BQ - Issue 2 gives insight on how to use your business loss effectively and how to start a business quickly post covid-19 pandemic. There is a feature to inform you on how your mental health can affect the bottom line in your business. BQ provides important business and industry specific news and snippets, with many engaging features, as well as marketing tips to help position your business as we emerge from this pandemic.

1. 1
NEWS | VIEWS | REPORTS | EVENTS | MARKETING | FINANCE
BQ
BUSINESS QUARTERLY
SPRING 2021
Don’t just move
forward – make
sure it’s in
the the right
direction.
“
BUSINESS LOSS &
Financial
Effectiveness
STARTING A
BUSINESS
Tips to get it up and
running quickly
Business Funding
Don’t Underestimate
R&D Claims
MARKETING:
CUT THE CHIT-CHAT:
HERE’S WHAT YOU SHOULD
DO...
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.
Mortgages - Here’s the
Bricks & Mortar Facts
Effective Use
of Business Loss
4 Tips to Starting a Business
Quickly
Mental Health Issues Cuts
Productivity by a Quarter
4
6
10
13
Surving Covid
in Scotland
A
s we continue to be submerged in news
on surviving the covid-19 pandemic, the
challengesbeingconfrontedbybusinesses
are unprecedented. And It is impossible to ignore
the effects; hence we need to focus on how to
survive despite our circumstances.
A financial expert gives some insight on how to
use your business loss effectively. We also take a
look at the consequences of the pandemic on our
mental health, and examine how mental health
can affect the bottom line in your business.
On a positive note, remember that resilience,
even in turbulent times, can be the key to success.
Yes! There are also success stories amid this
covid-19 pandemic – what is the secret? The
difference between a success story and a struggle
is knowing what to do in difficult circumstances.
This is why we provide important business and
industry specific news and snippets, with many
engaging features, as well as marketing tips to
help position your business as we emerge from
this pandemic.
We wish you the best for your business!
Evalsam Okoli
Is Your Business Talking
To The Right Audience?
See page 9.
SPRING 2021

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5. 5
Mortgages: the
bricks and mortar facts
Bukky Balogun
T
he desire to understand and
simplify the complex and
confusing world of mortgages to
buyers fascinates me as an adviser. Often,
mortgages are deemed to be complicated
and deeply confusing and even though
amany of us choose to deal with our
mortgages through professionals, it
remains a minefield.
Every year, many find the property of
their dreams and purchase their homes
by taking on a mortgage or refinancing
existing mortgages. For most, the process
starts with the question of affordability
and where to begin the search. How to
find a reliable adviser whose information
and advice can be trusted. Others are
inclined to
q u e s t i o n
when it is
ever the right
time to make
a long-term
commitment
to mortgage
p a y m e n t s .
We all know or at least have an idea of
what a mortgage is and recognise that
it is a big fat loan secured against the
value of a home someone is buying1
. In
as much as it is an important financial
decision which impacts the household
budget and disposable income, it can
be difficult to get right. According to
the Financial Conduct Authority (FCA)2
,
mortgage debt accounts for over 80%
of total UK
household
liabilities,
therefore, the
steps needed
to choose a
mortgage
should not be
underestimated.
This also explains why lenders take
adequate care and due diligence to
ensure the loan provided is affordable
and sustainable for the borrower.
The lender must ensure they have
considered not just the borrower’s
affordability but also the suitability
of the property for lending purposes
whether
it is being
purchased or
refinanced.
Since
the global
financial
crisis which
was deemed
to be a result of careless lending and
poor practices, the world of mortgage
lending has changed significantly. Some
of these changes can be attributed to the
regulatory response of the FCA which
conducted a Mortgage Market Review
(MMR) that sought to improve the
affordability of mortgages and root out
poor lending practices. Measures such
as ‘stress testing’ borrowers by lenders
The mortgage market has proven
over time to be robust and resilient,
adaptable to the changing needs and
demands of the economy even in the
most challenging circumstances.
Bukky Balogun

