• SEIS or Seed Enterprise Investment Scheme

If your company is small or at an early stage, you can opt for the Seed Enterprise Investment Scheme, or SEIS. This is an initiative by the government of the UK to help small businesses raise equity finance by offering relief of tax to investors purchasing new shares in your company. Typically, through this scheme, you can get an amount of up to £250,000 (with a limit of £350,000). However, there are some criteria that you need to meet to be eligible for SEIS, such as having less than 25 employees and less than £350,000 in gross assets. For more details regarding this scheme, you should talk to accountants for small businesses.

• Grants by Innovate UK 

As part of the SME, you can apply for a range of grants from Innovate UK. With the help of these grants, you can develop new products and improve existing business processes through research and development. Most importantly, if you are looking for collaborative research to be conducted in your country as well as internationally, you should opt for the grants provided by Innovate UK. However, the process of application is competitive since the organisation hosts an array of competitions with different criteria.

• National Lottery Heritage Fund

If your business is focused on heritage-related projects, you can opt for the National Lottery Heritage Fund. It offers grants ranging from £10,000 to £250,000. The fund emphasises projects related to the heritage of the UK and ensures community benefits. However, to apply for the grant, you have to manage projects that involve historic buildings, nature and habitats, as well as cultures and traditions. To get further information or seek assistance with applying for the grant, you need to contact chartered accountants in Reading.

• The Prince’s Trust Enterprise Program

Are you a young entrepreneur aged 18 to 30 or working less than 16 hours a week? You can apply for the The Prince’s Trust Enterprise Programme, since it will support you in grow your business. It can offer you up to £5,000 and mentor you as well so that you can reach your business goals soon.

• R&D Tax Credits Incentive

With the R&D Tax Credits government incentive system, you can get a grant if you are into innovation. If you are a new business and need to overcome challenges in the field of science or technology, applying for this grant can be the right step. Moreover, with this scheme, you can significantly reduce the financial burden involved in research and development.

To get more details about all of these schemes, you should connect with a professional small business accountant.

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Capital Gain Tax or CGT, can be defined as a form of tax that is charged when you sell, give away, exchange or otherwise get rid of any form of asset and make a gain or profit out of the activity. CGT is not the amount of money that you receive for any asset. However, it is a gain that is taxed. Broadly speaking, CGT can be calculated by comparing the sale proceeds (or the selling value of the assets) with their original prices (the value of the asset when it was procured). It is immensely important, as it will determine the amount of sales proceeds a business needs to retain and reinvest to make its financial position stronger, against the backdrop of these changes.

What changes has the current year has brought to the CGT?

The November 2022 budget witnessed certain changes being made in the Capital Gains Tax. These changes staggered across the year 2023 and 2024. Thus, if a business wants to maintain a steady business profile, it is crucial for it to take a close look at these changes in Capital Gains Tax and understand them. On this page, let us delve into the Capital Gains Tax changes in 2023 and 2024 and how these changes are likely to affect the business finances. We also discuss the strategies that businesses are likely to chalk out, to mitigate the impact of these changes.

The CGT Annual exempt amount (AEA) for individual and personal representatives for the 2023–24 tax year was reduced to £6,000, while for the trustees, it was reduced to £3,000. In the year 2024–25, these two figures are likely to get reduced to £3,000 and £1,000, respectively.

How these changes are likely to impact individuals and the business fraternity

The Capital Gains Tax changes in 2023 and 2024 are likely to impact the financial activity of businesses as well as individuals in multiple ways. For instance, it could influence disposal of assets and crucial investment decisions. The businesses will need to rethink the appropriate timing of asset sales. Or they will have to consider shifting to a more diverse and flexible investment portfolio. When it comes to individuals, more so with significant asset investments, it can lead to an increased CGT liability.

It goes without saying that the stakeholders need to opt for more proactive tax planning immediately. It has become the need of the hour more than ever before. What they need is assistance from a qualified tax advisor in Reading.

What strategies should be implemented to counter the effects of these changes? 

With the recent changes to the CGT and the resultant reductions in the AEA, businesses as well as individuals must implement various strategies to minimise the impact of the changes. Some of the most crucial strategies would include:

Using the allowances: Making the most out of the reduced AEA of £3,000. For those with assets to sell, planning disposals to maximise the allowance can be of great help.

