Suzi Woolfson

The preparation of the annual Budget Forecast is always a highlight for any academy trust CFO! There are a few tweaks this year, we have summarised these along with a link to some useful ESFA guidance on the responsibilities and requirements around pension schemes (another hot topic in the last year or so). If you have any questions or need guidance, please speak to your usual Azets contact. #academies #budgetforecastreturn #bfr #LGPS

16

1 Comment

Away for a week following the election results and lots to catch up on ........ starting with how we expect Labour to implement their first steps for change, in order to meet their pledge to get “Britain’s future back”. Lots to consider for individuals, families and business owners. Find out how the proposed changes could affect you ➡ https://lnkd.in/eQR6mBYF #financialplanning #taxplanning #wealthmanagement #businessowner #tax

9

Important questions GP partners need to be considering, where they and their fellow partners are using limited companies. For more help, please get in touch with Rowleys medical accounting team. Claire Farr Emma Smith #primarycarefinance #taxplanning #associatedcompanies

13

Back in 2021 we started to see a rise in the number of family-owned and privately owned businesses wanting to explore Employee Owned Trusts (EOTs) as a method for exiting a business or as a way to implement a longer term succession plan. In 2023 the number rose by 37%. Whilst there are undoubtedly tax benefits to using an EOT, for many businesses it also presents a way to shape the long term future of a business; ensuring they can align the ownership and management with the values and vision, that they can incentivise a loyal workforce, maintain high levels of engagement and continue to invest and innovate. Find out more about the main features, benefits and challenges of EOTs here ➡️ https://lnkd.in/eZgSph9A #successionplanning #exitplanning #financialplanning #businessowner #familybusiness

12

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

16

To be audited, or not to be audited? That is the question facing a greater number of SMEs, as we expect the new Government will proceed with plans to adopt higher audit-exemption thresholds, which were first proposed by the previous Government. https://lnkd.in/dar7vqGt

6

📣 Our 23 April R&D tax disputes webinar recording and other tax updates available from our monthly OTOT news roundup. #taxupdates #innovation #rdtaxcredits

9

What does a Labour government mean for business owners looking to sell their business? ➡️Will there be potential capital gains tax changes? 🔸️Labour have not ruled out changing capital gains tax (CGT). This could include: 🔸️An increase in CGT rates to reduce the difference between current income tax and CGT rates. 🔸️Changes to business asset disposal relief (BADR) (reduced 10% tax rate) on £1m of lifetime eligible disposals of shares and business assets. ➡️When will the changes take place? 🔸️The first Labour Budget is not expected until late September / October. 🔸️Any tax changes could take place from Budget day or April 2025. ➡️Clearly any tax changes proposed would need to be balanced against ensuring the UK economy continues to grow, of which incentiving business owners / investment and encouraging innovation plays a significant role. ➡️Whilst there is no certainty as to what may happen, for those already looking to sell, expediting plans could potentially lead to a disposal under 'current' rules before any CGT changes take place. See how Crowe UK can advise you and guide you through the process of selling or purchasing a business.

18

As HMRC continues with Making Tax Digital, this 2025 change (it it comes to pass) would appear to be another stepping stone towards real time reporting by individuals of information about income derived from trading sources....

5

The second most popular response in the Crowe UK survey on #tax changes for growth was 'cut tax red tape'. This is why. A non functioning helpline, slow responses and a lack of accessible support for businesses means investment is delayed, cancelled or goes elsewhere. Will Rt Hon Rachel Reeves do anything to help in #autumnbudget2024? Crowe UK Crowe Global #autummbudget2024 https://lnkd.in/e-7BGFtK

10

'It's vital the #tax system supports growth' Encouraging words from Rt Hon Rachel Reeves. However, the pledge to cap corporation #tax at 25% in practice means little. The yield collected from headline rates of #tax can be varied by adjusting reliefs. Ask private landlords. The restriction on mortgage interest deduction has resulted in higher tax payments, though no change in the headline rate of #tax. Crowe UK Crowe Global Rachel Reeves to lay out ‘tax road map’ for businesses in UK Budget - https://on.ft.com/3MwOnOQ via @FT

4

As no 1 adviser to Scale Ups we at BDO UK LLP know the unique challenges that come with scaling a business and how to break through those barriers to growth. Alongside some inspirational businesses, read our insights by downloading our guide below #scaleup Mark Sykes Adam Baron Carly Bleathman FCA Steve Round Jamie Austin https://bdouk.smh.re/0E3

62

2 Comments

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

13

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

Bean Counter to Boss - the Limited series provided by the ACCA features James Goulsbra ACCA and myself, where we talk the good, the bad and damn right fabulous decision we made to start our own practices, with the support of ACCA. Find the series now on Apple, Spotify and Podomatic 📣 #beancountertoboss #startingyourpractice #startingapractice

20

The first major change to #tax affecting individuals has now been confirmed with the announcement that #VAT will be applied to private school fees from 1st January 2025. There are anti-avoidance measures in place for those who want to pay in advance, so careful planning is needed. But will this be an automatic 20% increase to current fees, or will schools have the ability (and appetite) to reduce their base fees if they can reclaim VAT on expenditure when they become VAT registered? This will definitely be an area of personal #financialplanning which will need careful consideration, especially with many parents committing to a payment period of 13 years per child in many cases. Understanding how this increase in costs will impact you both now, and over the longer term is vital to ensure you remain on track with your wider plans. Now would be a good time to review your cashflow forecasts with your financial planner. #personalfinance #wealthmanagement Juliet Bailey Stephanie Jackson Adam Green APFS, CFP™ https://lnkd.in/eR7ywG3d

26

1 Comment