6. 6
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have been imposed to demonstrate
the sustainability of a mortgage thus
eliminating unnecessary financial strain
on the borrower.
In many respects, the FCA recognises
that the mortgage market works well to
the benefit of the borrowers, with most
getting the advice and recommendation
that best suits their situation. However, it
still expects improvements and changes
that are designed to help borrowers
make a more effective decision in their
choices. As a highly competitive market,
wherenewinnovationsandtechnologyis
deployed by lenders to improve services
as well as product offerings, there lies
the need to have regular evaluations of
existing processes that can enhance and
improve every stage of the borrower’s
journey.
Clearly, in the world of today, we are
facing more challenges in our daily lives,
a recession, Brexit, a global pandemic
amongst others. It is not surprising
that prospective buyers are constantly
reassessing and re-evaluating their
mortgage plans, often citing several
reasons such as market uncertainties,
a significant drop in high Loan To
Value (LTV) mortgage products, loss of
income and unemployment as reasons
which drives their desire to either own
a property or seek the alternative choice
of renting. Even though low interest
rates are encouraging, many still find the
reasons cited above enough justification
for putting their plans on hold. One thing
is certain though, the mortgage market
has proven over time to be robust and
resilient, adaptable to the changing
needs and demands of the economy even
in the most challenging circumstances.
For me, as a broker, the mortgage
world remains one of optimism and
opportunity to continue to learn and
unlearn new ways of progressively
changing the buyer’s perception of the
complexities of taking on a mortgage.
Advice can be invaluable when it comes
to mortgages. Get the right advice and
your mortgage process could be so much
simpler.
Contact Bukky Balogun for Mortgage
and Protection Advice at Kingsgate Law
Financial services/Mortgage Advice
Bureau, Aberdeen.
Email: Bukky.Balogun@mab.org.uk

7. 7
Olamide Soyombo
How To Use Your Business Loss Effectively
I
t is inevitable that most businesses will
experience (some for the first time)
losses during this period of repeated
lockdown measures. Business owners
and managers are feeling the heat as
the outcome of the covid-19 pandemic
continues to have negative impact on
their operation, which has led to huge
losses for many due to lack of cash flow.
In deciding how to relieve your loss
effectively, it is important to consider
the marginal rates of tax you will be
saving, loss of personal allowance and
timing. These three important factors
are what to receive advise on how to
make good use of business loss, by
getting tax refund in this frought time.
If you are self-employed or a partner in a
business,youwillmakealossinyourbusiness
whenever your expenses and capital
allowances are morethan yoursalesincome
or turnover for your accounting period.
The good news is that your trading
losses can be used in a way to generate
the most benefit. If you are a sole trader,
there are also ways to utilize your losses.
The loss from a sole trading business
can be used against other incomes
earned outside the business in the tax
year under s.64 (ITA 2007). Examples of
this income are pensionable earnings;
property income; interest income or
employment income (if you have another
employment alongside your business).
The loss can be carried back for twelve
monthstobeusedagainstthenetincomeof
the previous tax year under s.66 (ITA 2007).
This includes the previous trading income
and other incomes mentioned earlier.
The loss can be further extended
to relieve the capital gain if you are
unable to make full use of your loss.
Although there is a restriction, s.71 (ITA
2007) will allow you to make use of the
loss as an allowance loss against the
capital gain you made in the tax year.
The loss can be carried forward to set
against future profits of the same trade
under s.83 (ITA 2007). This is usually
regarded as the last resort as it delays the
use of your business losses. Hopefully,
businesses should be back to normal
with the announcement of vaccines, so
there is still light at the end of the tunnel.
Howbeit, if you have to close your
business and cease trading due to the
effect of the various lockdowns; there is still
terminal loss relief available to you under
s.89 (ITA 2007). Terminal loss (i.e. the loss
arising in the final twelve month you stop
trading) can be used against the trading
profit of the three previous tax years
(taking later years first). This could give
The good news is
that your trading
losses can be used in
a way to generate the
most benefit.
Business Loss? Here is the plus side...

