering from the adverse effect
of this pandemic on our businesses. This
should be their priority as it
strengthens the resilience of the
business in terms of survival and
growth.
Firstly, most owners make
wrong assumptions about tax
rules and lack of understanding
of their business set up. One
of the common assumptions
is where owner-manager or
directors think they are self-
employed. The measures given
by the government to support businesses
during the pandemic clearly showed
the distinction between the two. Self
Employed Income Support Scheme was
introduced to support the self-employed
while there is nothing for the owner-
manager directors. The support given
to company (i.e. Job Retention Scheme)
is not available to directors except when
they are on the payroll. Going forward,
such assumptions shouldn’t be made,
and clear strategy should be adopted in
terms of any business setup.
Secondly, many SME owners tend to
go for inexperienced accountants (often
unqualified) because of their low fees,
without considering the value for money
in engaging proper qualified accountants
with greater experience in business and
tax. Most of these low-fee accountants
Avoiding common mistakes and
strengthening resilience
Olamide Soyombo

15. 15
do not know where to turn in event of
tax problems and investigations, and do
not have adequate knowledge of various
tax reliefs (such as R&D relief; Capital
Allowance, etc.). Businesses inevitably
miss opportunities to make claims for
these reliefs which can boost cash flow
or generate unexpected income. Planning
for survival post Covid; it is crucial to
avoid this mistake and move towards
engaging accountants who will support
your business to survive this pandemic
with various bounce back schemes from
the government.
Thirdly, most business owners tend to
leave accounting and tax paperwork till
the last minute of filing deadlines where
there is limited time for accountants to
do the work and therefore are unable give
adequate advice, forgetting that they are
not the ONLY client that their accountants
have. The repercussion of this practice
is the high risk of errors in the work
carried out due to limited
time and therefore the
possibility of fines and
penalties by Companies
House and HMRC for not
meeting filing deadlines.
Fines and penalties create
additional burden on
the business (with the
damage Covid already
has done to the business)
resulting in additional cash outflow with
no enduring benefit to the business. It is
vital to avoid this going forward when
businesses are back to normal.
Lastly, some business owners may hide
cash takings from accountants to avoid
paying taxes. This is quite common and
should be discouraged by any reputable
accountant because when caught,
HMRC, with their extensive powers of
‘discovery’, can collect all tax evaded
plus interest and penalties for deliberate
omission of undeclared takings. On the
other hand, hiding cash takings could
definitely limit support for business from
the government in post Covid recovery
plans.
Many business owners and many
self-employed who have deliberately
reduced their turnover before Covid did
not receive the proper support because
loans and schemes (such as Bounce
Back Loan; CIBLS and
SEISS) were percentage of
their turnover and profit
respectively.
To avoid these mistakes
going forward and
strengthen your business
resilience to survive this
pandemic, you should
seek professional advice
to help you achieve this.
Olamide Soyombo is a Client Manager at
Bergen Associates and can be contacted on
E: olamide.soyombo@bergenassociates.co.uk

16. 16
business
ADVICE
CENTRE
expertadvice-free
Phone: 01224 635616
Serviceavailablenationwide.
T&Cs APPLY
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Experience,notjustservice.
R&D tax credits -
are you eligible?
SCOPE FOR R&D
EXISTS IN EVERY SECTOR
What are R&D tax credits?
Research and development (R&D) tax credits are a government
incentive designed to reward UK companies for investing in innovation.
They are a valuable source of cash for businesses to invest in
accelerating their R&D, hiring new staff and ultimately growing.
R&D can take place in any business. It occurs in everything from
baking to engineering, and construction to software development.
Scope for R&D exists in every sector.
Do you want to know
if your business qualifies?
Talk to us now...
Email:business.support@bergenassociates.co.uk
Call:01224635616