1. Alan Boby from Ellacotts LLP gave a presentation on tax saving opportunities for investors in 2012.
2. He discussed changes to tax rates and allowances for individuals and businesses. He also outlined various tax reliefs available like EIS, Seed EIS, and pension contributions.
3. Boby suggested ways to reduce tax liability such as keeping income below certain thresholds, taking profits from businesses, and converting income to capital gains. He emphasized seeking professional tax advice.
Workshop for Eindhoven Startups Foundation about Starting as a Private Limited Liability Company (besloten vennootschap, B.V.) in the Netherlands
Questions? Contact me by:
Phone: +31 (0)40 244 42 88
Email: info@dewert.nl
Twitter: @jurgenvdsande
What does the budget means for you and your clients and, importantly, any tax planning opportunities for high net worth individuals and business owners.
Most observers do not believe that further curbs on public spending can reduce our debts to an acceptable level, thus suggesting that George will have to increase taxes in a way that will not hurt the average citizen. It also suggests that hopes of reforms that reduce tax yields are likely to prove unrealistic. In particular, an increase in the IHT limit (other than the promised limited relief for family homes) seems unlikely. We also expect further pain for non-doms and tax avoiders. We think that some tax relief for small businesses is likely, but as such businesses create scope for tax evasion and avoidance, we are sceptical as to how helpful these are likely to be in practice.
Workshop for Eindhoven Startups Foundation about Starting as a Private Limited Liability Company (besloten vennootschap, B.V.) in the Netherlands
Questions? Contact me by:
Phone: +31 (0)40 244 42 88
Email: info@dewert.nl
Twitter: @jurgenvdsande
What does the budget means for you and your clients and, importantly, any tax planning opportunities for high net worth individuals and business owners.
Most observers do not believe that further curbs on public spending can reduce our debts to an acceptable level, thus suggesting that George will have to increase taxes in a way that will not hurt the average citizen. It also suggests that hopes of reforms that reduce tax yields are likely to prove unrealistic. In particular, an increase in the IHT limit (other than the promised limited relief for family homes) seems unlikely. We also expect further pain for non-doms and tax avoiders. We think that some tax relief for small businesses is likely, but as such businesses create scope for tax evasion and avoidance, we are sceptical as to how helpful these are likely to be in practice.
Our Budget Presentation slides from June 2010. Given David Smith\'s comments in the Sunday Times on 10 July 2011 I thought it was worth uploading this.
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
In association with Devon and Somerset Law Society, PKF Francis Clark has recently completed the LMS DASLS survey for 2015 and we felt it timely to update you on the results of this, alongside a more general regulatory and taxation update.
PKF Francis Clark’s legal sector team is a leader in its field, with adept experience and skill. Acknowledged for its professionalism, integrity and depth of expertise, PKF Francis Clark advise over 100 law firms nationwide – from top 100 firms to sole practitioners.
Regulations, Acts, and everything else you need to know about payroll legisla...Softworld
Karen Thomson, Associate Director of Policy & Research, Institute of Payroll Professionals
Legislation now and for the future including: Heyday challenge and its implications for payroll; Scottish Arrestment Orders; agency workers; pension reforms.
Ian McMonagle, Russell & Russell
Ian will cover the legal and tax aspects of dividends received from companies and, in particular, owner-managed businesses rather than dividends from shares on the stock exchange, etc.
A Presentation from a panel of experts including a Chartered Tax Adviser, a Chartered Wealth Manager, an Estate Planning Solicitor and our special celebrity guest speaker, BBC financial pundit and Co-Founder of Seven Investment Management, Justin Urquhart-Stewart. This event took place in Plympton on 11th October 2017
Our Budget Presentation slides from June 2010. Given David Smith\'s comments in the Sunday Times on 10 July 2011 I thought it was worth uploading this.
Our Spring Tax Updates will be taking place across the region in March 2018.
The update will include the following:
• Comment on the latest legislative changes
• Provide practical advice
• Help to prepare for the end of the tax year
• Give thoughts on the current tax policy
In association with Devon and Somerset Law Society, PKF Francis Clark has recently completed the LMS DASLS survey for 2015 and we felt it timely to update you on the results of this, alongside a more general regulatory and taxation update.
