The start of a new year can be a great time to reflect on the dreams you had for your business objectives and how your personal finances look.
Is it time to:
- Streamline or diversify your service or product offering?
- Invest in purpose built premises or equipment?
- Review the way in which you remunerate and reward your employees?
- Buy-out or introduce other shareholders?
- Acquire or dispose of business entities?
- Consider your choice of business structure?
- Introduce the next generation?
- Venture overseas?
- Consider how you extract value from your business?
- Plan how to wind your business down?
- Review your retirement provision?
One aspect to consider with any business objectives or personal objectives is whether there is a way to structure them tax efficiently to assist with financing those goals.
Take for instance your business structure, the vehicle you chose when you first started out may not be fit for purpose now. Incorporating, creating a group structure, demerging multiple business activities; they all have tax (along with commercial) consequences.
Paying your staff by salary only? Have you considered tax-free benefits to bolster moral or would a tax-advantaged employee share scheme secure that prized candidate. Various options are open to employers.
Looking to introduce the next generation, but don’t have a sufficient retirement provision to exit completely? How much you require in retirement and how to finance it should be an integral part of your business plan.
At Albert Goodman, our approach is team based when it comes to your business objectives and personal concerns. Whether it is the tax team working with the financial planning team to secure that business acquisition, the valuation experts liaising with our financial advisers for your retirement plans, or simply the bookkeeping or payroll team taking the strain for your internal finance department while they focus on long-term projects.
Whatever you choose to do, let 2020 be the year you come and plan with us.