Succession planning...TAX! Life cycle of a business series
Release Date: 10/08/2024
Navigating Tax Changes for Farmers - Autumn Farming Conference special pt. 3
Larking Gowen Insights
In the final Autumn Farming Conference special, Alan Boswell Group, insurers and financial planners, and Bruce Masson present on recent tax changes announced during the UK Budget, particularly in relation to the impact of national insurance and capital gains tax changes. They also discuss furnished holiday lets and inheritance tax (IHT) including the new £1 million threshold. The experts provide insights into trusts, insurance products, and strategies, emphasising the importance of planning and professional advice. They also address concerns from the audience. GET IN TOUCH! If you...
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Embracing Diversification in Farming - Autumn Farming Conference special pt. 2
Larking Gowen Insights
In the second Autumn Farming Conference special, Sam Steggles chats about his experiences with The Goat Shed, highlighting the importance of adaptability, team dynamics, and community engagement in the agricultural sector. Edward Vipond from Troston Farms also speaks on his extensive experience in farm management, highlighting the challenges and changes in agricultural practices over the years. He reflects on his journey through various roles, the impact of evolving agricultural policies, and the innovative approaches he has taken, particularly with sunflower farming. He talks about...
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Navigating the Future of Farming - Autumn Farming Conference special pt. 1
Larking Gowen Insights
In the first of 3 special Autumn Farming Conference episodes recorded live on November 4 2024, Bruce Masson and Cath Crowther, Regional Director of CLA in the East, intro the conference, highlighting key issues facing the farming sector, particularly in light of recent budget announcements. They discuss the need for community support and strategic planning in navigating these challenges, and highlight the importance of evidence-based advocacy. They discuss role of local farming in ensuring food security and economic stability in rural areas and the complexities of inheritance tax, business...
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Farmers and The Budget! With Cath Crowther from CLA
Larking Gowen Insights
Bruce Masson is joined by Cath Crowther, Regional Director of CLA in the East, to discuss the recent UK Budget announcements regarding inheritance tax and their implications for farmers and the rural economy. They explore the impact of proposed changes to agricultural property relief and business property relief, the challenges faced by tenant farmers, and the broader economic consequences of these tax changes. They urge resilience within the agricultural sector and the importance of providing accurate information to policymakers. *Links to our Autumn Farming Conference conversations will be...
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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...
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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You can find more episodes from this series on our website here.
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