Written by Simon Ward, Partner

 

The Autumn Statement brought a much-needed air of economic and fiscal positivity. There was plenty for business owners and consumers to like in the quest for the elusive economic growth we’ve missed over so many years. Falling inflation and a (slightly) positive economic outlook for the next few years created the headroom for Jeremy Hunt to open the coffers (gently) in advance of an election.

The making permanent of the full expensing capital allowance should go some way to promoting investment and represents a serious approach to supporting growth. Equally, the cutting of National Insurance for all workers and the simplification of NI for the self-employed are welcome attempts to boost consumer confidence.

From a Midlands perspective, the creation of investment zones in both the West and East Midlands is a positive step – one might question why this hadn’t happened before!

So against the positive backdrop, it is worth reflecting on how what has been announced will impact the strategic M&A decisions of business owners. The major cloud on the horizon is the prospect of changes to Capital Gains Tax by a future government. The reality is that there are few votes in capital taxes and the prospect of equalising income and capital may well raise its head early in a Labour administration. We have written in the past about the gross iniquity of this – a tax on entrepreneurs and wealth creators is fundamentally wrong and should be avoided at all costs but that doesn’t mean it is not a real possibility.

For business owners who have dealt with Brexit, Covid and the myriad of other economic challenges over recent years, there should be a very real consideration of what next year might bring. An increase in capital taxes has to be a real risk and should be part of any exit/strategic planning.

Members of the Springboard team receiving the award from Keith Rose, Director, Business Development, Arbuthnot Commercial Asset Based Lending

We are delighted to have won ‘SME Advisory Team Of The Year’ at the Insider Media Midlands Dealmakers Awards 2023. Thanks to everyone who voted for us and congratulations to all winners and nominees.

Simon Ward, Partner commented “It’s a great honour for the Springboard team to be recognised by our peers in this way. I’d like to extend thanks to the fantastic clients we’ve had the privilege to support over the last year and to our dedicated and talented team.”

Left to right: Pritesh Mistry, Simon Ward and Amrit Singh

We are delighted to announce the recruitment of Pritesh Mistry as Business Development Manager and Amrit Singh as an analyst, as the business continues to invest in its team.

Pritesh brings 8 years of experience in professional services business development. His career includes roles with KPMG, Grant Thornton, and Addleshaw Goddard. Pritesh will focus on identifying opportunities for Springboard and leading the firm’s marketing efforts.

Amrit Singh, a recent Accounting and Finance graduate of the University of Birmingham, joins as an analyst and will provide support to the Springboard team across all aspects of our services.

Springboard Partner Simon Ward expressed his enthusiasm about these new additions, stating, “I am delighted to welcome Pritesh and Amrit to the Springboard team. Pritesh is a seasoned Business Development professional with a proven track record whilst Amrit has already demonstrated her ambition and commitment to learn with us. I look forward to helping both develop their careers with the firm.”