Caroline Ward FCA

Who Our Tax Planning Tips Are For (and Who They’re Not For) Are you a small owner-managed business in the UK looking to optimise your tax planning? Our latest blog post is tailored specifically for YOU! **Who This Is For:** ✅ Small business owners managing their own finances ✅ Entrepreneurs operating from home ✅ Business owners seeking to maximise tax deductions and reduce liabilities ✅ Those who want to better understand mileage claims, capital allowances, and more **Who This Is NOT For:** ❌ Large corporations with dedicated finance departments ❌ Businesses with complex international tax structures ❌ Owners who do not manage their day-to-day finances Our comprehensive blog covers everything from home office deductions to capital allowances, ensuring you’re making the most of your tax benefits. Don’t miss out on valuable tips to keep more of your hard-earned money! 👉 Read more:https://lnkd.in/ekWCaCF6 #TaxPlanning #SmallBusiness #MicroBusiness #UKBusiness #FinancialTips"

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Discussions I tend to have with clients after a Budget can sometimes be negative ones, which is totally understandable. However, one meeting I've recently had really helped the business owner to look at more than just the Budget but also about longer terms ambitions of what they really want to achieve with their businesses. From this, we're now looking at a number of parts of the businesses, which will help them grow ... in spite of the Budget changes. Really makes you think about the type of conversations which need to be had after Budget changes. How many of those conversations have you had? #accountant

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Before the close of each accounting period (or financial year) for every owner-managed business, the directors/shareholders must review the below: 1️⃣ Does the business still qualify as a trade for CGT and IHT purposes? 2️⃣ Have there been any changes in the nature of the business activities? 3️⃣ Are there any future planning issues to consider? 4️⃣ Have cash balances built up to an excessive level, compared to the needs of the company? When it comes to accounting and tax matters, it is necessary to be PROACTIVE, and not REACTIVE. As a young, dynamic team of Chartered Tax Advisors, we ensure proactivity when it comes to tax planning. We can help on the above. Why do the above 4 points matter? The 'status' of the company potentially affects valuable tax reliefs, namely: • Business Asset Disposal Relief for capital gains tax • Business Property Relief for inheritance tax • Substantial Shareholding Exemption for corporation tax Trading status may also impact on the type of expenses that are allowed under the 'wholly and exclusively' rule, as well as what is reasonable in terms of remuneration levels. Elsewhere, a change in trading status may result in unrelieved losses. There is lots we can do to help owner-managed businesses reduce their tax burden significantly, eliminate risk and avoid unnecessary pitfalls. Ultimately, we assess your objectives and goals (both for the company and as shareholders) and help you achieve them tax-efficiently. 😎 ASWATAX #taxadvisory #taxplanning PS written by me. No AI. 😝

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WoodWhite Accountants is one of few UK accountancy practices with a license to provide probate services. Our probate services are carried out by Xeinadin Probate Services Limited of which Emma Newnham, our CEO and Head of Legal Services, is a board director. We can offer a comprehensive, non-contentious, service without any need to involve a third party, simplifying the whole process for you as a result. What do we mean by "non-contentious"? A contentious probate means that there is a dispute about how a person's estate (money, property or other possessions) is passed on to other people after they die. This could happen if the person who died did not have a will in place or if someone is contesting a will. At the start of the process, a probate may be non-contentious. If contentious probate arises, that does not mean we cannot help you with the probate. We will bring in a solicitor to deal with the contentious issue and once resolved we can continue with the process. We do not know at the start if a probate will turn contentious but we do have a solution for if it does. #Accountant #Probate #Tax

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📢Our Next Tax Club Event is TOMORROW: Tax When Buying a Company or Trade On 13th November at 10am, we explore the many questions that arise when purchasing a business. This online session is completely FREE, and everyone is welcome! We’ll cover a range of key topics, essential details, and potential challenges to help you feel confident in answering these and other questions from your clients. ❓Should you buy the shares, or the trade and assets? ❓What happens to losses? ❓What about VAT? We cover these topics and more in this session on tax considerations when buying a company or trade. - - - - - - - - - - - - - - Last year, I set out to simplify taxes and share my knowledge, which led to the creation of the Monthly Tax Club. There has been such a great response to these sessions! If you have burning questions, I’ll address them during the session. See the registration link in the comments below ⬇️ #BusinessTaxPlanning #TaxAdvice #BusinessAcquisition

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***NEW BLOG DAY*** Today we talk about CORPORATION TAX. Tax can be a complicated subject, so read our blog to find out everything you need to know about Corporation Tax. If you have any questions about your corporation tax then DM us with the word TAX. #hmrc #corporationtax #accountancy #smallbusinesses