8. 8
rise to a significant amount of tax refund if
you have paid some taxes in those years.
Similar to sole traders and partners,
limited companies might have experienced
loss due to the lockdowns as well.
There are quite similar options available
to relief limited company’s losses.
The limited company’s loss can be
set against other incomes from the
business through chargeable gains from
sale of assets and/or other property
business incomes (if any) in the current
year. This is called current year relief
which is under s.37(3)a (CTA 2010).
You also have the option to carry
back the company loss to the previous
accounting year under s.37(3)(b) (CTA
2010) instead of carrying the loss forward
as this could be more beneficial in terms
of cashflow. The loss carried back will be
set against profit arising in the previous
12 months, if you have already paid your
corporation tax in the period, the carried
back loss will give rise to a tax refund.
If your company belongs to a group,
instead of claiming current year loss
relief or carrying back loss relief, it
could be beneficial to surrender your
company loss to group companies which
have profit in the same year to reduce
the overall tax liabilities for the group.
If your company is involved in research
and development, (contact our R&D
unit to check your eligibility on this link:
https://www.bergenassociates.co.uk/
rd-tax-credits/) your trading loss can be
surrounded in return for tax refund under
the s.1054 (CTA 2009). However, R&D tax
credit can be restricted under the s.1055
(CTA 2009) depending on your qualifying
R&D expenditure. In terms of cash flow
in this period, this is a very good option.
Unfortunately, if your company has to
close due to the effect of the pandemic;
similar to the sole traders, you can claim
a terminal loss relief if you make a loss in
the final period. This terminal loss relief will
allow you to carry back the trading loss of
12 months to set against the total profits
of three previous years. If corporation
taxes have already been paid, this could
give rise to significant tax refunds that
could go a long way during this hard time.
In conclusion, deciding how to
choose the most effective use of
loss is not always straightforward as
there are various options available.
Many factors (such tax rates, immediate
tax repayment, etc) should be taken into
account when making such decision. It
is important to seek professional advice
and support to understand the financial
importance of the available options.
Olamide Soyombo
is a Client Manager at
Bergen Associates and can be contacted on
E: olamide.soyombo@bergenassociates.co.uk
T: 01224 635616

9. 9
Cut The Chit-Chat:
Here’s What You Should Do
The word “content” can now be
considered a buzzword due to the
excessive use of it for brand and
marketing purposes. The reality of this
incoming practice is both surprisingly
widespread and has proven to be
successful thus far. Most businesses have
experienced fundamental change in
how their business operates due to the
awareness of the power of “content”.
The internet has armed everyone with
tools that allows buyers gain substantial
knowledge and information, which they
can use effectively to make
smarter buying decisions.
Because of this
change in how
people buy, a
typical purchase
decision can be
made before
contacting a
business. The
customers’ belief in
already understanding the
product, knowing the exact features they
want and to an extent how much they
should be paying, has left businesses
feeling vulnerable and desperate.
There is a widely quoted study that
alleges, 57% of a typical purchase decision
is made before a customer even talks
to a supplier (B2B).1
There are diverse
articles either discrediting or approving
this research. What should really matter is
getting ahead of the narrative about your
product. Note that the term “product”
also implies service offering businesses
and “buyers” could be customers or
clients.
Informing your buyers of your business
value is now done by the internet, which
are both you and your competitors. You
are either producing content that engages
your prospects on what is unique about
your business, educating them on what
is important and how you can solve their
pain-points or you will have to play based
on the standards set by somebody else.
In that case, best instance, you are selling
as a product based on price and worst
instance you do not have a sit at
the table.
Content is your bait
because it enhances
influence; giving
customer focused
information
improves the
probability of
purchase being made.
Social media has created the
opportunity for discussions about content,
which impacts how your product is
perceived. It is easier to attract customers
with a successful close rate, who already
have interest in your unique value,
compared to hitting the market randomly
in the hope of purchase closure.
Most businesses are still trying to
understand the concept of content
marketing, so do not feel left behind, but
this trend is only going to continue with
the rise of followership turning into online
currency for success.
Relevant content makes it easier to attract audiences
with a successful close rate with interest in your unique
offering, compared to hitting the market randomly in
hope of making sale.

