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Clive Myers

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2016/17 Year End Strategies

Sound financial planning is always advisable, but as we enter a period of economic uncertainty following the UK’s vote to leave the EU, it is now more important than ever to ensure your finances are in hand.  Here is a comprehensive guide from YBC founding member, accountant Clive Myers.
The new Chancellor of the Exchequer, Philip Hammond, acknowledged ‘sharp challenges ahead’ for the economy as he presented his first major fiscal statement, exactly five months after the UK’s historic vote to leave the European Union.
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Budget 2016 Summary

There was a lot covered in this years budget, in relation to small businesses.
Over the pas week or so, we have highlighted the best ways to plan your finances.  Here is a summary.
There are a multitude of ways to extract profits from your company. However, it is important to pick the best option to suit you as each method has implications – not just for tax, but for your business as a whole.
Formulating an estate plan that minimises your tax liability is essential. The more you have, the less you should leave to chance.
The company car can be an important part of the remuneration package for many employees – and a crucial business tool for employers. However, tax and national insurance costs could mean that the company car is not the most tax-efficient option for either employer or employee.
Capital allowances allow the costs of capital assets to be written off against taxable profits. In recent years the Government has been generous with the rates of capital allowances in an attempt to help businesses and encourage greener investment.
Planning for your retirement may not be at the top of your agenda, but with the state pension in 2015/16 worth less than £10,000, it is vital to start thinking about how you will fund your life after work.
ISAs have undergone significant changes in recent years, and the rules are now much simpler when it comes to investing in these popular ‘tax-free’ savings vehicles.
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