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A pause in the day job to watch the #budget. There will be lots to unpick, but here are my initial thoughts: 👩🏻💼First ever budget by a woman creates history. Whatever your political views, this is a great milestone and should be celebrated. 😤Can’t help but be disappointed by all the cracking jokes, arguing, talking over others and point scoring / inflammatory language. It is pathetic and divisive. The decisions made by those in that room impact millions. Do better please, on both sides of the house. 👨👩👧👦 Significant changes to #IHT and #CGT that will impact wealth planning, including increase in headline CGT rates to 18/24%, IHT thresholds frozen (a real terms increase with inflation) and perhaps most significantly bringing pension savings into scope for IHT from 2027. Big reforms coming for Agricultural and Business Property reliefs from 2026 too. ⚖️2% cut in spending for MOJ. Interesting to see how that is achieved at a time when majority of the system is in crisis and needs more funding. My plea to candidates in my area to campaign for removal of VAT on NCDR fees hasn’t yet gained traction! 🏡SDLT surcharge for second homes rising from 3% to 5% tomorrow. Important to consider this on #divorce as timings of transfers, sales and purchases can make a difference. 💼 Lots that will impact working people, primarily the headline increase in employers National Insurance and the reduction in secondary threshold to £5k. While businesses will front that cost (£25bn cost apparently!), it will either be passed on to customers or to workers by being saved by shrinking wage inflation. The freeze on income tax thresholds ending in 2028 will likely be welcome, but still a way off from “pounds in pockets”. 🏢Business rates discount replaced, but still an enormous rise coming. Again, who will truly meet that cost? 📊A few points that impact income needs on divorce / earning capacity: increases in minimum wage, increases in earnings thresholds for carers allowance, “a penny off a pint”, increases to air travel tax, etc. of course one of the biggest impacts is the VAT on school fees previously announced. 🌍Non-dom tax regime will be abolished and new ‘residence based’ will be introduced. The detail on this will be interesting. I look forward to seeing more on the detail and the analysis of so many of my contacts on here.

In the aftermath of the 2024 Spring Budget, a financial adviser weighs in on the implications, including a 2p cut to National Insurance and changes to the high-income child benefit charge. Explore insights and strategies to optimise tax allowances. For more on this, visit here: https://bit.ly/4bwnbKC #Spring #Budget #Insight #TaxAllowances

💡 Employees AND business owners: Here's your ticket to paying less tax while building your retirement wealth faster! Let's break down the 𝐬𝐮𝐩𝐞𝐫-𝐬𝐦𝐚𝐫𝐭 way to contribute to your super (see what I did there? 😉) For Employees: Sarah earns $95,000 a year. By salary sacrificing $200 per fortnight, she: - Reduces taxable income by $5,200 annually - Saves $1,664 in tax (at 32.5% rate) - Grows her nest egg faster For Business Owners: As a business owner, you've got even 𝐌𝐎𝐑𝐄 𝐟𝐥𝐞𝐱𝐢𝐛𝐢𝐥𝐢𝐭𝐲! Meet Tom, who runs a consulting business: - Makes personal super contributions when cash flow allows - Claims them as a tax deduction - Gets the same tax benefits as salary sacrifice - Can time contributions around business income 🔥 Business Owner Bonus: You can even make catch-up contributions if you've had lower-income years (looking at you, COVID years). Use up to 5 years of unused contribution caps! The Magic Numbers: - Contributions are taxed at just 15% in super - Compare that to personal tax rates up to 45% - Annual cap: $30,000 (including employer contributions) 🚨 Pro Tips: - Business owners: Keep documentation for your tax deduction claim - Schedule contributions regularly if possible - Monitor your cap limits - Consider catch-up contributions if eligible Want to understand the tax implications for your situation? Let's chat! Drop a comment or DM me. ⚠️ Disclaimer: This information is general in nature and does not take into account your personal circumstances. I am not a licensed financial adviser and this post does not constitute financial advice. Please consult with a licensed financial adviser before making any decisions about your superannuation or investments. #SmallBusinessTax #SuperannuationTips #BusinessOwner #TaxPlanning #WealthBuilding #AustralianTax #HelloLedger #GoodbyeWorries

When your business reaches the point where you need a little help, start by looking at home. While you can’t put your pet on the payroll, you can hire your children! Not only does this give them an early introduction to entrepreneurship and a strong work ethic, but it also offers some great tax benefits. 🐾 Here are the potential perks: 🌟 Business tax deduction 🌟 Tax-free income for your child (if under the standard deduction) 🌟 Your child can even contribute some of their earnings to a Roth IRA, letting compound interest work its magic for 40+ years. For example, if your child contributes $6k per year for 5 years to a Roth IRA and leaves it alone for 40 years with a 7% annual return, that could grow to over $400k by retirement! 🤑 A note for S Corps owners: It’s a bit trickier to avoid self-employment taxes on wages paid to your child, so make sure to work with a tax professional. Caveat: This strategy only works when done correctly. Always consult with a CPA or qualified tax professional to ensure everything is implemented properly. There are some nuances and complexities to consider. If you’re a profitable business owner, skip the after-tax allowance—hire your kids legitimately and pay them a salary. It’s one of the best tax strategies out there! 💡 #dogowner #smalbusinessowner #privatepracticeowner #taxplanning #taxstrategy #cpa #financialplanning

