The document summarizes a property seminar held by PKF Francis Clark on 19 October 2016 in Torquay. It provides information on:
1) Recent mergers within PKF Francis Clark and details about the PKF network globally.
2) An overview of topics to be presented including coping with non-resident capital gains tax (NRCGT), annual tax on enveloped dwellings (ATED), and the additional 3% stamp duty land tax (SDLT) rate.
3) A brief introduction to each topic with highlights about ATED reliefs and filing deadlines, the SDLT 3% surcharge and applicable reliefs, and NRCGT compliance requirements and transfers between connected persons.
The document summarizes key announcements from the UK Budget 2015 relating to taxes and financial planning. It outlines proposed changes to income tax allowances and rates, pensions, ISAs, inheritance tax, and business taxes. Specifically, it notes the reduction of the lifetime pension allowance to £1 million from £1.25 million, the introduction of pension annuity buy-backs and help-to-buy ISAs, and changes to entrepreneurs' relief and corporation tax rates.
The document discusses three options for a redundancy payment recipient named Sally to contribute to her pension and maximize tax benefits. Option 1 involves Sally making a personal contribution of £48,000 to her pension and claiming higher rate tax relief of £9,600. Option 2a involves Sally sacrificing £48,000 of her redundancy payment, with her employer keeping the £6,624 NIC savings. Option 2b is the same except the employer adds the NIC savings to Sally's pension contribution, making it £54,624. All options result in similar net costs to Sally of £28,800 after tax but differ in the total funds available in Sally's pension.
We continue to see a considerable increase in activity in the property sector in the South West and the property market continues to grow with a 5% increase in prices in the year to June 2015. The construction industry is forecast to expand at an average of 2.2% per year in the South West, substantially higher than the 1.4% growth across the UK as a whole. With the government pledging £7.2 billion to improve the transport links to the region and the continuing strength of our universities and colleges, the South West, and its regional hubs in particular, look to consolidate and build upon the more positive picture that has been emerging over the last 18 months or so.
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.
This document summarizes a presentation given by PKF Francis Clark in Plymouth in November 2016. It discusses the Autumn Statement and its implications for businesses and individuals. Key points include increased funding for infrastructure, productivity, and housing, as well as tax changes such as the reduction of corporation tax and increases to tax-free allowances. The South West is expected to receive funding but remains concerned about imbalance compared to other UK regions.
Whilst uncertainty is unhelpful to many in the sector, the delay to Brexit has seen a continuing boom in the commercial property market in the South West, with 1.7m square feet of space coming on stream over the last 12 months – concentrated in the industrial and logistic sectors. What is clear is that those in the property sector, whether developer, landlord, investor or landowner need to concentrate on exploiting opportunities and managing costs wherever possible.
Property is still a key asset, giving strong income returns and means of capital preservation for the investor and wider family. Our highly knowledgeable and experienced advisers will offer practical, constructive insights and advice
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.
El documento describe los conceptos básicos de las direcciones IP, incluyendo que cada dispositivo en Internet tiene una dirección IP única formada por cuatro números separados por puntos. Explica que existen cinco clases de direcciones IP y que la máscara de red ayuda a determinar la red a la que pertenece un host. También distingue entre direcciones IP públicas asignadas por el ICANN y direcciones IP privadas para uso interno.
The document summarizes key announcements from the UK Budget 2015 relating to taxes and financial planning. It outlines proposed changes to income tax allowances and rates, pensions, ISAs, inheritance tax, and business taxes. Specifically, it notes the reduction of the lifetime pension allowance to £1 million from £1.25 million, the introduction of pension annuity buy-backs and help-to-buy ISAs, and changes to entrepreneurs' relief and corporation tax rates.
The document discusses three options for a redundancy payment recipient named Sally to contribute to her pension and maximize tax benefits. Option 1 involves Sally making a personal contribution of £48,000 to her pension and claiming higher rate tax relief of £9,600. Option 2a involves Sally sacrificing £48,000 of her redundancy payment, with her employer keeping the £6,624 NIC savings. Option 2b is the same except the employer adds the NIC savings to Sally's pension contribution, making it £54,624. All options result in similar net costs to Sally of £28,800 after tax but differ in the total funds available in Sally's pension.
We continue to see a considerable increase in activity in the property sector in the South West and the property market continues to grow with a 5% increase in prices in the year to June 2015. The construction industry is forecast to expand at an average of 2.2% per year in the South West, substantially higher than the 1.4% growth across the UK as a whole. With the government pledging £7.2 billion to improve the transport links to the region and the continuing strength of our universities and colleges, the South West, and its regional hubs in particular, look to consolidate and build upon the more positive picture that has been emerging over the last 18 months or so.
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.
This document summarizes a presentation given by PKF Francis Clark in Plymouth in November 2016. It discusses the Autumn Statement and its implications for businesses and individuals. Key points include increased funding for infrastructure, productivity, and housing, as well as tax changes such as the reduction of corporation tax and increases to tax-free allowances. The South West is expected to receive funding but remains concerned about imbalance compared to other UK regions.
Whilst uncertainty is unhelpful to many in the sector, the delay to Brexit has seen a continuing boom in the commercial property market in the South West, with 1.7m square feet of space coming on stream over the last 12 months – concentrated in the industrial and logistic sectors. What is clear is that those in the property sector, whether developer, landlord, investor or landowner need to concentrate on exploiting opportunities and managing costs wherever possible.
Property is still a key asset, giving strong income returns and means of capital preservation for the investor and wider family. Our highly knowledgeable and experienced advisers will offer practical, constructive insights and advice
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.
El documento describe los conceptos básicos de las direcciones IP, incluyendo que cada dispositivo en Internet tiene una dirección IP única formada por cuatro números separados por puntos. Explica que existen cinco clases de direcciones IP y que la máscara de red ayuda a determinar la red a la que pertenece un host. También distingue entre direcciones IP públicas asignadas por el ICANN y direcciones IP privadas para uso interno.
MÁSTER UNIVERSITARIO EN QUÍMICA AVANZADAOscar Herrera
Este documento presenta el plan de estudios del Máster Universitario en Química Avanzada de la Universidad de Burgos para el curso 2011/2012. Los estudiantes pueden especializarse en Nuevos Materiales o en Productos y Procedimientos Industriales. Deben cursar un total de 60 créditos, que incluyen optativas, prácticum y una tesis. Las optativas pertenecen a los módulos de Formación General, Nuevos Materiales o Productos Industriales.
