Topical Tax Issues For Reducing Your Irish Income Tax LiabilityBrendan Brady
Our presentation at the 2016 CPA Ireland annual tax conference on filing your 2015 tax return and some great reveals for reducing your Irish income tax liability
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
Read about the various tax resolution options available for individual and businesses. One or many of the options are usable depending on the tax issues involved.
Topical Tax Issues For Reducing Your Irish Income Tax LiabilityBrendan Brady
Our presentation at the 2016 CPA Ireland annual tax conference on filing your 2015 tax return and some great reveals for reducing your Irish income tax liability
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
Read about the various tax resolution options available for individual and businesses. One or many of the options are usable depending on the tax issues involved.
Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct an audit with an eye toward finding additional tax owed. With so many gray areas in tax law, and considering the tax code’s complexity, an individual who chooses to go it alone is a sitting duck. With extensive tax education and experience, the examiner can take a position to find additional tax due on the return. Without the necessary knowledge, the taxpayer is powerless to refute the agent’s rationale.
For tax years 2018 through 2025, you may be able to deduct
up to 20% of qualified business income (QBI) from each of
your qualified trades or businesses, including those operated
through a sole proprietorship, or a pass-through entity,
such as a partnership, LLC, or S corporation.
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.
One of the most important topics as an Expat is to understand your tax implications. Tax Equalization is a complex concept. The presentation tries to introduce this concept in simple terms.
Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct an audit with an eye toward finding additional tax owed. With so many gray areas in tax law, and considering the tax code’s complexity, an individual who chooses to go it alone is a sitting duck. With extensive tax education and experience, the examiner can take a position to find additional tax due on the return. Without the necessary knowledge, the taxpayer is powerless to refute the agent’s rationale.
For tax years 2018 through 2025, you may be able to deduct
up to 20% of qualified business income (QBI) from each of
your qualified trades or businesses, including those operated
through a sole proprietorship, or a pass-through entity,
such as a partnership, LLC, or S corporation.
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.
One of the most important topics as an Expat is to understand your tax implications. Tax Equalization is a complex concept. The presentation tries to introduce this concept in simple terms.
The Taxperts Group can guide you through tax audits and appeals and help minimize your tax bills for years to come. Our accountants have legal and accounting expertise to help people with their taxes in Toronto, Ontario.
In this guide we look at every aspect of residential property letting, from Tenancy Deposit Schemes, WTA, Repairs, Periods of Occupation, Annual Tax on Enveloped Dwellings and much more.
Loanseeker is Australia's Leading Online Mortgage Broker. With a fully stocked Resource Centre to help everyone become a property investing guru. visit http://Loanseeker.com.au for more info.
Residential property can be a lucrative business, but profits or gains will be subject to tax. In this post we discuss some of the property tax planning options, including using limited companies or LLPs, trading vs investment property, capital gains tax and entrepreneurs relief.
Mercer & Hole Property Plus - January 2015TIAG_Alliance
Published by Mercer & Hole - TIAG Member in London, England
These articles give an overview of some of the property issues that we are typically dealing with. These range from commercial property investment, to families buying property for their children to occupy, a second home investment, maybe a buy to let or a wealthy non UK domiciled individual acquiring a home or investment in the UK.
02: Buying property for children
03: Capital allowances in commercial property
04: Commercial property investment
05: VAT on student accommodation: 1 April 2015 changes
06: Non UK domiciliaries owning UK property
07: UK residential property – buy to let 08: Residential service charge accounts
Profit extraction and investment for family and OMB businesses - Bodmin/RedruthPKF Francis Clark
This practical seminar will look at options and opportunities available under current and proposed tax legislation. We will examine the taxation consequences but also highlight broader commercial and practical issues in relation to profit extraction and investment. Our aim is that delegates will have a better idea of how to ensure they and their businesses continue to thrive.
[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
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
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.
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
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
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.
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.
Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
2. To be as tax efficient as possible a Landlord
should consider both Income Tax and Capital
Gains Tax.
This presentation looks at the two taxes –
covering income tax first…
4. If we consider a UK rental property (commercial or
residential) and not a holiday let then…..
• You pay tax on profits.
• Profit is rental income, less property expenses less wear and
tear allowance.
• You complete UK property supplement on self assessment
tax return (SATR).
5. • Tax is paid on profits as top slice of income – so if you are
employed and are a 40% or 50% tax payer already then the
profits from property will be taxed at 40% or 50%
• If you are a 20% tax payer then the additional income may
push into this bracket.
• Remember, there are no National Insurance Contributions to
pay.
