We have been lucky enough to have James Sewell from Wright Vigar’s expert views on how the budget is likely to effect you.


Listening to the radio on the way into the office this morning, I was a little bit surprised to hear that tax returns were potentially going to be abolished.  Once I’d clarified the Arsenal result with our Arsenal supporting tax advisers… I tuned into the speculation the team were discussing about digital filing of tax data.  The Chancellor’s speech did little to clear up the mystery. However, the lunch-time reporting gave a more accurate picture, announcing that end of year paper returns would be scrapped in favour of real-time online accounts by 2020.  Whilst the average employee with a small amount of savings may have known that HMRC already held all the necessary information to work out their tax bill, the idea of having a personal account with HMRC will not necessarily be attractive to all. By 2020 we are told, the accounting software of a business will be able to feed data straight to their digital account with HMRC, and both individuals and businesses will have the option to ‘pay as you go’.

There was some concern as the budget approached that the Chancellor might raise capital gains tax rates for individuals or chip away at the Entrepreneur’s Relief (ER) which reduces chargeable Gains Tax on a disposal of business assets to 10% from the standard 18% or 28%.  However, other than the closure of a couple of loopholes, the relief remains intact.  Following the Autumn statement when it was announced that ER would not be available for gains on goodwill when a business incorporated, there was concern that this would adversely affect individuals who were retiring at the time of incorporation. The rules have now been clarified to confirm that partners who do not acquire a stake in the successor company can still benefit from ER on the disposal of their share in the business.

The Chancellor announced a new personal savings allowance which will be introduced from 6/4/16. For a basic rate tax payer, this will mean that they can receive up to £1,000 interest income and pay no tax on it.  For higher rate tax payers the allowance will be £500 and there will be no allowance for additional rate payers.  On top of this, greater flexibility was announced in respect of ISAs, allowing savers to withdraw funds and repay them within the year without affecting their annual subscription limit.  This is planned for introduction in Autumn this year.

To help first time buyers, there will be a new Help to Buy ISA.  This can be opened with an initial deposit of up to £1,000 and then you can save up to £200 a month.  When you buy your first home in the UK, HMRC will add a bonus of 25% to your savings up to a maximum bonus of £3,000.

When the new pension freedom was announced in last year’s budget, the Chancellor made it clear that people who had already purchased an annuity had effectively missed the boat. However in today’s budget, legislation is promised from April 2016 which will allow people who are already receiving income from an annuity to assign that income to a third party in return for a lump sum.  Whilst this will extend pension flexibility to a wider group of people, it will not undo the ‘damage’ suffered by a pensioner who was obliged to buy a product when the annuity rates were low. The low level of income they are assigning is unlikely to bring them a large lump sum and as always there will be significant fees to pay and possible tax implications.

And finally…..there’s a penny off every pint!!


I would be pleased to speak to anyone to clarify how this budget will affect them and also to confirm if their affairs are organised as efficiently as possible!  Please don’t hesitate to contact me on 01522 531341 or james.sewell@wrightvigar.co.uk

Listening to a conversation between a group of professional people last week, I was amazed to hear one of them say “being late is okay because it shows that you are busy”….. I was astonished to say the least. In my opinion that idea is so old fashioned and wrong, but non the less true sometimes.

Why do I say that, it’s bad manners to be late – right? Everyone has the same amount of time 24 hours in a day: no more, no less, but it’s amazing how some people manage to do so much more with the time that they have.

Using time effectively is a sign, in my opinion, of professional efficient use of a resource that we often take for granted. If we try to cram too much into our day because we don’t plan time properly that might make us late. That’s not good, it really is bad manners. It says to your client, friend etc. That you and your time are more important than them.. Ouch!

Underestimating how long it takes to carry out a task can be frustrating but it happens to all of us from time to time. The trick is to build into your day planning time so that you can decide what to do when, allowing you to complete what is possible in the time available.

