Name: Inside the Autumn Budget: Essential Changes for R&D Tax Credits, Capital Allowances & Business Rates
Uploaded: 2025-12-01T13:16:14.110Z
Duration: 36 min 36 s
Description: Inside the Autumn Budget: Essential Changes for R&D Tax Credits, Capital Allowances & Business Rates

Transcript for "Inside the Autumn Budget: Essential Changes for R&D Tax Credits, Capital Allowances & Business Rates": Hi, everyone. For those just joining, we'll just have a couple of minutes to let everyone get settled before we start today's session. Hi. Everyone can see more of you joining the call. Thank you for coming today. We'll be starting just shortly. Okay. You can be getting real people to continue to answer the call. So thank you for joining today. Hello, and welcome to our late and special insight of the autumn budget. We're We're going to be discussing today some of the essential changes for r and d tax credits, capital allowances, and business rates. I'm joined on the call today. So sorry. I'm Katie. I'm the marketing manager here at Leighton UK, and I'm joined by three of our experts. So Robert Scott, who's our consulting director, is going to be chatting through r and d tax updates, Ryan Watson, our head of Capital Elevenses, and James Pullen, who's going to be looking at business rates and any updates in that EDR. Our agenda today covers, first of all, r and d tax credits. So how exactly the budget affected r and d tax credits, and this was very minimal, but Rob is going to give us an overview of, what that means and any of the small changes. Then we've got cattery limits with Ryan. So some more changes in r and d in that specific area. So Ryan will give everyone an overview on that. And then also some information on business rates from James Pylons, so also covering the new rate multipliers that will be active as of April year. We will be ending our session today with a q and a. So please, if you have any questions, drop them in the chat through it. There is also a orange button at the top of the screen for book a meeting. If you click this, it will give us a little notification, and our team can follow-up after the call, to book some direct one on one time with you about your business. Without further ado, let's get started on our r and d section. I'll hand over to Rob. Good afternoon, Nick. Thanks very much for taking the the time to to listen to this webinar. As as of Katie, do you see the the sort of fantastic news really about this budget was, that actually there were sort of minimal changes to minimal changes to the actual sort of rates, the sort of the scheme as such. However, there were actually two really kind of really important points to kind of pick up on. So, one is and actually both related to consultations, which I'm sure many of us have put answers to earlier this year. One is that there's sort of there's gonna be no sort of formal regulation tax advisers. So there obviously had been a a sort of meet a sort of meet point to whether or not, you know, we should join us or one of the professional bodies, whether or not sort of a hybrid method or even whether or not HMRC should sort of step in and be sort of the the direct regulator of of of tax advisers. The good news is, the the the sort of government has decided that actually it wants to sort of work in partnership and have a much more sort of collaborative approach with with tax advisers to help improve standards. I have to admit, Percy, I think, actually, a bit of sort of, direct intervention regulation of tax advisers would have been a would have been a good thing. I think, actually, the the regulations only would have helped sort of set a a consensus and established baseline and, actually, could have helped really kind of improve the soft quality of, claims across the industry. However, being one of sort of the leading advisers in the industry, we're obviously more than happy to kinda work with HMRC to sort of help fund improve standards across the industry. The other one actually was around advanced assurance, which again was another sort of consultation for many of us responded to earlier this year. The government is still looking to sort of proceed with the with an advanced insurance scheme. It's not actually giving huge amounts of details, but, it's looking at a pilot scheme from from April 26. So this is obviously, potentially hugely beneficial. It means I hope that, some companies that, potentially are sort of nervous about claiming. We know that there's sort of lots of sort of number of claims that's dropped in the industry. There's lots of sort of clients who are nervous about claiming in case they end up with an inquiry. Potentially, this advanced assurance scheme would kind of preempt kind of some of the the nervousness around claiming and potentially will sort of lure some people out and help and encourage them to claim. But, it'll be interesting what this sort of pilot looks like and whether or not it's actually very effective. I know that's your current advanced assurance scheme is is sort of hugely underused, which is why the the top government is potentially looking at a at a new pilot scheme. That's actually the entire update. We thought actually we'd focus the second slide a bit more on kind of the things that I guess will be kind of important to to companies this year. So in terms of your claim for this year, there's obviously for all accounting periods beginning on or after the April 1. The there's obviously the new merged or, ERS scheme. So, actually, if you were so if you're claiming under the old sort of RDEC or SME scheme, it's worth bearing in mind