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BUSINESS & INVESTMENT BY TITUS WOLE ODEDUN CONSULTANT IN ACCIDENTS, TRAUMA & AESTHETICS SURGERY AND ORTHOPAEDICS LONDON MEDICAL & RESEARCH CENTRE 142-146.

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Presentation on theme: "BUSINESS & INVESTMENT BY TITUS WOLE ODEDUN CONSULTANT IN ACCIDENTS, TRAUMA & AESTHETICS SURGERY AND ORTHOPAEDICS LONDON MEDICAL & RESEARCH CENTRE 142-146."— Presentation transcript:

1 BUSINESS & INVESTMENT BY TITUS WOLE ODEDUN CONSULTANT IN ACCIDENTS, TRAUMA & AESTHETICS SURGERY AND ORTHOPAEDICS LONDON MEDICAL & RESEARCH CENTRE HARLEY STREET LONDON W1G 7LD

2 WHY BUSINESS WHY INVESTMENT

3  Life expectancy is increasing  Pensionable age increasing  Actual value of pension decreasing  Overall tax burden increasing  Cost of living increasing  Increasingly difficult to educate children properly on current pay scales  Increasingly difficult to acquire decent home on current pay scales  There is fun in business & investment

4 Starting a small business  Set up cost  Type-Sole Trader Partnership Limited Company  Advantages/Disadvantages of each (fig 1) (including taxation issues)  Raising Capital

5 When will Bank rate rise? CEBRQ Capital EconomicsQ John CharcolQ Deutsche BankQ Item Club Q Economic Perspectives Q4 2012

6  Book-keeping  Accountancy  VAT-Threshold Advantage Disadvantage  HMRC

7 ESTABLISHED BUSINESS  PURCHASING  SELLING/FRANCHISING  FLOATATION - Facebook Lastminute.com Confused.com

8 A.CHILDREN EDUCATION

9 B.OTHER  Real Estate -Land Residential Commercial Property Buy to let

10  Banks & Building Societies ISA’s  City Based -Equities Forex Commodities Bonds  Forestry  Fine Arts  Vintage Wines  Antique Furniture

11

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13 Commercial Property 45%

14 £125,0001% (1 ST TIME BUYER)0% £250,0003% £500,0004% £1,000,0005%

15  THOROUGHBRED (RACE) HORSES  CARS-VETERAN VINTAGE CLASSIC MODERN

16  LOOK FOR A GAP IN THE OPEN MARKET PLACE E.G. PORTABLE DEFIBRILLATOR INTERNATIONAL NURSING HOMES RETIREMENT ABROAD SOLAR POWER

17 Business with little capital requirement: Google Facebook Twitter Bebo Lastminute.com Confused.com

18 USA – A pricey but popular retirement destination Cost/Requirements of entry - EB-5 Immigrant Investor visa requires £314,000 – £627,000. Monthly living costs, food drink - £950 pm. Bottle of wine £6. Meal out for two £25. Average 2 bed house price - £115,000. Average return air fare - £340. Income tax rates – varies between states. No income tax and low property and sales taxes in eight states inc Florida. Medical cover: £300-£500 pm. Dental £22-32 pm. Reciprocal state pension:No

19 IRELAND – No language barrier and simple entry procedure Cost/Requirements of entry – Nil. EU citizens have right of residence Monthly living costs, food & drink - £1,500pm for reasonable standard of living. Bottle of wine £7.50. Meal out for two £45. Average 2-bed house price - £190,000. Average return air fare - £ Income tax rates – Residents pay tax on their world-wide investments including pensions, both state and private. Healthcare – The EHIC entitles you to free basic healthcare. Reciprocal state pension:Yes

20 SPAIN - The most popular destination, due to climate and living costs. Cost/Requirements of entry – Nil. EU citizens have right of residence. Monthly living costs, food & drink - £1,300pm. Bottle of wine £3.50. Meal out for two £ Average 2-bed house price £150,000. Average return air fare - £70. Income tax rates – Personal allowance of £2,200 – 3,400, above which tax is applied at 24-43%. Tax rates on an annuity 4-5%. Healthcare - The EHIC entitles you to free basic healthcare Reciprocal state pension:Yes

21 MALTA - Low tax rates and year-round heat make this a top spot. Cost/Requirements of entry – Nil. EU citizens have right of residence. Monthly living costs, food & drink - £600pm. Bottle of wine £4. Meal out for two £30. Average 2-bed house price - £180,000. Average return air fare - £40 – 80. Income tax rates – No tax on pension income from outside Malta. No inheritance, wealth, or annual property taxes. Healthcare – The EHIC entitles you to free basic healthcare. Reciprocal state pension:Yes

22 FRANCE – Most move to France for a better quality of life. Cost/requirements of entry – Nil. EU citizens have right of residence. Monthly living costs, food & drink - £1,500pm. Bottle of wine £5. Meal out for two £35. Average 2-bed house price - £180,000. Average return air fare – Paris £70, