Manage episode 302173051 series 2864480
In this episode, Jeannette talks to Chris Wilkins FCCA, who is a Chartered Certified Account and the founder of Wilkins Southworth. Chris has spent 30+ years working in the field. During that time, he has always sought out new challenges, which has enabled him to build up an incredible level of knowledge. As an example, he became the tax advisor for the largest landowner in Bucharest, Romania, has successfully represented many people at hearings with the General Commission and provided advice on worldwide trust structures.
Chris shares details that will be of particular interest to property owners and entrepreneurs who rent their property out in some way. He provides an overview of capital allowances. Including how you can take advantage of them to legally save yourself tens of thousands in tax payments. He also touches upon company structure, capital gains tax and shares his take on how the tax landscape is likely to change, over the next few years.
- A lot of accountants do not spend any time working out how their clients can take full advantage of any legislative or rule changes. Often, they give incomplete advice.
- Before starting a business or buying an asset speak to an experienced accountant about how to structure things.
- Any advice that has not looked at the long term and includes consideration of an exit strategy is not likely to be sound.
- Many businesses are not claiming capital allowances, which could potentially be offset against tax.
- The tax liabilities for commercial properties are very different to those for residential properties.
- The tax burden will likely rise, and many exemptions and reliefs will disappear.
- In the podcast, Chris looks at the impact wage inflation, labour shortages, potential tax changes and inflation will have.
- The best time to start a business is now.
- Build some comfort into your cash flow and have a contingency.
- Educate yourself. Once you have a good understanding you can obfuscate risk and move quickly to mitigate any negative situations.
‘If you don’t consider it, because your thinking is too narrow, that is when issues arise.’
‘You´ve got to do the numbers on that exit calculation as compared to whether you want to suffer the income tax now.’
This is the perfect time to get focused on what YOU want to really achieve in your business, career, and life. It’s never too late to be BRAVE and BOLD and unlock your inner BRILLIANT. If you’d like to join Jeannette’s FREE Business Impact Seminar just DM Jeannette on firstname.lastname@example.org or sign up via Jeannette’s linktree https://linktr.ee/JLinfoot
Brave, Bold, Brilliant podcast series
Telephone: 020 8878 3949
ABOUT THE GUEST
Chris Wilkins FCCA is a Chartered Certified Accountant, Registered Auditor, and the founder of Wilkins Southworth. He has been working in the field for more than 30 years and has clients spread across the world. He has provided tax advice to people at all levels of business. Everyone from start-up entrepreneurs to some of the world’s biggest landowners and business owners.
At the age of 32, he took a due diligence team to Guyana with Lord Beaverbrook and dealt with the purchase of the Demerara Sugar Company, a timber mill and 250 sq miles of Guyana. This included liaising with the eventual purchaser which was a Dutch Antilles quoted company. He was the international tax advisor to the largest landowner in Bucharest, Romania.
Today, he still does a lot of international work alongside working with UK business owners, especially those involved in property. Chris also regularly speaks at Tax Seminars in London sharing how changes to tax legislation can be managed to legally reduce tax and increase profits.
ABOUT THE HOST
Jeannette Linfoot is a highly regarded senior executive, property investor, board advisor, and business mentor with over 25 years of global professional business experience across the travel, leisure, hospitality, and property sectors. Having bought, ran, and sold businesses all over the world, Jeannette now has a portfolio of her own businesses and also advises and mentors other business leaders to drive forward their strategies as well as their own personal development.
Jeannette is a down-to-earth leader, a passionate champion for diversity & inclusion, and a huge advocate of nurturing talent so every person can unleash their full potential and live their dreams.
CONTACT THE HOST
Email - email@example.com
Jeannette Linfoot talks to incredible people about their experiences of being Brave, Bold & Brilliant, which have allowed them to unleash their full potential in business, their careers, and life in general. From the boardroom tables of ‘big’ international business to the dining room tables of entrepreneurial start-ups, how to overcome challenges, embrace opportunities and take risks, whilst staying ‘true’ to yourself is the order of the day.
See omnystudio.com/listener for privacy information.