Family business bulletin | January 2023
Family businesses in their many and varied sectors, formations and histories, are important to us and have been a significant part of what we do since our inception a century ago. As we step into our 100th year in business, we are refreshing the way we communicate with family businesses.
Our knowledge of the unique nature of family businesses enables us to bring you content that delivers solutions that are relevant, practical and realistic. We are excited to share with you our updated website page, which provides a dedicated platform getting to the heart of the common challenges faced by family businesses.
Additionally, we bring to you our family business diagnostic tool, which has been designed to help you identify your areas of strength and where development may be needed. The tool is quick and easy to use, and outcomes are presented immediately. We encourage you to use this tool and are on hand to help you interpret your results.
The following January 2023 bulletin provides recent updates that are relevant to family businesses. We look forward to working with you and supporting you to achieve all your goals in 2023.
Important dates
1 January 2023
With effect from 1 Jan, for VAT returns no longer reporting on periods pre-2023, the current VAT filing and payment penalty system is to be replaced by a new system – find out more in our insight
31 January 2023
Deadline to file your Self Assessment tax return online
31 January 2023
Pay your Self Assessment tax bill
5 April 2023
Ensure ISA/pension/VCT investments are made, and tax allowances utilised, prior to 5th April
Family Investment Companies
A Family Investment Company (FIC) is a private company which can be used to hold a broad range of assets including property, cash and investment portfolios.
How can current generations pass assets on to the next, tax-efficiently while maintaining some control? Trusts have been a traditional answer, but a Family Investment Company can be a good alternative.
A guide to passing on wealth
You’ve spent a lifetime building your wealth, so you’ll want to make sure that it’s distributed according to your wishes. Planning ahead is key to minimising the tax your loved ones will have to pay, so they get the full benefit of your hard work.
This guide to passing on wealth will give you an understanding of how you can plan ahead.
Are you facing a retirement challenge?
The BoE’s Monetary Policy Committee quarterly report stated, “In September, prices had risen by 10.1% compared to a year ago, that is well above our 2% target.”
The Bank pins the blame on energy prices, the Ukraine war and supply chain issues. None of these has a clear end date, but the BoE expects CPI inflation to “fall sharply below inflation in two years’ time and further below the target in three years’ time”.
Videos
How to plan your business succession
What if…you are named as an executor?