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 - 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.
Indian companies are taxable in India on their worldwide income, irrespective of its source and origin. Get more details at http://www.helpwithassignment.com/
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
A review of the 2017 Spring Budget and the impact it may have on individuals and businesses in the South West. Plus, an insight into HMRC's Making Tax Digital initiative.
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.
Indian companies are taxable in India on their worldwide income, irrespective of its source and origin. Get more details at http://www.helpwithassignment.com/
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
A review of the 2017 Spring Budget and the impact it may have on individuals and businesses in the South West. Plus, an insight into HMRC's Making Tax Digital initiative.
This seminar helps entrepreneurs, SMEs and owner managed businesses with accounting, taxation and legal tripwires that should be considered when raising finance to grow a business.
Discover how to keep and motivate your most valuable assets, your employees, using Enterprise Management Incentive (EMI) options.
EMI options are versatile, tax efficient and incentivise employees to stay and develop your business.
You've spent long hours building your technology business. Now you want to inspire and retain the people who execute your strategies.
EMI options are effective, inexpensive, and appreciated by your team.
The complete guide to understanding VAT returns for small businesses in the UK. Our presentation includes: VAT principles and how VAT is collected, the different types of VAT rates and categories they apply to, how VAT returns are calculated for small businesses selling exempt products, VAT registration rules and advice, the three VAT schemes explained, useful real-world examples and much more.
VAT Club: UK - Capital Goods Scheme briefingAlex Baulf
Please find the slidepack from the Real Estate breakout session at Grant Thornton's VAT Club event held in London on 16th September 2015. This high level briefing on the UK's Capital Goods Scheme (CGS) covers:
Why does CGS matter?
Does CGS apply to me?
• Fully taxable businesses
• Non-business implications
• Work done in stages
• Examples
This seminar examines the thinking behind SEIS and EIS, two tax attractive schemes available to UK companies seeking investment. It also examines the qualifying factors on whether a company will be able to seek the relief, whether the individual investor acquiring the shares is a qualifying investor and a summary of the hurdles and tripwires to avoid.
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
The number of stocks available to shareholders, (share capital), generates a number of associated legal issues. Gannons talk about the current issues and trends in share capital. They tackle key concerns such as pre-emption rights; share buy-backs, as well as the requirements linked to altering share capital.
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
The overall objective of FLOOD-serv is to provide a pro-active and personalized citizen-centric public service application that will encourage citizens’ involvement and will the involvement of the citizen and will harness the collaborative power of ICT networks (networks of people, knowledge and sensors) to raise awareness on flood risks and enable collective risk mitigation solutions and response actions.
This seminar helps entrepreneurs, SMEs and owner managed businesses with accounting, taxation and legal tripwires that should be considered when raising finance to grow a business.
Discover how to keep and motivate your most valuable assets, your employees, using Enterprise Management Incentive (EMI) options.
EMI options are versatile, tax efficient and incentivise employees to stay and develop your business.
You've spent long hours building your technology business. Now you want to inspire and retain the people who execute your strategies.
EMI options are effective, inexpensive, and appreciated by your team.
The complete guide to understanding VAT returns for small businesses in the UK. Our presentation includes: VAT principles and how VAT is collected, the different types of VAT rates and categories they apply to, how VAT returns are calculated for small businesses selling exempt products, VAT registration rules and advice, the three VAT schemes explained, useful real-world examples and much more.
VAT Club: UK - Capital Goods Scheme briefingAlex Baulf
Please find the slidepack from the Real Estate breakout session at Grant Thornton's VAT Club event held in London on 16th September 2015. This high level briefing on the UK's Capital Goods Scheme (CGS) covers:
Why does CGS matter?
Does CGS apply to me?
• Fully taxable businesses
• Non-business implications
• Work done in stages
• Examples
This seminar examines the thinking behind SEIS and EIS, two tax attractive schemes available to UK companies seeking investment. It also examines the qualifying factors on whether a company will be able to seek the relief, whether the individual investor acquiring the shares is a qualifying investor and a summary of the hurdles and tripwires to avoid.
