Jamie Constable

Autumn 2024 Budget Highlights for UK SMEs 📊 Chancellor Rachel Reeves’ Autumn 2024 Budget, presented on 30 October, brings impactful changes for UK businesses, focusing on fiscal stability and investment. Here’s a summary of key elements: No Rise in Key Taxes 🚫 Income Tax, VAT, and Corporation Tax (CT) rates remain steady, with CT capped at 25% for small profits. Full Expensing, Annual Investment Allowance, and R&D reliefs are maintained. Employers’ National Insurance Increase 💷 From April 2025, the rate rises to 15%, with the threshold lowering to £5,000. This change could affect salary structures and increase costs for employers, potentially encouraging a shift to contractor hiring. Enhanced Employment Allowance 💼 To offset National Insurance increases, Employment Allowance doubles to £10,500, benefiting smaller businesses. National Living Wage Increase 📈 Effective April 2025, the National Living Wage will increase by 6.7% to £12.21/hour. The National Minimum Wage also rises, with potential cost implications for employers. Capital Gains Tax (CGT) Adjustments 💰 CGT rates increase by up to 8 percentage points, with business disposal reliefs gradually rising through 2026, aimed at supporting entrepreneurship. Fuel Duty Frozen ⛽ No increase in Fuel Duty until March 2026, providing relief to businesses dependent on transportation. Stamp Duty Land Tax Changes 🏡 An increase to 5% for additional properties from 31 October 2024, designed to support primary homebuyers. This budget brings a blend of tax increases and relief measures, presenting both challenges and opportunities for UK SMEs. Business owners may need to adapt strategies to manage rising employment and operational costs while leveraging reliefs and allowances.

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🔍 My latest contribution to Taxation magazine for a Q&A on............... the *oh-so-exciting* topic of a HMRC consultation document & draft legislation - "THE #CARF and #CRS 2 consultation: outcomes, implications & next steps." but hear me out.... 🔍 The Crypto-Asset Reporting Framework (CARF) is shaping up to be a real game-changer for #HMRC, offering unprecedented visibility into crypto transactions. Sure, this also means more work for intermediaries (RCASPs do need to understand who they are reporting to and what they are reporting on), but the added transparency could be incredibly valuable for the industry as a whole. For anyone else excited by this, pls share your thoughts below! A link to the article: https://lnkd.in/dcPW8gzK for subscribers.

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Inheritance tax planning is becoming increasingly critical for high net worth individuals, business owners and property landlords in the UK, particularly in light of potential changes proposed by the Labour government. With an emphasis on reducing wealth inequality, Labour has signalled potential reforms aimed at increasing inheritance tax rates and lowering thresholds, which could significantly impact the estates of affluent families. HNWs and landlords are more at risk as business owners can explore Business Property Relief, although I usually see business owners 'dabbling' in property for example. As a forward-thinking adviser, I would recommend that it is essential to proactively assess and revise estate plans to mitigate potential tax liabilities. This includes leveraging lifetime gifts perhaps, or establishing trusts, but ultimately exploring tax-efficient structures to ensure that wealth is preserved and transferred according to the individual/family's wishes, while minimising the tax burden. It's always a balancing act! Furthermore, it is prudent for high net worth individuals (particularly non-doms) to stay informed about these potential policy shifts and consider the timing of their wealth transfers. Engaging in early and strategic planning can provide greater flexibility and control over how and when assets are distributed. By incorporating a mix of current gifting, trust formation, Family Investment Companies, onshore and offshore pension funds and charitable donations, families can not only reduce the impact of increased tax rates but also align their financial legacy with personal values and philanthropic goals. In this evolving tax landscape, working closely with tax advisers (and estate planners) who understand the nuances of proposed legislative changes is paramount to safeguarding family wealth and ensuring long-term financial security (not losing 40% per generation to HMRC). Our UK and international tax advisory knowledge and awareness can come in handy. Always happy to have a chat. 😊 ASWATAX ASWATGlobal #inheritancetax #labourparty

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It’s not a coincidence that so many successful business owners amazing inter-personal skills… The ability to truly connect with and understand people on a deeper level is a skill that many successful business owners have mastered. Director and Head of Advisory at Nordens Chartered Accountants, Joe Sword, speaks about why is this can set apart those who succeed in business from those who fail? Are you looking to take your business to the next level and need some advice? Reach out to our expert team through the contact form in the comments! #businesstips #financetips #accountingadvice

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𝗣𝗥𝗢𝗣𝗘𝗥𝗧𝗬 𝗟𝗔𝗡𝗗𝗟𝗢𝗥𝗗𝗦 I want to help you with the following: • Property portfolio incorporations • Holding company group structures • Using LLPs for tax planning • Accessing SDLT reliefs (46 as per legislation) • Family Investment Companies and trusts for inheritance tax planning • Non-resident landlords reporting and compliance • Commercial property • SSAS pensions funds and QNUPS All of the above will ultimately save you tax, both now and in the future. The amount of structures I see wrong are disheartening. We can get involved and set things right, providing you a sense of security, maximising your returns and preserving generational wealth. DM or: [email protected] ASWATAX #propertytax

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There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to report and pay any non-resident Capital Gains Tax (CGT) due if they have sold or disposed of: #NonResidents #NonResidentUKPropertySales

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More positive action by the Insolvency Service to protect the integrity of the UK's insolvency regime with Provisional liquidators being appointed to two companies offering corporate rescue and restructuring services as an alternative to using insolvency practitioners. More at https://buff.ly/3ykvg7a