Este documento proporciona una guía sobre los aspectos clave que debe contener un proyecto de investigación. Explica que un proyecto debe incluir una pregunta o problema de investigación, objetivos, marco teórico, metodología y aspectos administrativos. También cubre cómo estructurar la pregunta de investigación de manera lógica y pertinente, y la importancia de justificar el proyecto explicando su contribución potencial y el estado actual del conocimiento sobre el tema.
El documento habla sobre la importancia de plantear correctamente el problema de investigación. Explica que este consiste en delimitar claramente el objeto de estudio mediante preguntas, lecturas y otras técnicas. Además, menciona que la delimitación implica especificar el ámbito geográfico y temporal, definir conceptos clave y seleccionar el problema central. Finalmente, señala que las instituciones suelen fijar temas generales dejando libertad al investigador para elegir el enfoque específico.
A Assessoria Decora oferece projetos de arquitetura, decoração e reforma desenvolvidos por arquitetos experientes, com 15 anos de experiência no ramo. Entre em contato com a empresa para obter os melhores projetos para construção e reforma de seus ambientes.
Este documento describe la estructura estándar para un proyecto de investigación, incluyendo secciones como introducción, marco teórico, metodología, y organización de la investigación. Además, proporciona criterios para la redacción de cada elemento del proyecto, enfatizando que el título debe ser concreto y unívoco, y debe reflejar claramente el problema de investigación.
Brian May is seeking a manufacturing position where he can use his experience improving processes, enhancing products, and gaining market share for customers. He has over 5 years of experience as a manufacturing supervisor and thin film coating technician. His experience includes utilizing MES and SAP software, implementing Six Sigma practices, and ensuring work meets quality standards. He is proficient in Lean manufacturing, problem solving, project management, and software like MS Office, SAP, and Filmstar.
Me llamo noemí janneth zhagüi saquipay 2NOEMI ZHAGUI
Noemí Janneth Zhagüi Saquipay nació en la provincia de Cañar, Ecuador. Este trabajo resume lo aprendido en la asignatura de Informática durante el año lectivo de Octubre a Abril del 2016.
Ahmed Hassan EL Saied is an Egyptian male born on April 28, 1992 who is seeking employment. He received a good grade from Helwan University's Faculty of Science in 2013 with a specialization in Chemistry. He has experience in quality control and as a medical representative and has training in chemistry administration, wastewater treatment, and English.
A proposta apresenta um plano de comunicação digital para a empresa Makro com dois objetivos principais: 1) lançamento do comércio eletrônico e comunicação do mesmo; 2) presença nos meios digitais como forma de diferenciação. O plano inclui o desenvolvimento de site e app, integração de meios digitais e não digitais, e tem como público-alvo empresas do setor HORECA. A campanha será chamada "Makro Digital".
Microfinance sector growth and monitoring from credit bureau perspectivePascal Ly
The document summarizes statistics from Cambodia's microfinance sector as reported by the Credit Bureau Cambodia (CBC). It notes that as of November 2015, CBC had data on over 1.9 million customers and 2.5 million accounts, with a total loan portfolio of $10 billion. Borrowers are predominantly women, and most borrowers are between the ages of 30-39. Business loans and personal finance are the most common loan types. The document also discusses CBC's solutions that help microfinance institutions monitor loan quality, understand market conditions, and make informed lending decisions.
Payroll is a constantly changing system and keeping up to date with legislation and how this affects you and your staff can be difficult. Kirsty Small, Payroll & Auto Enrolment Services Manager, will guide you through the finer points of the changes and other topical issues.
Francis Clark is pleased to invite you to our fourth annual innovation and technology conference which is taking place at the Exeter University Innovation Centre.
The morning will bring together a number of topical issues to those involved in innovation and technology, from start-ups to multi-million pound turnover businesses. There will also be an opportunity to hear more about the Innovation Centre itself, and during the morning we will be offering a tour around the 'Centre for Additive Layer Manufacturing' on the University campus.
The document provides guidance on property letting taxes in the UK, including:
- Stamp Duty Land Tax is charged on property purchases at incremental rates up to 12% depending on the value, with higher rates for additional properties.
- Income from property lettings is taxed as income at income tax rates of up to 45% or corporation tax of 19% if owned through a company. Allowable expenses can be claimed to reduce taxable profits.
- Capital Gains Tax of 18% or 28% may apply on gains made from selling properties not eligible for the main residence exemption. Private letting relief provides exemption up to £40,000 per owner.
- Inheritance Tax at 40% applies to property value transferred between
The document provides information about Scottish Letting Day 2019, including the date, sponsors, and schedule of sessions. It also includes two presentations from the event. The first presentation discusses how property taxation has changed in recent years in Scotland and potential future changes. It outlines various taxes like LBTT, ADS, and interest deductions that impact landlords. The second presentation is from Paragon Bank and discusses their portfolio and non-portfolio buy-to-let mortgage options, including for limited companies, HMOs, and short-term finance products. It provides details on underwriting criteria and new products like options for expat landlords and holiday lets.
The Summer Budget 2015 document provides an overview and analysis of the key announcements from the UK Summer Budget 2015. It discusses changes to personal taxes including increases to the personal tax allowance and higher rate tax threshold. It also covers reforms to inheritance tax, including a new main residence nil rate band. Business tax measures are analyzed such as reductions to the corporation tax rate and changes to dividend taxation and annual investment allowance limits.
On Wednesday 16 March the Chancellor of the Exchequer, George Osborne, will deliver his second coalition-free budget speech setting out the Government's plans for the economy based on the latest forecasts from the Office for Budget Responsibility as well as any proposals for changes to taxation.
There is little doubt that the Chancellor will continue on his path of austerity, particularly in driving down Government overheads and closing tax avoidance loopholes to fulfil his aim of eliminating the deficit by the end of the decade, but there are challenges ahead. The extended honeymoon of close to zero inflation will end during 2016 and as the rate of inflation rises, the Bank of England Monetary Policy Committee is likely to follow suit by raising interest rates and businesses will need to factor this in when planning ahead.
Our tax partners and consultants will be analysing the measures taken in the Budget and we will be presenting our analysis and commentaries.
Tax Treatment of Non-UK Domiciled PersonsNaddir Muthu
Reforms to the tax treatment of non-UK domiciled persons
The use of overseas Trusts for non-UK domiciled persons
The use of non-Trust solutions for former UK domiciles and UK persons
Reforms to IHT on UK residential property held through overseas companies
MÁSTER UNIVERSITARIO EN QUÍMICA AVANZADAOscar Herrera
Este documento presenta el plan de estudios del Máster Universitario en Química Avanzada de la Universidad de Burgos para el curso 2011/2012. Los estudiantes pueden especializarse en Nuevos Materiales o en Productos y Procedimientos Industriales. Deben cursar un total de 60 créditos, que incluyen optativas, prácticum y una tesis. Las optativas pertenecen a los módulos de Formación General, Nuevos Materiales o Productos Industriales.