With the first budget of the new government approaching, speculation grows that there will be significant investment in UK infrastructure in order to support longer term economic growth. This week we outline key steps to help you prepare for the upcoming budget announcement. From reviewing your current financial performance to exploring cost-saving strategies, these practical tips will ensure you're ready to tackle the budgeting process with confidence. Have a great weekend. Jason and The Continuum Team 📧 jasonmaddison@mycontinuum.co.uk 📞 07890359482 #budget #financialplanning #tax

Do you know how the Spring Budget could affect you? 🤔 Chancellor Jeremy Hunt delivered the 2024 Spring Budget in March, with some key changes to National Insurance, Capital Gains Tax, and how and where pension funds are invested, among other things. But do you know what all these changes could mean for you and your wealth? 💸 Click the link below for a summary of some of the key measures and announcements from this year's Spring Budget. 👇

Worried you might have earned more than expected? Here’s what you can do before your year-end to lower that tax bill: 1️⃣ Home Office Bills: If you work from home, you can claim a portion of your household bills—like electricity, heating, and even a bit of your rent or mortgage interest. This can help offset the cost of running your business from home. Mileage Costs: Keep track of all the miles you drive for business purposes. You can claim back on fuel and wear and tear, either at a flat rate per mile or by deducting actual vehicle expenses. It’s a great way to reduce your taxable income if you’re on the road a lot. Training & Development: Investing in your skills or your team’s development? Training costs related to your business can be claimed as expenses. This not only helps you grow but also reduces your taxable profits. Pensions: Think of it as paying your future self. Contributing to your pension before year-end can reduce your current tax bill while securing your retirement. Plus, pension contributions come with tax relief, making it a win-win! R&D Relief: If your business is involved in innovation or developing new products, you might be eligible for Research & Development tax relief. This could mean a significant reduction in your tax bill, so it’s worth checking if you qualify. Capital Allowances: Purchased equipment, machinery, or other big-ticket items for your business? You can claim capital allowances to deduct some of the costs from your profits before tax. This can be a huge help in reducing your tax liability. Gifts to Spouse/Partner: If your spouse or partner is in a lower tax bracket, transferring assets or income to them could help you save on taxes. It’s a legal and effective way to spread your tax burden and keep more money within the family. USE AN ACCOUNTANT! Tax rules can be complex, and an accountant knows all the tricks of the trade to maximise your savings. We'll ensure you’re claiming everything you’re entitled to and help you plan ahead for the best tax outcome. Don’t leave money on the table—start planning now! 💼 DM us "Taxes" to get Started 🚀 #TaxPlanning #YearEndTips #BusinessFinance #TaxSavings #ReduceYourTaxes #SmallBusinessTips #FinancialPlanning #BusinessAdvice

June is always an expensive month, but this month is a little extra expensive. For one, Q2 estimated taxes are due each June after being due just two months earlier, so there is always a slight cash-flow decline. Additionally, I run a quarterly payroll for myself, and so the taxes from that payroll come out at the end of the month. Lastly, my phone died on me last week and so I now have a new phone AND my car needed a new set of tires. Despite all of this, I still put money into savings. Here's how: 1. I plan for things like this. I know taxes come out in June, so I set the money aside. I know that life happens, so I budget $1,000 a month for all the things that I don't know I am going to have to buy yet. 2. I track revenue an expenses every single month in detail. If you don't know what's coming in next month, it's hard to make a profit. 3. I maintain a #savings and #investing mindset. My normal expenses are much lower than they could be, because I enjoy having the flexibility to quickly resolve problems like new tires or a new phone, and I do not want these things to hinder my ability to build wealth. The first step in building #wealth is to have a positive cash-flow. To do that, you have to know your numbers and form a #plan. It's hard to grow money you don't have.... #financialtips #financialplanning #budgeting #selfemployed #smallbusinessowner #smallbusiness #retirement

2024 Budget: Intrigued to See What’s Ahead for Me and My Industry With the 2024 Budget just under a week away, I am intrigued by how the changes might impact my family and my work in construction. From potential increases in National Insurance contributions to shifts in inheritance tax and capital gains tax, there’s a lot to think about. For those of us in construction, changes in employer NI contributions could affect hiring and project timelines, potentially slowing down growth. But, I’m curious to see if there will be any investment in technology and infrastructure, which could open up new opportunities and help drive innovation in the sector. At home, like many, I’m thinking about how these tax changes will affect household finances and future planning. It’s a waiting game, but hoping we’ll see a balance between supporting economic growth and ensuring both businesses and families can adapt smoothly. References: BBC News https://lnkd.in/e6_3Rkuv #UKBudget2024 #ConstructionIndustry #TechInvestment #FinancialPlanning #BusinessGrowth #Innovation