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
The number of stocks available to shareholders, (share capital), generates a number of associated legal issues. Gannons talk about the current issues and trends in share capital. They tackle key concerns such as pre-emption rights; share buy-backs, as well as the requirements linked to altering share capital.
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
The overall objective of FLOOD-serv is to provide a pro-active and personalized citizen-centric public service application that will encourage citizens’ involvement and will the involvement of the citizen and will harness the collaborative power of ICT networks (networks of people, knowledge and sensors) to raise awareness on flood risks and enable collective risk mitigation solutions and response actions.
Jacksonville DUI Lawyer by Malcolm Anthony, defense attorney with high success rate in DUIs and license offenses, serving all of the Northeast Florida area. www.MalcolmAnthony.com
Francis Clark - Essential 6-monthly Finance Directors' Update - June 2015PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
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.
Another tax year has started and, as always in the world of tax, nothing stays the same. There are a number of methods of
extracting funds from your own limited company and in this Briefing we consider the main options for extracting profit.
What is Seed EIS?
Seed Enterprise Investment Scheme (SEIS) is the most
generous, tax-advantaged venture capital scheme ever
introduced that offers investors enhanced income tax
and Capital Gains Tax (CGT) reliefs.
Higher rate tax payers and profitable business owners now have a low hurdle threshold to recover up to £50,000 income tax annually.
The 2014 Budget has made this a permanent feature of UK tax savings schemes and this Guide highlights the main conditions that need to be satisfied, but the conditions are complex and you should take professional advice before making an investment.
Different types of income have different tax rates. Shift income to exploit the lower tax rates. For example, income from investments such as qualified dividends are taxed at lower rates than ordinary income. Retirement accounts defer income from high tax bracket years to lower. Business structure affects the taxes you pay. Real estate investments offset income with depreciation expenses. Don't be a HENRY!
Sponsored by our partners at Taxwise and Ashfords, this event consists of a variety of topics that our clients are telling us are giving them the biggest challenges.
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
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 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.
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
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
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Remote sensing and monitoring are changing the mining industry for the better. These are providing innovative solutions to long-standing challenges. Those related to exploration, extraction, and overall environmental management by mining technology companies Odisha. These technologies make use of satellite imaging, aerial photography and sensors to collect data that might be inaccessible or from hazardous locations. With the use of this technology, mining operations are becoming increasingly efficient. Let us gain more insight into the key aspects associated with remote sensing and monitoring when it comes to mining.
4. www.francisclark.co.uk
What are we going to cover?
• Tax on business profits
• Tax relief on investment back into the business
• Tax on cash extraction
• Tax efficient investment
• Tax on indirect profit extraction / benefits in kind
• Tax on residential landlords
7. www.francisclark.co.uk
Tax principles for different structures
• Profits arising in a sole trader or partnership are added to the other
sources of income that the sole trader / partner has and tax is
charged at personal income tax rates
• Partners in an LLP are taxed as above.
• Companies are not subject to income tax but instead pay
corporation tax. Owner managers only pay additional tax if they
extract profits from the company.
8. www.francisclark.co.uk
Tax & National Insurance rates on profits
(working age owners)
Further Considerations;
• Corporation Tax Rate to be reduced to 19% in 2017/18, and to
reduce further to 18% in 2020/21 so the gap is going to get bigger!
Basic Rate Higher Rate Additional
Rate
Sole Trade/Partnership/LLP 29% 42% 47%
Company 20% 20% 20%
9. www.francisclark.co.uk
So what conclusions can we draw so far?
• If the business needs to retain profits then a company structure
offers a much lower tax environment meaning that more profit can
be retained.
• Why might we want to retain profits?
- To make debt repayments
- To make capital investments
- To expand the business and grow
10. www.francisclark.co.uk
Other options for the family business
• Bring family members into business as partners to share profits
• This can help to ensure that profits remain taxed at lower rates
without the need to move to a company structure
• Avoids complication of running a company
• If bringing them in as partners is inappropriate are all family
members paid properly? Could salaries be increased to ensure
better use of “family” tax bands?