Este documento proporciona una guía sobre los aspectos clave que debe contener un proyecto de investigación. Explica que un proyecto debe incluir una pregunta o problema de investigación, objetivos, marco teórico, metodología y aspectos administrativos. También cubre cómo estructurar la pregunta de investigación de manera lógica y pertinente, y la importancia de justificar el proyecto explicando su contribución potencial y el estado actual del conocimiento sobre el tema.
El documento habla sobre la importancia de plantear correctamente el problema de investigación. Explica que este consiste en delimitar claramente el objeto de estudio mediante preguntas, lecturas y otras técnicas. Además, menciona que la delimitación implica especificar el ámbito geográfico y temporal, definir conceptos clave y seleccionar el problema central. Finalmente, señala que las instituciones suelen fijar temas generales dejando libertad al investigador para elegir el enfoque específico.
A Assessoria Decora oferece projetos de arquitetura, decoração e reforma desenvolvidos por arquitetos experientes, com 15 anos de experiência no ramo. Entre em contato com a empresa para obter os melhores projetos para construção e reforma de seus ambientes.
Este documento describe la estructura estándar para un proyecto de investigación, incluyendo secciones como introducción, marco teórico, metodología, y organización de la investigación. Además, proporciona criterios para la redacción de cada elemento del proyecto, enfatizando que el título debe ser concreto y unívoco, y debe reflejar claramente el problema de investigación.
Brian May is seeking a manufacturing position where he can use his experience improving processes, enhancing products, and gaining market share for customers. He has over 5 years of experience as a manufacturing supervisor and thin film coating technician. His experience includes utilizing MES and SAP software, implementing Six Sigma practices, and ensuring work meets quality standards. He is proficient in Lean manufacturing, problem solving, project management, and software like MS Office, SAP, and Filmstar.
Me llamo noemí janneth zhagüi saquipay 2NOEMI ZHAGUI
Noemí Janneth Zhagüi Saquipay nació en la provincia de Cañar, Ecuador. Este trabajo resume lo aprendido en la asignatura de Informática durante el año lectivo de Octubre a Abril del 2016.
Ahmed Hassan EL Saied is an Egyptian male born on April 28, 1992 who is seeking employment. He received a good grade from Helwan University's Faculty of Science in 2013 with a specialization in Chemistry. He has experience in quality control and as a medical representative and has training in chemistry administration, wastewater treatment, and English.
A proposta apresenta um plano de comunicação digital para a empresa Makro com dois objetivos principais: 1) lançamento do comércio eletrônico e comunicação do mesmo; 2) presença nos meios digitais como forma de diferenciação. O plano inclui o desenvolvimento de site e app, integração de meios digitais e não digitais, e tem como público-alvo empresas do setor HORECA. A campanha será chamada "Makro Digital".
Microfinance sector growth and monitoring from credit bureau perspectivePascal Ly
The document summarizes statistics from Cambodia's microfinance sector as reported by the Credit Bureau Cambodia (CBC). It notes that as of November 2015, CBC had data on over 1.9 million customers and 2.5 million accounts, with a total loan portfolio of $10 billion. Borrowers are predominantly women, and most borrowers are between the ages of 30-39. Business loans and personal finance are the most common loan types. The document also discusses CBC's solutions that help microfinance institutions monitor loan quality, understand market conditions, and make informed lending decisions.
Payroll is a constantly changing system and keeping up to date with legislation and how this affects you and your staff can be difficult. Kirsty Small, Payroll & Auto Enrolment Services Manager, will guide you through the finer points of the changes and other topical issues.
Francis Clark is pleased to invite you to our fourth annual innovation and technology conference which is taking place at the Exeter University Innovation Centre.
The morning will bring together a number of topical issues to those involved in innovation and technology, from start-ups to multi-million pound turnover businesses. There will also be an opportunity to hear more about the Innovation Centre itself, and during the morning we will be offering a tour around the 'Centre for Additive Layer Manufacturing' on the University campus.
The document provides guidance on property letting taxes in the UK, including:
- Stamp Duty Land Tax is charged on property purchases at incremental rates up to 12% depending on the value, with higher rates for additional properties.
- Income from property lettings is taxed as income at income tax rates of up to 45% or corporation tax of 19% if owned through a company. Allowable expenses can be claimed to reduce taxable profits.
- Capital Gains Tax of 18% or 28% may apply on gains made from selling properties not eligible for the main residence exemption. Private letting relief provides exemption up to £40,000 per owner.
- Inheritance Tax at 40% applies to property value transferred between
The document provides information about Scottish Letting Day 2019, including the date, sponsors, and schedule of sessions. It also includes two presentations from the event. The first presentation discusses how property taxation has changed in recent years in Scotland and potential future changes. It outlines various taxes like LBTT, ADS, and interest deductions that impact landlords. The second presentation is from Paragon Bank and discusses their portfolio and non-portfolio buy-to-let mortgage options, including for limited companies, HMOs, and short-term finance products. It provides details on underwriting criteria and new products like options for expat landlords and holiday lets.
The Summer Budget 2015 document provides an overview and analysis of the key announcements from the UK Summer Budget 2015. It discusses changes to personal taxes including increases to the personal tax allowance and higher rate tax threshold. It also covers reforms to inheritance tax, including a new main residence nil rate band. Business tax measures are analyzed such as reductions to the corporation tax rate and changes to dividend taxation and annual investment allowance limits.
On Wednesday 16 March the Chancellor of the Exchequer, George Osborne, will deliver his second coalition-free budget speech setting out the Government's plans for the economy based on the latest forecasts from the Office for Budget Responsibility as well as any proposals for changes to taxation.
There is little doubt that the Chancellor will continue on his path of austerity, particularly in driving down Government overheads and closing tax avoidance loopholes to fulfil his aim of eliminating the deficit by the end of the decade, but there are challenges ahead. The extended honeymoon of close to zero inflation will end during 2016 and as the rate of inflation rises, the Bank of England Monetary Policy Committee is likely to follow suit by raising interest rates and businesses will need to factor this in when planning ahead.
Our tax partners and consultants will be analysing the measures taken in the Budget and we will be presenting our analysis and commentaries.
