Family business bulletin | April 2023
The most noteworthy area of change for family businesses at the moment comes from the recent Budget announcement. As you will know, the Budget unveiled significant changes to the UK pensions landscape, offering a wealth of opportunities for those who may have previously faced limitations or been entirely precluded from benefitting from further pension savings. Our article linked below outlines the key pension updates and illustrates how these opportunities can be effectively harnessed in real-world scenarios.
This edition also delves into a range of topics, all key to the family business arena including:
- How you can add value to your family business in order to thrive, rather than just survive
- Ensuring you retain your employees and attract new talent to help strengthen your workforce
- Understanding the most tax efficient way to extract cash from your family business
We have also included a roundup of topical videos for you, and this time we have focussed firstly on Lasting Powers of Attorney, which are a critical tool to have for any family or any business. Secondly, we have included a short video about management buy outs, to give insights for when you are considering plans for part or all of your business.
Lastly, please do take 5-10 minutes to complete our diagnostic tool, solely with family businesses in mind. This tool will help identify the key strengths and development areas of your business. We are always on hand to go through your results with you, so please do reach out to the team, and we would be delighted to discuss in further detail.
Important dates
30 April 2023
IHT due on lifetime transfers made between 6 April and 30 September 2022. (IHT on other transfers payable 6 months after the end of the month in which the transfer or death occurred).
1 May 2023
Start of daily penalties where the 2021/22 personal tax return has not been filed (charged for up to 90 days).
31 May 2023
Deadline for issuing 2022/23 P60s to employees.
Spring budget: key pension updates
The recent Budget announcement included changes to UK pensions.
Our easy to digest guide looks at the changes and illustrates how these opportunities can be effectively harnessed in real-world scenarios.
Surviving to thriving
How do you ensure your business will continue to thrive and remains profitable?
It could be assumed that profit is the main driver; however, this is one of many factors to consider. This article looks at our 10 key drivers to achieve value within your business to gain long term success.
Create a successful reward strategy to support your recruitment and retention goals
Employee reward strategies are rarely one size fits all, but you can create a strategy that works for your whole organisation.
A successful reward strategy knits reward with purpose, business and people goals and culture and values. Putting a strategy in place not only aids talent retention and recruitment but also sees your people through challenging times.
Cash extraction from the family business
One of the most important issues for the family company can be taking money out of the business in the most efficient manner.
Our factsheet looks at the areas you need to take into consideration before taking the next steps.
Videos
What if…you are unable to make business decisions due to a lack of capacity?
What if…you want to sell your business to your employees?