Gen Z now make up 24% of the workforce – but is your business culture attuned to the needs of this new generation? Find out how to evolve your company and attract Gen Z talent.
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Gen Z now make up 24% of the workforce – but is your business culture attuned to the needs of this new generation? Find out how to evolve your company and attract Gen Z talent.
Continue readingWhen you look down your list of jobs, which ones get done first? If you want to setup your business to grow, it is time to prioritize working on business and not just in it. Here’s how.
Continue readingBusiness growth is an exciting prospect, but it can also be tricky. If you are looking to grow your business, here are some things you should consider.
Continue readingWant to cut unnecessary costs, optimise the most profitable parts of the business, and increase your overall return on investment? Let’s talk about how we can work together to support your ongoing business profitability.
Continue readingMany businesses have employees working from home during lockdown or in general in order to promote better work-life balance. But can a business claim home-office expenses in these circumstances? Read our article to find out.
Continue readingAre you thinking of buying or selling your business? A new tax rule comes into effect on 1 July 2021 that will have an impact on the way you negotiate.
The new rule is designed to create more certainty in purchase price allocation, which is the way the purchase price is divided up between the various types of assets.
Currently, buyers and sellers have been avoiding an agreed allocation, then often allocating different prices to the same asset in their tax returns. This tends to mean underpaid tax, so Inland Revenue (IR) has introduced new legislation to prevent mismatched allocations.
Under these new rules, the buyer and seller of a business should agree on the asset price allocation and then both follow it in their tax returns. If they can’t agree, the seller can set the allocation and notify IR (who can agree or or dispute it). If the seller misses the three month deadline to do this, then the buyer has their chance to set the allocation.
You can read more about the new rules here.
This should now be part of your negotiations
For all sales after 1 July, you should now be negotiating purchase price allocations along with everything else during the sales process. An agreed allocation will be much more straightforward if you can achieve it.
The new rules are quite complex and detailed and it is possible that they will increase compliance costs. If you’re in the process of buying or selling, or are soon to be, you may want to consider the timing. SME Financial is here to guide you through your decision-making-process.
As IR says: “It’s best to talk early with a tax professional to make sure you get the details of your sale right from the start,” so do get in touch with us immediately if you’re considering buying or selling a business.
Want to achieve your true potential as a business owner? Business coaching helps you review, analyse and enhance your business strategy, while providing a highly personal mentoring programme for you as an entrepreneur.
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From April 1, 2021, the adult, starting-out and training minimum wage rates are increasing. Talk to us about how this will impact your business.
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