Pictured above: Simon Patterson (Fat Cats MD) and
Alistair Hunt (adviser at RSM Tenon) in Fat Cats Derby
Entrepreneurs who still face paying a higher rate of tax come
April this year are being urged to seek advice on the best way to
minimise exposure to the increase.
The warning comes from RSM Tenon, whose advisers say that from
April, the top rate of income tax of 50 per cent will be payable on
income over £150,000.
The rate hike was announced in the 2009 Budget and has seen RSM
Tenon working with a number of its clients to review financial
strategies.
Alistair Hunt, an adviser at RSM Tenon in Nottingham, commented:
"The rate increase was seen as a potentially damaging move and one
that could stall the entrepreneurial spirit in the UK.
"Many of our clients are seeing the benefits of taking a
strategic approach to reviewing their financial structures in order
to protect both their business interests and their personal
goals.
"However, there are a number of people who have not yet made the
necessary financial restructuring and time is running out for them
to take advantage of being able to do something before April."
One of Tenon's clients that seen the benefits of using an
adviser that takes a commercial approach to business is the Fat Cat
group, which is based Derby but has a number of outlets across the
UK.
The group was founded by Simon Patterson and Matt Saunders, who
in 1992 opened the first Fat Cat Café Bar in the north Wales
seaside town of Bangor.
The independent chain, now headquartered in Derby, has built up
quite a reputation for serving up fantastic customer service,
quality food and drink and for making an ordinary night out into an
event to remember.
Both Matt and Simon haven't been afraid to push the boundaries
in order to fill the gaps left by the larger pub groups, having
recently been involved with the launch of new gastro-pubs in
Leicestershire and Cheshire.
The Fat Cat Group has a number of trusted advisers and utilises
RSM Tenon through its accounting and audit services.
Simon Patterson commented: "We have worked with RSM Tenon for a
number of years as Matt and I know who important it is to get the
right people within the business and the right advisers from
outside.
"The work that RSM Tenon has done in terms of the tax increase
means that we have been able to review how we structure our
business in the best possible manner to ensure business continuity
and growth."
Through a comprehensive suite of accounting and consultancy
services, RSM Tenon specialises in advising individuals and
entrepreneurially-led owner-managed businesses.