Nicola Deverson

Not quite the meaning of life, the universe and everything but some great tips for business owners

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Hopefully you saw part 1 🤔🤔 Well here is part 2 👍 Non-Dom Reforms: Changes to Inheritance Tax 📆   The latest Budget introduces significant changes that will reshape inheritance tax (IHT) rules for non-doms starting April 6, 2025. In Part 2 of our series, we break down the details and implications of these changes for individuals and trusts.   Key highlights include:   A new residency-based test will apply to determine the scope of IHT on most non-UK assets, with new rules being implemented for lifetime transfers, spouse exemptions and gifts with reservation of benefit, amongst others.   The scope of IHT on offshore settlements will now depend on the residence status of the settlor and will only be permanently fixed once the settlor has died.   The new rules will provide certainty for UK domiciled individuals who have been living outside of the UK long term but could also bring some unexpected tax charges for any trusts which they have created in the past.   These changes are complex and far-reaching, affecting both non-domiciled individuals and UK domiciled individuals living abroad. Transitional arrangements offer some exceptions to the rules but the clock is ticking to take advice before the changes are implemented.   Check out Sarah's article for the full details 👇   https://lnkd.in/eVya-AZx   #InheritanceTax #Budget2024 #NonDomChanges 

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Come and join me on my new journey with The KBB Unstoppable Business Owner Podcast. 🔍Just search "KBB Unstoppable" in any podcast platform ✅Follow the podcast to keep up to with the latest episodes. #kbb #podcast #business #entrepreneur #kitchen #bathroom

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🏗 Construction business owners... 😫 Do You Struggle With: ▶ Getting hold of your accountant, or getting straight answers ▶ The burden and time drain of day to day finances and bookkeeping ▶ Having the data and confidence to make informed decisions ▶ Getting off the tools so you can grow your business ▶ Worrying about Tax, CIS and VAT ▶ Understanding where your profit and money has gone ▶ Getting your margins under control ▶ Reducing taxes and keeping more of your money 😌 Then Let Us Help You: ▶ Free up time ▶ Get off the tools and spend more time with your family ▶ Take away the day to day financial burden of running a construction business ▶ Reduce stress and create time to run your business ▶ Have peace of mind ▶ Pay less tax ▶ Focus on growing your business Your accountant should be an asset to your business. Ready to take action? Message me https://lnkd.in/eJNEkQKd

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Thinking of selling your business? Finding the right buyer can be tricky. So, it's important to know how to filter credible prospects from those playing a numbers game. To help you identify a serious buyer, you can ask questions such as: “Is the initial communication personalised?” and “Do they have a good web presence?” https://lnkd.in/ehee289N #BusinessOwner #ExitStrategy

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🏡 UK Portfolio Landlords: Maximise Your Capital Gains Tax Relief with Private Residence Relief (PRR) 🏡 As portfolio landlords, managing and optimising your investments is key. If you're considering selling one of your properties, understanding how to reduce your Capital Gains Tax (CGT) liability is crucial. One of the most effective ways to do this is through Private Residence Relief (PRR). If a property you're selling was at any time your primary residence, PRR could significantly lower your CGT bill. Here's how PRR works: → Ownership Requirement: The property must have been your main home at some point during your ownership. → Exempt Period: The final 9 months of ownership automatically qualify for PRR, even if you weren't living there during that time. → Lettings Relief: If the property was rented out, you could still benefit from additional relief on the portion of time it was your main residence. It's essential to consult with a tax advisor to fully leverage PRR and other reliefs available to you. Proper planning could lead to substantial tax savings, ensuring that your portfolio remains profitable. Book a call with me today to get the best help for your circumstances: https://lnkd.in/eqKZBUqc 💡 P.S: The rules around PRR can be complex, particularly with multiple properties involved. Make sure you're fully informed to make the best decisions for your portfolio. #Landlords #PropertyInvestment #CapitalGainsTax #PRR #UKProperty #TaxEfficiency