Picking up the right time for sales: If and when any business has forecasts of a lower-income year, considering delayed sale of assets can be beneficial as it will help the business reap the maximum out of a lower CGT rate. It must consult experienced accountants in Reading for the right approach at the right time.

Transfer of Assets: This particular strategy is more suited for individuals than businesses. Transferring assets to a civil partner or spouse can reduce the CGT burden. This is because transfer of assets between two civil partners is exempt from tax.

The other significant strategies that can be adopted include Pension and ISA, as well as incurring offset losses.

For further information, you need to talk to Biz Accounting Solutions Ltd as we are one of the best to assist businesses and individuals alike in this regard.

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Let us now delve into the ways to reduce your corporation tax on the following points:. Go through them, and if you have further queries, discuss them with your consultant or certified accountant.

• Claim the Deductions and Reliefs 

By claiming the deductions and reliefs, you can reduce the tax. But since various options are available, you should book an appointment with your tax consultant, who can guide you with the same.

Typically, the reliefs and deductions include:

• Capital Allowances: These can be claimed based on the cost of the assets that are used for various business purposes. You can claim these costs as a one-time payment or over several years, gradually.

• R&D Tax Relief: You can claim R&D tax relief if you run a business that deals with technology and science.

• Patent Box: You can get 10% relief on corporate tax if you have made profits from patented inventions.

• Venture Capital Schemes: You can claim tax relief through the Enterprise Investment Scheme (EIS) if you invest in scale-up companies. Besides, the Seed Enterprise Investment Scheme (SEIS) can get you even higher tax relief if you invest in riskier early-stage startups.

• Use the Right Business Structure

The corporation tax is impacted by business structure. So, make sure that you are using the right one. But if you are unsure of the category, discuss your requirements with a Chartered Certified Accountant in Reading. They will evaluate the business structure and properly categorise it.

In general, you will be taxed on your personal profits if you are a sole trader. On the other hand, if you operate through a limited company, you will be taxed on the profits distributed to you as a shareholder.

• Make Business Investments

To reduce your corporation’s tax liability, you should invest in your business. By doing so, you are reducing your profits, thus minimising your corporation tax bill.

You can invest in new equipment, train your employees, and expand your facility.

• Strategise Your Tax Planning

To reduce corporation tax, you can use various strategies. A tax consultant of tax can formulate them for you.

Generally, some of the common methods that you can take advantage of include transfer pricing, offsetting losses, and group relief.

• Professional Advice is Important

Finally, if you do want to minimise your corporation tax bills, you should discuss your requirements with a professional Reading Chartered Accountant with years of experience and expertise in this area.

To conclude, if you follow these 5 steps, you can effectively minimise the taxes and save costs.

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Capital Gains Tax – Its Importance

Generally, Capital Gains Tax or CGT is implemented on the profits that you make when selling an asset that has given you a certain amount of profit.

CGT is mainly levied on the percentage of the returns that you have made. Thus, if you are aware of the changes, you will be able to take the right steps to minimise them. However, as mentioned already, modifying your portfolio or investment strategy can be cumbersome at times. For this reason, it is always best to discuss your requirements with a chartered accountant.

Changes in Capital Gains Tax

Let us now take a look at the changes that have been made in capital gains tax for FY 2023–24.

Now, the annual exempt amount for CGT for personal representatives and individuals has been reduced to £6,000 from £3,000. There is some speculation and information doing the rounds that in FY 2024-2025 there can be further reductions, such as £3,000 becoming £1,500.

Impact of the Changes

With these changes in the capital gains tax, according to many professional accountants in Reading, there can be a certain impact on your financial activity. For instance, you might have to rethink your investment decisions. You may need to re-evaluate the timing of your asset sales or consider diversifying your investment portfolio. If you have significant investments in assets, you might have to pay more CGT. Thus, tax planning is extremely necessary at present.

How Can You Mitigate the Impact of This Change?

With the resulting AEA reductions due to the changed CGT, you might need to develop certain strategies. But before making the final decision, you should discuss them with your chartered accountant.