Perhaps I should invite the people I was listening to, to one of our time management workshops but that would mean I was making the assumption that his group of colleagues/associates agreed with him and that’s a whole new subject for another day. Until then plan effectively and use your time efficiently, remember we all have just 24 hours in a day so use it wisely……



We are nearly at the end of the year already and what a year Gti have had! Apart from everything else we do, we ran 4 conferences in Sheffield, Hull, Nottingham and Lincoln it’s been a crazy year.  We have made lots of fantastic

Franchise Conferencecontacts and found some amazing businesses out there that with a bit of support and guidance could become great franchise opportunities. Guidance is probably the wrong word, they needed a bit more information to create a vision of how to take their business forward, and maybe now franchising can be that way.

Starting with Sheffield in June, the conference was sponsored by Knowles Warwick accountants, Taylor Bracewell Solicitors, Loven Patent and NatWest. It was our first conference of 2014 and the event was a huge success.  It’s the first time a conference like this has been held in Sheffield and we had over 70 people attend the event.  We had 70 people at our first ever Franchise Conference in Lincoln last year, but we are from Lincoln so kind of expected a good turnout.  But to do this in a new city with completely new people was a fantastic achievement.  I had done a lot of networking in the run up to the conference and it really shows networking does work.  The amount of people who attended because it was mentioned by somebody else was amazing.

The speakers on the day were superb, we had Steve Knowles speaking about how cash is king, and Sharon from Taylor Bracewell speaking about the legalities of franchising.  Carrie Bradley from Loven has spoken at all our events about the importance of owning your brand.  As well as a franchisor and franchisee panel for people to ask questions of – why did they go into franchising etc. And then, Eric Ho finished it off in style. We came out of Sheffield beaming and full of excitement for the rest of the year. Thinking back on it now planning the next 3 conferences in Sept, Oct and November was the stupidest idea I’ve had!

Hull was the next conference; Hull came about because an accountant from Smailes Goldie attended the first event in Lincoln in November 2013.  Alicia loved it so much she asked if we would hold a conference in Hull and offered to work with us to do it. Hull was sponsored by Smailes Goldie accountants, Andrew Jackson Solicitors, Loven and NatWest. There was a quieter atmosphere in Hull, even the run up seemed like not many people were really interested in the idea of franchising. I struggled with this, knowing that there are a lot of SME’s in the area. However, the support from the sponsors and the Hull Chamber of Commerce was superb and it was still a good event.

Lots of people came out of the event with ideas that they can put into their businesses.  Everybody was on top form though and the speakers really knew their subjects.  The best part of the day in my opinion was having Mike Hanrahan there from Maid2Clean.  He is a very successful franchisor who had a great story and came across so positive about franchising. He has a book out which I still need to read, plug! If you are interested in franchising then speak to the people who have done it.  The lunch was fantastic, the only thing that really let the day down was people not attending after they had committed to it, even stand holders not turning up! I don’t get that, I understand people have things come up but please let organisers know if you can’t make an event.   – But it didn’t stop us having a great day.

Next on the 2014 journey was Nottingham & Derby, held at the belfry hotel in Nottingham. In my opinion this was the best conference yet! Now I don’t know if that was because Nottingham has a big city buzz about it or the fact I had got a suite in the hotel, but the whole day was buzzing!! The night before on the other hand was slightly tetchy. (Having forgotten the PA system the night before and my Grandad saving the day and bringing it out at 6:30am. Thank goodness for my family once again!!! ) The speakers were fantastic, we had a lot of people there thinking about growing their business, so the whole day was great.  Dennis and Turnbull accountants and Geldards solicitors sponsored the event alongside Loven and NatWest Bank. The franchisor and franchisee panel was really interesting for everyone.  I don’t need to go on and speak about who said what, I’m sure you have got the idea now as to what goes on. We did have one of Eric’s first new franchisees for QIS there and Craig did a 15 minute motivational speaker slot, he did really well considering it was his first event.

We have learnt a lot this year and we will be taking that forward in to next year, we already have a North Yorkshire and East Midland conference pencilled in for next year, and maybe a South East so watch this space.   So thanks for reading have an amazing Christmas and new year period we hope Santa brings you lots of presents.

We hope this has given you an insight into what the conferences are all about.

So if you’re thinking of franchising or know someone who is then let’s chat in the New Year.

Michael Bohan