Work Hard, Play Hard….Protect Your Success
As a business owner I’m driven by two things: working hard to protect my future and success for my family and delivering the proper
finance function small businesses need.
And like all my clients, I’ve worked my butt off to get where I am today. However, setting up my business was the best move I ever made,
and I haven’t looked back once. Each day I work hard for me and for my clients but most of all so I can play hard with my little boy. My goal is to build as
comfortable life for when I get into my later years. I want to ensure
everything that I have worked for is protected, so I can pass on that success
to my family.
I know this is something I have in common with a lot my clients.
One of the ways I do this is through completing a tax diagnostic review. This
is an enhanced level of tax consultancy service that makes sure I am aware of
all the tax saving opportunities available to me and my business. Without a tax
diagnostic review, I simply wouldn’t have the peace of mind and certainty that I am doing everything possible to protect my success.
I recently completed a Growth Tax Diagnostic for my business, and an Individual Tax Diagnostic focused on me, and I wanted to share with you what I found and how this will impact me.
The review pulled out lots of things for me to look into, but I’ve selected 3 areas
that are really important to me right now because they tie into everything I am
working towards. These are:
· Business restructure
· Inheritance tax
Time to say bye to solo?
My business is growing, but I want to ensure that the growth is controlled. Why? The same two reasons really; for my clients, I want to make sure I continue to serve every client and I want to ensure a secure and balanced lifestyle for me.
For me this means exploring the optimum time to go from a sole trader to a Ltd
company, which can be different for every growing business dependent on the circumstances. Beyond this, it is about looking at alternative ways to
structure the business to aid tax efficient growth.
Retirement target….it’s on!
Sadly, I’ve witnessed first-hand the difficulties faced when insufficient provisions are made for retirement. It’s because of this experience, I want to make sure I’m creating a comfortable future. I also want to make sure that my pension matches up to my partner… because at this rate he’s likely to retire much early than me…..and we can’t be having that!
I’m lucky to have a very good pension from the time when I was employed but like most new business owners, I’m guilty of not keeping up those contributions. I’ve changed this now but it’s important for me to maximise contributions wherever possible by ensuring l explore all options.
I’m doing it for you kid!
This one has cropped up because I have a property that is nearing the IHT threshold. Alarm bells! I want my hard work and graft to end up in the hands of my son – he’s only 5 so a little too young for his ACMA! Jokes aside, I feel super proud of what I have achieved, and I want him to benefit from it. This means the world to me.
Unless I proactively address my IHT position, I risk 40% of my hard work slipping through my fingers and taken away from my legacy for my son.
That would be heart breaking.
The other option would be getting the other-half to “pop the question”……
To The future
The future for me is family. Yes, there’s everything I want to do to protect my position, but it’s not just about me. I want to explore an investment which will benefit my family, as well as build more wealth to be passed onto my son in the future.
I’m also going to do the next level of individual tax diagnostic, as I want to ensure that I am as tax efficient as possible!
Protect your success with a Tax Diagnostic Review!
If you’re interested in an enhanced level of tax consultancy service, book a call to find out more about our tax diagnostic review services. You’ve put in the graft to get your business to where it is today, you deserve to protect your success. Book a call
Also, why not grab a copy of “32 ways to extract value from your business” – save tax
1. Book a call with me: https://southbourneaccountancy.co.uk/contact-us/
2. Download our free guide on “7 mistakes to avoid – to stop your fitness business running out of cash” https://southbourneaccountancy.co.uk/fitness-ebook/
3. Connect with me on social media:
4. Book an R&D eligibity call: https://calendly.com/rdteam/15min?month=2020-11
5. Grab a copy of our “32 ways to extract value from your business” – tax savings. Here