Some of the steps that you can consider include:

• Allowance Utilisation: Take advantage of the £3,000 AEA reduction. If you are planning to sell your assets and maximise the allowance, it can be a good move.

• Managing the Sales Time: If you anticipate that the income from your assets will be lower in the year, you can consider delaying the sales of the same to lower the CGT rate.

• Transfer of Your Assets: You can transfer your assets to your civil partner or spouse to reduce or spread CGT since transfers between partners are not taxed.

So, now that you have information about the changes in the CGT, making the right decisions will not be difficult for you.

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Now, let us focus on how efficient accounting can help you manage your business debt.

• Track Your Financial Performance 

If your business is in debt, a chartered accountant will suggest that you start tracking your financial performance closely. You will need to gather your financial records, such as the income statements, balance sheets, and cash flow statements. You will need to determine how much you owe, adding the interest rates. Now that you have all the data, you will have a clear understanding of the financial situation of your business. However, if you are having issues organizing all these documents, you should hire an accountant to do the same for you. Moreover, the accountant can create plans to help you manage debt efficiently.

• Create Forecasts and budgets

When it comes to addressing debt, you will need to create budgets and forecasts. Generally, this will be handled by your business accountants.

They will prepare these as part of revenue planning and creating a roadmap for your future expenses. Additionally, they will ensure that your company has sufficient cash flow with which you can repay the debts.

• Cash Flow Management

To help you manage business debt, a Chartered Certified accountant in Reading will assist you with cash flow management, as mentioned in the last point. They will monitor the flow of money to prevent the shortage of cash while ensuring the timely payment of debts. They will also help you reduce additional costs as part of the risk mitigation procedure. With that, the accountant will create a projection of the cash flow and identify surplus funds that you can use to reduce debt.

• Negotiate with the Creditors

The next step in managing your business debt is negotiating with the creditors. However, when dealing with this, it is always a good idea that you assign accountants since they can do this job more efficiently.

The accountants will negotiate better repayment terms along with debt restructuring to reduce your financial burden.

• Restructure Debt 

The last point that we should discuss here regarding business debt management is restructuring the debt. It is a strategy where the accountants will modify the terms to make debt management easier. To do this, however, you will need to book accounting services that include this option.

The accountant will negotiate lower interest rates for you and an extended period to repay the debt.

To conclude, these are a few ways you can manage the debt of your business efficiently and without experiencing extraordinary difficulties.

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Naturally, the norms of tax and the basis of calculation of tax will be different from the regular properties. With the tax-related norms varying, the VAT on these mixes is also supposed to be different from the other ‘regular’ properties. It is the responsibility of the professional accountants in Reading or elsewhere in the UK to guide their clients on this subject. 

Payment of Tax on mixed properties

Supply of property, for instance, letting, is generally exempted from VAT. However, when you opt to tax the said property, that move will by default change the scenario. In other words, if you are the landlord, it is compulsory for you to charge VAT on the rent. More importantly, when seen from your perspective (i.e. the landlord’s perspective), it will allow you to reclaim the VAT that has been paid on the expenses that you have incurred in regards to the property. 

It is true that paying taxes and notifying HMRC about the same Is pretty simple and straightforward, but there are certain complications that may arise here and there. However, when you have professional accountants in Wokingham advising you, these problems should not bother you any longer. These professionals will help to go through the complications while filing the property tax and the subsequent complications wherein your property is being used for both non business as well as business purpose.  

Now there is a catch. The option of tax cannot be applicable to any part of your property that is used for dwelling or residential purpose. For instance, a living accommodation located just above the commercial section of property. In these cases, the property remains exempted, regardless of the treatment of VAT that is charged on the rent, if any.   

In these situations, the professional accountants in Reading will come in handy. These professionals would suggest that you notify the same to the tenant beforehand, and help them with the date the option is applicable from. Once that is done, your accountant would advise you to provide the tenants with the copy of the letter, which the HMRC will give you, acknowledging your option.

NO VAT Recovery

When you are not entitled to reclaim VAT that is paid on the expenses exclusively relating to the exempted portion of the property, for the expenses that relate to both the commercial and residential portions, i.e. maintenance and repairing of roof, and the likes, a certain quantity of the VAT can be reclaimed. This particular rule would permit you to work out the reclaimable VAT with the use of reasonable and fair methodology. Again, a professional tax advisor in Reading will help you in this. 