that, actually, if you're claiming, say, like, in March 25 year end, actually, you'll be under the under one of the two new schemes. In reality, most companies will fall under the new merge scheme. However, if you're, sort of an an r and d intensive scheme, worth remembering that that threshold has dropped from 40% to 30%, and your loss making and potentially would actually fall under the the new sort of ERS scheme. But, again, worth noting that you will be claiming under a new scheme. The second sort of key point really is that the the rules have become, in principle, clearer on terms of what is subcontracted r and d. So in reality, if you're a company, you're subcontracting a third party, you need to make it much more clear in your sort of terms and conditions or statements of work that you are subcontracting that company to undertake r and d, but also, likewise, in reverse after some of the sort of the case law that is out there. If you're undertaking customer work, again, if it's not being explicitly stated that that customer is subcontracting you to do r and d, then actually you can claim r and d under that you are also allowed to claim r and d r and d. So in principle, this is kind of to help stop the issue potentially that exists in the market at the moment of, sort of two companies claiming for the same piece of piece of work. But, actually, one of the benefits now for certainly for large companies, I know SME has always had this benefit, is that actually large companies can now claim, subcontract costs. The third point, and this will be really big for depending on your industry, is that the there's gonna be a restriction in in terms of overseas expenditure. So in reality, if your, currently subcontracts a lot of your work overseas, you will not be allowed to claim R and D tax relief on that expenditure. And, so the fourth point actually is that you'll also have to sort of, a pre filing notification for new claims as well. So what this means is that if you've not claimed before or it's been more than three years since your last claim, subject to certain caveats, you have to kind of pre notify HMRC six months post your year end that you're gonna make an R and D tax relief claim. If you miss this, unfortunately, that means you won't be eligible to claim. And it's worth bearing in mind that from a retrospective point as well, you can end up in a situation. So, for example, if you're a December 24 year end, you're looking to make a claim. In reality, you can actually make the claim to you as retrospective, being claimed for December 23. But, actually, you will potentially be missing out on your December 24 claim if you've not if you hadn't notified HMRC by the June. So please be aware that if you are planning to do a two year retrospective claim that doesn't automatically elect you into the the sort of the last year claim, you you would have had to have done it as well. So it is all just always worth making sure that when you're sort of six months after your year end, have a look, see when you've made previous claims. If needed if need be, please speak to an adviser and best to be safe and sorry if you do need to prenotify HMRC notify HMRC of your of your claim. And those are sort of the the big updates ready for for your claims for for this year. Please, again, notice for accounting periods beginning on or after the first April twenty four. So if you are a December 24 year end, you're still claiming under the the old schemes as such. But, actually, if you're for account appears beginning on or after the 04/01/2024, you will fall under this under this new scheme. And with that, that's r and d. So over to you, Ryan. Thank you very much, Rob. Thank you everybody for joining us today. My name is Ryan Watson, and I'm the head of top alliances here at Leighton. I, kinda manage, our team, and, I've got thirteen years experience now in capital alliances. I've managed multi billion pound portfolios, during my career so far, so I have a wealth of experience. As far as, capital allowances in the budget, there were, quite a few actually unexpected, changes. In front of me on the slide, you'll see that there are three main changes, that were announced in the budget, which I'll go through in a bit more detail. Firstly, there was a new forty percent first year allowance from the 01/01/2026 introduced. This includes, assets, for leasing and expenditure by unincorporated businesses, which were previously not entitled to claim any first year allowances. This allows businesses deduct 40% of the qualifying assets, in the year of purchase. This will exclude secondhand assets, cars, and stuff like that. So it's items that are new and unused, items that are being, used for leasing purposes, and expenditure by incorporated businesses. So this is a a good step in the right direction for those businesses that couldn't, claim First Year Alliance previously, and definitely a good incentive to, well, claim the additional tax relief. The second is a reduction on on probably one of the biggest changes is the reduction to the main pillar writing down writing down alliances. The, it's been reduced from 18% to 14% from, April 2026. So this will compromise the rate of relief, for anything that doesn't qualify for, fill expensing. So anything that is secondhand, anything that's historic, or anything that you currently have in a capitaliances, pool, going forward. This will be a slower rate of relief, so it's been reduced by approximately 20%, which could lengthen, the tax relief from around seven years to, I would say, nine or ten years, maybe even more. So this, definitely