38 . Glasgow Business August 2014
KEEP R
unning any business can be so demanding on your time and commitments that
thinking about your own financial objectives, or the protection and future of the business you have built up, can sometimes be overlooked. Apart from financial
management, business owners also have to stay on top of legislation such as tax reforms, as well as changes to workplace pension provisions, including the implications of auto-enrolment. Tat’s where business owners
can benefit from independent financial advice to manage the various issues while making sure they are planning for both their company’s financial health, their own affairs, and reforms or changes to legislation. For Linda Gilbert, Director at
Munro Partnership, the key word is planning. “Tere are various areas where
business owners have to think ahead and make sure they are receiving the right advice to make the best decisions,” she said. “Whether it’s with regard
to wealth management, retirement, succession planning, or keeping up to date with changes in legislation which can impact their tax affairs or pension plans, being up to date and well- informed is crucial.”
Wealth management For business owners, the term “wealth management” can incorporate both investment strategies for their business, as well as managing their own personal wealth. Te term might have
connotations of high net-worth individuals, but careful wealth management is key for anyone to ensure their financial security over
the long term, for themselves and for their business. Wealth management should
typically incorporate financial planning along with investment management and tax planning, as well as other financial services. A wealth manager should use
their knowledge of investment markets to help make sure your assets are working as efficiently as possible. Tey can also help you with estate planning, and to find tax-efficient ways to manage your assets. As a client of any wealth or
asset management firm, you are likely to build a close working relationship with an adviser based on trust and integrity, and the advice process should be similar to that followed by any other financial advisers or financial planners. An adviser should carefully
assess your current situation, understand your goals, make recommendations to maximise assets and tax efficiently and regularly review your portfolio.
Tax reforms Keeping up to date with changes to taxation for business owners can feel like a full-time job in itself. But if you want to be in a position to stay on the right side of HMRC while also protecting your savings and minimising the amount you pay in areas such as capital gains tax or inheritance tax, then you should seek expert advice if you don’t have the resources within your company already. Professional advice can
ensure your business is as tax-efficient as possible, taking into consideration guidance on areas such as commercial mortgages on property, business loans, and company pension arrangements; share incentive
“Keeping up to date with changes to
taxation for business owners can feel like a full-time job in itself”
WO Y
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