11. www.francisclark.co.uk
But what if you can take all the cash out?
Comparison of tax rates between Sole Trade, Partnerships and
Companies where all profits made in a year are to be extracted;
Note This ignores the dividend allowance of £5,000 and sole trader /
partnership tax rates include NIC.
Basic Rate Higher Rate Additional Rate
2015/16 Sole Trader/Partnership 29% 42% 47%
Company 20% 40% 44.4%
2016/17 Sole Trader/Partnership 29% 42% 47%
Company 26% 46% 50.5%
2017/18 Sole Trader/Partnership 29% 42% 47%
Company 25.1% 45.3% 49.9%
12. www.francisclark.co.uk
Conclusions
• For higher and additional rate tax payers in service / professional
businesses companies look less attractive going forward if you look
purely at income tax savings.
• Still beneficial for basic rate payers but benefits eroded and is the
complexity worth it?
13. www.francisclark.co.uk
Investment in the business
• Profits invested back into the business may attract further tax relief
depending on what you do with them
• Pay down debt (capital not interest) – no tax relief
• Invest in land and buildings mostly no tax relief but could be some
via Capital Allowances on fixtures or other limited reliefs
• Buy plant , vehicles etc there is tax relief in the form of Capital
Allowances
• Undertake Research and Development and generous reliefs are
available.
14. www.francisclark.co.uk
Investment in the business on plant
and machinery
• Annual Investment Allowance (AIA) is an immediate 100% tax relief
for capital expenditure on qualifying plant and machinery used in the
business including fixtures in buildings.
• Currently the maximum amount of expenditure in a year that can
qualify for AIA in £500,000.
• From 1 January 2016 the maximum is reduced to £200,000.
• Expenditure in excess of these levels receives writing down
allowances at rate of 18%/8% on a reducing balance basis unless it
is in a separately favoured category such as Environmentally
Favoured Kit in which case 100% relief may still be due.
• For periods spanning 1 January 2016 the AIA transitional rules will
bite.
15. www.francisclark.co.uk
Practical steps
• Timing – bring expenditure forwards?
• If you cannot bring the expenditure forward you might improve your
position by changing your year end. But remember this is a timing
difference and there probably need to be other commercial reasons
for a change of year end
• Check that what you are buying does not get a 100% allowance
outside of the AIA limit (i.e. environmentally friendly kit)
• If the item concerned is likely to be sold within 8 years think about
“Short Life Asset Elections” this can accelerate allowances and will
be important going forwards
16. www.francisclark.co.uk
Capital Allowances in buildings
• Capital Allowances on ‘Fixtures’ in a Commercial
Property/Furnished Holiday Let .
• New rules for transactions post 1 April 2014 whereby need to fix the
value of “fixtures” between buyer and seller at date of disposal.
• Failure to do so may result in the building losing tax allowances
moving forwards.
17. www.francisclark.co.uk
Other land and property based reliefs
• Generally no tax relief for expenditure on land or on buildings (apart
from plant and fixtures therein as already mentioned)
• Business Premises Renovation Allowance (BPRA). Has potential to
give 100% tax relief for the renovation of unused business premises
in disadvantaged areas. Due to end in March 2017
• Land remediation relief, get 150% relief on clean up costs as long
as you didn’t do it! Exception Japanese Knotweed. But for
companies only.
18. www.francisclark.co.uk
Research and Development tax credits
• Companies only.
• For SME’s 230% tax relief for qualifying expenditure.
• SME- Turnover up to 100M Euros, 500 employees, assets 86 M
Euros
• If loss making can claim a repayable amount in the sum of 14.5% of
the enhanced R & D expenditure.
• Lots more industries coming in particularly food and drink.
• Key question is what is R & D?
19. www.francisclark.co.uk
So if you don’t need to invest how
do you get your hands on the cash?
• As previously outlined sole traders / partners already own profits so
there is no concept of “extraction”. They pay tax on profits whether
drawn personally or not.
