David Booth - Financial Adviser using Life Centred Planning

Do you own your business alongside other directors or partners?

Do you know what will happen to the business if one of the owners of your business dies?

Will a family member take over their shares? Will you be able to buy them out?

Shareholder or Partnership protection ensures that if a shareholder or partner dies or becomes critically ill, funds are available for the remaining business owners to purchase the affected individual's business interest. This minimizes business interruptions and compensates the ill or deceased partner, or their family.

What are executive pensions and should business owners offer them to directors?

✅Consider offering a separate pension to executives.

✅More flexible pensions can enhance your benefits package significantly.

✅It’s an important factor when attracting the best people into your business.

What are executive pensions and should business owners offer them to directors? Directors of expanding companies often need more flexibility than their usual corporate pension scheme offers. All companies need to auto-enrol employees into a pension. However, standard auto-enrolment schemes tend to put members into a default fund and have restrictive rules around what contributi...

Planning for your first year in business as a start up

As a start-up, your company’s first 12 months are critical. There are several key areas you should focus on during this time for your business to grow and thrive.

Articulating your purpose, setting out a proper ownership structure and writing clear business plans are all vital steps.

It’s also important to build your leadership team, regularly forecast cash flow and profit numbers, and focus on selling from day one.

Planning for your first year in business as a start up The tech boom has left many budding entrepreneurs thinking they can quickly create a business worth billions. But only a tiny proportion of companies ever get this big. Only 3.9% of businesses with 10 or more employees have been classed as being high growth according to the Office for National Stati...

Are you a director of a limited company?

Would your company be able to pay your salary if you were too ill to work for an extended period of time?

As a employee, you could insure yourself against long term illness. The best bit is - it qualifies as a business expense.

Federation of Small Businesses - FSB BNI Kingswood

Reduce your Capital Gains Tax bill by splitting assets with your other half

Selling an asset may mean you need to pay Capital Gains Tax (CGT) on any gain you make.

There are several ways you can reduce this bill, including splitting or giving assets to your spouse or civil partner.

Whether you give away assets to your other half or do something entirely different, we can help you manage your finances as tax-efficiently as possible

Reduce your Capital Gains Tax bill by splitting assets with your other half Thinking of selling your second property? Cashing in a share portfolio? When you sell an asset that’s gone up in value since you bought it, you may have to pay Capital Gains Tax (CGT) on your profits.

Financial planning for your post-exit assets

Before you sell your business, you’ll need a detailed, tax-efficient plan for what to do with the proceeds.

Early engagement with a financial adviser is vital. We can help you solidify your post-exit goals and use cash-flow modelling to work out the lump sum needed to maintain your lifestyle.

It’s also important to be aware of Capital Gains Tax liabilities and take advantage of the reliefs that are available to you, such as Business Asset Disposal Relief.

Federation of Small Businesses - FSB BNI Kingswood

https://www.lombardprivateclients.co.uk/article/detail/sjpp/financial-planning-for-your-post-exit-assets.html

An employer’s guide to workplace pensions: how to review and optimise your scheme

Too many small and medium-sized enterprises (SMEs) fail to maximise the benefits of pension provision for recruitment and retention, says new research.

Follow the link to find out more.

Federation of Small Businesses - FSB BNI Kingswood

https://www.lombardprivateclients.co.uk/article/detail/sjpp/an-employers-guide-to-workplace-pensions-how-to-review-and-optimise-your-scheme.html

Are you a local business or sole trader?

Would you like to attend an event this Friday with other local business owners to network, collaborate and share ideas?

If you own your own business and this is of interest please send me a message or comment below and I'll reach out to you.

Five pension considerations for directors and executives

The more you earn, the more you stand to gain by taking full advantage of the tax reliefs and allowances available to you. Seeking expert financial advice can help you make sure your money is working as hard for you as possible.

2023 saw the removal the lifetime allowance penal tax charges, but from April 2024 the lifetime allowance is being abolished and replaced by allowances that restrict only tax-free lump sums paid.

2023 also saw the increase in the pension annual allowance, to £60,000, which may offer additional savings options.

BNI Kingswood Federation of Small Businesses - FSB

Five pension considerations for directors and executives There are still restrictions to be aware of, however. The tapered annual allowance will impact those earning more than £200,000. Plus, you may be liable for Capital Gains Tax on earnings from benefits such as shares. An adviser can help you navigate these complex rules.

How to increase prices safely and successfully: a five-step guide for business owners.

🏭Before you increase your selling price, understand your product's value proposition, market and customer base.

🏭Choose pricing strategies such as dynamic or value-based pricing over cost or competitor-based methods to mitigate negative impacts.