PKF Francis Clark’s legal sector team is a leader in its field, with adept experience and skill. Acknowledged for its professionalism, integrity and depth of expertise, PKF Francis Clark advise over 100 law firms nationwide – from top 100 firms to sole practitioners.
Regulations, Acts, and everything else you need to know about payroll legisla...Softworld
Karen Thomson, Associate Director of Policy & Research, Institute of Payroll Professionals
Legislation now and for the future including: Heyday challenge and its implications for payroll; Scottish Arrestment Orders; agency workers; pension reforms.
Ian McMonagle, Russell & Russell
Ian will cover the legal and tax aspects of dividends received from companies and, in particular, owner-managed businesses rather than dividends from shares on the stock exchange, etc.
A Presentation from a panel of experts including a Chartered Tax Adviser, a Chartered Wealth Manager, an Estate Planning Solicitor and our special celebrity guest speaker, BBC financial pundit and Co-Founder of Seven Investment Management, Justin Urquhart-Stewart. This event took place in Plympton on 11th October 2017
Advanced computer architecture lesson 1 and 2Ismail Mukiibi
An OS is a program that controls the execution of application programs and acts as an interface between the user of a computer and the computer hardware. .....................
Advanced computer architect lesson 3 and 4Ismail Mukiibi
Program creation: The OS provides a variety of facilities and services, such as editors and debuggers, to assist the programmer in creating programs. Typically, these services are in the form of utility programs that are not actually part of the OS but are accessible through the OS.....
Computers are not complicated device,
They are not infinitely intelligent
They do not think better than people.
A computer can only do what a programs instruct through programs
Profit extraction and investment for family and OMB businesses - ExeterPKF Francis Clark
This practical seminar will look at options and opportunities available under current and proposed tax legislation. We will examine the taxation consequences but also highlight broader commercial and practical issues in relation to profit extraction and investment. Our aim is that delegates will have a better idea of how to ensure they and their businesses continue to thrive.
Profit extraction and investment for family and OMB businesses - Bodmin/RedruthPKF Francis Clark
This practical seminar will look at options and opportunities available under current and proposed tax legislation. We will examine the taxation consequences but also highlight broader commercial and practical issues in relation to profit extraction and investment. Our aim is that delegates will have a better idea of how to ensure they and their businesses continue to thrive.
NL Tax Advantages Sole Proprietorship vs Private Limited CompanyJürgen van de Sande
Workshop for Eindhoven Startups Foundation about Dutch Tax Advantages Sole Proprietorship (eenmanszaak) vs Private Limited Liability Company (besloten vennootschap, B.V.)
Questions? Contact me by:
Phone: +31 (0)40 244 42 88
Email: info@dewert.nl
Twitter: @jurgenvdsande
The Finance Act 2015 - How does it affect your clients? By CBW TaxRobert Maas
How will the many significant changes in the Finance Act 2015 affect your clients?
Let us share with you our thoughts on all of the main changes in the Finance Act.