Tax Treatment of Non-UK Domiciled PersonsNaddir Muthu
Reforms to the tax treatment of non-UK domiciled persons
The use of overseas Trusts for non-UK domiciled persons
The use of non-Trust solutions for former UK domiciles and UK persons
Reforms to IHT on UK residential property held through overseas companies
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
This document contains a summary of a budget presentation and survey results from last year. It discusses key points from the UK budget such as reductions to corporation tax and capital allowance changes to support business investment. It also outlines planned increases to personal income tax allowances and the lifetime pension allowance. Survey results are provided on economic forecasts and views on the economy from last year along with a new survey on business confidence after this budget.
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
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
PKF Francis Clark invites you to attend our annual Property Sector Update at Exeter Racecourse on Thursday 28 September.
The results of the snap General Election in June has undoubtedly caused more uncertainty to a property sector still waiting for an induction as to where things will stand in a post-Brexit economic environment.
Despite all of the uncertainty, property remains a key asset, giving strong income returns and in many cases proving to be a refuge of capital preservation for the investor and the wider family.
Against this backdrop, we will be exploring key taxation, wealth planning and accounting issues affecting the property sector today.
The seminar, chaired by Head of Tax, John Endacott, will be particular interest to landowners, developers, commercial and residential investors and landlords.
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
Stamp Duty Land Tax (SDLT) has become increasingly complex with multiple changes aimed at discouraging buy-to-let properties. This has resulted in mistakes being made in SDLT filings by solicitors. There are now over 30 reliefs and exemptions. Multiple Dwellings Relief allows calculating SDLT by averaging prices across properties, potentially saving thousands. The Subsidiary Property exemption treats main residences with annexes as one property to avoid the 3% surcharge for multiple property owners. Specialist advice is recommended to navigate opportunities like commercial rates for large estates or treating woodlands as 'mixed-use' to reduce SDLT.
Our Spring Tax Update will be taking place across the region between the 8th and 10th March 2017.
The update will include the following:
•An update on the latest HMRC consultations
•Analysis of the tax announcements in the 2017 Budget
•A review of the current property tax environment
•The latest on Making Tax Digital and interaction with cloud accounting
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.
Payroll legislation is constantly changing and keeping fully up to date can be challenging. Our Taunton payroll and auto enrolment manager, Kirsty Small, will present a comprehensive update and will guide you through all the recent legislative changes and those that will be coming up in the near future. She will also draw your attention to common problems and pitfalls that clients regularly need help and advice with.
Topics covered will include:
• Legislation changes – recent and to come
• GDPR
• Auto Enrolment – triennial review and update
• General update
• Apprenticeship levy
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
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
Similar to PKF Francis Clark - Torquay Property Seminar - October 2016 (20)
This document summarizes a breakfast briefing on green business and green Cornwall held on March 5th, 2020. It provides an agenda for the event including introductions to Fourth Element and Cornwall Council's Climate Change team, as well as examples of assistance provided to local businesses to address sustainability. The briefing covered PKF Francis Clark's work in areas like energy reporting and sustainable investment mandates. Upcoming events on topics like the circular economy, construction, and sustainable finance were also announced.
The document summarizes key changes to the Solicitors Regulation Authority (SRA) Accounts Rules, which came into effect in November 2019. It provides examples of setting up and maintaining client ledgers in accordance with the new rules. Key points include: client money must be paid promptly into a client account; costs can only be transferred from the account after issuing a bill; and withdrawals require client authorization or prescribed circumstances.
This document provides an overview of grant funding opportunities and the BIG Productivity program. It summarizes a presentation given by representatives from PKF Francis Clark and the Cornwall Development Company. The presentation covered various types of grants available including the RDPE Growth Program and Innovate UK funding. It also provided details about the BIG Productivity program goals of supporting 175 businesses, creating 175 jobs, and improving business productivity. Tips were given on the grant application process including understanding eligibility, project planning, and responding to scoring criteria.
Truro December Breakfast briefing - Grants - a last hurrah!PKF Francis Clark
This document provides an overview and agenda for an event on EU grants, specifically focusing on the RDPE Growth Programme. The agenda includes presentations on an overview of the RDPE Growth Programme, key legal aspects like state aid, tips for making successful grant applications, and implications of Brexit. Special guests will also speak. The RDPE Growth Programme provides grants to rural businesses and food processors to help them grow and create jobs. Eligibility requirements and maximum grant amounts depend on the type of project and location. Post-Brexit, businesses may face rapid regulatory and market changes, so preparing for uncertainty is important. The event aims to help businesses understand funding opportunities and readiness for potential Brexit impacts.
Exeter - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Plymouth - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Bristol - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
For innovative businesses it is vital to take advantage of support that can enable a business to grow. This includes tax reliefs aimed at the different stages in a business’s life cycle and the various avenues that are available for raising finance to take the business to the next level of its development. In this session we will look at the early stage of R&D claims and funding opportunities, through to share schemes, EIS and international expansion and the correlation with raising finance, both equity and debt, culminating in the final stage of the business being sold, what this can look like and how to be prepared.
Bodmin - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Taunton - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Bournemouth - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This document provides a directors' update for Bournemouth Essential covering the 6-month period of November 2019. It discusses navigating turbulent times amid political and economic uncertainty. The document announces new appointments to the firm and provides an agenda for an upcoming seminar covering various financial and tax topics, including property tax matters, financial reporting, VAT updates, and risks to businesses. It aims to help clients make sense of the current chaotic environment.
Breakfast briefing F&D 'waste not want not' October 2019PKF Francis Clark
The document provides information on waste reduction in the food and drink sector, including practical advice and innovative solutions. It discusses the large amount of food and plastic waste produced globally each year and the environmental impacts. Various initiatives from governments and organizations to tackle waste are outlined, from targets and funding to industry partnerships. Businesses taking action to reduce plastic and food waste through packaging changes and recycling programs are highlighted. Practical examples of innovating companies developing new products from waste are also presented.
The document provides an overview of the draft Cornwall and Isles of Scilly Local Industrial Strategy. It identifies key strengths and challenges in the "place," "people," "infrastructure," and foundations of productivity. The strategy seeks to build on regional strengths like natural assets, renewable energy production, and devolved powers to address challenges like economic productivity lagging the UK average and an aging population. The goal is for the carbon neutral regional economy to create business and quality of life opportunities by 2030.
This document discusses business valuations at different stages of a company's lifecycle, including start-up, growth, and established phases. It addresses valuation methods like net asset value, discounted cash flow, and comparative multiples. Key factors discussed for each phase include shareholder agreements, intellectual property, growth capital, management incentives, and exit strategies. Legal considerations are also outlined regarding shareholders' agreements, leaver provisions, and deferred vs earn out structures.
