Woods Russell

04/12/2024

Are you having a Christmas Party? In my latest You Tube video I look at Christmas Parties and staff entertaining in the festive period.

In this video I discuss what is tax deductible when it comes to Christmas Parties and giving employees gifts over the festive period.As always more informati...

30/10/2024

This was a big budget, according to the IFS the second largest tax raising budget in history and there are many changes that affect the tax landscape for small businesses. I have captured the salient points below, but if you have any specific questions please get in touch and I will be happy to help.

• National insurance for employers was confirmed to have increased by 1.2% to 15%. What is more striking is the reduction in the secondary threshold to £5,000. This means the point at which you start to pay employers NIC is now much lower. However, the employment allowance has been increased to £10,500 so many of the smallest employers will pay no employers NIC at all.
• The national living wage is increasing to £12.21 with proportionally larger increases for the younger age groups. The plan is to move towards a single adult rate for all ages.
• Capital gains tax is to be increased to 18%/24% at the lower/higher rates. This is across all assets so that there is no longer a separate rate for residential property. This change comes into effect from today.
• Business asset disposal relief maintained at 10% but the rate is increasing to 14% from 2025, then 18% from 2026. The £1m lifetime limit was maintained. That gives some relief to those looking at selling their businesses up to the new tax year, but it will focus the mind on whether now is the correct time to retire, if that is something currently being considered.
• 40% relief on business rates for those in retail, hospitality & Leisure.
• Inheritance tax – Thresholds were frozen which means more estates will fall into IHT and although the first £1m of combined business and agricultural assets will continue to attract no inheritance tax, those over £1m inheritance tax will apply with a 50% relief at an effective rate of 20%.
• 2027 pensions brought into inheritance tax. This is big news as previously pensions were exempt from IHT.
• There will be investment into HMRC debt collection and compliance departments, along with a clamp down on umbrella companies.
• If you have any debts with HMRC the rate of interest is going to be increased to encourage on time payment of taxes.
• The Fuel Duty freeze was maintained which is a boon to those in haulage or transport as well as those who do a lot of travel.
• Investment allowances, capital allowance and R&D rates were all maintained.
• 2025 non-dom regime removed. A new residence basis scheme will be put in its place.
• Stamp duty on second homes raised to 5% from today.
• Tax thresholds will be uprated in line with inflation, but this is only from 2028/2029, for the next couple of tax years fiscal drag will continue to be a factor.

I hope you have found the above useful, if you have any questions or want to discuss the budget with me then please get in touch.

Email us at: [email protected]
Phone us on: 01256 973 102
Or contact us through our website www.woodsrussell.co.uk
Or message us on Facebook or LinkedIn.

17/10/2024

See our latest video on Student Loans and how these are taxed.

As always we would love to hear from you if you have any questions. Please feel free to send a comment or send us a message.

In this video I answer a question on student loans and how they are treated when you run your own business. If you have any questions or want to get in touch...

07/10/2024

Are you looking at buying a van for your business? If so then my latest YouTube video may be of interst to you. This week I look at the difference in tax treatment between purchasing your van with a hire purchase lease or with a renal lease and which one is best.

As always please drop any busienss or tax questions you have and I will be happy to help and dont forget to like and share!

Have a great week everyone!

In this video I tackle a common question I am asked by those about to purchase a new van for thier business. Is a hire purchase lease or a rental lease bette...

25/09/2024

Do you get your tax returns filed as soon as possible? Or do you leave it to the last minute?

In this video I look at the benefits of getting your taxes done early and offer a nugget of advice on how to break old habits if you are one of those who always leave it to the last minute.

As always, please like and share away. I welcome your comments and please let me know if you have any questions or requests for next weeks video. Or feel free to get in touch directly at [email protected] or thorugh my website www.woodsrussell.co.uk you can also check out more videos on my YouTube channel:

18/09/2024

Today I give you the gift of a tax tip on gifts from my latest YouTube video. 🎁

If you employ people or are a director of a private company this may be relevent to you.

If there is anything you want to hear about in relation to tax please let me know in the comments and I would be happy to look into it for next weeks video.

If you want more tips head to the Woods Russell YouTube channel or go to my website www.woodsrussell.co.uk

https://youtu.be/9CFVauTiJps?si=VF5oeRHK8A8JQhww

12/09/2024

Do you work from home? You might be missing out on some tax savings. In this tax tip video I look at the use of home allowance. For more information or to ge...

04/09/2024

The government is currently looking at a range of options to raise taxes. In this video I consider the potential implications that a change to the CGT system could make. For some, this will have little effect, however others that do pay capital gains could be impacted massively.

https://youtu.be/99L6K1f3lQs

28/08/2024

The government have been talking about a £20bn black hole in the finances, but when can we expect to hear about any tax rises? In this post I explain the timings of potential tax increases.

12/06/2024

Unlocking Success with a Woods Russell Franchise: A Pathway to Prosperity

In the dynamic world of business, finding the right opportunity can be challenging. The Woods Russell franchise offers a compelling proposition for aspiring accountants and seasoned business owners alike. In this post we look at the reasons why becoming a Woods Russell Franchise makes sense.

1. Financial Opportunities

A Woods Russell franchise offers lucrative financial opportunities. The combination of a proven business model, strong brand recognition, and comprehensive support increases the likelihood of business success and profitability. Additionally, the franchisor's established relationships with financial institutions can help franchisees secure financing more easily, providing a smoother path to business ownership.

2. Established Brand Identity

One of the most significant advantages of joining the Woods Russell franchise is the instant recognition that comes with an established brand. Woods Russell is synonymous with quality and reliability, attributes that customers have come to trust. This strong brand identity gives franchisees a competitive edge, allowing them to attract and retain customers more effectively.

3. Comprehensive Training and Support

Woods Russell is committed to the success of its franchisees. New franchisees undergo a comprehensive training program designed to equip them with the necessary skills and knowledge to run their business effectively. This training covers all aspects of operations, including customer service, marketing, and more. Additionally, ongoing support ensures that franchisees are never alone in their business journey, with access to expert advice and assistance whenever needed.

4. Proven Business Model

Operating a Woods Russell franchise means benefiting from a business model that has been meticulously developed and proven successful over time. This model includes streamlined processes, effective marketing strategies, and efficient operational procedures. Franchisees can focus on growing their business, knowing they are backed by a system that works.

5. Exclusive Territory

Woods Russell franchisees enjoy the benefit of exclusive territories, meaning they are the sole representatives of the brand within a defined geographical area. This exclusivity reduces direct competition and allows franchisees to maximize their market potential within their designated area.

6. Marketing and Advertising Support

Effective marketing is crucial for business success, and Woods Russell excels in this area. Franchisees benefit from national and regional marketing campaigns orchestrated by the franchisor. These campaigns are designed to drive brand awareness and customer traffic, while franchisees can also execute local marketing initiatives with guidance and support from the franchisor’s marketing team.

Conclusions:

The Woods Russell franchise presents a unique and advantageous opportunity for those looking to enter the world of business ownership. With an established brand, comprehensive training and support, a proven business model, and a commitment to innovation and sustainability, Woods Russell stands out as a leader in the franchising industry. Whether you are a budding entrepreneur or an experienced business owner, a Woods Russell franchise offers a pathway to success, providing the tools and support needed to thrive in today’s competitive market.
More information can be found on our website here: https://woodsrussell.co.uk/franchise/