Friday, 14 October 2016
Prime Minister Theresa May has announced that the UK will start the process of leaving the EU (Brexit) in early 2017. Turner Little considers what this could mean for your small business going forward.
Wednesday, 12 October 2016
You can reap a range of significant benefits when starting a business, but this also comes with a degree of financial risk. Instead of opening a business on your own, you could enter a franchise agreement. Here you (the franchisee) sign a contract with an established firm (the franchisor) to provide goods and services under their brand. It is essential that you perform extensive research, before entering a franchise agreement. Turner Little answers five frequently asked questions on franchise agreements.
Friday, 7 October 2016
Turner Little asks: How can you protect your business’ financial future?
Turner Little asks: what insurance do you need to run your business from home?
Wednesday, 28 September 2016
It is vital that you maintain a stable cash flow when running your small business, so you have the capital to fund expansion. One way to do this would be to trim down your firm’s budget where possible, freeing up extra funds. Turner Little lists five ways you can save money on your firm’s outgoings.
Your firm may be required to register for Value Added Tax (VAT), a tax which suppliers charge consumers when selling products, but only in certain circumstances. In order to help you navigate this complex subject, Turner Little answers five frequently asked questions on VAT registration.
Friday, 16 September 2016
When planning your estate, beware of inheritance tax. If your estate’s value eclipses a specific threshold (£325,000 at present), when you pass away, your estate will be required to pay a 40% inheritance tax on the remaining fixed assets. Combined, couples can currently benefit from an inheritance tax threshold of £650,000 at present, assuming that neither you nor your partner can utilise other exemptions.
We should note that in 2017, the UK government will phase in another tax free band for your main residence. This will initially be set at £100,000, rising to £175,000 in 2020, so you may be able to bequeath £500,000 before inheritance tax. You can further shield your assets via other exemptions, but many must be deployed seven years before your death, so it is wise to plan for inheritance tax now. Turner Little considers ways to mitigate the effect of inheritance tax on your estate.