Blogging Our Way To Success

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We are extremely pleased to discover that we have been featured in a list of must-read business blogs! The blog, entitled ‘25 UK Small Business Blogs You Should Be Reading‘ lists top blogs that focus on marketing, finance, sales, management and entrepreneurship.

Below is an excerpt from the blog, but please follow this link to read it in full:

“There are many entrepreneurs, business owners and bloggers who share valuable business advice via their blogs. But with over 900,000 blog posts made every 24 hours, it’s difficult to cut through the noise and figure out which blogs are worth reading.

Luckily for you, we’ve done all the hard work to produce a list of 25 top UK small business blogs you should be reading…”

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Executors and Power of Attorneys: What Do They Do?

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Many people who are appointed Executors of Wills are not aware of their legal duties.

Executors are appointed to carry out the wishes of those who appoint them. An Attorney is appointed to make decisions in certain circumstances on behalf of a living person. Both roles carry what is known as fiduciary obligations and are, ultimately, responsible to the Court for their actions. A fiduciary duty is an obligation to act, with no conflict of interest, in the best interests of another person or group of people.

If you are appointed to these roles you are personally liable for breaches of duty of care. Such obligations are not to be taken lightly, and responsibility cannot be handed to another person.

Executors have a duty to administer an estate on the death of the person in whose will they are appointed. Their role is to execute the terms of the will, administer the estate including payment of any outstanding debts, apply for probate and distribute the assets in accordance with the terms of the will. There can be up to four people nominated to this role. You can, if you wish, choose not to act or to take a step back, but reserve your power while allowing the other executor(s) to act. However, once you have started to act as executor you have to see the process through.

An attorney can be appointed to be a Power of Attorney  in the case of property and financial matters and/or health and welfare. The person appointed (the attorney) will make decisions during the lifetime of the person appointing them in the event that  the person (donor) becomes unable to make those decisions. The executor only commences duties on the death of the person appointing them.

Power of Attorney allows an individual to state his wishes and give both the attorney and the care provider comfort in setting out who can or cannot act for him. It is sensible to have a health and welfare LPA drawn up so that should you lose mental capacity then your attorney has clear authority over such things as choice of care home and medical treatment.

Due consideration should be given to whom you appoint as executors or power of attorney. It can be useful to appoint a trusted family friend or a more remote family member than a spouse or children or even to act alongside them. A professional could also be appointed such as a Solicitor or Accountant.

Should you require any help with making a Will or putting a Power of Attorney in place please do not hesitate to contact Green & Co.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

 

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Autumn 2014 Newsletter

Summer will soon be coming to a close, and here is our next newsletter to usher in Autumn: Green & Co Autumn 2014 Newsletter

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This newsletter focuses on:

  • Tax advantages for innovative companies
  • Dealing with workplace disputes
  • Tax planning following changes to the treatment of trusts
  • Pensions – is now the time to make contributions?
  • Tougher lending rules for mortgage borrowers
  • Tax relief on your travel expenses

If you would like advice on any of these areas, please contact us today.

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Is A Will Really Necessary?

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The simple answer is yes.

Unless all your assets are held in joint names and/or you are happy to rely on the arrangements for your family that the intestacy laws will provide, then it is imperative you make a Will. Without a Will an Estate with a value of more than £250,000 will not all pass to the spouse and may mean that the full Inheritance Tax Exemption may not be due.

A Lasting Power of Attorney should also be considered alongside the Will. The Power allows the person appointed (the attorney) to make decisions during the lifetime of the person appointing them, in the event that that person (the donor) becomes unable to make those decisions. There are two separate Powers, one to cover property and financial matters and another which covers health and welfare issues.

It is worth bearing in mind that unless your accounts and assets are in joint names, a bank will not generally consent to a person dealing with a spouse’s own accounts without a property and financial affairs LPA.

Professional advice should be sought in most cases when preparing a Will to ensure that it not only reflects your wishes but is also prepared in a tax efficient matter.

Should you require any further information please contact Green & Co.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

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Fixed Price Agreements: Helping You Budget

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At Green & Co we recognise the importance for all businesses of planning for the financial year using budgets. We operate a fixed price agreement system for the work we carry out for our clients. At the outset, we discuss with the client the services they and their business require from us, depending upon their own individual circumstances. A fee for the year’s work is then agreed in advance and a monthly payment plan is put in place. This ensures that the client is able include an accurate cost in their budgeted expenses and also spreads the cost of the work throughout the year, avoiding an unexpectedly large accountancy bill at the end of the year.

The choice of services required by the client is reviewable, so the client can perform an ongoing assessment of exactly which services they require from us. This means that additional services can be added to the fixed price agreement, or existing services removed should the client’s circumstances change.

If you would like more information on the various accountancy and tax-related services that Green & Co can provide you and your business with, please contact us.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

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Prize Draw Winner – July 2014

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The winner of the feedback prize draw for July 2014 is Mr E Weavin. A box of chocolates is on its way to him.

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The Big Question…

Ed Gooderham answers this week’s Big Question in the South Wales Argus:

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