The New Year signifies an opportune time to reflect on the previous 12 months and plan ahead for the upcoming year (and beyond). With January drawing to a close, it’s time to pin down the right resolution for you in 2015. Leathes Prior Solicitors has come up with some suggestions we can help you with, to provide a little extra support when the initial enthusiasm for the New Year begins to wane. Our resolutions aim to cover various aspects of life; compiled to highlight important considerations which may not necessarily spring to mind, but are capable of having a significant positive impact on you personally, your business and on those around you:-
1.Location, location, location: Although the post-festive period has a reputation of being a time to scrimp and save; talks of an improving housing market, the recent changes to stamp duty land tax rates and the introduction of help-to-buy schemes mean that now is a good time, whether you’re making a move or you’re a first-time buyer, to take advantage and start planning.
2.Move on up: Make this year the year you take action and utilise one of the many options out there for business start-ups and expansion. You may choose to operate as a sole trader, partnership, limited company or franchise; each one has its unique benefits and tax implications – but just make sure you fully consider which option will best suit your circumstances.
3.The bottom line: Pursue your debtors! Now is the time to recover monies owed to you to improve the chances of getting paid before the end of the financial year. Not only will this improve cash flow in the typically slower months, but it will also result in a more impressive End of Year Profit and Loss Statement.
4.Peace of mind: Although it is never a particularly cheerful topic to begin the year with, having an up-to-date will is fundamental to achieving absolute certainty for those who are left behind. You should consider writing a will if you do not currently have one, or updating your existing will if your circumstances have since changed.
5.Failing to plan is planning to fail: Writing a will is only one part of estate planning; there are a wide range of options available to ensure assets pass tax efficiently. There may be other considerations such as preparing a Lasting Power of Attorney or putting in place an Advance Directive (Living Will) where early organisation would prevent future complications.
6.Review and renew: If you are responsible for a business, you should consider reviewing your standard terms and conditions of trade if you feel you have lost money in recent months due to gaps in your current wording. Having terms tailored to your business will ensure water-tight transactions and help prevent uncertainty and further unnecessary financial loss in the future.
7.The ‘A team’: Providing your business is eligible, you might wish to consider introducing a share option scheme to recruit, incentivise or retain key staff. There are a number of flexible tax-advantaged share schemes available, such as EMI (Enterprise Management Incentives) which offer employees the opportunity to earn shares in the business if they, for example, attain a specified length of service or hit performance-related targets.
8.Spring clean: When at the helm of your business, it can be easy to forget (or simply not have the time) to review current contracts, policies and other agreements. It is important to check your business is compliant with the current legislative requirements. To help with this, we offer a FREE legal audit of your business to review such documents and systems and provide a report detailing your level of compliance at no cost.
If you want to take on board any of these resolutions or simply learn more about the topics dealt with above, please get in touch with our team of experienced solicitors on 01603 610911 or email [email protected].
Note: The content of this article is for general information only and does not constitute legal advice. Specific legal advice should be taken in any specific circumstance.
