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Updates from the Clayton & Brewill team.

Time to take stock, reflect and plan for the future?

24th July, 2014

Thinking about where you want your business to be three, five or ten years hence can be a valuable exercise as Neil South, partner with Nottinghamshire chartered accountants Clayton & Brewill explains.

Whilst our farming clients may not entirely agree, for many business owners the quieter summer months can give you time to reflect on business performance and consider future plans. As Benjamin Franklin famously said, “By failing to prepare, you are preparing to fail.”

We might not put it quite that strongly, but there is definite merit in looking at where you would like your business to be in one, three, five or even 10 years' time and the steps you need to take to help you achieve these goals. Do these goals need more people, new plant and machinery, diversification into new markets, different premises perhaps?

A virtual FD?

My fellow partners and I at Clayton & Brewill work as 'virtual FDs' with many of our clients, helping to bounce around ideas, provide a sounding board and bring to the table new ideas and useful advice to help our clients move forward towards their goals and aspirations. Below are just three of the ideas we've recently been discussing with clients:

Succession planning and future leaders

Future-gazing conversations with business owners often focus on succession planning and how best to secure the future of both the business and the current owners and directors. Recently we have helped a number of clients to put in place cost-effective EMI schemes to motivate and tie-in future directors and enable an exit plan for the current owners.

Taking advantage of capital allowances limits

Equally, the current generous capital allowances (£500,000) are encouraging many businesses to bring forward any planned investment to ensure it takes place before the end of 2015, when the allowances drop back to a rather stingier rate of £25,000. We can help you to plan your capital expenditure and the what, when and how to make a claim.

Recouping innovation and R&D costs

If your future plans include diversification or innovation, it may be worth investigating R&D tax credits. This is a valuable tax break for companies that either make or improve stuff and is often ignored by businesses, perhaps because they feel they may not be eligible. We have helped a range of businesses recoup costs through R&D tax credits to help fund future investment and development.

If you would value a summer planning session with one of the Clayton & Brewill partners, or simply a fresh pair of eyes on your management accounts, call us on 0115 950 3044 or drop us an email.

It won't cost you anything – but it might give you some useful food for thought.

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