• Conversely, profits belong to a company until they are extracted by
a shareholder. Common ways of extraction include;
o Salary
o Dividend
o Interest on loans
o Rental of assets used by the business but owned personally
o Pension contributions
o Benefits in kind (cars etc)
20. www.francisclark.co.uk
Increase in dividend tax!
Dividends were great!
But is that still the case?
The above are effective rates of tax on net cash drawn.
Old Rate New Tax Rate Increase in Tax
Basic Rate
Taxpayer
0% 7.5% 7.5%
Higher Rate
Taxpayer
25% 32.5% 7.5%
Additional Rate
Taxpayer
30.55% 38.1% 7.5%
21. www.francisclark.co.uk
Do we still love dividends?
• Dividends have generally always been more efficient that salary
• Why?- Because whilst you don’t get corporation tax relief on them,
they are not liable to National Insurance
• The lack of NI and the way that additional corporation tax and the
income tax on the dividend combined meant that you retained more
cash from a dividend than salary.
• With the extra tax on dividends is that still true?
22. www.francisclark.co.uk
Some examples
So lets consider a company has £100 of profit that it is happy to pay to
an employee / shareholder. It doesn’t care how it does it as long as the
cost to the company is only £100. How much cash will the recipient
retain under dividend or salary?
Basic Rate Higher Rate Additional Rate
Dividend
2015/16
£80 £60 £56
Dividend
2016/17
£74 £54 £50
Salary £60 £51 £47
23. www.francisclark.co.uk
However, good news for some!
• From 5th April 2016 a new £5,000 exemption from tax for dividend
income
• However, not a massive benefit to the owner manager where most
of the profits have historically been extracted by way of dividend
• For a higher rate tax payer the new tax exemption is outweighed by
the additional tax once dividend income exceeds approx £22K.
• Consider widening share ownership around the family to gain
multiple exemptions? Needs careful thought!
24. www.francisclark.co.uk
So do we still love dividends?
• Yes we do, just not quite as much!
• Some may make the decision that given the reduction in saving the
simplicity of a net wage has appeal
• Other benefits re mortgage applications etc
• Ongoing consultation by government into the taxation of company
distributions. So watch this space.
• Possibly different dividend rules for owner / managers
• May target income disguised as capital
25. www.francisclark.co.uk
New dividend tax
Opportunities
• Pay a large dividend now if the business has distributable reserves?
• Generally we like to delay tax liabilities but for some it may be worth
paying less tax sooner!
• Do not forget that whilst the company must have the reserves, this
does not have to be paid by the company in cash instantly and can
stand on a loan account and paid when cash flow allows.
26. www.francisclark.co.uk
Interest on loans
• If you lend money to your limited company you can charge interest
on it. Maybe an undrawn dividend!
• From April 2016 basic rate tax payers get first £1K of interest tax
exempt reduced to £500 for higher rate tax payers.
• Rate charged needs to be commercial but plenty of scope.
• Company will get corporation tax relief and recipient suffers income
tax
• Interest even above limit beats dividend (above £5k), so go here
first.
27. www.francisclark.co.uk
Rental of assets owned personally
• In reality probably talking about premises
• Business gets tax relief on rent
• Owner pays income tax
• Beats salary or dividends (above £5k)
• Same tax cost as interest
• However some significant capital taxes issues so think carefully.
28. www.francisclark.co.uk
Pensions
• Was a dirty word but not any more.
• Company can pay into a pension and generally get corporation tax
relief. No personal tax on individual at this point.
• Tax deductible for Company providing the expense is ‘wholly and
exclusively’ for the purposes of the trade.
• If aged 55 or over it can be possible to immediately access 25% of
the contribution “tax free” without any adverse consequences
• Other funds can then all be accessed at a later date but subject to
tax
• Think of the pension scheme as a tax efficient “parking space”
35. www.fcfp.co.uk Twitter.com/francisclarkifa
Pensions
Withdraw £50,000 as dividend
• Pay corporation tax on profit; £10,000
• Pay £13,000 as income tax
Or…
Apply £50,000k as salary
• Pay £17,575 as income tax
• Pay total National Insurance of £6,940
Profit extraction
£27,000 net
£25,485 net
36. www.fcfp.co.uk Twitter.com/francisclarkifa
Pensions
Or….
