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Welcome to a special episode of the Bulletproof Entrepreneur podcast.

One issue that has been dominating the conversations online and in person for business owners over the last few days has been the budget.

October 30th was a very significant day. It was the first labour budget for almost 15 years and the first by a female Chancellor.

After three months of speculation and predictions, we finally had the details—and there was a lot to unpack for all business owners.

For starters, there were the changes to national insurance contributions, the reduction in inheritance tax benefits, the increase in capital gains tax, and the reduction in what was known as entrepreneurs' relief.

So I was delighted to be able to persuade two leading tax experts onto the show to offer some insights and expertise.

Josie Day and Richard Jameson from leading tax advisers Saffery have been deep in the details of the budget over the last few days, and they've shared their take on what it means for business owners.

Before we hear from them, I want you to be the first to know about an exciting new project we’re launching in 2025.

The Bulletproof MBA is a course designed for business owners too busy to go on courses!

A 12-month programme of monthly 3-hour sessions with like-minded entrepreneurs who want to learn all about how to run a better, smarter business and ensure success in what will be a challenging next few years.

We’re hosting a free taster event in London on November 25th, and I’ll post details on LinkedIn.

Hope to see you there.

But now, without further delay, I give you Josie Day and Richard Jameson, talking all things budget and tax.

Links:

https://www.saffery.com/our-people/richard-jameson/

https://www.saffery.com/our-people/josie-day/

https://www.linkedin.com/in/alancapital/

This podcast is produced by GR Media
Sponsored by Capital Asset Management

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We’re publishing this episode just before the Autumn 2024 Budget, when Rachel Reeves will share her vision of how she plans to improve the country’s economy.

I really hope she understands how valuable the start-up and entrepreneurial economy is in the UK and that she’ll encourage it and ensure its continued success.

Today’s guest is a fantastic example of that British entrepreneurial spirit.

Magnus Willis hatched a plan with his co-founder during a long walk after they’d watched a cricket match at The Oval!

They decided to leave their highly-paid jobs in advertising to take a huge risk and launch a new business.

Through sheer hard work and perseverance, their company grew from two guys in a small room with laptops to become a significant business, employing 80 people, before being sold to a large UK company.

It’s a fabulous story with so many insights and lessons that Magnus shares.

Learn from the best

He explained how he was able to learn so much by being around talented and experienced people in the companies he worked for after he left university.

It’s important to get into the best companies in your chosen field and learn from those people as you build your own knowledge and experience.

Be a specialist, not a generalist

A theme that comes up regularly in my conversations is starting as a generalist and then pivoting to become a specialist. This creates significant value in your business and minimises your competition.

Magnus’s company, Sparkler, began as something of a generalist but then, over time, decided that they wanted to become the leaders in a specific niche market. This became a huge part of their success.

Be future-focused

Magnus discussed the importance of looking up from your day-to-day work, seeing where the world is going, and then aligning yourself with future growth opportunities.

In his case, when traditional magazines went online, and mobile was growing fast, this meant looking at the approaching ‘wave of opportunity’ and getting ready to surf it.

Life after exit

Towards the end of our conversation, he also reflects on his life now as a successfully exited entrepreneur and how he designed his ideal life, now that he’s no longer busy running a company.

His thoughts are deeply insightful.

Ladies and gentlemen, I give you Mr Magnus Willis.

Links

https://www.linkedin.com/in/magnuswillis/?originalSubdomain=uk

Business & IP Centre (BIPC): Business Advice & Resources - The British Library

Pivot Podcast Series

This podcast is produced by GR Media
Sponsored by Capital Asset Management

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This show is all about reverse engineering the successful scale, sale, and exit of your business and enjoying life on the other side.

And for every successful business owner, smart tax planning is crucial to business growth and future sale.

Whether it's corporation tax, PAYE, income tax, dividends, or VAT, , they all play a part and impact decisions you make.

When the time comes to sell your business, planning effectively and well ahead of time can have a huge impact on you and your family.

Our new government’s first budget or autumn statement is coming up in a few weeks, on October 30th, and all business owners will be paying close attention to what Rachel Reeves, our Chancellor, says that day.

So, in a special pre-budget episode of Bulletproof Entrepreneur, I am delighted to introduce you to Nimesh Shah, the CEO of Blick Rothenberg, a leading firm of chartered accountants and tax advisers with a special focus on providing advice to entrepreneurs.

• During our conversation, you’ll learn what Nimesh believes could happen to capital gains tax, inheritance tax, and pension rules, all of which will impact business owners.

• He shares his advice on how entrepreneurs should plan ahead of the budget, including an idea that could lock in today’s possibly lower rate of CGT even if you don’t compete on your business sale for a year or so—although there are some risks, as he explains with an interesting client story!

• Aside from the budget, we also discuss broader tax planning issues for business owners and how to optimise your situation two to three years before you plan to sell your company.

• We also discuss an issue many business owners are considering—relocating overseas to a tax-favoured country. His advice is very thoughtful.

This is truly a business owner’s tax planning masterclass from one of the country's leading authorities on the subject.

Please listen, learn, and get in touch with Nimesh or myself if you want to learn more.

Links:

https://www.blickrothenberg.com/about-us/partners/nimesh-shah/

https://www.linkedin.com/in/nimesh-shah-22b2b037/

This podcast is produced by GR Media
Sponsored by Capital Asset Management