Matthew Proudlove

Privileged to have worked closely with Simon Kelly and the team at Leeds Galvanising & Powder Coating Ltd on an exit strategy, as it starts a  new chapter under an Employee Ownership Structure, empowering its employees to continue its drive delivering excellent quality products in a safe and environmentally sustainable way. I wish the team and company well for the future. As we head towards budget day under a new government, with potential tax rises on the horizon it is more imperative that business owners who are thinking or planning of an exit talk to their advisors to ensure they have a succession planning strategy that is fit for purpose and meets all the stakeholders needs. It is never to early to start planning and empirical evidence shows that companies that prepare, maximise value. https://lnkd.in/ezK3auVk Lee Humble Stephen Garbett Nick Barker Martin Miller Richard Weston, MBA Patrick Cree Rebecca Johnson Will Eardley Liridon G. David Streather Karen Sadler Becky Maguire Leigh Davenport Azets Emma Wilson Joanna K Jowitt #Sucessionplanning #Businessexit #Accountancy #Businesssale #Employeeownershiptrust #Yorkshire Mills & Reeve

76

3 Comments

Thinking about the planned IHT changes #AutumnBudget2024 - combined £1m allowance for agricultural and business relief from April 2026 with a 50% reducer for anything above this. This will be a significant concern for more elderly clients with qualifying assets. A dilemma - do they accept 20% tax will be due on value over £1m and manage appropriately (with a capital gains tax uplift as things stand), or take a risk on 7 year survival and make a lifetime gift subject to holdover relief to try and avoid all taxes (and giving up the uplift). For older folk, my expectation is that the IHT will become a real cost of the estate, and HMRC are right in their predictions that tax take will increase. For those slightly younger and at the back end of their working career, the decision on whether to pass down the asset will be a more urgent one! Do dial in for our webinars and updates over the next few weeks to get more into the detail. Crowe UK

16

I attach the 10th edition of BDO's popular Regional Manufacturing Outlook Report in partnership Make UK, our yearly benchmark of the sector.   #manufacturing #ukmanufacturing #bdo

4

High operating costs, driver shortages, inadequate road infrastructure and environmental pressures are all adding to the haulage sector's load. Alistair Wardell at Grant Thornton UK LLP explains the challenges and what management teams need to consider to navigate them successfully. #haulage #hauliers #restructuring

27

Well worth a read if your are a business owner with value locked up in your business. Nicola and team are experts at guiding you through this process and delivering the result you need.

9

A positive outcome for Tasty plc and another great result for the FRP Advisory team demonstrating that a restructuring plan remains a viable option for mid-market businesses to restructure their finances and operations to avoid an insolvency process. If you’d like to understand more about restructuring plans please contact me, Phil Reynolds or your local FRP Advisory office. #frpadvisory #restructuring #businessrescue

53

Business confidence among UK manufacturers has dipped sharply to the lowest level in a year in response to rocketing costs. Our latest Make UK Manufacturing Outlook finds that while output and orders remain positive, and recruitment and investment intentions stable, the mood among manufacturers has dipped significantly since the last survey and the Chancellor’s Autumn Budget. Download the report for a full breakdown of our findings: https://lnkd.in/eTrSfnwH #UKmanufacturing #UKmfg https://bdouk.smh.re/0J3

2

With manufacturing growth at it’s fastest pace in over two years, it's crucial for the incoming government to invest in skills and infrastructure in the coming months. 

14

1 Comment

Watch back our latest Manufacturing Outlook webinar with Make UK This quarter, we were joined by Stephen Phipson CBE, Chief Executive at Make UK. Stephen shared his expert perspective on the multifaceted opportunities and challenges facing UK manufacturers today—from the pressing talent shortages to the complexities of supply chain and trade. We also delved into government priorities and the importance of an industrial strategy for the sector. We were also joined by Senior Economist James Brougham who provided an update on the results from our Q3 Make UK/BDO Manufacturing Outlook. Listen back to the webinar here: https://lnkd.in/e-G-hRRu #UKmanufacturing #webinar #ManufacturingOutlook