Thus you see, professional accountants and tax advisors of reputed firms like Biz Accounting Solutions Ltd will go all the way to help you out in these tricky situations. Call us at 07877 224964 or 01183 671854 during our business hours.

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In fact, a quick look at the Multiple Dwelling Relief (MDR) will reveal its efficacy in reducing the Stamp Duty Land Tax (SDLT) and its equivalent in the Wales and Scotland and it applies if and when an individual purchases two or more dwellings or conduct any transaction or a series of transactions related to those handover of the ownership of those dwellings. 

What is meant by ‘dwellings’? 

By definition, ‘dwellings’ can be defined as properties or houses that have a separate first floor, having bedrooms, bathroom, kitchen, its own boiler, doorbell, separate entrance, electric connections. Seemingly, it should be separated from the principle portion of the property, but with a shared, common front door, stairs and hallway. 

Now discussing about the Financial Transaction Tax (FTT) the appeal involves two elements – Whether the HMRC has raised the equity within the time frame allowed, and the entitlement to the MDR. Thus you see, these are the elements that can best be handled by the seasoned accountants in Reading or elsewhere.  Therefore, it is the responsibility of these professionals to disclose all the technicalities of MDR and guide their clients to avail the exemption. 

Indeed, these accountants have to play a pivotal role identifying the tax savings, which can benefit both the parties, including their clients. If the purchaser of the multiple dwellings can reap benefit out of the reduced SDLT liability, it will be possible for them to get additional funds for even a higher and more lucrative offer. 

This will mean a more delighted seller and increased commission. Thus you see, the competency of these professional accountants not only helps their clients but will leave these accountants beneficial as well.  

Do the MDs (multiple dwellings) have the necessary facilities, so that they can be considered, ‘MDs’?

Does the dwelling contain spaces that can be used as bedroom, and washing facilities? Does it include a kitchenette or a bathroom? Though typically these are not accounting queries, but still it is, strictly speaking, the duty of these tax advisors in Reading to help their clients identify the characteristics, so that they do no find themselves at the wrong end of the barrel while seeking the tax relief or exemption. 

Also, it their duty to help their clients  and advise them, whether the dwellings are technically separate and independent from the main building, so much so that it can be clubbed under the MD category. 

There have been instances when granny annexes and converted garages, converted party barns and garden offices have failed to get into the category of the MD and their owners failing to get the exemptions, due to the misguidance of their accountants.

Thus, the chartered certified accountants in Reading or anywhere else have to be absolutely sure before guiding their clients to go for the purchase and then make arrangements for the relief. Remember, one of the most common issues that have been seen is that the property with an additional dwelling could not be accessed independently just due to the incompetency of the accountants, who misguided their clients and told them to refrain from applying for the tax relief.  

Sellers of these properties can increase the value of their properties pretty significantly by making certain minor adjustments and enhancements. This is to increase the likelihood of getting the relief. If such adjustments and alterations, enhancements have been made, that should reflect properly in the sales particulars as these particulars will be viewed as 3rd part documentation of the property subject to purchase. Again, the tax advisors have a key role to play in this regards. 

Therefore you see, if you are going planning to purchase MDs, you need to get in touch with quality accountants who will help you in getting maximum relief. 

We at Biz Accounting Solutions Ltd ought to be the home to the best accountants, who can guide you through the purchase and the tax relief. Call us at (0)7877 224964 / (0)1183671854 or email us at enquiry@bizasl.co.uk during our hours for further details.

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Let us in this page discuss the efficacy of these new rules and the role of accountants in this. 

What do the new rules mean? 

The new pay off working rules are designed to ensure than individual who works as an employee but in his or her own limited company, (general a PCS or Public Service Company) or any other intermediary, has to pay the same Income Tax and the National Insurance Contribution (NIC) as any other employee. However this rule is not applicable for the self-employed individuals. Thus, here is where the professional accountants in Reading as anywhere else need to educate their clients about what they have needful to do and to explain why the rule is applicable, or why it is not. 

