Nick Winters

Speculation about the different ways the government may choose to plug the £22bn black hole continues to dominate the headlines. With rises in income tax, national insurance contributions and VAT marked as 'firmly off the table', this has led to increased concern about Capital Gains Tax (CGT) and Inheritance Tax (IHT) being the two main targets. Making changes to CGT and IHT are far reaching, its not just about increasing the % tax. Both tax regimes directly impact privately owned and family-owned businesses, from a succession and business continuity perspective. On Wednesday 30th October Rachel Reeves will make her announcement in her first Budget, so on Thursday 31st October we are giving our clients the opportunity to hear directly from our tax and advisory experts in order to understand how the changes will impact them. Register for the session here: https://lnkd.in/eGNM3Wjs #successionplanning #familybusiness #businessowner #tax #budget2024 Forvis Mazars in the UK

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🔍 My latest contribution to Taxation magazine for a Q&A on............... the *oh-so-exciting* topic of a HMRC consultation document & draft legislation - "THE #CARF and #CRS 2 consultation: outcomes, implications & next steps." but hear me out.... 🔍 The Crypto-Asset Reporting Framework (CARF) is shaping up to be a real game-changer for #HMRC, offering unprecedented visibility into crypto transactions. Sure, this also means more work for intermediaries (RCASPs do need to understand who they are reporting to and what they are reporting on), but the added transparency could be incredibly valuable for the industry as a whole. For anyone else excited by this, pls share your thoughts below! A link to the article: https://lnkd.in/dcPW8gzK for subscribers.

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Week 3’s videos will cover our taxation service offerings - stay with me this week to find out more. Returning to UK shores come the end of the week and may even throw in some new scenery 😉 #rda #taxation #accountingservices #advisory

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Get a comprehensive analysis of the forthcoming UK budget's implications for the financial services sector in our insightful webinar briefing: https://lnkd.in/g6ZzpQBi

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See below our May Newswire with all the Business News you need to know and Key Dates for your Diary #sme #P11D #incometax #HMRC #HICBC #ITSA #DBT #business #businessnews #keydates

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Capital Gains Tax Rate Increase: Key Insights for Business Owners and Investors: Effective from 30 October 2024, the UK Government has raised the lower and higher rates of Capital Gains Tax (CGT), sparking significant discussions in the financial and professional services sectors. This increase may drive an acceleration in asset sales, contributing to an expected surge in CGT receipts. 🔹 New CGT Rates: The lower rate rises from 10% to 18%, and the higher rate from 20% to 24%. These changes are anticipated to raise CGT receipts by £90 million in the remaining months of this fiscal year, with projections reaching £9.9 billion over five years. 🔹 Industry Perspective: Tax experts had anticipated larger increases, but the moderate hike leaves the UK competitive compared to other developed countries, potentially reducing the risk of a business exodus. Notably, those completing transactions before 30 October benefited from the previous, lower rates, saving an effective 4% on CGT. 🔹 Impact on Investors: With reductions in the tax-free allowance from £12,300 to £3,000 and higher income tax thresholds pushing more investors into CGT liabilities, the impact will be felt more acutely by UK investors. 🔹 Business Asset Disposal Relief (BADR): The lower rate for BADR and Investors’ Relief will rise to 14% in April 2025, further increasing to 18% in April 2026. These updates underscore the importance of forward planning and timely decision-making. For individuals and businesses liable to CGT this financial year, it’s crucial to assess gains accurately for periods before and after 30 October. Stay informed on CGT developments to make the best financial decisions for your future

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The recent Stamp Duty Land Tax (SDLT) updates could affect buyers in high-demand areas like London and the South-East. If you're buying a new home before selling your current property or purchasing a property with additional dwellings, you may notice some tax changes. Have a read through our latest article to find out more ⬇️

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Often the focus is on IFRS accounting developments. However changes are afoot for FRS 102 reporters as well. The purpose of the accounting development session last week wasn't to "scare" - but 'prepare'. Great event and well led by Alice Powell Martin Haynes Richard Veysey As Alice mentions, reach out for further queries. #pwc #accounting #CMAS

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Autumn 2024 Budget Highlights for UK SMEs 📊 Chancellor Rachel Reeves’ Autumn 2024 Budget, presented on 30 October, brings impactful changes for UK businesses, focusing on fiscal stability and investment. Here’s a summary of key elements: No Rise in Key Taxes 🚫 Income Tax, VAT, and Corporation Tax (CT) rates remain steady, with CT capped at 25% for small profits. Full Expensing, Annual Investment Allowance, and R&D reliefs are maintained. Employers’ National Insurance Increase 💷 From April 2025, the rate rises to 15%, with the threshold lowering to £5,000. This change could affect salary structures and increase costs for employers, potentially encouraging a shift to contractor hiring. Enhanced Employment Allowance 💼 To offset National Insurance increases, Employment Allowance doubles to £10,500, benefiting smaller businesses. National Living Wage Increase 📈 Effective April 2025, the National Living Wage will increase by 6.7% to £12.21/hour. The National Minimum Wage also rises, with potential cost implications for employers. Capital Gains Tax (CGT) Adjustments 💰 CGT rates increase by up to 8 percentage points, with business disposal reliefs gradually rising through 2026, aimed at supporting entrepreneurship. Fuel Duty Frozen ⛽ No increase in Fuel Duty until March 2026, providing relief to businesses dependent on transportation. Stamp Duty Land Tax Changes 🏡 An increase to 5% for additional properties from 31 October 2024, designed to support primary homebuyers. This budget brings a blend of tax increases and relief measures, presenting both challenges and opportunities for UK SMEs. Business owners may need to adapt strategies to manage rising employment and operational costs while leveraging reliefs and allowances.

