Key protection against the risk of financial consequences to your business
Business
Business financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives. Usually, a company creates a Financial Plan immediately after the vision and objectives have been set. The Financial Plan describes each of the activities, resources, equipment and materials that are needed to achieve these objectives, as well as the timeframes involved.
The Financial Planning activity involves the following tasks:
- Assess the business environment
- Confirm the business vision and objectives
- Identify the types of resources needed to achieve these objectives
- Quantify the amount of resource (labor, equipment, materials)
- Calculate the total cost of each type of resource
- Summarize the costs to create a budget
- Identify any risks and issues with the budget set
Performing Financial Planning is critical to the success of any organization. It provides the Business Plan with rigor, by confirming that the objectives set are achievable from a financial point of view. It also helps the CEO to set financial targets for the organization, and reward staff for meeting objectives within the budget set.
When drafting a financial plan, the company should establish the planning horizon,[2] which is the time period of the plan, whether it be on a short-term (usually 12 months) or long-term (2–5 years) basis. Also, the individual projects and investment proposals of each operational unit within the company should be totalled and treated as one large project.
The role of financial planning includes three categories:
- Strategic role of financial management
- Objectives of financial management
- The planning cycle
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In this week's edition of Between the Lines
* The $1 trillion staycation
*Tesla and Apple split the difference
*Zooming away
Between the lines week 36 - September 2020 | Quilter Investors
quilterinvestors.com
Read about the $1 trillion staycation, how Tesla and Apple split the difference and Zoom’s bumper annual revenue forecast.Quilter Cheviot Weekly Comment:
The end of Abenomics?
According to The Financial Times (November 2019) Abenomics was based around the idea of “three arrows”: higher spending from the government, loose monetary policy from the Bank of Japan and a package of structural reforms to raise the long-run growth rate of the economy. The goal was to rescue the country from two decades of near stagnation and permanent deflation. Monetary and fiscal stimulus, launched when Mr Abe became prime minister, appeared to work quickly. Growth has been steady, if unspectacular.
Weekly comment: The end of Abenomics?
quiltercheviot.com
Join our experts Nick Wood, Richard Mitchell and Richard Carter in the Weekly Comment podcast.GIFTING AND INHERITANCE TAX PLANNING
Gifting to adult children
Although the older generation are likely to suffer greater wealth losses during any recession, it’s the younger generation who’re most likely to be hardest hit because they don’t have the same wealth cushion. Research has found over two thirds of millennials have seen their incomes reduce during the pandemic.
If you are looking to support your children during this time, it’s worth discussing the best and most tax efficient way to do so.
If you have seen your children(s) incomes reduce during lockdown, you may want to consider helping them financially. There are many ways they can do this. If you have an IHT liability, you can make use of some of your exemptions such as making gifts from normal expenditure out of income. In order to do this, three conditions must apply:
* It forms part of the individual’s (Settlor’s) normal expenditure.
* It was made out of their income.
* It doesn’t reduce their standard of living.
For more advice please read the article below or call Paul our Adviser on 07891 614559
How can I reduce my inheritance tax bill? | There for you
thereforyou.quilter.com
The Government’s 40% levy on estates of the deceased may seem inevitable or even inescapable, but here are six ways you could cut or mitigate it.
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