The needful to be done for the PSC or medium/large scape PCO

While it is the onus of the contractor to provide their services through the PSC on and from 6th April 2021, it is the responsibility of every large or medium sized PCO and voluntary sector organisations, as well as all the other public sector organisations to assess the employment status of the contractor for the purpose of tax payment. Now this is an area of work, which has to be taken care of and addressed by our experts who offer bookkeeping service in Reading or elsewhere.

Now this rule applies to every public sector clients as well as the private sector companies that fulfill the any two or all three following conditions:

• It enjoys an annual turnover of over £10.2 million
• It has a balance sheet total of in over £5.1 million
• It has in excess of 50 employees 

The role of the professional accountants in explaining the new rules

Few contractors are still not aware of the IR35 rules, which is essentially the tax avoidance legislation. A recent survey conducted by IR35 has shown that the majority of the in-work contractors (52%) has not yet assessed for the IR35. 86% of the contractors have not yet received important documentation, which is known as KID or Key Information Document. This is where our accountants in Wokingham have to be proactive in getting the KID for their clients and explaining the nitty-gritty of the rules to their clients. 

The main objective of these new rules is to define legally the status of a contractor in regards to employment characteristics – and how the contractors are from an actual employee. The rules also ensure that the employees are taxed properly and accurately. This is surely one area that has to be manned by our accountants in Hurst. 

Under these circumstances, it is the responsibility of our accountants in Calcot to..

• Take stock of the current workforce
• Discuss to the agencies and individuals in behalf of their clients and share the contact factsheet to help them understand how the new rules will influence them
• Determine whether the Off-Payroll working rules will apply 
• Determine who will operate the PAYE (‘Pay As You Earn)
• Settle the disagreements 
• Maintain the records 

Thus, you see, under the present scenario, professional accountants from quality firms working on the behalf of their clients will make a lot of difference in explaining things. That is the reason, you must put stakes in a quality accountant firm. What better name can you opt for, than Biz Accounting Solutions Ltd? For further details, call us at 01183 671854 or 07877 224964 during our business hours. 

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NIC comes in 6 different varieties or classes. The type of NIC that fits in you will depend upon the situation you are in. In these cases, your accountant has a pivotal role to play in deciding upon the type of NIC that will apply to you and take steps to ensure you can benefit from it in your hour of need. That is the reason it is always advisable to be in touch with a reputed accounts service provider so it can help you out in these cases. Take, for instance, Biz Accounting Solutions Ltd. Our accountants in Reading or elsewhere will be able to service you in these emergencies, helping you to make the most out of the NIC scheme. 

Now, let us discuss Her Majesty’s Revenue and Customs (HMRC) warning over Class 2 NI. For individuals who have deferred their self-assessment tax bills, the latest Class 2 NI norms might pose a lot of problems. 

Persons with Deferred tax bills: 

For those who are self-employed or a partner in any business, paying Class 2 NI contributions is considered a part of the self-assessment bill. Now, in case the payment is deferred, that will affect the NI record and it will not be updated. Generally, this should not pose that much of a problem. However, this year things are different. Many have taken the advantage of the COVID 19 self-assessment tax deferral scheme of the HMRC and hence, this might lead to some discrepancies. 

The Class 2 NI contributions are generally considered as a part of the balancing payment of your self-assessment tax bill. Now the problem starts if and when you are not able to pay all three amounts by the deadline and if you have appealed to the HMRC to set another date for your payment – be it in person or through an online application. 

What happens if and when you miss your deadline? 

In that case, you might have to make a higher payment, to fill in the gap in your NI record. In that case, HMRC will send a mail to you, stating how much you will have to pay to fill in that gap. 

It is, therefore, our tax advisor in Reading will take up the responsibility to come up with able guidance and help you to pay the tax bills in time. 

Allocation of Payment: 

Taking into account the scheme HMRC follows in allocating the payments against the tax bills, your deferred payment on account will be cleared first of all. This is actually beneficial for you, as it will minimise your rate of interest. 

However, in that case, there is an underlying risk that your Class 2 National Insurance Contributions will not be entirely paid and as a result, you might miss out on some of the state benefits, which you would have otherwise qualified for. 

