While Scottish income tax rates and bands mean lower earners pay less tax than those in other parts of the UK, high earners, could be paying up to 67.5% in income tax.
Andy Poole interviews Victoria Ritchie, Head of Professional Services at HSBC, to explore funding, with a particular focus on partnership capital loans and invoice discounting.
Many businesses do not focus on what might come next. Statistical analysis shows that 43% do not have a plan for succession and 15% of businesses don’t make it to the third generation . If there is one certainty in owner-managed businesses it’s that there will be change!
Armstrong Watson has further strengthened its aim to be the ‘go to’ accountancy firm for family and owner-managed businesses across the North of England following the acquisition of successful, long-standing West Cumbrian practice Gibbons Accountants, Business and Financial Advisers.
Whilst business owners can’t influence Scottish tax bandings, it does mean you may need to consider implementing new strategies to attract and retain talent, as well as ways to minimise employees' tax liabilities.
The findings of Armstrong Watson's latest Family, Privately Owned and Owner-managed business survey reveal 49% of business owners are worried about the impact of cashflow and not having enough to cover their outgoings.
Whether you are a national law practice or a small local firm, one of the key decisions that must be made will be the succession of the managing partner. It is 100% certain that this will happen at some point if the firm is to continue … it’s just a matter of when and to whom!
It seems not long since we finished the 2023 financial reporting cycle, but we've entered the final term of school, and the 2024 year-end is fast approaching.
Tax enquiries can happen to anyone – some taken up on an entirely random basis - so it is worth familiarising yourself with the types of enquiries HMRC conducts.