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
o Nick Wright ACA CTA
o Jerromsmiller.co.uk
o 0121 693 5000
The first episode covers:
· 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 second episode covers:
· Practical administration guidance on incorporation
· Tax issues with capital allowances and stock
· How to include new partners / shareholders in the new entity
· LLPs
· Property and SDLT and the importance of sum of lower proportions
· Important tax cases to consider
· Scheme warning that will not work
· ATED consideration
The detailed content and timing for episode 1 is:
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
The detailed content and timing for episode 2 is:
3:51 Brief coverage of administration points to watch
4:00 MTD, VAT and registering for tax
5:04 New VAT number delays to plan for
6:33 Transfer of plant and machinery
6:57 Tax issues on stock
8:08 Bringing in new partners / shareholders to the new entity
10:26 LLPs - points to watch out for
12:41 Transfer of the property
13:36 SDLT and sum of lower proportions - how it works
20:39 Does gift relief have any role to play?
22:16 Is the property business a business or not?
24:26 The indicators of whether a business exists
30:54 Factors to consider on ATED
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