🏭Communicate price increases transparently to customers, providing reasons and adding value to the product or service to maintain trust and satisfaction.



https://www.lombardprivateclients.co.uk/article/detail/sjpp/how-to-increase-prices-safely-and-successfully-a-five-step-guide-for-business-owners.html

I don't usually watch breakfast TV, but last week I saw an interesting article on Good Morning Britain.

It was about the billions of pounds saved in people's pensions, which they have lost track of.

It is incredibly worrying that so many people do not know where there money is!

Here are some tips to be able to stay up to date with your pensions.

💷 When you change address, inform your pension provider.

💷 If you get change your surname for any reason, e.g. marriage or divorce, inform your pension provider.

💷 Consider consolidating your pensions. Use an expert to help you with this, as your old pensions may have some guarantees that you do not want to lose.

💷 To track down old pensions, you can use the government's pension tracker (which could be much improved)

Find pension contact details Find the contact details for a pension provider by using the Pension Tracing Service

What’s changing and what’s not – your new tax year checklist

The main rate of Employee National Insurance contributions will be reduced by a further 2% in the 2024/25 tax year, in addition to the 2% reduction we saw in January.

The economic outlook is brighter, but it’s still vital to ensure you’re using all the allowances and exemptions you’re entitled to.

Check to see if any recent changes to National Insurance, ISAs, or Capital Gains Tax will affect you.

BNI Kingswood Federation of Small Businesses - FSB

What’s changing and what’s not – your new tax year checklist In a welcome move in his Spring budget, Chancellor Jeremy Hunt cut employee National Insurance Contributions for the second time this year. But with tax thresholds frozen, many people find themselves slipping into a higher tax band – and paying more tax.

Why should a Director of a Limited Company pay into a pension?

Directors of limited companies can enjoy significant tax benefits by contributing to a pension scheme. Contributions are typically considered a business expense, reducing the company's taxable profits and lowering its corporation tax liability. Additionally, pension contributions made by the company on behalf of the director are not subject to income tax or National Insurance contributions, providing tax-efficient remuneration.

Furthermore, pension funds grow tax-free, allowing for potentially greater returns over time. Overall, paying into a pension offers directors of limited companies a strategic tax planning tool to both optimize their personal finances and enhance their retirement savings.

https://www.lombardprivateclients.co.uk/advice-and-services/retirement-planning

BNI Kingswood Federation of Small Businesses - FSB

Retirement planning | Lombard Private Clients Ltd When it comes to thinking about your retirement, it’s never too soon to get started. Along with dreaming about where you might like to live, or all the things you’ll now have more time to enjoy, it...

Before anything else, preparation is the key to success.

Advice that can change your day, from the people you trust: https://ow.ly/qLcL50QWv9K

Using pensions and ISAs to reduce your tax bill

Using all your pension and ISA allowances before this tax year-end will bring your tax bills down.

Pensions are generally the most tax-efficient, while ISAs are simple, flexible and can be accessed at any time (subject to scheme conditions).

For many people in the UK, pensions and ISAs remain the most popular and tax-friendly ways to save.

Using pensions and ISAs to reduce your tax bill Many of us will face bigger tax bills this year. With the personal allowance frozen until 2027/28, plus the additional rate threshold dropping to £125,140, taxes will increase by £40 billion by 2028, according to the Institute for Fiscal Studies.2

We’re proud to have been nominated for the 2024 City of London Wealth Management Awards (COLWMA). These awards recognise, applaud, and reward outstanding service in the wealth management industry. They are voted by the public so if you would like to show us your support, you can vote now: https://ow.ly/2K0Z50QFtBV

📈Investing to beat inflation for the long-term📈

A higher than average inflation rate means that, over time, the purchasing power of your savings may be reduced.

Building a diversified investment portfolio can help protect your money against inflation.

Over time, equity investments such as stocks and shares tend to provide greater returns than the average rate of inflation, although this may not always be the case.

https://lombardprivateclients.co.uk/article/detail/sjpp/investing-to-beat-inflation-for-the-long-term.html

BNI Kingswood Federation of Small Businesses - FSB

Investing to beat inflation for the long-term Even though, at time of writing, the inflation rate, as measured by the Consumer Prices Index (CPI), has reduced significantly from 10.5% in December 2022 to 4% in December 20231, inflation remains a hot topic. This is welcome news for consumers, although prices still remain high and most families a...

This weekend, I watched the new Netflix documentary Bitconned, 'a debaucherous exploration of one of the first fraud cases of the crypto era.'

By the end of the film, I was physically angry. The lack of contrition from the protagonists was astounding.

A must watch to remind us all that glitters is not gold.

