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Burning business questions at the top of everyone’s agenda

Whilst every business is unique, there are common issues and themes that affect businesses of all sectors, shape and size across our region. ­­

I’m always keen to hear from our clients and local business leaders about what’s top of their current agenda when it comes to business concerns. I thought I’d share with you just a few of the recent conversations (excluding Brexit!) we’ve been having as a firm with the business and clients we work alongside – and reassure you you’re not alone!

Cash Flow Crisis

Whilst many headlines are focused on the uncertainty around Brexit, it will probably not have gone unnoticed that there have been some large businesses in the news recently, many of whom are struggling. Debenhams and Sir Philip Green’s Arcadia Group have both managed to agree restructuring plans, whilst British Steel faced insurmountable debts, which has forced its closure.

Increased Tax on Property Sales

As many will be aware, the government have restricted the tax relief available to landlords from increasing Land and Buildings Transaction Tax and restricting the amount of loan interest relief available against rental income. 

From 6 April 2020 the government will now further reduce the deemed occupation period allowable under Principal Private Residence (“PPR”) relief and remove Letting Relief.

Payment of CGT within 30 days

Residential property owners have had their fair share of tax changes to contend with in recent times. However there is a further matter on the horizon which I don’t think has been particularly well publicised. This concerns a fundamental change to the administration of Capital Gains Tax for sales or other disposals of UK residential property from 6^th April 2020. On this date a new 30 day reporting and payment window will come into effect.

Inheritance Tax - is your business ready?

Passing a Holiday Park on to the next generation is very attractive to owners, However, on death, if the Park is deemed to be an investment entity and not that of a trading one, the taxman could take a chunky 40% of the park’s value through Inheritance Tax (I.H.T).

Staycation Boom for Holiday Parks

Holiday Parks see a surg in occupancy levels and record sales of new caravans and lodges off the park - what are the key drivers for this boom?

Becoming a Partner in a Law Firm: The implications of moving on from, or retiring from a Law Firm

I was interviewed recently by LawFirmAmbition about the most common questions surrounding the topic of becoming a partner in a law firm.

The questions below relate to becoming a partner and the implications of moving on from, or retiring from a Law Firm. You can read the answers to previous questions here: 

Becoming a Partner in a Law Firm: Is it Worth it?

Making Tax Digital for VAT is live – ignore at your peril!

VAT registration is compulsory for those businesses with taxable (‘VATable’) income (also referred to as turnover or sales) in excess of the VAT threshold, currently £85,000. 

With the exception of organisations listed in HMRC’s ‘deferral group’, from 1 April 2019 VAT registered businesses with VATable income above the current VAT threshold of £85,000 are required to:

Data-Driven Decision Making

They say that there are three types of people, those who make things happen, those who watch things happen, and those who wonder what happened.

If you’re a business owner or leader, it probably pays to be in that first group.  

The relevance of this for business leaders was made clear by the American quality expert W. Edwards Deming: “It is not necessary to change. Survival is not mandatory”.

If your organisation isn’t measuring activity and using data with a view to sustain or improve itself, then how confident can you be that there will be a tomorrow?

Diversification – the legal pitfalls

Diversification plays an important role in creating a strong, robust and successful farming business than ever before and is a key strategic step to future proofing any farming businesses.