Planning your business future

Helen Binns Beever And Struthers

Setting up a business can be hard, especially when you don’t know what you don’t know, but good decision-making is based on understanding your options at outset. Time spent to plan and take advice from trusted professionals can be rewarded many times over. Beever and Struthers have partnered with Pareto Financial Planning to expand the scope of the advice we provide and to help you get the most from business ownership.

Having vision and a business plan is helpful as this can drive the advice to set up as sole trader, partnership or limited company. Each have their own tax rates and rules and can be difficult to navigate on your own. Also, knowing If you’re planning to pass the business down through family might need a different structure than if you’re planning to set up, grow and exit in a few years’ time. Professional advice and the right choice at the start is much less complicated than having to unravel a business to create a new structure.

As your business grows the extraction of profit brings planning opportunity. As a limited company, you can extract profit through dividend, salary or both. You may also be able to take advantage of tax reliefs and allowances, such as Research & Development tax credits and pensions. As a sole trader or partnership, your options are more limited, but your compliance and professional fees may be lower. Looking forwards, think about whether you might acquire other businesses or if you are looking for a quick exit and sale - knowing this helps you and your advisers minimise income, capital gains and inheritance tax.

Timing your exit and the structure of it, whether through a trade sale, Employee Ownership Trust (EOT) or Management Buyout (MBO) needs to suit all parties. A carefully planned deal can result in better outcomes than price alone, with early, professional advice integral to that. Pension planning can’t be overlooked and should feature throughout your business cycle. You may not have the cash flow to support significant pension payments at the start, but it is useful to make contribution at the earliest opportunity. The significant tax benefits of pensions and that they generally fall outside your estate for inheritance tax purposes is also a key consideration.

Advice shouldn’t stop when you sell. Planning your cashflow, tax, investment risk and adapting to regulatory or legislative changes all require support and input. You need and deserve the best from trusted advisers and their partnered connections – you need more than an accountancy firm!

Enjoyed this? Read more from Helen Binns, Beever and Struthers

Latest news

1

PR agency wins third consecutive award for public sector work Viva Wins Third Public Sector Award

PR agency wins third consecutive award for public sector work

20 Jun 2024

2

Burnley aerospace firm eyes global growth with new CFO Rob Smith Of Velocity Composites

Burnley aerospace firm eyes global growth with new CFO

20 Jun 2024

3

TCB Designs supplies local businesses with illuminated signage TCB Article for June 2.png.png

TCB Designs supplies local businesses with illuminated signage

20 Jun 2024

4

WHN strengthens family law team in Clitheroe Zahra Hanif Whn Solicitors

WHN strengthens family law team in Clitheroe

20 Jun 2024

5

Brabners events to discuss growth and acquisition strategies Lytham Hall - Brabners.jpg.jpg

Brabners events to discuss growth and acquisition strategies

20 Jun 2024

Lbv116 Ltb Strip980
Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
11 Jun 2024 - 04 Dec 2024

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 16:30

Free 4 Week Growth Ignition Coaching Programme
UCLan Primary logo RKE.png.png
LBV Hub Seminars
19 Jun 2024 - 03 Jul 2024

Free 4 Week Growth Ignition Coaching Programme

Online, Preston, PR1 2HE

12:00 - 13:30

Business Networking in Burnley - BNI Kudos
EVENT LISTING BNI Kudos.png.png
LBV Hub Networking
20 Jun 2024

Business Networking in Burnley - BNI Kudos

Prairie Sports Village, Windemere Avenue, Burnley, BB10 2FU

06:45 - 08:30

Business Networking in Lancaster - BNI Castle
EVENT LISTING BNI Castle.png.png
LBV Hub Networking
20 Jun 2024

Business Networking in Lancaster - BNI Castle

Vale of Lune RUFC, Powder House Lane, Lancaster, LA1 2TT

06:45 - 08:30

THE ABSOLUTELY FABULOUS COMEDY DINNER SHOW
AbFab Social Post.jpg.jpg
LBV Hub Social
20 Jun 2024 - 20 Jun 2024

THE ABSOLUTELY FABULOUS COMEDY DINNER SHOW

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

18:30 - 23:00

June Preston Freelancer Meet-Up and Coworking
Screenshot 2024-06-13 at 14.03.18.png.png
LBV Hub Networking
21 Jun 2024 - 21 Jun 2024

June Preston Freelancer Meet-Up and Coworking

Society1 Coworking Space, Preston, PR1 3LT

10:00 - 12:00

Business Networking in Preston - BNI Brunch
EVENT LISTING SIZING Brunch .png.png
LBV Hub Networking
21 Jun 2024

Business Networking in Preston - BNI Brunch

Samlesbury Preston Hotel, Preston New Road, Preston, PR5 0UL

09:30 - 11:00

Moonlight & Memories Walk 2024, St Catherine's Hospice
Moonlight2024.jpg.jpg
LBV Hub Fundraisers
22 Jun 2024 - 22 Jun 2024

Moonlight & Memories Walk 2024, St Catherine's Hospice

St Catherine's Hospice, Preston, PR5 5XU

18:00 - 23:00

Chamber Breakfast Networking
Chamber Logo1.png.png
LBV Hub Networking
23 Jun 2024

Chamber Breakfast Networking

Whitewells Catering Supplies, Heysham, LA3 2XE

08:00 - 10:00

Yellow Day 2024 St Catherine's Park
YRD 2024_TV screen_V02.jpg.jpg
LBV Hub Fundraisers
23 Jun 2024

Yellow Day 2024 St Catherine's Park

St Catherine's Hospice, Preston, Lancashire

10:45 - 16:00

Business Networking in Blackburn - BNI Vista
EVENT LISTING SIZING Vista.png.png
LBV Hub Networking
25 Jun 2024

Business Networking in Blackburn - BNI Vista

Hampton by Hilton, 2 Frontier Ave, Blackburn, BB1 3AL

06:45 - 08:30

Adult Mental Health First Aid - Online Course
Youth MHFA.png.png
LBV Hub Seminars
25 Jun 2024

Adult Mental Health First Aid - Online Course

MS Teams, N/A, N/A

10:00 - 12:30

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV116 Online Graphic
Subscribe now

Weekly news bulletin