People With Purpose
Important Tax, Finance & Mindset for UK business owners
Listen on
Episode notes
Today, David is joined by Alex Norian MD of IWN Accountancy. His focus is on helping business owners, landlords and high net worth individuals manage their money. He and David discuss the reaction and the immediate impact the changes announced during the autumn statement are having on UK businesses.
Including, how to analyse the impact it has on your business. Alex also talks through using NI rebates, structuring businesses as a group, SSEs, inheritance planning, leveraging exit options, EMIs and more.
David helps owners and leaders to build their business without having to do it all themselves, so that they have a business that is ready to sell when they are ready. To build your business, so it is ready to sell, without the frustration and overwhelm,
Download David's Free Guide '3 reasons you will never sell your business and how to fix it FAST! https://businessbreakthrough.live/3reasons/3-reasons
KEY TAKEAWAYS
● The UK´s growth year to date has been lower than for most of the world´s large economies.
● Interest rates are set to fall, but slowly.
● Outsourcing some roles can help to reduce the impact of the NI changes.
● All businesses will be impacted by inheritance tax, not just farms. Planning ahead so that those who are due to inherit have the cash available to pay the tax bill matters, especially when it comes to business continuity.
● The capital gains tax rates were 10 and 20%, they were increased to 18 and 24%. Selling assets earlier can help to minimise the impact of this change.
● Investigate the use of Substantial Shareholding Exemptions (SSE) and group structures to help to reduce tax when assets are sold.
● Having an exit plan for your business is now vital.
● When budgetary changes are announced, always review the impact it will have on your business and future plans.
● Hone your cashflow monitoring processes.
BEST MOMENTS
“It's just about taking professional advice and reviewing your estate, and your medium-term plans.”
“I'm a strong advocate of the 13-week rolling cash flow forecast.”
“Leverage technology to make life as easy as possible.”
“There wasn't actually an increase in capital gains tax rates for residential landlords.”
“Restructuring into a group is worth considering. “
“They've got to find that money personally to pay the tax, even though the asset they're inheriting is a company.”
“Sophisticated planning can be put in place to significantly reduce your capital gains tax bill.”
EPISODE RESOURCES
https://www.linkedin.com/in/alex-norian-fcca-a6b595168
ABOUT THE HOST
David Roberts is a highly regarded CEO, mentor, and investor with 30 years of experience across multiple sectors. As an intrapreneur and entrepreneur, David has bought, grown, started and sold several businesses, working with values-driven start-ups, award-winning SMEs, and multinational corporations on strategies for service excellence, leadership, and profitable growth. David’s passion is for purpose and creating an environment where everyone can succeed, through building teams that get things done, execute on their mission with passion, deliver exceptional service and really make a difference.
CONTACT METHODS
LinkedIn - https://www.linkedin.com/in/david-roberts-nu-heat
Facebook - https://www.facebook.com/DavidRobertsPeopleWithPurpose
David’s Facebook - https://www.facebook.com/dave.roberts.5076798
Instagram - https://www.instagram.com/davidcroberts_
Email - [email protected]