10. 10
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11. 11
3
2
1
Matthew Laskaj
4 Tips to Starting a Business
Startingabusinesscanbedaunting.
You need to have an idea, then
you need to find customers
and start making some money. But
what about all the steps in between?
Business name, business structure,
business plan, contracts, funding,
can you work from home, how do
you avoid making costly mistakes,
tax, legal issues. The list is endless,
but if you follow a plan, you will go
a long way to making the business
successful and profitable. You might
even have some fun at the same time.
Here are 4 key areas that will
help you get the business up and
running quickly as a starting point.
What should you sell?
“I want to start a business but I
don’t know WHAT to sell. Where
should I start?” This is the most
common question I get asked.
How do you come up with that
one idea that will change your life?
My advice is always the same.
Don’t start with ‘What’ to sell,
start with ‘Why’ you want to sell
it, or ‘why’ they should buy it from
you. ‘Why’ is the most important
question when starting and running
a successful business and forms the
beginning of your strategic plan.
Plan the business
A strategy is a plan which details
the specific outcomes you want to
achieve and when you want to achieve
them. These will be your goals. Your
goals can be anything and should
be what success looks like to you.
It could be to earn a certain income,
to build and sell your business down
the line or to help people in need.
Write out a plan, don’t keep it in your
head and expect you will remember
it. It doesn’t have to be a full business
plan, just write down the relevant
areastoyouandthebusinessasyougo.
It’sallaboutthecustomer
Without a customer, there is no
business. The market has changed in
the last 6 months. Is that idea from
last year still viable today, or have you
found a new niche that no one else is
doing? Only sell what the customer
needs after conducting market
research and focus on the benefits,
not the features. Talk to as many
people and businesses as you can and
determine if the need actually exists
and what they would pay for it. You
can do the same with many areas of
your business including name, logo,
website and marketing.

12. 12
4
Financial forecasting
Don’t confuse a product you make
or a hobby with a business if it does
not make you the money that you
have determined in your strategy and
business plan. Of course, you can keep
on making that product or having
fun doing something you love, but
ultimately your business needs to make
money to survive.
The cost of everything in the plan
needs to be included in a budget. If
your finances are limited, your plan
will need to take that into account and
don’t spend money on anything you
don’t need.
A good schedule and budget should
make it easy to monitor progress. Track all
costs monthly, if not more regularly in a
cashflowforecast.Youwillneedtoknow:
• Start-up Costs
• Revenue expectations for the
first year
• Ongoing expenditure for the first
year
• Cash Flow Statement for the first
year
Of course, the journey doesn’t
end there. Speak to as many people
as you can including customers,
suppliers, similar businesses and even
competitors. Work with people and
create something unique, don’t focus
on competing against others. You have
come up with a great idea, tell the
world why they should buy this from
you and create something wonderful.
Matthew Laskaj is the Chair of the Institution of Mechanical Engineers Scottish Region and
Director of a successful engineering business, Project Engineering Management Ltd.
For more tips on how to start a business, visit: www.ProjectEngineeringManagement.com
for a free 30 minute strategy consultation.
Business plans
Forecasts
Projections
Funding
BERGEN.
talktous.
Experience,notjustservice.
T: 01224 635616
E: info@bergenassociates.co.uk
Serviceavailablenationwide.

