Day: March 9, 2020

Taxpayers rush to avoid mooted tax grab in the Budget

Ahead of the Budget, tomorrow, clients are rushing to avoid potential tax grabs in areas such as Entrepreneurs Relief, pensions and Business Property Relief says Moore, the accountants and business advisors.

Lucienne Parry comments: “This budget has been advertised as being a radical one.” “This has made many taxpayers understandably nervous that some very important tax breaks may be removed in order to pay for a cut in income tax or an increase in spending.”

Business owners are selling their businesses

There are concerns that Entrepreneurs’ Relief could be cut. This has led to business owners accelerating plans to sell or dispose of their businesses in order to utilise this relief and help to reduce their CGT bills.

Lucienne Parry explains: “Clients that were already in negotiations to sell their businesses have accelerated that process.”

“For some entrepreneurs the tax savings at stake are very significant, making it well worth

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One in four SME owners use own money to prop up business

New research has revealed that nearly four in 10 of UK SMEs encountered financial challenges over the past twelve months.

Of this group, a quarter of business owners dipped into their personal savings to address financial issues within their businesses, while 27% simply took no action, rather than seeking the funds they needed from elsewhere.

When asked which financial issues affected their business, impacts on margins due to price increases came first, with nearly half of business owners selecting this option. Other major issues businesses faced were:
Unforeseen expenses (e.g. broken equipment repair or replacement) – 42%
Late payments leaving businesses short of cash – 39%
Drop in sales – 38%
Sudden loss of a major client – 30%
Loss of a crucial employee – 27%

Small businesses comprised of less than five employees were more likely to use personal savings to help their business or to take no action

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Maggs, editor at Bloomberg Businessweek, dies at 55

Barry Maggs

Barry Maggs, an editor who had worked at Bloomberg Businessweek magazine for the past 22 years, died Saturday at the age of 55 from cancer.

Maggs joined Businessweek in 1998 when it was still owned by McGraw-Hill.

He edited columns by Jack and Suzy Welch, Charlie Rose, and numerous outside columnists. He was known on the desk as the CEO whisperer, someone who could gently convince the heartiest of egos to change their prose to make a more compelling argument.

Before Businessweek, Maggs worked at HK Magazine as managing editor for two years and associate editor of Asia Inc. magazine for two years.

He also worked as an assistant producer at CBC and graduated from Toronto’s Ryerson University in journalism.

Maggs was married to Diane Brady, a business reporter who worked at Businessweek and The Wall Street Journal.

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