With over 300 debt finance options currently available to businesses, we thought it timely to have a look at that market.
Presenters include:
. Michael Cass (Capitalise)
. Rachel Taylor (SWIG Finance)
. Andrew James (PKF Francis Clark)
In addition to an overview of the debt market, presentations will include tips on how to access the finance that matches your business’ requirements.
This month’s Breakfast Briefing is based on the hottest topic in company ownership – Employee Ownership Trusts.
South West firm, Paradigm Norton is the latest business to make headlines by becoming employee owned. It follows hot on the heels of Richer Sounds joining the most well-known employee owned company, John Lewis. High street staple Lush has also started the journey.
PKF Francis Clark will be joined by Christian Wilson from Stephens Scown to look at the Employee Ownership Trust model from a legal and tax perspective. We will also hear some of the factors that are stimulating increasing interest in the model, including the results of research showing that the greater staff engagement and lower staff turnover associated with this model helps to employee owned companies to achieve:
- Sales increase of 4.6% per year
- EBITDA increase of 25.5% per year
- Productivity increase of 4.5% per year
We will also consider some of the practical issues to be considered in deciding whether this is an option to pursue and in implementation. There will be a brief mention of some other related (i.e., employee engagement) issues.
The seminar is timed to coincide with the expected publication dates of the new Academies Financial Handbook and the new Academies Accounts Direction. We will cover the main changes in a clear and understandable way.
These technical presentations will be complemented by other relevant and topical matters, including, governance and risk management, VAT and Integrated Financial Curriculum Planning - which is currently a very popular financial health check review of the ESFA.
Our intention is for the seminars to be relaxed and informal, offering you opportunities to ask questions and to meet your counterparts from other Trusts.
Topics include:
• Update on the Academies Accounts Direction
• Update on the Academies Financial Handbook
• What does a good board look like?
• Integrated Curriculum Financial Planning
• Are you managing risk?
• VAT Update
The seminar is timed to coincide with the expected publication dates of the new Academies Financial Handbook and the new Academies Accounts Direction. We will cover the main changes in a clear and understandable way.
These technical presentations will be complemented by other relevant and topical matters, including, governance and risk management, VAT and Integrated Financial Curriculum Planning - which is currently a very popular financial health check review of the ESFA.
Our intention is for the seminars to be relaxed and informal, offering you opportunities to ask questions and to meet your counterparts from other Trusts.
Topics include:
• Update on the Academies Accounts Direction
• Update on the Academies Financial Handbook
• What does a good board look like?
• Integrated Curriculum Financial Planning
• Are you managing risk?
• VAT Update
Breakfast Briefing - Equity is not just for Punks: practicalities and princip...PKF Francis Clark
In this focused breakfast, we will be joined by the local equity fund provider, Cornwall and Isles of Scilly Investment Fund (CIOSIF), and one of the county’s solicitors to discuss a number of issues pertinent to an equity fund raise:
How to Implement a Real Estate CRM SoftwareSalesTown
To implement a CRM for real estate, set clear goals, choose a CRM with key real estate features, and customize it to your needs. Migrate your data, train your team, and use automation to save time. Monitor performance, ensure data security, and use the CRM to enhance marketing. Regularly check its effectiveness to improve your business.
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
SATTA MATKA SATTA FAST RESULT KALYAN TOP MATKA RESULT KALYAN SATTA MATKA FAST RESULT MILAN RATAN RAJDHANI MAIN BAZAR MATKA FAST TIPS RESULT MATKA CHART JODI CHART PANEL CHART FREE FIX GAME SATTAMATKA ! MATKA MOBI SATTA 143 spboss.in TOP NO1 RESULT FULL RATE MATKA ONLINE GAME PLAY BY APP SPBOSS
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This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...Aleksey Savkin
The Strategy Implementation System offers a structured approach to translating stakeholder needs into actionable strategies using high-level and low-level scorecards. It involves stakeholder analysis, strategy decomposition, adoption of strategic frameworks like Balanced Scorecard or OKR, and alignment of goals, initiatives, and KPIs.
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- Stakeholder Analysis
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- Adoption of Business Frameworks
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- Initiatives and Action Plans
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- Systematic strategy formulation and execution.
- Framework flexibility and automation.
- Enhanced alignment and strategic focus across the organization.
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Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
6. pkf-francisclark.co.uk
.
About the PKF network
• Global network of legally independent firms bound together
by a shared commitment to quality, integrity and the creation
of clarity in a complex regulatory environment.
• PKF is in the top 12 of worldwide accountancy networks
• PKF in the UK is ranked, by AccountancyAge Top 50 Firms,
as number 11 (operating as a network)
• Global network of over 300 independent member firms
• 440 locations in 150 countries
• A team of 14,000 including 2,600 partners
• Over $2.3bn worldwide revenue
8. Programme
Coping with NRCGT, ATED and additional
rate SDLT– Karen Bowen
Capital Allowances & Commercial Property – Paul
Collings
VAT and Property – Richard Staunton
pkf-francisclark.co.uk
10. pkf-francisclark.co.uk
.
Agenda
Annual Tax on Enveloped Dwellings (“ATED”)
• An overview
• Reliefs from the charge
• Tax filings and deadlines
• ATED-related capital gains
• Action points
SDLT – the 3% surcharge
• What it is and when it applies
• Example of a common scenario
• Reliefs
Non-residents capital gains tax (“NRCGT”)
• Compliance
• Transfers between connected persons
• Tax advice
11. pkf-francisclark.co.uk
.
Annual tax on enveloped dwellings (ATED)
Initially introduced to counter perceived SDLT abuse.
Annual charge from 1 April 2013 for UK dwellings/residential property:
• owned by companies, corporate partners and collective investment
schemes,
• worth over £2m on 1 April 2012 or date of acquisition if later.
• Starting threshold for ATED reduced:
• From 1 April 2015 properties over £1m
• From 1 April 2016 properties over £500,000
12. pkf-francisclark.co.uk
.
Annual tax on enveloped dwellings (ATED)
Taxable value
Annual
charge
2013/14
Annual charge
2014/15
Annual charge
2015/16 and
2016/17
Over £500,000 to
£1m
Not applicable Not applicable Not applicable/£3,500
Over £1m to £2m Not applicable Not applicable £7,000
Over £2m to £5m £15,000 £15,400 £23,350
Over £5m to £10m £35,000 £35,900 £54,450
Over £10m to £20m £70,000 £71,850 £109,050
More than £20m £140,000 £143,750 £218,200
13. pkf-francisclark.co.uk
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Reliefs from ATED charge
• Property rental business
• Dwellings open to the public
• Property developers
• Property traders
• Financial institutions acquiring in the course of lending
• Occupation by certain employees/partners
• Farmhouses
• Providers of social housing
Exempt: Charitable companies using dwelling for charitable purposes
14. pkf-francisclark.co.uk
.
