Family business bulletin |
January 2024
Welcome to our January 2024 edition
Welcome to the first Family Business Bulletin of 2024. As we enter a new year filled with uncertainty, but also new possibilities, we know that family businesses will have a unique advantage. The shared vision that exists within these businesses serves as a strong foundation for navigating the challenges ahead and a support to fully seizing the opportunities that inevitably arise in such times.
Our Bulletin has been created to serve as a source of inspiration, knowledge and support for family businesses and the people behind them. The aim of our Bulletin is to provide you with updates, resources and tools which are focussed specifically for family businesses which will support you in making 2024 a prosperous and fulfilling year.
This edition will focus on:
- New year new resolutions! – a guide to the key financial resolutions you should be considering now.
- Navigating the challenges of insolvency as a business– what are the warning signs and risks for directors?
- Motivating the whole of your workforce – some thoughts and ideas on how to get the very best from all of your team.
- Making Tax Digital – due to the process not going as smoothly as hoped, we look at the current status of the tax system since it was introduced in 2015.
- Planning for the future – it is important to safeguard your business assets and to consider including a dedicated clause in your Will to clearly set out your wishes.
While focusing on the year ahead, our member network, Moore UK have published their latest Owner Managed Business (OMBs) survey results. Twice a year, Moore UK ask business leaders across the country to share their aspirations for the next six months and track business confidence. You can download a copy here.
I hope you enjoy this edition – and as always, please do get in contact if you have any questions.
Family business diagnostic tool
Access our family business diagnostic tool to discover your top three strengths and weaknesses, with suggested areas of development.
Important dates
25 January 2024
Moore Kingston Smith webinar: year end tax planning – get ahead for 2024/25 – RSVP here.
31 January 2024
Deadline to submit online tax return and first payment on account due.
28 February 2024
Moore Kingston Smith webinar: Creating a sustainable family business: decision making and structure – Details to follow.
8 financial resolutions for 2024
As we enter 2024, a fresh chapter unfolds, bringing new opportunities and challenges. It’s the time of the year when resolutions are made to guide us through the months ahead. Take advantage of this moment to review and update your financial strategies for the year ahead.
How to get the best out of a mature workforce
There is currently a lot of talk about Millennials and Generation Z and how to attract, retain and motivate them in the workplace. However, we should also be talking as much about the mature workforce, and embracing the good challenge this brings.
Making Tax Digital: Where are we now?
MTD was first announced by the government in 2015, since which time the journey towards implementation has not proceeded entirely as planned. A recent report from the House of Commons Public Accounts Committee commented that HMRC had “completely underestimated the scale of the challenge of digitalising the tax system” and made various recommendations to HMRC as it continues with the project.
Videos
Creating a sustainable family business – roles and responsibilities
Business owners’ Wills