13. 13
Jim Grimmer
Mental Health Issues Cuts
Business Productivity by a Quarter
T
he impact of mental health issues, if
not already recognised in personal
terms was highlighted in stark
business terms in a recent edition of
People Management (PM).
The findings from a large-scale survey
commissioned by the Mental Health and
Productivity Pilot (MHPP) identified that
despite the potential hit to their bottom
line, less than half of firms offer proactive
support for mental health.
According to a recent study by Deloitte,
mental health problems could be costing
UK firms up to £45 billion per year. But
despite the substantial costs to firms,
only 44% offered proactive support for
mental health problems, while only a fifth
(22%) had a mental health plan for the
business.
The report recommends that firms
should appoint a ‘mental health lead’
and calls for greater partnership working
between employers, human resources
specialists, and mental health charities.
If ever there was a time for personal and
proactive support
to your staff it is
now!
This is why P3 Business Care is a
community interest company and social
enterprise operating across the UK to
support businesses on a weekly basis,
by providing personal and proactive care
to employees by working in partnership
with the company. P3 Business Care aims
to develop trust relationships to help
identify and address issues before they
become crisis, absence, or staff turnover.
To ensure positive business productivity,
good mental health can be achieved
through individual employees and
immediate family stability, which
benefits the employer through business
goals being reached. It is generally
accepted that these three areas are
interconnected, as much research has
been done to prove that achieving a
sustainable profitable company goes
hand in hand with investment in the
employee’s wellbeing.
Jim Grimmer
P3 Business Care
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14. 14
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15. 15
Time To Know:
Your RD Projects Matters
I
f there ever was a time to embrace
digitization, it is now. The covid-19
pandemic lockdowns have proven that
going digital is now a necessity and there
is no place where this is needed than in the
world of marketing, to reach your target
audience.
Marketing and media professionals are
nowheavilyleaningontechnologytoremain
competitive. As companies transition to
digitization or actively include it in their
business processes, some may qualify for
tax break or cash injection as reward for
their innovative work, through Research
and Development (RD) Tax Credits. If you
have not heard of RD Tax Credits, there
is an exceptionally good chance you have
been missing out on substantial tax savings
or extra cash for your business.
The RD Tax Credit has evolved over the
years for the benefit of UK businesses and
as a result, the credit is now available across
diverse business types. While many think
of RD as being only for pharmaceutical
or technology giants, the truth is that the
design, development and technical work
that is needed to enhance today’s digital
marketing and media efforts may qualify
for the credit. Often, small companies can
obtain similar credits that are received
by traditional software and technology
companies.
If your business performs activities
to improve efficiency, functionality
and reliability which could be through
processes that track, monitor, or optimize
marketing and advertising campaigns you
may be eligible to claim RD Tax credits.
Other activities such as enhancing data
collection processes associated to digital
marketing solutions for complex business
challenges to meet client demands are
projects worth considering to carry out a
health check for an eligibility.
Over the years, the demands of the
market has required advertisers and media
companies to become more technology
savvy and now such companies could be
entitled to the same tax credits as the giant
software and technology companies.
FREE REPORT
TO ASSESS YOUR ELIGIBILITY
- GET IN TOUCH NOW -
Solutions for complex business
challenges that meets client demands
are projects worth considering to carry
out a health check for an eligibility
for R D Tax Credit.
BERGEN.talktous.
E: info@bergenassociates.co.uk
Experience,notjustservice.
Phone: 01224 635616
Serviceavailablenationwide.

16. 16
business
ADVICE
CENTRE
expertadvice-free
Phone: 01224 635616
Serviceavailablenationwide.
TCs APPLY
BERGEN.talktous.
bergenassociates.co.uk
Experience,notjustservice.
RD tax credits -
are you eligible?
SCOPE FOR RD
EXISTS IN EVERY SECTOR
What are RD tax credits?
Research and Development (RD) tax credits are a government
incentive designed to reward UK companies for investing in innovation
and improvement. They are a valuable source of cash for businesses
to invest in accelerating their development and growth.
RD can take place in any business. It occurs in everything from
baking to engineering, and construction to software development.
Scope for RD 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
RD TAX CREDITS
HOW MUCH CAN YOU GET?
TO ASSESS YOUR CLAIM
- GET IN TOUCH NOW -