Category Archives: Uncategorized


Press Release – The Budget

By | Uncategorized | No Comments

Storm clouds revealed by the Budget will force taxpayers in England to work an extra two years without pay to balance the country’s books.

Goddards Accountants of West Molesey have today launched a free “2016 Tax Fairness Review” and “Business Builder” initiative to prevent local taxpayers and businesses being drowned by the storm clouds identified in the small print of George Osborne’s Budget. Launching the initiative Goddards Accountants partner Derek Williamson said:

“Inevitably the likes of the sugar levy, school reforms, lifetime ISAs, business rates exemptions and flood defence spending promises will grab most of the headlines. But the real story today is not about the detailed announcements, which ranged from innovative and genuinely useful to window dressing and spin. It is not even about the prediction that there are storm clouds on the horizon.

The real story today is, that the storm clouds aren’t gathering, they are already here. They were here before the Chancellor stood up. And they are still here now he has sat down.

The brutal truth, which the Chancellor confirmed today, is that successive governments have spent over £1.7 trillion more than they have earned. That’s the equivalent of over £58,000 for every single taxpayer, or over £93,000 for every single family in Surrey. Putting it another way, someone working full time and earning average national wages would have to work for two years and give every single penny of their wages over to the taxman just to pay for what the country has already spent. And that’s not all, because to pay for new government spending the average London or Surrey taxpayer will also need to hand over another 21 weeks’ worth of wages in tax every single year.

Shocking as those numbers are, the good news is that Englishmen can fight back in two key ways. Firstly, by making local business more successful we can generate enough extra jobs, income and wealth to make paying those extra taxes much less painful. And secondly we can make sure that none of us pay an unfair share of those taxes.

Exactly how much we each end up paying is very complicated, and there are a great many traps for the unwary. So we believe that the region’s taxpayers need to take urgent action to protect themselves, their families and their businesses. And to help them, today we are launching a free 2016 Tax Fairness Review service for businesses and individuals to make sure that they don’t pay a single penny more than their fair share in tax.

We are also launching a free “2016 Business Builder” initiative to help London and Surrey’s businesses generate the growth and prosperity the country needs in order to make paying all those extra taxes easier and less painful. Using leading-edge software, systems and thinking, it will help local businesses discover new ways to create more jobs, profits and wealth.
Together these initiatives will help to ensure that the region is treated fairly as it pulls it weight.”

Readers who do not want to pay more tax than they need to can claim a free 2016 Tax Fairness Review and Business Builder by calling Derek Williamson at Goddards Accountants on 020 8941 2187.

​It won’t happen to sME…will it? by Bryce Paling

By | Uncategorized | No Comments

Many smaller businesses are gambling their future by having no insurance against sickness or death of key staff.

Owning our own business is surely about feeling empowered, increasing personal wealth, and having an element of control over our own destiny. Being a director/shareholder, partner or a sole trader can be a great place to be with the right professional advisers supporting you.

Whilst creating wealth is one thing, holding on to our wealth can be another. It is understandable that as business owners we concentrate on growing our businesses but do we stop to consider whether our business or family would be at risk if we, or any of our key employees were to die or become seriously incapacitated and unable to work?

The loss of a key person could leave our business without vital skills and knowledge, making our business vulnerable to the following:

·         Sales could fall

·         Loans may be called in

·         Suppliers may demand immediate payment

·         Customers could go elsewhere

·         Recruitment costs (including paying for a temporary replacement) are likely to be high

Serious illness not uncommon

Given that a serious illness, such as cancer or a heart attack, affects one in four women and one in five men before retirement age, potential scenarios like these are not uncommon.

Protecting profit

The sudden loss of a key employee can leave a business without vital skills or knowledge. Replacing lost profits, covering expensive recruitment costs, or paying penalties due to the non-delivery of goods and services is costly.

Paying off debt

Many businesses borrow money to start up or expand, and the ability to repay a loan could be impacted by the loss of a key person. Additionally, directors may loan the company money (known as a ‘director’s loan account’) via undrawn salary, dividends, or actual loaned money. This would need to be repaid if the director died or took early retirement (because of a serious illness).

Sole traders

Consideration should be given to sole traders who are personally liable for business debt. If a sole trader dies unexpectedly, any debt would be inherited by their next of kin.

Professional financial advice

Having the correct protection and ensuring this is regularly reviewed and updated to reflect business changes is a particularly onerous and daunting task for time-hungry entrepreneurs.

It is one which is best left to a wealth management specialist to help protect the business from a wide range of risks and ensure business owners meet their aims while concentrating on managing their company.

We can carry out an assessment that will help you to quickly understand whether a financial risk exists and, if so, how to provide effective, tax-efficient protection against such risk.

To receive a complimentary guide covering wealth management, retirement planning or Inheritance Tax planning, contact Bryce Paling on 01403 824192 or email

​- Bryce S Paling MBA DipPFS

  Director of BP Wealth Management Ltd