• Pay pension contribution of £50,000
• No corporation tax, income tax or NI
On immediate withdrawal…
• £12,500 paid tax free
• £37,500 taxed; £22,500 net income
• But…… future contributions limited to £10,000
Profit extraction
£35,000 net
37. www.fcfp.co.uk Twitter.com/francisclarkifa
Property SIPP - Example
Pensions
• Company Director receives income of £50,000pa
(higher rate tax payer)
• Additional Company profit of £50,000
• Aged over 55
• Has a SIPP in place (value £60k)
• But has not contributed for a few years
• Company owns a business premises
38. www.fcfp.co.uk Twitter.com/francisclarkifa
Pensions
Property SIPP
• Makes an in specie pension contribution of the
property – valued at £180,000 – to the SIPP
• Care possible corporate tax on the gain
• (some would say that’s a convenient figure)
• Director now has control over the premises and the
pension fund has a solid return from the rent
• Can withdraw 25% tax free
• £60,000 tax free
• (also convenient)
42. www.fcfp.co.uk Twitter.com/francisclarkifa
Tax efficient investment
• I want to extract funds, not tuck more money away!
• Why would I bother?
• A means to offset tax liability
• With careful planning, cash-flow can be managed
Wait a minute…….
43. www.fcfp.co.uk Twitter.com/francisclarkifa
Tax Efficient Investment
Enterprise Investment Scheme (EIS)
Venture Capital Trusts (VCT)
• Designed to encourage investment in UK small
businesses
• Offer tax incentives – but must be held for minimum
period
• Can be ‘Evergreen’
• Recent demand has shown a need for capital
preservation and exit opportunity
44. www.fcfp.co.uk Twitter.com/francisclarkifa
Tax efficient investment
Income Tax Relief
Minimum Term
Maximum Investment
Minimum Investment
Dividends
Growth
CGT Deferral
IHT Exemption (BPR)
Loss Relief
EIS
30% (plus carry back)
3 years
£1m (each)
c. £20,000
Taxed
Tax Exempt
Yes – no maximum
After 2 years
Yes
VCT
30%
5 years
£200,000
c. £5,000
Tax Exempt
Tax Exempt
No
No
No
46. www.fcfp.co.uk Twitter.com/francisclarkifa
Profit Extraction
Tax efficient investment
Company
Profits
£28,625 Net
£11,375 Additional
Tax Liability*
£40,625 Net
£12,000 Income
Tax Relief
£40,000
EIS or VCT
£40,000 Dividend
Paid
*Assumes that £5,000 dividend allowance can be
used by the dividend
47. www.fcfp.co.uk Twitter.com/francisclarkifa
Tax efficient investment
Business Sale – Example 2
• Trading business started with nothing, then sold for
£500,000
• CGT of £50,000 (Entrepreneurs’ Relief)
• £30,000 of income tax paid annually
• Nil rate band (and residence nil rate band) used by
other assets
48. www.fcfp.co.uk Twitter.com/francisclarkifa
Tax efficient investment
Business Sale
£500k + £36k + £325k +
£175k = £1,036,000 to heirs
£60,000 Income Tax Relief,
less £24k IHT
£500k; CGT deferred and
IHT free (replacement business
property relief)
£500,000
Other
assets
£500,000
Business
£270k + £325k + £175k =
£770,000 to heirs
Less £180,000 IHT
Less £50,000 CGT
Sold with no planning
Sold and reinvested in EIS
49. www.fcfp.co.uk Twitter.com/francisclarkifa
Summary
• You can withdraw company funds tax efficiently
• With a little planning, tax efficient investments can
offset tax liabilities
• And pensions have become the fulcrum of financial
planning – for profit extraction and more….
50. www.fcfp.co.uk
No responsibility can be accepted for any action taken as a result of information contained in this
presentation. We therefore strongly recommend that no action should be taken before obtaining
detailed professional advice.
