Chapters

Family business bulletin |
June 2024

2 July 2024 / Insight posted in Newsletter

How to grow a successful family business that is future-proofed for sustained growth

In our latest Family Business Bulletin, we explore a range of topics that have been on the minds of many of our clients recently. Those involved in family businesses know that there are many and varied issues, and opportunities, to navigate as you look to continue to grow a successful business that is also future-proofed for sustained growth.

Our family business insights include:

Our latest ‘five in 5’, which provides essential aspects of financial management to empower you with strategies for a secure financial future.
How making a new Will could help to avoid an inheritance tax charge if you meet the conditions of one of the most valuable reliefs for business owners.
The importance of managing your cash, whether it be on an individual or business level.
Considering the tax implications of staff entertainment costs, including employers providing after-work drinks and staff parties.

We hope you enjoy this edition – and as always, please do contact us if you have any questions on how our family business team can help your business grow.

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

4 July 2024
General election

5 July 2024
Deadline for agreeing a 2023/24 PAYE Settlement Agreement (PSA) with HMRC

6 July 2024
Deadline for employers to send forms P11D and P11D(b) for 2023/24 to HMRC and to provide copies to employees

Deadline for online filing of 2023/24 returns for employee share schemes

9 July 2024
Moore Kingston Smith Family Business webinar – RSVP here

22 July 2024
Deadline for paying Class 1A NICs for 2023/24 (19 July if not paying electronically)

31 July 2024
Due date for second payment on account for 2023/24 income tax

1 August 2024
Penalty of 5% of the tax due or £300, whichever is the greater, charged where the 2022/23 personal tax return has not been filed

Protect and prosper: five in 5 financial planning tips

In this insight, we provide practical guidance on navigating the complexities of personal finance, covering topics ranging from tax-efficient investment strategies to charitable giving and estate planning.

How to avoid an inheritance tax charge

IHT is charged on a person’s assets on their death. As the total value of estates above £325,000 is taxable at 40%, many consider taking advantage of the various reliefs available to reduce the tax bill and consequently increase their beneficiaries’ inheritance.

The importance of cash management

Entering 2024, there was widespread anticipation of significant interest rate reductions unfolding throughout the year. However, these expectations have been continuously postponed, casting doubt on the timing of the first rate cut until well after the summer – and the path beyond this much less clear.

Staff entertainment costs: are you aware of the employment tax reporting implications?

Many employers incur staff entertainment costs for their employees without being aware that this may lead to an income tax charge for their employees.