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See below our October Newswire with all the Business News you need to know and Key Dates for your Diary #financialstrategies #businessrestructure #RandD #Taxcredits #capitalallowances #properyowners #capitalallowances #kittelvat #budget #labourpledges #incometax #salary #dividends #pensioncontributions #directorsloans #fiscaldrag #taxthresholds #businessnews #keydates Jo Edwards MGI Worldwide

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🌟 **Navigating Inheritance Tax: A Growing Concern for Families** 🌟 I’ve noticed a significant uptick in conversations around inheritance tax and its potential implications for families. With recent discussions on inheritance tax raids, many of my clients are increasingly considering strategies to manage their wealth before it’s too late. The article *Families Rush to Give Away Fortunes Amid Inheritance Tax Raid Fears” highlights a pressing trend as families are proactively giving away their fortunes to mitigate potential tax burdens. This shift not only reflects a heightened awareness of tax regulations but also a desire to pass on wealth to the next generation more efficiently. In my experience, it’s crucial to strike a balance between effective estate planning and ensuring that beneficiaries are adequately prepared to manage their inheritance. Thoughtful gifting strategies can be beneficial, but they require careful consideration and planning. I encourage you to read the article for valuable insights into how families are navigating this complex landscape. It’s a conversation many of us should be having, especially as we seek to secure our legacies without undue tax implications. 🔗 https://lnkd.in/eWFq2BVm Feel free to reach out if you’d like to discuss your own strategies and options for estate planning! #InheritanceTax #EstatePlanning #TaxAdvisor #WealthManagement #FinancialPlanning

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EOTs offer a compelling, tax-efficient exit route for business owners. Under current UK tax laws, selling a controlling stake in a company to an EOT can be free from CGT, providing substantial tax savings. Beyond the tax benefits, EOTs can ensure the business’s continuity, preserve its culture, and reward employees. We assist in structuring and implementing EOTs, ensuring compliance with legal requirements and alignment with the owner’s objectives. This process includes setting up the trust, transferring ownership, communicating the benefits to employees and tax clearance and correspondence with HMRC. To conclude this particular section: For many business owners, an EOT creates two significant tax breaks. First, the ‘headline act’. Shareholders selling their shares may do so free of capital gains tax. Second, once a company is owned by an EOT, it can pay annual bonuses to its employees free of income tax. To qualify for these tax breaks, two main conditions must be met. The trust must hold more than 50% of the shares in the company. Additionally, if employees receive any benefit from the trust, all employees must be included and on the same terms. ASWATAX #employeeownershiptrust

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Inheritance Tax nil-rate bands remain frozen until April 2030. Learn how this affects estates, the residence nil-rate band, and planning opportunities to maximise tax-free inheritance for loved ones. #InheritanceTax #EstatePlanning #TaxFreeThreshold

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💡 Wondering what’s deductible for corp tax? Dive into this article by our member Ross McKinley Accountants Ltd for the full breakdown! 💼🔍 https://lnkd.in/eh8jpX2m #TaxEfficiency #CorporationTax #TaxTips #UKBusiness #Finance #TaxStrategy #CorporateFinance #BusinessStrategy #FinancialPlanning #TaxSavings

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When a business can no longer be saved, our approach is centred on delivering a professional, efficient, and transparent process aimed at realising the maximum value of all available assets. Our priority is to achieve the best possible return for creditors while maintaining fairness and objectivity throughout the process. What does this entail in practice? It involves a thorough assessment of the business's assets, whether physical, financial, or intellectual, and strategically working to realise their full potential. This may include liquidating property, inventory, or other assets in a way that maximises their value for the benefit of all stakeholders. Throughout this process, we maintain consistent, open communication with creditors, ensuring every step is explained and every action is justifiable. While the process of winding up a business is never easy, we pride ourselves on conducting it with integrity, professionalism, and clarity, ensuring that even in challenging circumstances, the best possible outcome is achieved for all parties involved.

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The Chancellor is considering significant changes to Capital Gains Tax (CGT) and Business Asset Disposal Relief (BADR) in the upcoming Autumn Budget on October 30th, 2024. These proposed changes could see CGT rates rising as high as 45%, aligning with income tax rates—this poses a serious threat to the entrepreneurial spirit that fuels the UK economy. BADR was created to recognise the personal and financial risks entrepreneurs take when building businesses. Restricting this relief and increasing CGT rates would discourage new ventures, stifle innovation, and hinder the ability of startups to scale by offering stock options or equity. We must act now to protect the future of UK entrepreneurship. ✊ We’ve successfully rallied support before, and now we need your voice again. Add your name to our initiative and stand with fellow business leaders to ensure our message is heard loud and clear. Sign here: https://lnkd.in/eQzNpBcW Together, we can safeguard the future of extraordinary entrepreneurship in the UK. 💼 #SaveBADR #ProtectEntrepreneurs #E2Exchange #UKBusiness #SaveCGT #CGT #BADR #AutumBudget2024 #Budget2024

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See below our July Newswire with all the Business News you need to know and Key Dates for your Diary #privateequityinvestment #taxliabilities #budgetforecasts #invoicefraud #incometax #NI #businessopportunities #businessstragegy #mbo #exitstrategy #businessnews #keydates

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ISA transfers can be a great tool for optimising your tax strategy. However, their ever-changing rules can make them tricky, leading to common mistakes.  To steer clear of these pitfalls, read The Telegraph guide on ISA transfer rules by Rob White and Ester Shaw, which features insights from Tideway's experts. The article outlines all the factors our wealth managers consider when advising our clients on ISAs. #financialplanning #isa #taxadvice #taxefficiency https://lnkd.in/eavY7Eka

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