So on paper you want your profits to be as low as possible
(or a loss) to ensure that you pay as little tax as possible.
How do you do that?
7. The higher the expenses we can deduct the lower the
profits and hence the lower the tax (if any) we pay.
HMRC tell us that if rents are less than £77k then we do not
have to analyse expenses into the boxes on the SATR but
just enter the total. My tip: always split the expenses into
the boxes reduce the possibility of questions from HMRC.
Generally you can claim the running costs of your business
as a deduction but you cannot claim as property expenses
capital costs.
8. Clients who have completed their own SATR often miss
deductible expenses:
• Rent, rates insurance, ground rents etc.
• Property repairs, maintenance and renewals.
• Loan interest and other financial costs.
• Legal, management and other professional fees.
• Costs of services provided, including wages.
• Other allowable property expenses.
• See http://www.coalesco.co.uk/accountancy-support-
for/landlords for a full checklist
Expenses should be incurred wholly and exclusively for the
property business.
10. It is not always easy to determine whether a cost is capital
or revenue.
For example, if you build a new conservatory or add a new
bedroom this is clearly an improvement to the property
and capital in nature. This is because it has enhanced and
increased the value of the property.
11. Consider the replacement of windows. If you currently
have rotten single glazed windows then you may want to
replace them with UPVC double glazed windows. HMRC
now consider such expense as a repair rather than an
improvement even though the property has been improved
by replacing single with double glazing.
The cost of replacing windows is deductible against income.
12. You can save significant amounts of tax if big
cost items are categorised as revenue if you
have a profitable business.
Always think, can the cost be justified as
revenue?
14. For a fully furnished property you can claim 10% wear and
tear allowance as a deduction against rental income.
Definition of “fully furnished”: to a level akin to a holiday
let. Part furnished properties do not attract this allowance.
Covers the cost of repair and replacement for soft
furnishings, white goods, televisions and other chattels.
You cannot claim the expense of renewing any items that
are covered under wear and tear.
15. You need to choose between claiming the renewal basis or
wear and tear.
It is usually better to claim wear & tear as you can realise
this allowance immediately. On the renewal basis you have
to wait to incur the repair or replacement expense. You
cannot claim the cost of the buying the item initially.
You can still claim the renewals basis for items not covered
under wear and tear – these will be integral fittings such as
the bathroom.
16. For example, if you spend £7.5k furnishing a brand new
property before you let it, then none of this cost can be
offset against your income until it is replaced which could
be 5-7 years in the future.
If you sell the property before you renew the furnishings,
then by using the renewal basis you will not be able to
offset any costs against your property. Using the 10% wear
and tear allowance you can claim this from the date you
purchased the property.
17. Alternatively, if you purchase a property that includes
fixtures and fittings, then again it will be beneficial to claim
the 10% wear and tear allowance.
The wear and tear allowance is equal to 10% of the net
rents after deducting charges that a tenant would usually
bear but which are, in fact, borne by the landlord (e.g.
council tax).
19. If you make a loss on your rental property you can roll the
loss forward to the next tax year; any future losses continue
to accrue until you start to make a profit.
During the tax year in which your property generates a
profit you will be able to offset losses from earlier years
against the profit.
You cannot offset losses against income from other sources
in our assumptions – you may be able to offset losses from
a UK or EEA holiday let.
20. In order to take advantage of accrued losses you
must notify HMRC of such losses.
Make sure you include all expenses on SATR in
the early years to take advantage and reduce
your tax liabilities going forward.
22. Retain all complete information relating to the
property business for 7 years.
Keep anything relating to the purchase or
improvement to a property until disposal.
On our website is a listing of items we
recommend you retain.
24. If you and your spouse hold a property jointly the income
and expenses will be split 50:50 even if the property is held
in unequal proportions.
You can elect to have the income taxed in the same
proportion as the percentage of legal ownership of the
property.
You do this by making an election to HMRC to disclose the
income on the same basis as the share of legal ownership.
25. Should the property be held in equal shares it is still
possible to make an election to apportion the income in
unequal shares for tax planning purposes.
A profitable property business where, say, the husband is a
40% tax payer and the spouse is a 20% tax payer or even
has unused personal allowance can take advantage of such
an election.
26. To do this you must have a solicitor draw up a declaration
of trust which states the “beneficial ownership” of the
property between spouses.
Once the split is agreed, the declaration of trust states who
is entitled to what, the original document must be sent to
HMRC along with the election form.
The new income split will only take effect from the date
HMRC agree the split.