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them may go down as well as up and an investor may not get back the amount invested.
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which is authorised and regulated by the Financial Conduct Authority.
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52. www.francisclark.co.uk
Staff entertaining
• Christmas party?! – Regular, Annual events open to all staff and
below £150 per head including VAT per annum are tax deductible
for the company and not taxable on the individual. Even if you are a
husband and wife company.
• Happy Christmas!
53. www.francisclark.co.uk
Childcare costs
• New system of childcare support from 1 April 2017
• Government to contribute 20p for every 80p paid into a newly
created Childcare Account. Max of £2K per child
• Both parents must work at least 16 hours per week on the living
wage current scheme does not require both parents to be working.
• New scheme applies to children under 12 current scheme applies to
children up to 15
• New scheme available to the self employed.
• Should you take advantage of current scheme?
54. www.francisclark.co.uk
Company vehicles
• An emotive subject!
• No income tax liability arises on an employee who is provided with a
van and takes it from home to work providing no other private use.
• If there is private use then a fixed rate tax charge applies
• No income tax charge arises on a car used 100% for business
purposes but difficult to support!
• Income tax charge arises on a car provided to employee where any
private use including home to work.
55. www.francisclark.co.uk
Company vans
Provision of a Van for employees
• Where private use, tax is based on a deemed charge – 2016/17
£3,170 assessed at the individuals marginal rate of tax.
• Fuel benefit – 2016/17 – £598 where private use of van and private
provision of fuel.
• Class 1A NIC (13.8%) payable by the company on the provision of
any benefit.
• Tax payable by a basic rate taxpayer in 2016/17 who is provided
with a van for private use and fuel - £754.
56. www.francisclark.co.uk
Company cars
The tax charge arising on the provision of a car is arrived at by
multiplying the list price of the car when new by a percentage
determined by its CO2 emissions. The appropriate percentage for cars
with CO2 emissions figures are as follows;
A diesel supplement of 3% is applied to diesel cars for each level of
CO2 emissions in the table above but so that that the maximum levels
of 37% and 35% are not exceeded.
CO2 – g/km 2014/15 2015/16 2016/17
0 0% 5% 7%
1-50 5% 5% 7%
51-75 5% 9% 11%
76-94 11% 13% 15%
Each 5g/km Add 1% Add 1% Add 1%
Maximum 35% 37% 37%
57. www.francisclark.co.uk
Some thoughts on cars
• What is a van? Double cabs ok providing capable of carrying
1000KG
• However Combi vans etc could be questionable.
• As cars get cleaner the percentages are going up for given C02
levels but the list price doesn’t change. So as your car is getting
older the tax cost is going up. Older cars in companies generally a
bad idea!
• Second cars in families can still make sense, need to look at the
numbers.
• Separate charges arise on provision of fuel based on a flat rate of
£22,200 from April 2016 multiplied by the relevant percentage.
Rarely worth the cost but pay for simplicity?
58. www.francisclark.co.uk
Residential landlords under attack
• Income tax relief on interest on borrowings used to finance
residential lettings is being restricted for individuals.
• Phased in over 4 years from 2017.
• Will restrict tax relief to basic rate
• For individual landlords with substantial borrowings tax increases
are significant.
59. www.francisclark.co.uk
Residential landlords under attack
• CGT to be payable within 30 days of property disposal from 2019.
• 3% additional SDLT for purchasers after April 2016.
• Many looking at incorporation but not straightforward and needs
significant thought.
• Availability of finance as a corporate structure will be an issue for
many.
61. www.francisclark.co.uk
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Editor's Notes
Income tax figure of £11,375 assumes £5k dividend allowance is available: 50,000 – 10,000 – 5,000 = 35,000.
35,000 x 32.5% = 11,375
NI figure includes ER and EE contributions
£50k profit, less £10k corporation tax = £40k dividend payable.
40k less £5k dividend allowance = £35k.
£35k x 32.5% = 11375
60k income tax relief assumes carry back is used to get two years’ worth of relief.
(this is a new example, director now earning considerably more than 50k)