4

Family business owner interested in diversifying into the holiday rentals market? Read this first! The cost of holiday accommodation in the UK has skyrocketed in recent months, and the continued uncertainty around the tax treatment of holiday lets has not helped, causing many landlords to exit the market. This means that holidays in the UK have become unaffordable to many families following the cost of living crisis, and families are often finding it is now cheaper to holiday abroad than in the UK. Jackie Hall explains further below. https://lnkd.in/eSfgviAE #familybusinessinsights #familybusiness #RSM #holiday David Hawley Andy Capes Gary Heynes Adam King Nicola Clough Angela Keery Chris Etherington

11

Insightful article from Natasha of the Azets #corporatefinance team on the importance of #exitplanning early in case an opportunity arises from an unexpected approach

14

Last week I was interviewed by John McHale on Steel FM about my views on potential tax rises and ways you can gauge whether or not your accountant is the right one for your business. Take a listen. https://lnkd.in/erZmxngF #steelfm #businessshow #radiointerview #taxadvice #accountants #businessowners #businessownerlife

6

We are proud to be part of Monahans and look forward to developing our insolvency offering over the coming months. #keepingbusinessownersinbusiness #business #growth #accounting #bookkeeper #accountantsuk #financeprofessional #insolvency #businessadvice #mvl #cvl #insolvencypractitioner #smallbusiness #somerset #devon

6

The headline figures show that there was a decrease in insolvency numbers for August but we continue to see pressure in a number of sectors. It is likely the case that summer weather combined with the Euros and the Olympics gave the hospitality sector a bit of a boost and also benefited retail. However continuing issues in the construction sector have been highlighted by the Administration of ISG and it remains the case that whatever the sector early advice and early intervention are key.

30

1 Comment

The vehicle benefit charges for 2024-25 were announced at Autumn Budget 2024. The government will introduce legislation by statutory instrument in December 2024 to ensure the changes are reflected in tax codes for tax year 2025-26. #FuelBenefit2025 #TaxChangesUK #CompanyVehicles

1

So with just over a month to go until Budget Day the rumour mill is in full flow and every comment from both the Chancellor of the Exchequer and the Prime Minister is being carefully scrutinised for clues as to what will be in the Budget Statement on 30th October. One of the big talking points in the business world is about what will happen to the capital gains tax (CGT) rates and the various CGT releifs that currently exist. Indeed there are no doubt many M&A deals currently ongoing where the vendors have brought forward their unconditional signing date to before the 30th of October just so that they will have clarity on the CGT rules and rates that will apply to their deal. Whilst the perceived wisdom is that the CGT rates will go up from the current rate of 20% ( and 24% for residential house sales), it is worth pausing to see if that really makes sense. The Office of Budget Rssponsibility have estimated that in 2024-25 CGT will raise £15.2 billion. So in theory if CGT rates were to rise by 50% to 30% the tax take from capital gains would rise by 50% and generate another £7.5 billion in tax. However that is not how things are likely to pan out. In many cases the decision to sell something that might generate a capital gain is a voluntary one and if the CGT rates were to rise to a point that the tax cost of selling becomes unacceptable then the sale may be delayed or indeed may never happpen. The key issues for the Chancellor are to encourage economic growth whilst at the same time maximising tax yield. If the CGT rate were to rise to a level where deals are delayed or even terminated then not only will that stifle economic growth, it will reduce the overall CGT tax yield as the reduced level of capital gains from fewer disposals will more than offset the increased CGT rate. The Chancellor will no doubt be weighing up all the pros and cons of an increased CGT rate. Hopefully she will realise that a large hike in rates is likely to be counterproductive. In the meantime unless you can close a deal before 30th October, you will not know the CGT outcome of any planned post Buget disposals until after the Chancellor has delivered her Budget address. As I said in my earlier post, the forthcoming Budget is unlikely to be boring.

69

2 Comments

📊💷 UK Business Owners: Keep Your Finances Clean and Taxman at Bay Separate personal and business accounts = tax headache prevention 🙌 ✅ Easier tax reporting ✅ Clear for HMRC ✅ Claim all business expenses ✅ Avoid costly mix-ups Plus your accountant does not have to see all your personal spend! So whether you're a sole trader or Ltd director, this simple step can save you time, stress, and potentially money! #UKBusiness #TaxTips #SmallBusinessAdvice

2

1 Comment