Succession planning...TAX! Life cycle of a business series
Release Date: 10/08/2024
Post Budget: Impact of VAT on School Fees
Larking Gowen Insights
Gilly and Giles are joined by educational finance expert Tony Lawlor FCCA to discuss the implications of the recent VAT changes on school fees, discussing the budget announcements, clarifications from HMRC, and practical steps for schools to take. Tony shares his insights on the challenges faced by bursars and finance leads, the need for system upgrades, and considerations for year-end changes. You can find a recording of the VAT training mentioned in this episode on Dont forget you can still listen to Gilly and Giles' pre Budget conversation; and GET IN...
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How to navigate exiting your business - Life cycle of a business series
Larking Gowen Insights
In the last of this mini-series series, Business Team Partner, Becky Ames, joins Megan and Alanah to discuss the critical aspects of exiting a business, emphasising the importance of early planning, understanding various exit strategies, and the emotional complexities involved. They explore options such as selling the business, management buyouts, and gifting shares to family members, while also addressing the tax implications and the need for transparency in these processes. GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us...
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Succession planning; people and tools - Life cycle of a business series
Larking Gowen Insights
Digital Partner, Martin Bugg, joins Megan and Alanah to discuss the definition of succession planning, which includes identifying key employees or family members for succession, setting timelines, and maintaining stakeholder confidence. He also reflects on examples of the importance of open communication, motivation, and culture in succession planning, the use of digital tools and the involvement of other professionals, such as solicitors and IFAs. GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at . You can get in...
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Succession planning...TAX! Life cycle of a business series
Larking Gowen Insights
Megan and Alanah chat to tax specialist, Emma Walker, about succession planning and the personal tax implications involved in selling your business. They touch on topics such as the timing of exiting a business, the sale of shares, and the tax rates and conditions for business asset disposal relief. They also mention the upcoming Budget and potential changes to capital gains tax. Emma also provides insights into your personal tax considerations when succession planning. She looks at the tax implications of selling or gifting shares in a business, lifetime allowance, stamp duty on shares,...
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How to grow your business - Life cycle of a business series
Larking Gowen Insights
In this episode, Will Gibbs joins Megan and Alanah, to discuss the first steps for businesses wanting to grow. Will emphasises the importance of understanding the current position of the business, including the breakdown of turnover and profit by product or service. He also highlights the role of digital software in tracking sales and accessing live data, the significance of setting realistic growth targets and creating reliable forecasts or budgets. He looks at limiting factors such as people, sales, or cash, and how to develop strategies to overcome them, and the importance of monitoring...
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Life cycle of a business series - So, you’re thinking of starting a business?
Larking Gowen Insights
In the first episode of the Life Cycle of a Business mini-series, hosts, Megan Howard and Alanah Thompson, welcome Glenn Matthews, an expert in helping small and medium businesses start up. Glenn emphasises the importance of doing thorough research and seeking feedback from independent sources before diving into a business idea, and the value of building a network and seeking advice from professionals in the industry. He discusses the different business structures, such as being a sole trader or a limited company, and the associated paperwork and compliance. He also discusses the...
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Innovations in Farming – Autumn Farming Conference Special
Larking Gowen Insights
In this episode, Laurie Hill and Bruce Masson from the Farms team, discuss the upcoming Larking Gowen Autumn Farming Conference on November 5, 2024. They discuss the key themes planned for the conference, which include environmental and financial sustainability in agriculture, innovations in farming, and the importance of succession planning. You can book your tickets for the conference GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at . You can get in touch with our presenters directly through the section...
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The journey towards sustainability: the Loads4Less story
Larking Gowen Insights
In this episode Laurie Hill, the partner leading Larking Gowen’s new Environmental, Social and Governance facilitated advisory (ESG) services, is joined by Jake Bond and Angus Harrison from neoeco, as well as Adam Soall, the managing director of Loads4Less. The partnership between Larking Gowen and neoeco will assist clients with ESG reporting, and Adam is our first case study! After his recent trip to the Amazon Rainforest, which inspired him to make changes in his business, he discusses and highlights the growing importance of sustainability in business and the benefits of having...
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VAT on school fees - what should independent schools do now?
Larking Gowen Insights
The Chancellor Rachel Reeves' made a fiscal statement on Monday including making announcements on VAT and independent schools on 29 July 2024. The announcement states that VAT will be applied to school fees starting from January 1, 2025. VAT specialist Gillian McGill chats to Not for Profit partner Giles Kerkham in this episode, discussing the implementation date, types of schools and services affected, the impact on parents and guardians, strategies to mitigate the financial impact, and the possibility of potential failure of independent schools. GET IN TOUCH! If you have...
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Understanding the new pay offer for NHS consultants
Larking Gowen Insights
Medical specialists Louise Dean and George Crowe discuss the new pay offer for NHS consultants in England. The key changes proposed include a minimum 6% pay rise for all consultants, a new pay progression system based on skills and experience, changes to the Clinical Excellence Award schemes, and modifications to the doctors and dentists review body. They also explore the potential impact of the pay rise on take-home pay and tax burdens, particularly in relation to annual allowance charges. GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in...
info_outlineMegan and Alanah chat to tax specialist, Emma Walker, about succession planning and the personal tax implications involved in selling your business. They touch on topics such as the timing of exiting a business, the sale of shares, and the tax rates and conditions for business asset disposal relief. They also mention the upcoming Budget and potential changes to capital gains tax.
Emma also provides insights into your personal tax considerations when succession planning. She looks at the tax implications of selling or gifting shares in a business, lifetime allowance, stamp duty on shares, inheritance tax, and business relief.
Timestamps:
- 00:51 - Autumn Budget 2024 expectations
- 01:58 - Selling your business Budget expectations
- 03:00 - Sale of shares - CGT
- 06:20 - Rates on share disposal
- 08:00 - Business Assets Disposal Relief formally Entrepreneur Relief
- 11:20 - Lifetime allowance
- 12:36 - Gifting shares/Family business passing shares down
- 14:08 - Options other than gifting shares inc Gift Holder Over Relief
- 16:40 - Stamp duty
- 18:00 - IHT Inheritance Tax
- 21:20 - IHT - Business Relief
- 23:05 - Check your Will!
- 28:15 - Emma's top tips
GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at [email protected].
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