In these cases, our tax advisor in Wokingham working for you will contact HMRC at the earliest to see if some of the payments that have already been done, could be reallocated against any Class 2 NI to prevent your loss of the right to the benefits. 

The Time Frame it needs:  

Hence you should ensure that your payment reaches the HMRC by the deadline. The time needed will depend upon what methods you choose to pay. You can make same-day or next-day payments by…

• Telephonic or online banking, which makes the payment faster 
• By Clearing House Automated Payment System (CHAPS)
• Through your building or banking society
• By Bankers Automated Clearing Services (BACS) within 3 days 
• By Direct Debit (within 21 days)

Do not worry! When you have hired us, our tax advisor in Whistley Green or elsewhere will do all the needful on your behalf. 

A point to note: If your deadline falls on any weekend any national or bank holiday, ensure that your pay by the last preceding working day (provided you are not paying through Faster Payment). 

Thus you see, there are so many clauses and complexities related to payment of HMRC Class 2 NIC. Only a professional and qualified tax consultant will be able to help you with the payment and related issues. Hence, putting stakes on us at Biz Accounting Solutions Ltd will be immensely beneficial. For further details, call us at 44 7877224964 or 01183 671854 during our operation hours. 

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The Govt. of the UK was compelled to introduce VAT when it joined the European Economic Community (EEC) on 1st January 1973. The Purchase Tax that was in force before that on luxury goods got replaced by the VAT. The 6 original EC members then harmonised their VAT regimes, to reduce any discrepancy of export refunds. This gave all the member states a fair amount of competitive advantage, but that generated an economic distortion. 

How VAT operates in the UK? 

In the UK, the VAT system follows the parameters and directives of the European Union. However, these VAT directives do not apply to the members of the EEA or European Economic Area. Nevertheless, with Brexit, things are going to change.

Will Brexit have its effect on the UK VAT Structure? 

The experts believe that the Govt. of the UK is likely to enjoy more flexibility on the VAT structure, following Brexit. Thus, it is time for our professional accountants, who are working for various businesses, to bear more responsibility and help our clients to come to terms with these new flexibilities. These potential flexibilities that are created by Brexit imply that the UK Ministers will come under intense pressure to reduce the VAT rates and bring in more reform of the exemptions. This will lead to more confusion and further complexity. Surely, in these doldrums, the businesses, more so the medium and the smaller scaled ones are likely to face a lot of problems. Here is where our professional accountants in Reading and other places of the UK will come in handy with their able guidance. 

The UK has already a fairly higher registration VAT threshold at £85,000 and it will continue to be so till April 2022. However, the UK courts of Law may have to intervene and take into consideration the previous decisions by the Court of Justice of the European Union (CJEU) while deciding the fate of the VAT cases. What impact it will have on the VAT is still something to be seen, but this is all set to trigger off another set of confusions, for sure, making the life of the professional accountants quite harder and more hectic. 

The Big Change

The biggest change that Brexit is going to bring is in the way VAT will be charged while trading with the 27 remaining EU states following Brexit. The scale of that change is not clear, but will entirely depend on the final outcome that is negotiated by the Governments of these states. In the case of domestic transactions, the seller would charge the VAT on the buyer and then subsequently will pay that money that is collected to the Tax Authority. At present, VAT is not charged on the supply of goods and services between two or more members of the EU. 

However, with the UK coming out of the EU VAT scheme, it will become an outsider, more so, a third country. In other words, the way the businesses will manage the VAT on goods and services within the EU block will not be the same again. Sellers will not levy any VAT any more, but the buyers will have to pay VAT to the HMRC or HM Revenue and Customs at the point of Import, along with every custom duty, whatever applicable. 

Thus you see, things in regards to VAT are only going to be more complicated. And thus, every business needs to get in touch with seasoned accountants serving their clients in Wokingham and any other place across London and other regions of the UK for proper guidance in the period of uncertainty.

We at Biz Accounting Solutions Ltd are proud to be home to some of the best accountants and VAT experts who will be able to guide you through the days ahead. Thus, if you are a business owner, we would suggest you get in touch with us at 44 7877224964 or 01189 693061 during our office hours for further details.

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