You won’t have seen much mention of the increase in income tax on dividends in the press coverage of the Summer Budget, but this change is actually one of the largest tax hikes for owner managed businesses for many years.
The big news for business coming out of the Summer Budget was the increase in the minimum wage to a “living wage” level of £9 per hour over the next 5 years, leaving employers in many sectors wondering how they are going to fund this increase, which is effectively the Chancellor’s way of transferring responsibility for the lower paid sector from the welfare budget.
The other day I had a client tell me that their credit rating was excellent, that it is 999 and as good as it can get, all as if it meant something. However, here in the good old UK there is no such thing as a credit rating.
What is their purpose? – used for incentivising key employees by giving them the opportunity to acquire shares in the company at a future date for today’s value so that they benefit from the growth in that period and are encouraged to work towards maximising the company’s value thus benefiting the owner managers by increasing the commitment of their team.
We were joined by Marketing and Sales experts, Neil Edwards from The Marketing Eye and Matt Garman from Sales Plus Profit and they managed to eliminate the guesswork surrounding sales and marketing and show the audience how to structure their business to ensure it continues to grow.