Being a UK business owner can bring lots of opportunities including more control over your working hours and the potential to grow wealth as your business expands. However, it also brings greater complexities – particularly when it comes to tax planning. Many owners and directors acknowledge…
Running a family business can be a mixed blessing. One benefit is that you get to work with loved ones and build a legacy together. However, family dynamics can be complicated and this can make it difficult to set boundaries. There are 3 million family businesses in the UK employing 9.4 million jobs…
Making Tax Digital is one of the latest UK government drives to “reduce the tax gap” between what businesses generate and what the Treasury collects in revenues. Some key deadlines are coming up with owners and directors need to be aware of. Below, our financial planners in Padiham explain the key things…
A financial plan is not just useful to households, but also for businesses (of all sizes). 2023 may be a challenging year for some business owners, especially with inflation now running at 11.1% and with warnings of a recession. Below, our Burnley financial planners offer five ideas to help business owners…
As a business owner or director, a big question you face is how to invest your profits. What are ideal corporate (or sole trader) investments, and how can you invest in the most tax-efficient manner? In this guide, our financial planning team at Elmfield here in Padiham, Burnley offers ideas for how…
Have you been offered shares in your employer’s business? Employee share schemes can be attractive to prospective staff. After all, they are presented as an opportunity to share in the company’s profits. Yet how do these schemes work, exactly? Are they always a good idea to sign up to?…
Financial planning has clear benefits for an individual. It helps you craft a strong retirement plan, establish financial protection for your family and maximises your take-home income through tax mitigation strategies. Yet there are also compelling reasons for business owners and directors to consider a…
Self-employed people, contractors and freelancers deserve a lot of respect. They are seeking to build wealth and a future for themselves through their business, often without the security of an employed role. Sadly, many of these people have been especially hard-hit by the pandemic in 2020-21, receiving less UK government support (e.g. due to having insufficient…
At present, the UK faces an immense period of business uncertainty in the wake of the COVID-19 nationwide lockdown. Currently, the Prime Minister has ordered that nobody should leave their home except for essential purposes (e.g. buying food). Pubs, bars, restaurants and many other businesses have shut their doors for the foreseeable future. For businesses across sectors and industries, it was difficult to…
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