Non-qualifying individual occupation
Possible trap – any occupation by a non-qualifying individual will cause an
ATED chargeable period unless either the “farmhouse” or “open to public”
reliefs apply. This is the case even if the non-qualifying individual pays a full
market rent for occupation.
Non-qualifying individual includes:
• Individual connected to owner (e.g. who together with other connected
persons controls more than 50% of company).
• Partner of partnership
• Major participant (> 50%) in a collective investment scheme
• Settlor of trust which is connected to property owner
• Spouse, civil partner, sibling, lineal descendent or ancestor of a non-
qualifying individual and the spouses/civil partners of those individuals.
15. pkf-francisclark.co.uk
.
ATED reporting/payment
ATED annual return or ATED relief declaration.
• Return must be filed by 30 April in the relevant tax year eg 2016/17 return
was due by 30 April 2016.
• A relief declaration form is needed for each type of relief relevant for the
company.
• Late filing penalties apply - £1,600 if 12 months late even if no ATED
payable!
• ATED payment also due by 30 April – 2016/17 payable by 30 April 2016.
• Adjustments must be made within 30 days of the end of the chargeable year.
• New acquisitions must be reported within 30 days (or 90 days for newly built
dwellings) unless a relevant ATED relief declaration form has already
submitted by company for the tax year.
16. pkf-francisclark.co.uk
.
ATED – related capital gains
Applicable for any disposal of a UK residential property which has at any time
during the period of ownership been liable to an ATED charge.
Ownership period may include mix of ATED and non-ATED-CGT gains – can
be a very complicated calculation!
Valuation of property needed at date property came within scope of ATED:
• More than £2m: April 2013
• More than £1m to £2m: April 2015
• More than £500k to £1m April 2016
Gain applicable to ATED chargeable period taxed at 28% without indexation
relief.
Non ATED-CGT gain (after allowing indexation relief) is liable at corporation tax
rate (if UK company or NRCGT gain)
17. pkf-francisclark.co.uk
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Action points
• Be aware that ATED implications may arise when a non-natural
person acquires a dwelling-house for more than £500,000.
• Advise corporate purchaser to take tax advice regarding ATED –
especially to check if they need to file an ATED form/pay ATED
within 30 days of completion.
• Acquisitions include transfers of residential property on
incorporation of a business.
18. pkf-francisclark.co.uk
.
SDLT bands and rates for dwellings
SDLT
rate
+3% surcharge
from 1 April
2016
From 4 December
2014 (proportionate)
SDLT band max
(without 3%)
Cumulative
total (without
3%)
SDLT band
max (with 3%)
Cumulative
total (with 3%)
Difference of 3%
0%
0% on
properties
less than
£40,000
£0 £0 £0 £0 £0 £0
0% 3% First £125,000 0 0 £3,750 £3,750 £3,750
2% 5%
Then £125,000
to £250,000
£2,500 £2,500 £6,250 £10,000 £7,500
5% 8%
Then £250,000
to £925,000
£33,750 £36,250 £54,000 £64,000 £27,750
10% 13%
Then £925,000
to £1.5m
£57,500 £93,750 £74,750 £138,750 £45,000
12% 15% Over £1.5m
Excess
over £1.5m
x 12%
+ 12% on
excess
Excess
over £1.5m
x 15%
+ 15% on
excess
+3% on
excess
Remember – companies acquiring residential property over £500,000 pay 15% on the full
purchase price if it has a non-qualifying use.
LBTT applies at the same rates for residences in Scotland. LTT is due to come into force from April
2018 in Wales.
19. pkf-francisclark.co.uk
.
SDLT 3% surcharge
• Applies to all residential property purchases over £40,000 by companies or collective investment
schemes (unless acting as nominee for individual) and discretionary trusts.
• Generally applies to individuals acquiring an additional property (if they already own residential
property anywhere in the world)
• Relevant for all co-owners purchasing a dwelling if at least one co-owner has an additional
residential property at date of completion which is not excepted from the 3% charge.
• Spouses and civil partners treated as ‘one’
• Parents and minor children treated as ‘one’
• Residential property owned by a trust is an additional property for the life interest beneficiaries
acquiring residential property.
• Likewise, residential property owned by a life interest beneficiary is ‘additional property’ for
trustees of a life interest trust acquiring residential property.
20. pkf-francisclark.co.uk
.
3% SDLT reliefs - individuals
The 3% surcharge is not applicable if:
• It replaces the individual’s former main residence (question of fact) sold within the last 36
months (transitional relief for purchases on or before 26 November 2018), or
• The only other property owned by the individual was inherited within the previous 36
months and the individual does not own more than 50% in the inherited property at date
of completion.
• The property is acquired for consideration of less than £40,000.
• Caravans, mobile homes and houseboats are not subject to the 3% surcharge and are
not regarded as ‘additional properties’.
• 3% is chargeable on purchase of additional property if former main residence is still
owned – but refund of 3% may be reclaimed if the main residence is sold within 36
months
• Watch co-owner’s position – may invalidate 3% relief!
21. pkf-francisclark.co.uk
.
Example
Sally and Dave get engaged. They each own their own homes and, in
addition, Dave owns an investment property. They decide to place each of
their homes on the market to sell so they can buy a new home together.
They find a new home and Dave finds a buyer for his place. They decide to
go ahead with those transactions with Sally still needing to find a buyer for
her home.
The completion of the purchase of the new property and sale of Dave’s home
takes place on the same day.
Dave still has his investment property but he is replacing his former main
residence so the 3% SDLT surcharge would not normally apply. However,
Sally still has her property and they are co-owners, so the 3% SDLT applies
to the purchase of the new property for both of them.
22. pkf-francisclark.co.uk
.
Example – possible solutions
Dave could acquire the new home in his sole name but;
• He may not be able to get a mortgage in his sole name,
• Sally may want to have an interest too – any future purchase of the property interest by
her (perhaps when she has sold her property) would be another SDLT event,
• Dave could gift her a share in the property later. But watch SDLT on transfer of a
mortgage to Sally. Also, any future gift must not be pre-agreed.
Option of Dave being sole owner is only possible if they are not married on the date of
completion!
Sally could gift her former home to a discretionary trust before completing on the new
purchase. But its value may be higher than the IHT nil-rate band and there are other tax
implications to consider.