Bitconned Is a Cryptocurrency Cautionary Tale The new documentary is a debaucherous exploration of one of the first fraud cases of the crypto era.

Really proud of the great work done by our charitable foundation!

We are delighted to announce that in 2023 the St. James’s Place Charitable Foundation has raised £9.5million, which brings the amount raised since the foundation was set up in 1992, to £130 million.

The Foundation supports small and medium sized charities across the UK and overseas working with disadvantaged children, hospices, mental health charities and cancer support charities. Thank you to our community who work tirelessly all year round to raise these funds, which are matched £1 for £1 by SJP.

What is the 60% tax trap?

A 60% rate of income tax isn’t publicised in any HMRC guidelines because it’s an unofficial effective rate of Income Tax. On paper it doesn’t appear to exist. Yet, because the allowance for higher taxpayers tapers off the more you earn, it can suddenly become very real at tax year-end.

BNI Kingswood Federation of Small Businesses - FSB

How you can beat the 60% tax trap Ever heard of anyone paying 60% tax? Chances are not, since, according to HMRC, Income Tax is charged at 0%, 20%, 40% or 45%, depending on how much you earn. The rates are slightly different in Scotland, but a 60% tax band doesn’t seem to exist.

New Year, New Me! 😂

Like most people, I have my plans for 2024. Some of the changes I want to make are not only to make 2024 a great year, but to help set me up physically, mentally and financially for the rest of my life.

Already, I've had contact from people deciding now is the time to take control of their finances, and plan the future for themself and their family.

Those first conversations are some of the most enlightening and empowering I have with clients, marking the start of a long journey ahead.

Good luck to everyone for 2024 - it's going to be a good one!

BNI Kingswood

When I can I take my pension?

This isn't as simple as it sounds.

If you have a defined contribution pension, you can usually start taking an income or lump sums (or both) from the age of 55.

This is due to change to 57 on 6th April 2028, so if you were born on or after 6 April 1973 you may see your minimum pension age move to 57.

If you have a defined benefit pension, you can usually take your pension from 60 or 65. You may be able to take it earlier, but it is likely the income you receive will reduce if you do.

State pension age is different again.

The state pension age is rising from 66 to 67 (and expected to rise to 68).

To find out what age you will be when you will receive your state pension, follow the link below.

Check your State Pension age Work out your State Pension age and Pension Credit qualifying age

Horrendous example of abuse from someone taking advantage of people's hopes and dreams.

'Crypto King' Sam Bankman-Fried faces decades in jail after guilty verdict Sam Bankman-Fried's guilty verdict concludes a stunning fall from grace for the 31-year-old former billionaire.

Set your reminders now for the pre launch 🎉 Only a limited number of these shorts are available so make sure you get in quick tomorrow once they go live….

What is goals based financial planning?

Goals-based financial planning is a strategy that focuses on identifying and prioritizing specific objectives, such as buying a home or retiring comfortably. It involves tailoring investments and financial decisions to achieve these goals, providing a clear roadmap for individuals to attain their desired financial milestones and ensuring a secure and fulfilling future.

Why estate planning is critical before your exit.

Plan as early as possible how you want to use the wealth you’ve created in your business to help your loved ones – well before you exit.

How and when you decide to pass your wealth over to family members may have significant tax implications. Working with a professional adviser can help ensure you make use of all available exemptions.

Gifting your wealth can reduce the Inheritance Tax burden of your estate – but that should be balanced with making sure you have enough for yourself.



https://lombardprivateclients.co.uk/article/detail/sjpp/why-estate-planning-is-critical-before-your-exit.html

Federation of Small Businesses - FSB BNI Kingswood

Why estate planning is critical before your exit If you’re selling or exiting a business, you’ll hopefully receive a significant cash sum – your reward for years of hard work. But before you sign the deal, it’s essential to plan what you intend to do with the money – including whether to use some of it to support your loved ones. If you....

Are you looking to expand your business connections and establish valuable relationships with like-minded professionals? Look no further than our upcoming Visitor’s Day for our business networking group.

At this special event, you will have the chance to meet and mingle with our members, all of whom are diverse and experienced professionals from a range of industries. Our group provides a friendly and supportive environment for networking, where members exchange referrals, share insights and best practices, and help each other grow and succeed.

Whether you’re looking to find new clients, learn about industry trends, or simply make new connections, the opportunities are endless at Visitor’s Day. Come see for yourself what our group is all about and discover how we can help take your business to the next level.

Don’t miss out on this opportunity to be a part of our dynamic and successful community. Join us for Visitor’s Day and start building meaningful connections with some of the brightest minds in your industry. We can’t wait to welcome you!l