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New Year resolutions for OMBs

The start of the New Year is a natural time to reflect, and with this comes an abundance of resolutions.

Whilst some health and fitness resolutions may not last past the second week of January, there are some changes that business owners can make to increase success over the year.

Simon Rothenberg – Senior Manager, Audit Assurance & Advisory:

“On 6 April 2020, the rules around the taxation of contractors change and all owners should review the use of such people arrangements and, where necessary, put people on the payroll.”

For more information about the IR35 changes, please click here.

“It has long been rumoured that there will be changes to Entrepreneur’s Relief. With a significant majority, it will be interesting to see whether the Conservative party will use their next budget to reduce or increase the relief.”

Consider the lessons from the previous year into budget process for this year.

Ravi Basra – Senior Manager, Corporate Tax:

“Post Brexit, OMB’s should consider their withholding tax (WHT) obligations in respect of overseas income such as interest and dividends to ensure that that this income can still be received gross (where currently exempted under EU directive).”

Richard Churchill – Partner, Audit, Assurance & Advisory:

“It is vital that business owners not only compile budgets but continue to measure against them. Make sure you revisit last year’s budget and critically review the business performance against this. Consider the lessons from the previous year into budget process for this year, then identify the gaps and a plan to take care of these. Once all your plans are in place, be sure to diarise meetings to review performance against budget, otherwise there is no point. Success is only achieving a measurable outcome as a result of a deliberate strategy.”

Businesses should seek to progress objectives that were put on hold last year due to Brexit.

James Pilbeam – Partner, Corporate Tax

“Now that we have more clarity on when the UK will be leaving the EU, businesses should seek to progress objectives that were put on hold last year due to Brexit and UK politics. It is also important to consider any planning that may need to be advanced ahead of the Budget on 11 March.

Whilst looking at the year ahead is a vital, take a step back and make a big-picture plan for the coming new decade, which may involve business succession, exit, expansion, diversification or reorganisation.”

For further information, please contact Simon Rothenberg, Ravi Basra, Richard Churchill or James Pilbeam.