Notes

IBF Management - Sevenoaks

Training for ECA.

What is an ECA?

Embedded Capital Allowances
Tax relief on assets within commercial properties
Assets are such as:
; Electrical and lighting systems
; Plumbing and heating systems
; Lifts and Escalators
; Security and Fire Systems
; Kitchen and Bathroom Installations.
Many businesses don’t realize they qualify.
Our Job at IBF management will be to educate the business which are not aware of this.


How to find clients?

Target companies who have spent money on resources and development, property improvements, new equipment. Check if they own commercial property(retail stores, offices, warehouses, factories, hotels, pubs, hospitals)
Check if they have previously received tax relief.

How to speak with clients?

Don't beg them or over flatter them, keep things under legal terms with them.
Reassure them that even if they say their accountant has already checked everything, that they could have missed out on embedded claims.
Tell them that even though they bought the property many years ago, they can still claim.
Ask if they have actual evidence and accurate records.
Make sure they are eligible, tell them 'this is good news, however we need to see if you are eligible before we can get into the good stuff'.
Use simple language, business owners are not always the smoothest in knowledge about taxes. Hence why we need to help them.
Let them know 'By the way, you could make up to £ amount by complying with recovering your tax.
Build trust with the clients as many people scam businesses.
Show them more than one of the examples of other businesses I have helped or that the company has helped.
Keep in close relationships with Accountants, Solicitors and Financial advisors as they can be good for networking.

How will claiming for the company work?
Only 10-40% of the companies commercial asset will be eligible for capital allowance. ie. Price $1 million, Capital allowance would be 100k-400k

Step 1: Property Survey (by a tax specialist to find assets)
Step 2: Valuation & Report
Step 3: HMRC Submission
Step 4: Tax Savings Applied (the businesses reduces the cost of their taxes)

Other types of tax relief other than Embedded Capital Allowances:

Patent Box relief, Land Remediation Relief, Capital Allowances and R&D Tax Credits.

The CRM (Customer Relationship Management) system:

The CRM is for recording conversations and storing it in a database to show the companies statistics thus far. It helps to track leads, to automate follow up calls and to improve the conversion rate [which is the percentage of people reached out to divided by those people who have become new customers multiplied by 100].

Leads are people or a business that could become a potential customer. Hot leads are very likely to buy, Warm leads are likely to buy but may take a bit of time to buy, cold leads are less likely to buy

CRM helps you to see the progress of the individual potential customers.

CRM Systems can be: Salesforce, Monday.com, Pipedrive, Zoho, Hubspot

CRM connects with linkedin, HMRC, emails and whatsapp.

Works with GDPR to ensure customer safety. General Data Protection Regulation assures fairness, transparency, Lawfulness, Purpose Limitation.