has, negatively impacted the, the the tax benefit, but it does make, it more key that you are claiming the any capital lines as in an open period. So in the last two years, if you have refurbished any buildings you've constructed or or cost any expenditure, in your business, claiming the, any capital allowances while the annual investment allowances available, while you can claim first year allowances, that is, kind of key. Otherwise, you will get that lower rate from, April, 2026 of 14%. The third, which was, I suppose a bit more of discreet, wasn't really mentioned in the budget itself, but was mentioned in the detail was the, announcement of some industrial strategy zones. So, industrial, strategy zones have enhanced capital alliances. There was a strategy zone mentioned for Northern Ireland, Flintshire and Brexham, and then Anglesey Freeport and Forth Green Freeport. The enhanced capital alliances mean that you can claim a 100 year alliances on main pool and special rate pool, as well as structures and buildings alliances at 10%. So there's an enhanced rate of relief, for, your capital allowances, meaning you can get your tax benefits, a lot quicker. So they were the the three main changes, and I'm just gonna cover some of the stuff that actually isn't changing. So the main thing was that the, corporation tax rate was gonna be kept at 25%. The annual investment allowance, is going to be kept at £1,000,000. Introduced in January 2019, this offers the immediate tax relief on qualifying expenditure up to that £1,000,000 threshold. These thresholds, change quite regularly. So every budget, that's one of the main things that we have to keep an eye out for and has ranged anything from 250,000 up to 1,000,000 over the past several years. The full expensing, so 100%, main pool first year alliance and the 50% special rate pool first year alliance is which is available to companies, but do have their own restrictions excluding, secondhand assets and leased assets remains. So there is still incentive for companies to claim that tax relief in the period of expenditure. Again, pulling those, capital alliances in an open tax computation, so in the last two years, is key to make sure that you're getting the, quickest rate of relief and I suppose your cash flow improvement. The writing down allowance for special repo is remaining at 6%, writing down allowance and structures and buildings allowances is remaining at 3% And there was the announcement of an extension of the 100 year alliance for zero emission cars and EV charging points by a further year. So this is extended to the 03/31/2027 for companies, and then the 04/05/2027 for income tax. That just allows you for, those assets that fall into the zero emission cars and EV charge points, you get the tax relief in in the first year, where applicable. So I've made a couple of, kind of questions myself. So what effects does it have, from these new nine announcements? If your accounting period spans across the dates of the legislation changes, how are you affected? For any businesses with a chargeable period that spans, across the dates, that the legislation changed, a hybrid rate of, writing down alliances will apply. So So this is calculated based on the proportion of the period and and each of the the legislation, before and after the changes. So you may get, nine months at 18%, three months at, 14%, just to give a bit of an example. So there is a hybrid rate for, any of those periods that that cross, both, legislation. How would this affect your business, or company? For many businesses, there will be little to no impact as long as you're claiming, the, AIA full expensing in the current year. However, that does mean that you need to pull those capital allowances in the current year to, get the AIA on the full expensing. If you don't claim it in the open period again, you just get that slower rate of relief, so it's drip fed over a longer period of time. Businesses still came in writing down alliances for expenditure in earlier years, maybe are adversely affected. So that decrease from 18% to 14% means that it's going to be the tax relief over a longer period of time. The the the winners are unincorporated businesses and businesses in in the leasing sector. So they have that 40% fresh year alliances that's been introduced, which they weren't entitled to came beforehand, and they would have got the lower rate of relief. And I suppose just to kind of cover off the the capillaries section, why use a capillaries specialist? And it's capitalized is just more complicated now than they've ever been. So as experts, we can have a bigger difference in optimizing your tax position, increasing the rate of relief, and making sure, that your tax position is, in the best position possible. Capital alliances when factored into your tax computation affect your tax liability and using the capital alliances in its most efficient way possible just improves your cash flow. So there's a cash injection possibly straight into the business. Our team, as a capital analysis specialist has a combination of surveying. So I'm from a quantity surveying background. We have qualified accountants and tax specialists. We have an in-depth, knowledge of the legislation, the legislation changes, case law, and the, application of industry best, practice. So we're from big four backgrounds, beautiques, accountancies as well. So, we are in a position where we cover all bases when it comes to capital analysis. And, just to finish off, we prepare a comprehensive line by line analysis. So what you get from us is a very detailed report which covers