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Phew. Not a Budget Day post    Instead, I’m thrilled to announce Cooper Parry has today completed the acquisition of fast-growing London-based NetSuite consultancy, MacroFin 🎉   This is our 11th deal in less than 2 years 💥   More than that, it’s a massive statement of our major expansion in the digital and tech space – hard on the heels of our recent acquisition of Salesforce consultancy, Cloud Orca    Ross, Stephen and their team have created a cracking business at MacroFin    The fit is perfect – strategically and culturally 🧩   This latest deal follows recent transformational acquisitions in the North and Thames Valley, as we build the UK’s next-gen professional services group – embracing accountancy, wealth management, tech and law.    The sustainable momentum grows    And grows 🚀   Check out the full low down here: https://lnkd.in/eGmubmSy #Acquisition #Deal #Tech #Digital #NetSuite

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Sign up to our newsletter today: https://lnkd.in/eHXibqyQ Check out the November edition of the monthly newswire from Morrissey Chartered Accountants. This month we cover a range of issues such as: Chancellor promises to drive growth and raises £40 billion in taxes Autumn Budget - the business reaction National Living Wage rises by 6.7% New tipping law comes into force Make Work Pay threatens employment and growth warns FSB New Growth and Skills Levy must end 'cycle of failure' 10,000 boost State Pension with online payments Latest guidance for employers Contact us today if you require further information on any of the topics included in our newswire or if you require expert business advice on all areas of taxation and accountancy. https://lnkd.in/epGTpnCD #CharteredAccountancy #FinancialPlanning #Taxation #BusinessAdvisory

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AUTUMN BUDGET ’24: CGT & BADR CHANGES 💼 From yesterday, the lower rate of Capital Gains Tax (CGT) will increase from 10% to 18%. The higher rate of CGT will increase from 20% to 24%. The rates for sale of residential property remain unaltered. The ‘carried interest’ CGT rate is increasing to 32% from April 2025, with further reform from April 2026 to tax it under income tax. ‘Carried interest’ is a share of the profits generated by an investment fund, paid out to the fund’s investment managers. Business Asset Disposal Relief (BADR) stays at 10% for 2024/25, then 14% from 2025/26, then 18% from 2026/27. The 14% difference between sales qualifying for BADR and the new main rate of CGT should be an incentive to move sales forwards to before April 2025. Stay tuned for our full Budget breakdown, releasing soon. https://lnkd.in/ePZrjsW7 #AutumnBudget2024 #BudgetUpdates

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Should creditors decide to extend the convening period?   Voluntary Administrators must convene a first meeting of creditors within 8 business days of their appointment and a second meeting, to decide the Company’s future, within 20 business days or 25 business days in December or Easter (the Convening Period).   The administrator can only extend the Convening Period by applying to Court. In large and complex administrations these applications are common and generally uncontroversial. In 30 years of operation there is only 1 reported case where such application was refused by the Court and a few more where the requested extension was shortened.   Given the history and that the first meeting will be held anyway, should creditors have power to resolve to extend the Convening Period at the first meeting without a Court application?   #lawreform #insolvency #restructuring

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📢 The UK government published its commitment to take action in respect of the ‘carried interest’ loophole 📢 Broadly: 📋 The UK intends to engage with expert stakeholders to tackle this loophole affecting the private equity industry and performance-related rewards received by fund managers. 📋 The 'loophole' which is an interest choice of word, refers to the fact that carried interest is currently taxed at CGT of 18% / 28%. The UK considers that the inherent risks/rewards aren't accurately reflected in the tax position. 📋 The UK does maintain that it wishes to 'protect the UK’s position as a world-leading asset management hub'. However, 'action' is to be taken with an 'impactful change'. *CALL FOR EVIDENCE* The areas for interested parties to consult on include: 🥁 An appropriate tax treatment 🥁 Different structures and market practices 🥁 Approaches adopted in other jurisdictions and pros/cons thereon......I would have thought the UK could research this themselves 🙈 #tax #carriedinterest #UK #privateequity #crownstone #taxtipper https://lnkd.in/dc2E62qh

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Forvis Mazars has been awarded the 2024 Money Marketing Awards "Best Investment Advice Firm" 🏆 The awards took place last Thursday and celebrated the sector’s best advisers and providers 🤝 Read more ➡ https://lnkd.in/epYETWFj #Awards #WeAreForvisMazars #Investing #MMAwards24

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Hot off the press...more detailed information from Grant Thornton UK LLP on the upcoming changes to FRS102 and what you need to be thinking about in advance, with our very own Jennifer Ilsley bringing to life some of the key considerations in this short video #FAAS #FRS102 #financialreporting #accountingstandards

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