What does it really take to be an entrepreneur?

By admin May 3, 2012 | Categories: Audit and Assurance, Business Services, Corporate Finance, General Business, Owner Manager

Shows like Dragons’ Den and The Apprentice may not reflect real business life, but they’ve unquestionably increased the appetite for people to start their own company.

Running a business can be rewarding, tough and lonely. It requires passion, focus, commitment and clear-sightedness. For many it’s more of a lifestyle choice.

5 things an aspiring business owner needs to succeed:

  1.  A clear vision of their aims and market
  2.  Self-belief, ambition, drive and resilience
  3.  Contracts for all shareholders and interested parties
  4.  Systems to manage accounts, cash flow and credit control
  5.  And above all….an ability to enjoy what they’re doing

Many start-ups overlook the importance of seeking guidance from professional advisers who can help them get their business off the ground.

 

Continue reading

The rules of engagement

By admin April 29, 2012 | Categories: Business Services, Finance Director, General Business, Owner Manager

Have banks really pulled up the drawbridge on SMEs? They’ve certainly become more risk-averse. But funds remain available to those that present a watertight case and prepare thoroughly.

A detailed business plan is essential to any request for bank finance. Reams of figures are not enough. Banks need to be certain an SME understands its market, that it genuinely needs the loan, that it supports the company’s plans for growth and that it will be repaid.

But while businesses should have a strong grasp of their financials at all times, many hard-pressed, time-poor directors need help in preparing those all-important management accounts when the need for credit arises.

Presenting a tailor-made package of information to secure new finance might be the difference between success and failure.

Continue reading

A place in the sun

By admin April 29, 2012 | Categories: Private Individual, Tax Planning

Buying property abroad can be a complicated process – and there are plenty of legal, financial and administrative issues to consider:

  1. Stamp duty, registration duty and VAT should always be factored in
  2. Fluctuating exchange rates on foreign transaction may inflate the amount of tax you pay
  3. Any profits made from letting a foreign property commercially will be liable to tax
  4. Owning a Furnished Holiday Let in the UK or EU qualifies investors for numerous tax breaks
  5. Tax relief is only available in countries which have a double taxation treaty with the UK

Seeking professional advice on buying property abroad means tax remains firmly in the shade.

Continue reading

Cashing in your buy-to-let profits

By admin April 29, 2012 | Categories: General Business, Private Individual, Tax Planning

With careful planning, buy-to-let investors can reorganise their borrowings to ensure they obtain the maximum tax relief available.

After deducting allowable expenses, investors must pay income tax on any rental profits. A self-assessment tax return is compulsory where the annual net profit exceeds £2,500, but many expenses are claimable.

Any growth in the value of a property when it is sold could mean a tax bill of at least 18%. Tax relief is available but structuring the ownership of the property in an efficient way is vital.

Inheritance Tax (IHT) at 40% is due on all assets (where their total value exceeds £325,000). But passing on the property to a spouse on death to avoid this can compound the IHT problem.

Protect your investment by reviewing existing arrangements to ensure you have a tax efficient plan for the future.

Continue reading

How to save Inheritance Tax

By admin April 29, 2012 | Categories: Private Individual, Tax Planning

Traditionally, people only thought about Inheritance Tax (IHT) when they retired. But times have changed. Now they’re starting earlier, recognising the benefits it can have on their own estates and assets they’re due to inherit.

30s and 40s

People often draft a will and take out life assurance when they start accumulating wealth. On exceeding the nil rate band of £325,000, many begin IHT planning.

50s

People often start more complex IHT planning in their 50s by placing their life assurance, pension death benefit and/or business assets into IHT-exempt pilot trusts.

60s and beyond

In retirement, many consider ‘lifetime gifting out of income’ by setting up stakeholder pensions and trusts for grandchildren and placing excess income into Discounted Gift Trusts.

Whatever your age, there are ways to mitigate IHT exposure.

Continue reading

Helping charities get their Act together

By admin April 29, 2012 | Categories: Audit and Assurance, Finance Director, General Business, Uncategorized

This year’s review of the Charities Act reminds us of the sheer range of issues faced by third sector organisations and their trustees. The review is expected to provide an opportunity to amend and improve a number of areas which impact on charities, including:

  • Bureaucracy and red tape
  • Financial controls
  • Guidance on public benefit
  • Fundraising and self-regulation
  • The benefits of an organisation holding charitable status

Amid challenging economic conditions, charities and other not-for-profit organisations need to remain as attractive as possible to prospective and existing funders and donors. We will be looking into the outcomes of the review and following the position on financial controls extremely closely.


Continue reading

Welcome to TAL-London’s blog

By admin April 28, 2012 | Categories: Services

As part of our re-brand and website launch, we have added a handy blog.

We’re keen to show how our understanding of the needs of business owners and wealthy individuals can really benefit you.

Here we discuss issues facing our clients and offer news and insights about TAL-London. Check here regularly to read our news.

Continue reading