Planning for what truly matters Dedicating an hour or two to step away from the daily grind and look at the bigger picture can give you a fresh perspective or validation that you’re on the right track. Planning doesn’t just help with immediate goals – it can also reveal opportunities or risks you hadn’t considered. As the saying goes, ‘you don’t know what you don’t know’. A trusted adviser can help you see beyond the surface, focusing not just on tax returns and accounts, but also on your broader personal and business objectives. Here are a few planning points worth considering:
■ Inheritance Tax - Let’s face it, none of us likes to think about death, but it’s an inevitable reality. With recent speculation about potential increases in inheritance tax, it’s worth understanding your current exposure. Are you prepared? Mitigating your inheritance tax position could involve updating your will, taking out insurance, or making other long-term plans. Any steps you take should align with your broader goals, whether they involve protecting your wealth, distributing assets, or something else entirely.
■ Staff Motivation – Are your staff motivated to help your business achieve its goals? It’s easy to take employees for granted until they leave, and only then do we realise how crucial they were. Replacing staff is both time-consuming and costly. Assessing staff engagement and making small changes, like off ering more autonomy or revisiting remuneration packages, can signifi cantly improve morale and retention.
■ Exit Strategy – Are you planning to exit your business in the next 10 years? If so, have you considered your succession options and the value you’re aiming for? T ese factors can guide your plan- ning and help you take the necessary steps to ensure a smooth transition when the time comes.
■ Rewarding Key Employees – Do you have key employees who are critical to your business’s growth? You might consider implementing an Enterprise Management Incentive (EMI) share option plan. T is approved scheme allows selected employees to acquire shares in your business when certain conditions are met, aligning their incentives with the company’s success.
The long-term benefi ts of planning T e benefi ts of planning ahead depend on your unique circum- stances and goals, but I can say this from experience – no one ever regrets taking the time to refl ect or ask for a bit of guidance. In fact, most people wish they’d started sooner. Planning helps ensure that you’re not just reacting to immediate concerns but also proactively preparing for future opportunities and challenges. It’s also important to remember that a plan isn’t set in stone.
Regular reviews and adjustments are necessary as your circum- stances, objectives, and even the economy, change over time. T e key is to take that fi rst step – to refl ect on what truly matters to you and your business. If you’d like to discuss your individual or business circumstances,
I’m always happy to chat. Even better, why not join me in person on November 6 at cinch Stadium at Franklin Gardens? I’ll be leading a debrief on Rachel Reeves’ Autumn Budget and its implications for personal tax, along with my colleagues at Cottons Group.
Scan the QR code to register for the event
Find out more about Cottons Group at
www.cottonsgroup.com
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