Brand new CPD training course
This episode looks at how to incorporate a sole trader or partnership
The guest is Nick Wright of Jerroms Miller a leading UK specialist in taxation. Nick is a published tax author in publications including Taxation. Nick can be contacted for consultancy at www.jerromsmiller.co.uk or nickwright@jerromsmiller.co.uk. Nick has extra notes to support this episode - email Nick and he will send through
o Nick Wright ACA CTA
o 0121 693 5000
This is the first episode of two covering incorporation relief and procedures. In this episode we look at
· S162 relief
· The incorporation procedure and which assets must be transferred
· The issues arising from goodwill
· Tax treatment of director’s loans
· D32 concession and why it is important
· Gift relief
· Dealing with a retiring partner
· The closing year considerations
The detailed content and timing
3:46 Extra notes for episode
4:38 Overview of incorporation process
5:47 Understand the business
6:55 s162 Incorporation relief
7:36 Do you have to incorporate into a new company?
9:01 How to split the consideration
12:52 DLA and capital losses
13:30 Cash balances
16:12 Tax planning for the timing of the transfer
16:56 162 procedures
18:27 Goodwill and director's loan accounts
19:35 What you have to do with goodwill
20:10 D32 concession and practical examples
23:02 Do we transfer partners in same ratios as in the partnership
25:35 Disapplying s162
26:40 The possible role of gift relief
29:54 Investments
32:48 Role of subsidiary companies
33:02 The closing year computation
36:00 How to contact Nick
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