Planning pays off as FPC clients secure their long-term future
Car parts distributor acquired in multi-million pound deal
FPC clients, Howard Warren and Charles Colton recently welcomed a significant investment into their business from HgCapital, a London-based private equity firm. They remain directors in the business and are actively supporting HgCapital in its growth strategy with three further acquisitions already completed.
An integral part of our success
Howard Warren and Chas Colton:
“FPC has been an integral part of our success for over 20 years. When we met, our turnover was £3 million and we had 50 staff; by 2013, we had achieved a turnover of £50 million and a team of 500!
Moira and the team at FPC have been by our side throughout our journey, helping us to deal with all the challenges along the way. Their straight talking and understanding of us as a company and as individuals, has meant our financial planning has always focused on the needs of both.
Thanks to FPC’s sound investment advice, we have achieved the financial independence we aspired to whilst securing the long term future of the business we care so passionately about.
We would encourage fellow business owners to take action to review their position and make their own personal financial planning their priority in 2013.”
The culmination of careful planning
Partner, Moira O’Shaughnessy advises many of our corporate clients on business succession and exit planning issues. She explains how FPC can help clients plan the future they want for themselves and their business.
Do you need to set up a staff pension scheme ‘now’?
Don’t panic – the answer is ‘not yet’!
A few of our business owner clients have told us they are concerned about the impact of Auto Enrolment and NEST. Some have been contacted by their bank and been given the impression that they had to set up a pension arrangement for their staff ‘now’ – in 2012.
Although Auto Enrolment is being phased in for all employers from October 2012, it is only likely to become compulsory for most of our clients from 2014 at the earliest. So unless you were already planning on setting up a pension scheme now, don’t worry; there is still plenty of time.
Office of Tax Simplification
Review of 74 tax reliefs
The OTS was established by George Osborne and has been charged with finding ways of reducing the complexity of tax matters and reliefs. In their first consultative document issued on Monday they have identified 74 reliefs that they feel need review either because of their historic nature or because they were introduced for a point of policy that has weakened. Read more
Entrepreneurs’ Relief sweetens CGT increase
By Fiona Sutherland
Partner
HBJ Gateley Wareing (Manchester)
dt: +44 (0) 161 836 7799
df: +44 (0) 161 836 7701
Email Fiona Sutherland www.hbjgateleywareing.com
One of the less palatable changes announced in the Chancellor’s emergency budget back in June this year was the increase in the marginal rate of capital gains tax (CGT) from 18% to 28%.
The CGT increase had been widely anticipated, but the pill was sugared for many by a largely unexpected but significant increase to one of the key CGT reliefs, Entrepreneurs’ Relief (ER) from £2m to £5m. Up until March this year, the limit for ER had only been £1m.
As a result, ER has now become very valuable and can result in a saving of up to £900k per individual.
