Have you considered business loan protection?
Many people overlook business loan protection, but have you thought about what would happen if your family was left with the burden of having to repay your business loan?
The appointment of a financial planner with 20 years’ experience is helping us to meet increasing customer demand for specialist advice. Simon Valentine-Marsh is based in our Exeter office, supporting business clients and individuals across Devon and beyond.
The Enterprise Management Incentive scheme (EMI) is a tax advantaged share option scheme for employees. The key benefits of the scheme are that any employee tax liabilities on share options granted under the EMI can be deferred until the shares are sold and that any profit can be liable to capital gains tax, rather than at higher income tax rates.
Many people are predicting what the Chancellor’s Autumn Budget will include.
Chancellor of the Exchequer Rishi Sunak’s imaginative Eat out to help out scheme was highly popular. Designed to give the restaurant sector a boost in August, it was the latest in a long line of Government initiatives to support business and mitigate the economic damage caused by the Covid-19 pandemic.
Cashflow is such a basic that almost all businesses will say they understand its importance. However, people often struggle with the tangible actions they need to take to effectively manage it. This is especially true if a change in circumstances places them in a situation they are unfamiliar with.
During National Payroll Week, we have been reflecting on the impact of the Covid-19 crisis on this crucial business function in what has been an extraordinary year.
Approximately 40 of our accountants advise our business clients on their payroll. Some are full time payroll specialists, while others provide payroll support, alongside other services.
Our Financial Planning team believes the Covid-19 pandemic has forced more business owners to face up to their own mortality and the potential financial impact on their business. We are seeing an unprecedented increase in enquiries from business owners seeking advice on how to protect their businesses in the event of their death or a serious illness.
Do you have employees your business simply couldn’t do without? This could be the business owner or director, key salesperson or any employee with specialist skills or expertise. If one should die unexpectedly, as well as the emotional trauma of dealing with such a devastating event you have to consider the potential impact on the business and possibly a significant portion of its income, perhaps for several months.
Given the current situation we find ourselves in, with the huge hike in public borrowing to fund the various Coronavirus support measures, it is just a matter of time before we start to see how the tax payer will be asked to fund these measures. To many people Capital Gains Tax (“CGT”) is seen as an easy target – typically less than 300,000 people a year pay any CGT at all.
Have you considered the risk of a local lockdown on your leisure or tourism business?
With non-essential shops re-opening and a drop in the number of new cases, there is currently an optimistic view that the worst of Covid-19 has now passed. Policy now seems to be to move towards a limited, socially-distanced re-opening of tourism and leisure businesses at the earliest opportunity.