all the legislation and case law, just suitable for submission along side your relevant tax computations, which should, mitigate the risk and answer any questions that HMRC may have, associated with the report. Just like Katie said, if you have any questions, feel free to drop them in the chat, or if you want to have a conversation, just book a meeting, and I'd be happy to help you. I'm now gonna pass it across to James. Good afternoon, everyone. Yes. Hello. So my name is James Pullen. I'm a director in the business rates team here. We are relatively new to Leighton. We're very much a complimentary service as well as stand alone. And given that business rates is, well, after rent and wages, the third largest expense that a company, has to, has to accommodate in that in their finances, It's it's something that we think is very complimentary to the the entire suite of services that Leighton, offer at the moment. Now the budget, well, last Wednesday was probably the busiest day we've had in the last three year cycle. I won't necessarily go over what business rates are, but, reality is that, there was a lot of announcements. Although, blink, and you missed any mention of business rates in the in in, in the budget itself. What has changed, or will change from the 04/01/2026, is that there will be five specific new multipliers based upon either rateable value and or sector. Now up until end of this year, retail, hospitality, and leisure premises will benefit from a significant amount of relief. It was 75%, the previous financial year. That's reduced to 40%. Now that is going. However, because of the nature of, the industry and the voice that they have with government and lobbying power, they are, having their own or they will those those properties that retail Legend Hospitality will have their own multipliers. Now these are artificially low compared to the standard multipliers, and they will last for the duration of the rating list, which will start from the 04/01/1926 ending on the 03/31/2029. In order to pay for, this this sort of reduction or artificial lowering, there will be a new high value multiplier for any property that has a rateable value above 500,000. Now the there's there's been quite a outcry about this, particularly because this this catchall high rate includes retail, hospitality, and leisure premises that previously would have benefited in some kind from a from some relief. That catches all properties, all sectors. So if you've got hotels or, high value, restaurants, unfortunately, you not only would you lose the relief, but also you'll be paying a substantially more, two p or just over two p, above the standard multiplying rate, for those for the for the operation of your premises. So, I think there will be some quite, quite unfortunate looking, business rates demands landing on people's desks come February, with the new rating list. What will be in place, though, is transitional relief. Now this is a a scheme that is, specific to England and Wales. Now I must actually caveat this this the information we're talking about at the moment is for England and Wales. The, the Scottish government haven't yet, well, business rates is a devolved matter. So the Scots, haven't yet announced in their budget the ramifications of the business rates, north of the border, but also the draft rating list hasn't yet been pub well, sorry, it was published on Sunday or evaluation roll, I should say. However, transitional relief is gonna be available for the duration of 2026 rating list, and eligible properties will see a cap where there's been a large increase between the rating lists. So, other announcements, well, there there was announced in the budget there will be a new business rates retention schemes, for certain local authorities. There will be a 100% business rate relief on, electric vehicle charging points and exclusive forecourts for the next ten years. The they will be extending the small business rate relief grace period, so that if you have a second property but you qualify for the first one, you will still be able to get some relief, on that letter. And then the big thing, I suppose, which wasn't even kind of alluded to in the budget, but was the publication of the draft rating list for England and Wales, immediately after the budget. It was at it was, it was, announced at 03:00 that afternoon. So what are these multipliers? Well, we kind of I've kind of alluded to them already, but actually putting it in contrast, you can see the difference between where, the, the 25, 26 values were, where there there were three standard multiply or three multipliers. This that's now extended to five. The main rate has actually dropped, which is a relief. It's still roughly speaking 50 p in the pound, to calculate your business rates. Although, if you are above the 500,000, then you are paying 2 p more. So you you are actually at the 50 p. Now what this doesn't what this this doesn't show, because we haven't been announced yet, are the other business rate supplements that may be applicable depending on the geographical region of your, location of your property. So for example, the City of London supplements or the what's known as the cross what alluded to, the Crossrail supplement for any property above £75,000 rateable value within this within the Greater London area, hasn't been announced. But these they will be added on to those figures, shown in the 2627 onwards folder. If your property doesn't, qualify for transitional relief, so your rates won't be capped, There will be an extra penny added to the multiplier for '26, twenty seven year