Financial Planning

Financial Planning

Experience shows that people who adequately plan their financial affairs before taking action are more likely to grow, protect and maintain their wealth in the foreseeable future.

Developing a strategy can be challenging. Identifying your current financial position, short-term and long-term goals along with quantifying them can be difficult despite these tasks sounding fairly straight forward. Knowledge of investments, financial products and their interaction with one-another and with state benefits can be complex.

Business Finance Advice scheme

BFAAs proud members of the Business Finance Advice scheme setup by government (in partnership with Barclays bank) to enable businesses identify independent professionals experienced in business finance, we specialise in the following services:-

  • Advisory services regarding business planning and assisting with the creation of business plans
  • Business start-ups, advice on cash-flow and working capital management along with funding sources
  • Small scale equity issues regarding obtaining finance from outside investors and utilising tax incentivised arrangements such as EIS, SEIS and VCT's
  • Bank loans and overdrafts advice regarding the application structure, the different levels of security available and advice on the borrowers credit rating.

Increase your chances of obtaining finance by improving the credibility of information. Look out for the logo above for approved members.

Business Start-up/Company formation

Starting up in business? Congratulations. This is a very exciting and nervous time for you and all those involved. You will have many tasks ahead that are much more exciting than business structures and compliance requirements. Nether-the-less, these are very important to both your business and you. We are here to ensure you get the best possible start and take away a lot of the pain involved in start-up stage of business.

It is important to ensure you have the most beneficial business structure in place and minimise any risks of interest and penalties resulting from poor compliance procedures.

Statistics state that one in three businesses fail within the first three years mainly due to poor cash management and lack of business experience. It is therefore vital that good financial and business planning is undertaken. We are here to assist you every step of the way to ensure your business gets off the ground.

IHT and Estate planning

Advisory services within this sector have seen an increase over the years. Once seen as a tax only the wealthy pay, this statement is no longer true. Personal wealth has increased over the years mainly as a result of increased property prices which has brought a greater number of individuals within the scope of inheritance taxes.

Our main aim is to assist you in minimising your exposure to this tax and maximising the value you leave to the next generation. Many clients also wish to ensure the assets passed to beneficiaries are used responsibly and are distributed effectively.

Understandably, no one wishes to think about their demise. Inheritance Tax is however, an avoidable tax for many individuals but this requires careful financial planning that cannot be left to the last minute.

Pensions and retirement planning

Retirement planning is becoming more and more popular with individuals and businesses. The introduction of NEST (National Employment Savings Trust) among employers has created an additional expense for businesses. The closure of many final salary pension schemes (defined benefit pension plans) has removed much of the certainty that employees enjoyed and the in-house retirement planning advice provided. State benefits regarding retirement are also changing in the coming years. These changes have resulted in a greater demand for independent advice.

It is worth noting that retirement planning is not just about pensions. Many asset classes and investments are involved such as ISA’s, investment property and most commonly, the equity within your home. A strategy is vital to ensure the individual can fulfil their requirements not only at their retirement date but also during their later years.

We have strong relationships with Independent Financial Advisors who can assist with the setup of any retirement provisions of your choosing.

Feel free to give us a call if you wish to discuss your plans.

Tax Investigation Service

HMRC have communicated to the public that they are looking to open a greater number of enquiries for inspection over the next few years. Greater focus is being placed upon small owner managed businesses and their bookkeeping systems.

The Tax Investigation Service is designed to cover individuals and businesses against additional fees incurred from their accountant in assisting the Inspector of Taxes carry out their investigation (up to £75,000).

The HMRC inspections that are covered include:-

  • Income Tax enquiries
  • Corporation Tax enquiries
  • Employer compliance disputes
  • IR35 disputes
  • VAT disputes
  • Up to £1,000 for schedule 36 ‘Pre-disputes’ enquiries

IR35 Tax Loss Insurance

If you have heard of IR35 before, you will be aware of the risks you and your business will be exposed to should any investigation change your tax status.

HMRC are looking more and more into business structures whereby individuals operate their business through a company that contracts with the end user. This is because there are significant tax and national insurance savings for both the supplier of services and the end user when operating through a company.

Ideally, we want to ensure these issues are resolved before entering into any contracts. The tax law in this area is very subjective, complicated and as a result, we need to consider methods of minimising financial risk as much as possible.

Our IR35 Tax Loss Insurance is designed to protect our clients financially from HMRC reclassifying the business engagement. Clients will be reimbursed the following:-

  • Unpaid Tax & NIC
  • Interest charges imposed by HMRC
  • Penalties

Lasting Power of Attorney

A lasting power of attorney (LPA) is a legal document that lets an individual appoint one or more people (known as attorneys) to help you make decisions or make decisions on your behalf.

This gives you control over what happens to you if, for example, you have an accident or an illness and can't make decisions at the time they need to be made (you 'lack mental capacity').

We assist our clients with both types of LPA which are:-

  • Property and financial affairs
  • Health and welfare

The 'Property and financial affairs' LPA  gives the attorney the power to make decisions as soon as the LPA has been registered.

The 'Health and welfare' LPA only provides the attorney the power when the individual has lost the capacity to make their own decisions.

Fees start from £250 (inc VAT) per LPA plus OPG registration fees.

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Tim's indepth understanding of our business enables him to give us the best practical advice.