3rd November, 2022, Martyn Benstead
Martyn Benstead, Partner at Stephenson Smart Chartered Accountants and Business Advisors explains why now, more than ever, employing an accountant is important:
Financially, as well as politically, these are turbulent times.
Replacements in Prime Minister and Chancellor of the Exchequer are coming thick and fast and with these changes, volatility in the financial markets and economic climate inevitably follow.
Why employ an accountant at times likes these?
Good accountants relish change as it enables them to advise clients to take advantage of tax reliefs and of opportunities to maximise wealth.
Interest rates, tax rates and the markets are all changing constantly and it is hard to follow and understand what to do for the best with our finances and how to plan for the future.
Employing an accountant to your team at times like these is crucial and at Stephenson Smart, we’re available to help.
“Martyn was extremely helpful and clear and went above and beyond in trying to resolve the issues we had - even though it was our first meeting with him. We definitely got the sense that he cared about his work and clients and would do all he could to help. We had a very positive experience and would highly recommend Martyn and Stephenson Smart.”
Key areas that may affect you:
If you are thinking about selling a residential property, you may need to be aware of the requirement to submit a Capital Gains Tax (CGT) Return and pay the tax due online within 60 days of completion. We can calculate the likely CGT to assist you in making an informed decision over whether to sell or rent your property.
Depending on the asset, you may be able to reduce any tax you pay by claiming reliefs.
As well as CGT, another factor needing consideration over whether to sell would be your inheritance tax position. Some assets would be subject to inheritance tax if left to beneficiaries in your estate at your death. Careful planning can assist in minimising the impact of this.
There have been a raft of changes in the rates and thresholds in Income Tax, Corporation Tax, National Insurance and Dividend Tax.
It’s more important than ever to consider your business structure – whether you’re operating as a sole trader, partnership or limited company, it may no longer be the best for your circumstances.
Please contact us if you need a fresh look at how you structure your business.