thousand, financial year only. So, actually, it's still a there's still extra burden for those even those who aren't benefiting from a cap. Moving on to that. So these are the this this is just a sort of a working, example, really. This is, getting through quite a lot of detail there, but so I I will sort of gloss over it. But if you took an example of a 40% increase in rating lists, you know, you've got a rate rate and you've got rateable value that's above a 100,000, you would benefit from transition. So your your relief your your sorry. Your rates for 2627 would be capped for that one financial year. However, because the aggregate increase is in excess sorry, is less than the '28 to '20 sorry, 2728 figure, it will be full fine it'd be full rates payable the year year after. So only benefit only better benefiting from one year's capping of your business rates. So I think you're gonna see some considerable increases, over the next three years. Now as I say, the draft rating list, for England and Wales was, published immediately after the budget. It was a huge undertaking by the valuation office agency. They're much maligned, but actually they what they've done is actually quite remarkable. They've had to revalue 2,130,000 properties, across England and Wales that are eligible for business rates. And what's, and this is to ensure that, the business rates do not move too far away from rental values, over market rental values. So business rates are revalued every three years now, and the valuation date that they're taking the data from is two years prior to that list. So the valuation date, the pertinent rental information that they're receiving for or collecting information from the valuation ops agency, is collecting information from, was from the 04/01/2024. In contrast to the last list, that was actually on the 04/01/2021, which was in the middle of COVID. I think it was the third national lockdown. Not much rental activity. Rents plummeted in comparison to where they were in 2024, which is why you can see that there's been quite a considerable increase in rateable value for both England and Wales, where you see the total rateable value is, 84,400,000,000.0, compared to 70,900,000,000.0 in the last list, England increasing by nearly 20%, and Wales just over 15%. But you can see that in every single sector, there has been an increase across the board, which means that there is going to be a larger impact upon business rates, in in the collection. Although business rates are supposed to be a a neutral levy, just because of inflation and the sheer volume of how they fund these various different multipliers, business rates have, in contrast, gone up. So just in the working example here, if you have got a business rates, if you've got a a a generic company in in Swindon, They're operating, with a previous rateable value of a 120,000. In 2026, that increased to a 180,000, of increase of 50%. So the base rates so the rateable value sorry. The rates payable for '60 for 2526 is just, six that 66,600. In 2627, there will be a cap because it's exceeded the 30% increase. So for 2627, that that that business rate's increase will be capped, and that will come out at 86,580. So you're actually getting about £4,800 relief. However, because the multiplier, sorry, because the cap would not be applicable for '26 2728, you're paying full rates again. So it is rateable value times the higher multiplier. So you're getting close to 90 probably $9,495,000 pounds in rateable value sorry, rates payable. So you can see this sheer increase is stark from where you are currently paying now, '25, '26, to '27, '28, and then '27 sorry. '26, '27, and then '27, 28. So it is going to be a, a burden on on occupiers, and and a financial change and one that is, you know, very, very important to address, both within the 20 within, well, the current situation, which may have an impact, from the April 1 as well. So I'm I'm assuming that a lot of you will actually have business rates advisers. If you want a second pair of eyes or if you don't, please do get in contact. We do have, quite a, you know, I've got twenty odd years experience across all sectors, and we'd be delighted just to give you a sanity check. And even a sanity check now might realize some huge opportunities to to secure some some, savings, not only now, but also in the forthcoming years. Anyway, I'll hand back now to Katie. Excellent. Thank you, James. And thank you to Robert and Ryan as well for your your sections and your updates. We've had a couple of questions in chat, which we'll pick up now. So please do if you have anything else you would like to add, please do add that into the chat just now, and our consultants will pick it up live for you. So first question is for, Robert. So can an SME claim for subcontractor if they are overseas? Apologies. Take myself off mute. Yeah. So, unfortunately, under the new merge team, the ability to claim on overseas subcontractory, extended part of work cost is actually hugely reduced. So in the likely scenario, the answer is no. However, there are some are some exemptions for that. So the exemption is really focused around whether or not it was it is possible to kind of get the subcontracting in The UK as well. So I believe in the guidance, they sort of use the example. If you know if you're developing sort of a seismic tester to test all volcanic activity, in reality, we don't have any volcanic activity in The UK. Therefore, if we subcontract some of the test and work out overseas to where there is volcanic activity or seismic activity, sorry, then that cost would be eligible. And