It’s all about you

We support you and your business at every stage with expert advice that delivers outstanding results.

We provide accounting, tax and business advice to individuals, family, and owner-managed businesses from across our offices in Leeds, Manchester, Newcastle and York.

David Dickson, Chairman

Acting now could pay dividends!

As you will already be aware from the 6 April 2010 the tax rates for individuals earning over £150,000 will increase to 50%. A number of our family business clients have been looking at the timing of interim or final dividends that are normally paid post 5th April.  For some, there is an opportunity of bringing forward a dividend to pre 5 April 2010 to avoid the new 50% tax rates. However, other family members who want to receive their dividends in the current tax year may lose out, especially those whose gross income is below £42k as they pay no additional tax on dividends received.

Our tax planning strategy allows businesses to declare a dividend and let each shareholder decide independently whether to receive it in the current tax year or next.   This means those who benefit from a change in timing can have their dividend paid in this year, whilst those who would lose out can have their dividend paid after the tax year end, but still shelter themselves from 50% tax.

At Garbutt & Elliott we have a wealth of experience in advising several hundred local family businesses. If you would like to know how our bespoke tax planning scheme specifically aimed at family businesses could help you, please contact David Dickson Leeds 0113 2739600, York 01904 464100 or by email to ddickson@garbutt-elliott.co.uk to see how we could help your family business save tax.

David Dickson has been a director with the firm since 1990, and is our Chairman of the Company. He specialises in providing support to family businesses including; creating a vision and goals for families and their businesses, managing family involvement with the business, providing help with governance and family constitution and succession planning and family wealth preservation.