28. Remember you get tax relief on any interest you
pay on borrowings under a rental property,
where as there is no mortgage relief available
for your own home.
Think about how you organise your borrowings
to maximise tax relief.
30. There are different structures that you can use including:
• Sole trader
• Limited company
• Partnership
• Limited liability partnership
You should consider both the tax and non-tax implications…
31. For example, if you do not need the money from your
rental properties and you are the sole owner, you will be
still taxed on profits even if the monies sit in a bank
account untouched, say at 40%.
However, if you incorporated a limited company you would
not be taxed personally on the profits and the company
would pay corporation tax at just 20% so savings can be
made.
32. I have a portfolio that is owned for long term holding of
residential property, is let to produce an income but not
drawing money. I do not use limited companies because:
• There are far fewer mortgage providers willing to provide buy to
let mortgages. Rates and fees tend to be much higher.
• Personal CGT allowances are significant if you sell a property.
These are not available to companies.
• CGT can be much lower than corporation tax.
• I may choose to live in a property and I can claim reliefs for this.
• Personal withdrawals from a company (over and above the
amount I invest) would be taxable as earned income or dividends.
34. HMRC are systematically using the Land Registry to ensure
that they collect all the CGT due to them.
Despite the potential expense, many landlords fail to
consider CGT planning when purchasing buy to let property.
The CGT payable on disposal can reduce massively the
returns available.
The CGT system was replaced in 2008 whereby regardless of
how long the landlord had owned the property CGT was
charged at 18% or 28% depending on other income earned.
35. Landlords need to play the game of tax avoidance and plan
to avoid tax bills. Remember the chargeable gain is:
Sales proceeds,
less sales costs (being estate agents and legal fees),
less acquisition cost,
less costs of acquisition (legal fees),
less capital improvements (say an extension).
Each individual has a personal exemption each fiscal year
that they can use to reduce capital gains (2013/14: £10,900)
but remember this could be needed for share disposals, etc.
37. This rule allows any landlord that has lived in their rental
property as their main home at some time to significantly
reduce their CGT liability.
There is no specific time laid out in tax legislation. Tax case
law has emphasised the quality of occupation rather than
the duration. The onus is put onto the landlord to prove
that they really “lived” in the house and not occupied it as a
tax dodge.
38. Details which a landlord can use to reinforce their case are:
• Demonstration that you have actually moved in and furnished
the property, e.g. a receipt from a removal firm.
• Copies of your official post so bank statements, utility bills and
driving licence showing as registered at your home address.
• The details for you on the electoral register at the home
address.
• Your family (unless separated) are also at the home address.
39. Having established that the property was your PPR at some
point in the past there are a number of reductions that this
status can provide.
Where a landlord has lived in a buy to let property as their
PPR the period of occupation, along with the 3 years of gains
prior to disposal, is exempt from the CGT tax liability, even
where they have not lived in the property for many years.
The period that you lived in the property as your PPR is also
exempt from any capital gains.
41. The other big relief for landlords who have lived in one of
their rental properties as their main home is letting relief.
This allows a landlord up to a maximum of £40k capital gain
for letting their property.
The relief is available for each person with an interest in the
a buy to let property so, if it is jointly owned, each of the
owners would potentially benefit from a £40k reduction in
their CGT liability.
43. Get married and own the buy-to-let property
jointly – we have already seen the advantages
around personal tax.
The following example shows how we can use
the PPR relief and annual personal allowance for
each person.
44. A and B bought a property to let in June 2002 and sold it in
June 2012. They each own a 50% stake.
The taxable gain with no occupation is as follows:
Sales proceeds 375,000
Cost of disposal 5,000
Improvement costs 20,000
Purchase price 145,000
Cost of acquisition 5,000
Chargeable gain 200,000
45. Neither A nor B have lived in the property.
A pays tax at 40% (salary £50k) and B pays tax at 20% (salary
£20k).
Each have a chargeable gain of £100k; after deducting their
annual allowance of £10,600 (2012/13 allowance) each have
a taxable gain of £89,400.
CGT paid by A is £25,302.00 and by B is £22,784.50. In total,
£48,086.50.
46. Taking the same couple but this time assuming they had
lived in the property for one year in 2005:
Chargeable gain 200,000
50% split 100,000
Less PPR 40,000
Less letting relief 40,000
Chargeable gain after relief 20,000
Less Annual Exemption 10,600
Taxable gain 9,400
Total tax payable 4,324
4 out of 10 years qualify for PPR exemption
A charged at 28% and B charged at 18%
One year of occupation saves nearly £44k in CGT.