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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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🌳 FAQ: Navigating Inheritance Tax (IHT) 💷 Understanding Inheritance Tax can be crucial for estate planning. Here’s a quick guide to help you grasp the essentials: 🔹 What is Inheritance Tax (IHT)? Inheritance Tax is a tax on the estate (the property, money, and possessions) of someone who’s passed away. It’s an important consideration for anyone involved in estate planning. 🔹 Who needs to pay IHT? IHT is potentially due when an individual's estate is valued above the nil-rate band, which is currently £325,000. Estates under this threshold do not require IHT payments. 🔹 What are the rates for IHT? The standard IHT rate is 40% on amounts above the threshold. However, if you leave at least 10% of your estate to charity, the rate may be reduced to 36%. 🔹 Are there any allowances or reliefs? Yes, there are several reliefs that can reduce the IHT liability: Spousal Exemption: Assets passed to a spouse or civil partner are exempt from IHT. Residence Nil-Rate Band: An additional allowance when passing your main residence to direct descendants, currently £175,000. Business Relief: Offers relief from IHT on business assets, from 50% to 100%. 🔹 How can I plan to reduce IHT? Effective estate planning can significantly reduce IHT liabilities. Consider: ✅ Gifting assets during your lifetime. ✅ Establishing trusts. ✅ Ensuring you have a will that reflects your wishes. 🔹 When does IHT need to be paid? IHT is typically due within six months from the end of the month in which the death occurred. Payments made after this period may accrue interest. 🔹 How do I pay IHT? IHT can be paid from funds within the estate or from money raised from the sale of the assets. 🤔 Questions or need guidance on estate planning? Connect with us! 🔖 #InheritanceTax #EstatePlanning #UKTax

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Boost Your Small Business with Powerful reviews: A Step-by-Step Guide to Building Trust and Driving Sales

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💰 Tax-Efficient Tips for SMEs 💰 Is your business taking advantage of all available tax reliefs? Our expert team can help you save money by ensuring you’re tax-efficient every step of the way. #TaxEfficiency #SMETips #TreyBridgeAccountants

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🔓 Unlock your tax-saving potential with our expert team! From enabling more income at your disposal with income tax savings to assisting you with advice on inheritance tax planning (to name a few of our strengths!), we've got you covered. Plus, our bespoke services extend to various aspects of personal tax planning, including: ✔️ Minimising tax liability for personal taxes ✔️ Completion and filing of relevant returns ✔️ Advice on what payments are due and when ✔️ Advice on trusts and estates Ready to make the most of your wealth? PM me today to explore how Chorus Accounting can help you. #businessadvice #accounting #accountant

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The value of your business has just become even more important to you and your family. The rules, as they stand, are that shares in a qualifying trading company qualify for Business Property Relief (BPR) which means, for inheritance tax purposes, they are 100% exempt. With the new rules, from April 2026, the same shares would qualify for 100% BPR up to £1,000,000, with the remaining value being exposed to inheritance tax of 20%. Previously, you could get away with not really having a grip on the value of your business because, if you died, the shares would pass down with no IHT implications. Now you really need to have your finger on the pulse because, let’s say your shares are worth £2m, and you pass away, leaving those shares to your children. Inheritance tax of £200,000 could be payable. (£1m exempt and the remaining £1m at 20%) How will your children fund that? If your accountant doesn’t know how to value a business, it’s not good enough anymore.

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Case Study: How We Helped an Essex and London Plumber Double His Profits 🚀💰 Meet John, a talented plumber from London who, like many in the construction industry, was struggling with the financial demands of his business. Despite his skills, he was overwhelmed by bookkeeping and financial management. 📉🛠️ The Problem:  John was drowning in paperwork, which left him stressed and unable to focus on growing his business. He deserved a better way to handle his finances and maximise his success. Our Solution: John partnered with our Virtual Finance Office (VFO). We: ▶ Took over his bookkeeping 📊 ▶ Provided detailed financial reports 📋 ▶ Offered strategic advice to optimise his operations 🧠 The Transformation: With our support, John’s profits doubled in a year! He gained: ▶ Clear financial insights 🔍 ▶ More focus on his plumbing work 🔧 ▶ Reduced stress and increased confidence 😊 John's success story is a testament to the impact of professional financial support. 🌟 Ready to transform your business like John did? Contact us today to discover how our VFO can help you achieve financial clarity and boost your profits. Book a call with us now and take the first step towards your business success! 📞 #BusinessGrowth #FinancialSuccess #ConstructionIndustry #SmallBusiness #Entrepreneurship #Bookkeeping #VirtualFinanceOffice #CaseStudy #SuccessStory #PlumbingBusiness

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For business owners, the concept of ‘keeping your shares til you die’ has just ended. Succession planning is more important than ever and the earlier you act, the better. #starttheconversation Crowe UK #familybusinesses

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