Or they could pay the 3% SDLT in the hope that Sally will sell her home within 36
months at which time they can reclaim the 3% surcharge.
Relevance of GAAR and SDLT anti-avoidance legislation must be considered for all planning
23. pkf-francisclark.co.uk
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What is residential property?
Any building “suitable for use” as a dwelling or which is
in the “process of being constructed or adapted” for
such use along with gardens and grounds.
Uncertainty over ‘suitable for use’ and ‘process of
construction or adaptation’.
HMRC and Stamp Taxes Practitioners’ Group (STPG)
working to establish more clarity.
24. pkf-francisclark.co.uk
.
SDLT reliefs
Always consider whether a residential property acquisition qualifies for SDLT relief:
• Acquisitions of 6 or more residential properties may be treated as non-residential property
so the lower commercial rates apply with no 3% surcharge.
• Alternatively, claim multiple dwellings relief – average of property values x number of
properties at residential rates (possible for acquisitions of more than 1 property). 3%
surcharge applies if averaged value is over £40,000.
• If the property acquired is a mix of residential and non-residential property, the non-
residential rates apply.
• A transfer of residential property from a partnership to a company qualifies for full SDLT
relief.
• A transfer of property between companies in the same group qualifies for full SDLT relief.
Planning for SDLT now an important consideration. If 3% surcharge looks to be
applicable, always double-check availability of reliefs and if in doubt suggest buyer
takes specialist advice.
25. pkf-francisclark.co.uk
.
Non-residents capital gains tax (NRCGT)
• Non-resident owners disposing of UK residential property after 5 April 2015 (regardless of value
of property or its use – so different to ATED)
• Disposals must be reported to HMRC using online NRCGT form including:
• Owners not liable to NRCGT because they are liable only to ATED-related CGT
• Owners qualifying for main residence reliefs that would reduce chargeable
gain to nil.
• Owners that are selling at a loss.
• April 2015 rebasing (default) or time apportionment (election) if property owned on 5 April 2015
to calculate NRCGT gain/loss.
• NRCGT return filing deadline is 30 days following completion of conveyance.
• Late filing penalties apply - £1,600 if 12 months late even if no NRCGT payable!
• Payment also within 30 days unless tax reference held (SA700, SA900 or ATED references) – if
live tax reference, must also declare in the tax return for the year of disposal and pay on normal
due dates.
26. pkf-francisclark.co.uk
.
Transfers between connected persons
Nil gain/loss transfers falling within section 288(3A) TCGA
1992 are not reportable, including:
• between spouses/civil partners,
• between companies in same “NRCGT group” (only
applicable if all companies are non-UK resident).
27. pkf-francisclark.co.uk
.
Always recommend non-resident
vendors to take UK tax advice
• Date of exchange is the CGT date of disposal whereas completion date denotes the
deadline for NRCGT filing.
• If individual is leaving/coming back to the UK and is relying on split-year treatment,
he must meet at least one of the split-year Cases per the Statutory Residence Test.
• Foreign incorporated companies are UK resident if they are managed and controlled
in the UK – so may not be non-resident for NRCGT purposes.
• If a non-resident vendor resumes UK residence within 5 years of departure, further
CGT may be payable when he resumes UK residence.
• Alternative options for calculating the NRCGT position for properties owned on 5
April 2015. Need to consider which is the best one to use.
• Gifts by non-residents are disposals at market value for tax purposes.
• Filing deadline 30 days from date of completing conveyance. Penalties for late filing.
30. pkf-francisclark.co.uk
.
What are Capital Allowances?
• Companies and Individuals are assessed to tax
on profit:
Sales 100,000
Cost of Sales 60,000
Gross Profit 40,000
Insurance 5,000
Marketing 2,000
Postage etc. 1,000
Depreciation 4,000
Net Profit 28,000
32. pkf-francisclark.co.uk
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Capital Allowances
Different “Methods” of claiming
• Annual Investment Allowance - £200,000
• Writing Down Allowances – 18% or 8% reducing balance basis
• Capital Allowances claimed on a variety of items – reduce tax bills
- Machinery in a manufacturing business;
- Vans in delivery business
- Fixtures in a Commercial Building
34. pkf-francisclark.co.uk
.
What might constitute a fixture?
• Lighting;
• Air Conditioning;
• Heating Systems
Can claim capital allowances on these parts of a building;
But NOT the bricks and mortar.
When a building changes hands the fixtures will transfer.
36. pkf-francisclark.co.uk
.
For the Buyer to claim
• The Buyer must hold on “Capital Account”
• Since April 2014:
- Pooling Requirement
- Fixed Value Requirement
- Lose Capital Allowances??
37. pkf-francisclark.co.uk
.
Fixtures - what properties?
Commercial properties
• Owner-occupied
• Landlords
• Furnished holiday lets
Not applicable to:
• Residential property
• Property developers (but their customers may be interested)
39. pkf-francisclark.co.uk
.
Why are we here?
• Property Prices Increasing
• Assessments being made of commercial
property;
• Formulaic Approach – replacement cost;
• Larger and larger claims being made – HMRC
wanted to “cap the cost”.
40. pkf-francisclark.co.uk
.
Properties most likely to gain….
Fixture-rich properties include:
• Hotels
• Restaurants/pubs
• Residential homes
• GP or dental surgeries
• Offices
• Furnished holiday lets
41. pkf-francisclark.co.uk
.
Pooling Requirement
• “The vendor must include his expenditure in his
tax computations”
• A Ltd purchased a property in 2009 and is
selling it to B Ltd in 2017. B Ltd must have
added them to his tax computations.
43. pkf-francisclark.co.uk
.
Fixed Value Requirement
• Must determine a value for the fixtures;
• Value is used in both computations;
• S198 election
• If can’t agree then possibility of going to
Tribunal – uncertainty and costs
44. pkf-francisclark.co.uk
.
Pooling Requirement
• A Ltd purchased a property in 2009 and is
selling it to B Ltd in 2017. B Ltd must have
added them to his tax computations.
• One of the assets included is an air-con system
– cost £20,000.
• Might be anything £0 - £20,000
45. pkf-francisclark.co.uk
.
Bad Example
• Owner Sells in October 2017 (acquired 2011).
• Property sold - £1million – potentially £350,000
of allowances.
• S198 claim at £40,000.
• Later realises that fixtures on a 2012 extension
were never claimed…..
46. pkf-francisclark.co.uk
.
Inability to Claim
• Owners may have acquired prior to 2008
• Integral Features
- An electrical system;
- A space or water heating system;
- A lift, escalator or moving walkway;
- External shading
47. pkf-francisclark.co.uk
.