there are a few other sort of examples like that. So for example, if you're developing developing sort of a new product that's sort of highly regulated and in reality, you need to get, tested regulatory needs of local market in which you wish to sell it. Then, again, that would be deemed perfectly okay. Unfortunately, one of the one of the exemptions isn't the fact that it's cheaper overseas. So in reality, if you've just outsource some of your overseas because it's cheaper resource than here in The UK, then, unfortunately, that's not allowed. So in reality, the answer to that question is no. The reality is you're probably unable to claim for that overseas cost. So, actually, there are some exemptions. So it is worth speaking to to us, if you are looking to claim for sort of overseas costs under the sort of new merge scheme or IRIS scheme. But in reality, it probably doesn't know, but there are some exemptions that is worth kind of exploring to see if they're to see if they're, to see if the the cost do fit into one of the exemptions. But, unfortunately, there's likely to be a no, which is why it's, one of the the big changes which will probably hurt quite a lot of companies. Brilliant. Thank you for that, Rob. We've got a capital allowances question next for you, Ryan. So is the new first year allowance only for unincorporated businesses and does exclude corporates? Thanks for the question, Charlie. In short, no, But corporate businesses can, claim, first year alliances, fill expensing. So they've got a hundred percent first year allowances for main poll assets and, 50%, special rate alliance for, first year alliances as well. So, the new forty percent first year Alliance was just introduced to, for the unincorporated, companies or businesses to be able to get a first year alliance as well as those, leased assets as well. So there would be no benefit for a a corporate business to claim underneath, under the 40% fresh air allowance, the they would be entitled to claim under under full expensing. Excellent. Thank you. We've got a question as well for for you, James. Just a bit of clarification. So how does the transition relief work, and is it based on the change in reasonable value? Yes. Sorry. It's it's it's it's it's wonderfully complicated. So, yes, the the criteria on which where transition will will, kick in is based on on rateable value increases. So the if if you are, if there are large increases, let's say, more than 60%, then transitional relief will certainly apply for at least two years. Now that table I shared, I don't know if it's worth it's probably not worth getting back to it, but I can go to another time if maybe on on a personal level if you want to get in contact. But the, the the the cap has been set by the government, and it depends upon the rateable value size, but also on the increase in rateable value between the twenty three and twenty six lists. So the example given, which was if you were over a 100,000, you're deemed as a large premises or large property, so a £100,000 rateable value. If you have increased by more than 30% between the rating lists, you will have your initial rateable your initial rates payable capped at 30%. Thereon, if you are in London and, you would you would then get a Crossrail, supplement added on top of that as well as, if necessary, if you're in the city of London, another supplement. So it's effectively capping the base what's called the base layer, base layer, which or baseline. Sorry. So you're you're you're capping effectively from the previous, you're increasing, only 30% from the previous, multi the previous rates payable. It's not quite as simple as that, but that's the the layman's approach. So you're seeing, roughly speaking, a 30% increase only from the your last rates payable in the 2526 to when you start in 2627. So I probably made that more complicated than it used to. be. No. I think that's helpful. Thank you. Thanks, James. And if there are any other other questions on that one, feel free to to follow-up and book a meeting, James. We've had a question today from Seamus. Again, this is one on r and d for you, Robert. So, HMRC, we're recently carrying out a survey in r and d to encourage more businesses, more business participation. Are there any indications on when we might see the results of that? Not as far as I'm aware. I I was gonna say that the HMRC did recently sort of released the statistics which showed that although the sort of I think sort of the the sort of amount of sort of tax benefits were paid out was the same. I think the volume of claims had dropped. But, yeah, I I, as far as I'm aware that HMRC haven't released anything recently on on K. Excellent. And, yeah, we'll keep an eye out. And once they do, we, tend to try and put. some communication around best phone late in any way. So if there are no further questions, then we can wrap up today's session and give a little time back to everyone on the call today. So thank you for joining. If there is anything else you want to follow-up, feel free to book a meeting, drop a note, and we will get back to you. There will also be a short questionnaire shared after the session. So if you could complete that, it would be hugely appreciated, and that just gives us bit of an indication on how you found today's session. Was it helpful? And is there anything else that you would like to see in the future on future sessions? We will also be sharing the recording of the session within the next day or so, so keep an eye at this for this in your emails. And, yeah, we hope you'll enjoy the rest of your day. Thank you for joining.