THE SINGLE PARENTCATHERINE GANNON, MANAGING PARTNER OF GANNONS LAW FIRM Gannons Commercial Law continues to perform extremely well as profits and earnings increased on last year. She is commercially savvy and has restructured the business from an LLP to a Limited Company due to the recent legislation covering LLPs. This illustrates that Catherine is no doubt a smart operator in a segmented legal market place. Catherine lives with two children, aged 12 and 14, in a home with a mortgage and holds several investment properties.
THE APPRENTICE LIVING AT HOMEJACK CRANE, HIGHER APPRENTICE, PWC Jack lives with his parents outside of London, so spends a significant amount of money – £7,000 per year – on travel to work, through a work season ticket loan scheme. His salary is £25,000 and he tries to save around £150 a month in a regular savings account (no ISA). Jack also puts around £150 per month into his pension, while PwC adds about £230 through a salary sacrifice scheme. When he’s not working at PwC, Jack likes to hit London’s bar scene without hitting his wallet too hard, spending around £200 per month on eating and drinking out. He is interested in looking at higher interest savings accounts of perhaps even a help-to-buy ISA as his salary rises over the next year or two, and might get himself a car through a company lease scheme. BDO’S AUTUMN STATEMENT TEAM SAYS: As Jack is looking at saving for a house he should be able to benefit from the help-to-buy ISA, available from 1 December, in order to raise a five per cent deposit. This can be used in conjunction with the new London help-to-buy scheme which offers an interest-free loan of 40 per cent of the property value. Jack should also benefit from the new rules being implemented regarding the ability to claim compensation on rail season tickets for train journeys delayed by in excess of 15 minutes.
THE ENTREPRENEURGONCALO DE VASCONCELOS, FOUNDER AND CEO, SYNDICATEROOM
Goncalo, 35, has been in the early-stage finance industry for four years and chief exec of equity crowdfunding platform SyndicateRoom for three. He doesn’t take a pension and, judging by his early morning starts to fit two hours of tennis in before work, isn’t planning to slow down. He rents a house in Cambridge with his wife. He has passion for sailing, and hopes to travel the world with his wife one day. SyndicateRoom has had a success – ful year, and was has been named best investment platform at the Prestigious Growth Investment Awards. BDO’S AUTUMN STATEMENT TEAM SAYS: With the introduction of the Apprentice Levy, SyndicateRoom may wish to take advantage of the additional funding raised and take on an apprentice. They should not incur the 0.5 per cent charge, but can still benefit from the funding available for apprentices. In addition, a rise in the Employment Allowance from £2,000 to £3,000 will also be a welcome relief as this is deduction of £3,000 from the company’s national insurance contribution liability. The announcement of an additional 29 per cent funding to UK sport may also benefit Goncalo, with potentially improved sporting facilities available for his tennis and sailing.