Integral Features
• If incurred expenditure:
- Prior to April 2008 – cannot claim;
- After that date – you can claim;
- Integral Features – 8%
- Other fixtures – 18%
48. pkf-francisclark.co.uk
.
What is a fixture?
What is an Integral Feature?
8% Integral features
• Cold water systems
• Hot water systems
(boilers, storage, pumps,
pipework)
• Heating, ventilation & air
conditioning systems
• Electrical systems
• Lifts
18% Plant & machinery
• Sanitary appliances
(WCs, basins, showers,
etc)
• Fire fighting & warning
installations (fire alarms,
sprinklers, etc)
• Fitted kitchens
50. pkf-francisclark.co.uk
Integral Features and the
Pooling Requirement
• The vendor has NOT been able to claim relief;
• Provides an opportunity for the purchaser –
“tap in”
• Moving forward important to “grab” integral
features;
51. pkf-francisclark.co.uk
.
Summary of Key Points
• Importance of the s198 Elections;
• Additional allowances might be available if pre-
2008;
• Possible Claim for Chattels;
• Critical that value “captured”
52. pkf-francisclark.co.uk
.
Example 1
• Charlie bought an office building in 2002 and is
selling it in 2017;
• He meets all conditions for most fixtures;
• Charlie is NOT entitled to claim for integral features
• The new owner can look to claim in respect of
those integral features
53. pkf-francisclark.co.uk
.
Example 2
• A Charity Owns a Freehold Block of Offices
• Now being sold - Acquired in 2010
• Never been entitled to claim
• No need for Fixed Value Requirement or Pooling
requirement
54. pkf-francisclark.co.uk
.
Example 3
• Oldco prepares accounts to 31 December
• Sells a property 1 November 2016
• Historically made losses – never bothered to look
into “fixtures” on extension in 2003.
• Must be included in 2013 tax comps – nil impact on
vendor.
• Integral features (pre-2008) claimed regardless
55. pkf-francisclark.co.uk
.
Pooling
• Just because something is pooled doesn’t mean it
has to be shared…..
• On one extreme an old owner might include a zero
– old owner claims.
• Or – include maximum value – value in allowances
is passed onto the purchaser.
58. pkf-francisclark.co.uk
.
What might be included on an election
• Assets that have always been General Fixtures
(e.g Toilets) X
• Assets that were general but now special rate (e.g.
lifts) X
• Assets (purchased since April 08) that are special
rate expenditure for both Buyer and Seller X
59. pkf-francisclark.co.uk
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Elections - approach
• Negotiation between parties;
• Capped at a cost of a particular piece of
equipment;
• Vendor’s tax written down value??
• £1? “You are getting relief for all the integral
features on which I am unable to claim – but I am
keeping the rest”.
60. pkf-francisclark.co.uk
.
CPSE Enquiries
32.2 – “Has the vendor claimed capital
allowances or allocated any expenditure on
fixtures to a capital allowances pool”
32.3 – “If you have not pooled any
expenditure……”
62. pkf-francisclark.co.uk
.
Example….
• Your client is buying a care home – CPSE
enquiries
• The vendor states that held “On Capital Account”.
• Queries ask “If you have not pooled any
expenditure” – client answers “No”
• All remaining queries (up to 32.8) are answered
“N/A”
63. pkf-francisclark.co.uk
.
Example….
• “When we purchased the home, we agreed a
figure of £25,000 for fixtures and fittings. We also
claimed £10,000 for a new lift when we built an
extension in 2010, and £6,000 for new furniture at
the same time”.
• Advice?
64. pkf-francisclark.co.uk
.
Example….
• When was the property acquired? Was it pre-
2008?
• What did the £25,000 represent? Was an election
signed? Was it fixtures or just chattels? What did
the agreement say?
• Has there been an further capital expenditure?
What has been claimed on the extension?
67. pkf-francisclark.co.uk
.
VAT Update – Brexit
What type of Brexit – does it matter?
• The death of VAT?!
• European tax
• Soft Brexit – price to pay for access to single market?
• Follow EC rules, CJEU affects UK VAT
• Hard Brexit – pick and choose VAT law?
• Could make law that EC directives followed, but what
about UK court decisions?
68. pkf-francisclark.co.uk
.
VAT Update - Brexit
What could be affected?
• Hard Brexit, medium soft Brexit or somewhere in
between
• Some UK exceptions mainly around zero rating
• Imports from EC, Exports to EC
• Distance selling
• Export of services
• Financial services
69. pkf-francisclark.co.uk
.
Pitfalls – Commercial buildings
• Standard rating applies to any sale of a new commercial
building within the first 3 years not just the first sale
• Charging VAT on commercial rents and not notifying
Option to Tax to HMRC within 30 days
• Opting to tax a building and not thinking through the
consequences
• Option to tax disapplied by purchaser
• Capital Goods Scheme adjustments
70. pkf-francisclark.co.uk
.
Pitfalls – Zero-rating
• Does the property qualify as a dwelling? Are there any
restrictions on separate use or disposal?
• Is the building constructed in accordance with the
planning permission?
• Retrospective planning permission - no longer a
solution? Cavendish Green
• Affects contractors and DIY
71. pkf-francisclark.co.uk
.
Pitfalls – Zero-rating
• Sub contractors working on relevant residential or relevant
charitable buildings (as opposed to dwellings) cannot zero-rate
their work, only the main contractor can zero-rate their services (if
certificate provided)
• How can you tell if the building qualifies for charitable use?
72. pkf-francisclark.co.uk
.
Pitfalls –
Transfer of a Going Concern
Advantage of TOGC is no VAT charge. Common obstacles:
• Immediately consecutive transfers
• Significant break in trade – property rental 3 month cycle?
• Purchaser not registered for VAT ‘Taxable person’
• Is a business being transferred or just assets?
• Will the purchaser use the assets to carry on same kind of
business?
73. pkf-francisclark.co.uk
.
Pitfalls –
Transfer of a Going Concern
Further issues arise where property is involved:
• Has the vendor opted to tax?
• Are any of the commercial properties new?
• If yes, purchaser will need to make and notify his option to tax prior
to the sale taking place
• Declaration by purchaser
• Could vendor revoke his option to tax?
• VAT incorrectly charged
74. pkf-francisclark.co.uk
.
Pitfalls – Option to tax
• Stays in place for 20 years
• If deregister will still apply, forward look will apply for
property sales, no exception
• If OTT not held VAT being charged not input tax?
• Lost OTT notifications, no longer needed
• What if HMRC ‘find’ an OTT later?
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