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There's nothing more rewarding than helping clients feel empowered and ready to achieve their goals. Whether it’s business guidance, accounting support, or just that extra boost of confidence, we're here to support you every step of the way! 👉 Ready to grow with confidence? Visit mdh.me.uk or drop us a message at [email protected] #ClientFeedback #BusinessSupport #MDH #SuccessJourney

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Navigate inheritance tax complexities like a pro with our effective strategies. Unlock the secrets to smart inheritance tax planning with our professional strategies. Learn more at https://lnkd.in/dPSgmXr6 #inheritancetax #inheritancetaxplanning

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With all due respect, some Will planners and financial advisors provide advice which is highly questionable*, particularly from a tax perspective. 😱 Many a time, we see trusts have been set up by families where we don't completely understand the purpose of the trusts; they don't seem to achieve any of our clients' aims. As an example, I've seen more than once now in a short space of time whereby clients have been advised to put their principal private residence into trust, for inheritance tax planning purposes.? Not sure if other tax advisors will agree with me but surely rental properties should be utilised by the trust (if any) in the first instance. And this advice has been given knowing that the couple have children (direct descendants). So effectively, losing out on the £350,000 residence nil rate band (£175k each) which is ONLY available on the main residence, nothing else. Therefore, potentially paying an extra £140,000 in tax (which could have been avoided). 😱 It should be made clear, and goes without saying (but still needs to be said): Tax advisors specialise in tax. Tax planning and advice should be sought from tax advisors, and even better, Chartered Tax Advisors. Legal advice sought from lawyers. Wills from Will planners. Financial advice from financial planners/wealth managers. NOT tax advice from the above professions. Thought it would be obvious but clearly there's an issue. As my colleague put it - a case we have recently seen looks like 'wild west' financial planning, even though the trusts were established recently! Reach out to me for bespoke tax advice. And doesn't necessarily have to be me. But if the word TAX is ever mentioned, you need to seek a TAX ADVISOR. Even if you just want to run something by us, we're here to support. 🌹 ASWATAX *[Offence is only taken, not given (as a wise man once said... Alan Broome 👏🤣)]

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Make tax work for you❗️ Find out more 👉 https://lnkd.in/eHC_nhci If you're a business owner, you need to know how to make your business more tax-efficient.💰 That includes knowing what you can claim as an expense and when you should go incorporate to make use of the tax benefits.👍 We can help you do just that. Get in touch today to speak to our tax experts.😊 Morecambe 👉 01524 566190 Leyland 👉 01772 984 985 - - - #VerveAccountancy #Leyland #Morecambe #TaxTips #BusinessOwners #BusinessSupport

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The Residence Nil Rate Band - something always part of my discussion with clients as relates to nearly all or my inheritance tax planning individuals and families. We are assisting lots of clients on their IHT mitigation strategies. Can't stress enough how much 'opportunity' or methodologies that are available to take advantage of - rather than paying the tax man x amount which you will never see again. Of course, this type of work is completely bespoke, naturally. We devise a strategy based on your circumstances and your long-term goals. Reach out for a chat. ASWATAX #inheritancetax #taxplanning

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Have you subscribed to our newsletter? Stay up to date with all the latest news from me and the world of Lednor Accounting including free hints and tips! The only question is, why wouldn't you sign up? www.lednoraccounting.co.uk #SmallBuisnessAccountant #AccountingServices #Accountant #ProfitFirst

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This year....We have decided to do January differently! 😊 Every January we get lots of enquiries for Self Assessments with the deadline date of 31st January. As of 19th December 2024, we won’t be taking on any more new clients for tax year 2023/2024. The deadline is simply too close, and we want to ensure we provide the highest quality service for all our existing clients. But don’t worry—we’re already taking clients for the 2024/25 Self-Assessment year! Getting ahead means less stress, more time to plan, and the benefit of our payment plans to help you spread the cost. Interested in getting ahead for next year? Let’s start early. Try out our shop. Link in the comments. #SelfAssessment #TaxTime #BarrettStaceyAccounting #HMRC #TaxPrep #BusinessTax #SelfAssessment2025

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💡 If you're looking for more information about the changes to Inheritance Tax announced in the #AutumnBudget, take a look at this detailed overview from Kreston Reeves 👇 #Budget #IHT

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400+ views on YouTube now. Not checked the other platforms... In any instance, I think you will find this 2 hour podcast interesting between myself and Jeremy Giles (if you are involved in property/the finance world of course... or if you just want to see me talk which I highly doubt 🤣 ) Very insightful. Stay tuned for more. ASWATAX #talkintax #podcast

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As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash or assets are distributed to the heirs. However, the recipient is liable to income tax on any profit earned after the inheritance, such as dividends from shares and to capital gains tax on the increase in value on assets after the date of inheritance. #IHT #InheritanceTax #Inheritance

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