2013 Changes in Tax Law and Year End Tax Planning Opportunities
Individuals
o 2013 tax rates
o Tax on investment income
o Other changes in tax law affecting individuals
o Year end planning opportunities
Businesses
o Employment tax
o Depreciation
o Pass-through entities
Estate and Gift Tax
o Exemption amounts
o Tax rates
o Gifting strategies
o Valuation discounts
o Grantor trusts
2. Introduction & Welcome
• Agenda & housekeeping
• What’s new? Alan Boby
• 2012 for investors Chris Beckett
Head of Quilter Equity Research
• Tax saving opportunities Alan Boby
4. Personal tax rates and allowances
Individuals
• Income tax rate bands:
20% up to £42,475
40% from £42,476 to £150,000
50% above £150,000 – down to 45% in April 2013
• Personal allowance £8,105 - restricted if income >£100k
• Pension payments tax relief capped at £50,000
but can claim unused relief for 3 prior years
• Capital gains tax (CGT) main rate now 28% but
18% for ‘basic rate taxpayers’
• Trust income taxed at 50% – down to 45% in April 2013
5. Income tax bands
2012/13
60%
60%
Tax Percentage
50%
40% 40%
40%
20%
20%
0%
0%
Income in £s
6. Business tax rates and relief
• Capital allowances on plant & machinery – 100% on
first £100,000 down to £25,000 from April 2012
• CGT 10% rate for entrepreneurs on gains of £10m
• NIC rates:
o13.8% for employers
o12%/2% for employees
o 9%/2% for self-employed
• New ‘cash basis’ for businesses with sales <£77k
• Corporation tax main rate down to 24%
7. Income v capital gains
Comparing tax rates
Income tax CGT - basic rate payers
CGT - higher rate payers CGT - entrepreneurs
60
50
Tax Percentage %
40
30
20
10
0
2007/08 2008/09 2009/10 2010/11 2011/12 2012/13
8. Tax relief for business investment
• Enterprise Investment Scheme (EIS) relief:
- investments up to £500,000 pa
- income tax relief at 30%
- deferral of other capital gains
- no capital gains tax on EIS shares
• EIS limit to go up to £1 million pa from 6 April 2012
• New Seed EIS from 6 April 2012:
- investments up to £100,000 pa
- income tax credit at 50%
- tax exemption for other capital gains (up to 28%)
- no capital gains tax on Seed EIS shares
9. Other taxes and reliefs
• Inheritance tax – 20% (lifetime) + 40% rate (death)
o gifts to individuals tax-free after 7 years
o no tax up to £325,000 & business & agricultural reliefs
• Stamp duty land tax (SDLT)
o nil to £125k (residential) & to £150k (other)
o 1% up to £250,000
o 3% > £250,000
o 4% > £500,000
o 5% > £1 million for residential
o 7% > £2 million for residential
12. Tax saving opportunities
• Keeping out of higher income tax bands
• Taking profits out of the business
• Cutting business taxes
• Sharing income or gains
• Using tax shelters & other ways to stay out of tax
• Converting income into gains
13. Keeping out of higher income tax bands
• Keep total annual taxable income below limits:
£42,475
£100,000
£150,000
• Pension tax relief – up to £200,000!
• EIS investments – 30% income tax relief
• Seed EIS – 50% income tax credit
• Gift aid relief on charitable donations
14. Taking profits out of the business
NB: Top income tax rate drops to 45% in 2013!
• Change business accounting date
• Timing of dividends & interest payments
• Timing of bonus payments
15. Cutting business taxes
• Capital allowances – 100% on £25k from April
• Saving employer’s national insurance at 13.8%:
- Review car benefits - 45p/mile for using own car
- Use salary sacrifice for pensions/benefits
• Incorporate to take advantage of lower
corporation tax rates
16. Sharing income or gains
• Put assets into joint names with unequal shares
• Bring spouse/family members into business?*
(NB personal allowances up to £8,105)
• Issue or transfer shares to spouse/family members
to share dividends *
• Incorporate the business into a limited company
* Beware settlement anti-avoidance rules (eg parental
settlements) & draft anti-income shifting law
17. Using tax shelters etc
• Individuals savings accounts (ISAs)
• Pension schemes
• EIS or new Seed EIS
• Leave UK – non-UK tax residence
• Tax planning structures
• Or .....
18. Convert income into capital gains
• Selling the asset or business
- is the tax rate 28%,18% or 10%?
• Transfer to family, trust or pension fund
• Company buy-back of shares
- eg on retirement
• Can entrepreneurs’ relief cut tax rate to 10%?
- check the rules!
19. Summary
1. Refer to our website - www.ellacotts.co.uk
2. Check what tax rates apply to you
3. Consider the tax-saving ideas
4. Take specialist professional advice
21. Ellacotts LLP
• These slides are intended for use in connection with
the presentation given on 22 March 2012. No action
should be taken on the basis of information contained
in these slides or in the presentation without obtaining
professional advice specific to the circumstances.
• No responsibility for the loss arising to any person
acting or refraining from acting as a result of the
material in these slides or presentation can be
accepted by the speakers or by Ellacotts LLP
Copyright 2012
Ellacotts LLP