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Bill and Hillary Clinton have recently come under scrutiny in the USA for using trusts to limit the amount of estate tax they will have to pay, despite Hillary publicly supporting the tax.Although US inheritance laws differ considerably to the UK, planning how you will pass on your wealth is important, no matter where you live. And it’s not just the super-rich and famous that need to prepare. Rising house prices mean that the number of people with estates worth more than £325,000 – the threshold at which inheritance tax (IHT) becomes payable – is increasing. Research by the Sunday Telegraph found that the number of estates liable to pay IHT will increase by 35% this year to 35,600. The newspaper estimates that over the next 5 years, 236,000 estates will exceed the £325,000 nil-rate band.
Wood and Disney is an office of App lovers. Apps make it easy to check train times, get directions and, erm, play games without using the internet. With more than 100 billion Apps downloaded globally in 2013, we know we're not the only ones.
However, we noticed that not many accountants have an App. We also know that searching for accountancy information on a smartphone can be tricky - websites made for desktops and dodgy Wi-Fi signals are our main bugbears.
We wanted to make it easier for people on the move to find the accountancy information they need, which is why we decided to create our own App.
But we’re not just jumping on the App bandwagon – the wood and disney App is designed with our clients in mind.
Did you know that the UK’s oldest family butcher's is almost 500 years old? Dorset butchers RJ Balson & Son has been in the Balson family since 1515, when Henry VIII was on the throne.
Current master butcher Richard Balson says traditional recipes and personal customer service are the secrets to his family’s 25-generation success.
Ox cheeks and sausages may not be part of your business model but there are a number of factors that all successful family-run businesses should consider. These include:
1. Rules on employing family members
There are no rules against employing family members but you must not give them special treatment with regards to pay, promotion or working conditions.
They should be given a contract of employment and you will need to ensure that income tax and NI are deducted from their pay as usual.
Having your head in the clouds is not usually a quality you would associate with a competent accountant. However, when it comes to accounting software, we are not ashamed to live in the clouds.
Cloud-based accounting software stores information online rather than on one computer. This helps you:
Most businesses fail, but yours doesn't have to.
80% of all business fail in the first five years and 96% fail before their tenth anniversary. Some statistics have indicated that Start-ups are most vulnerable in their first year when up to 50% give up and stop trading.
So lets find out why most businesses fail and consider what you can do to prevent this happening to you.
Your business doesn't make enough profit.
Obvious really but there is still a belief that you won’t make a profit until the third year. This may be true if you are being supported by unlimited investment capital but most small businesses need to return a profit to their owners within a matter of months if not weeks because they simply cannot survive without a wage for themselves and this wage has to come from profits. Another fact, which is often forgotten, is that if you make a loss in the short term you need to make not only enough profits later to pay your wages but also enough profit to pay for the losses. Losses don’t just disappear; they have been created by costs and expenses, which is either owed to creditors or has been paid for by borrowing money. Both of these sources have to be repaid.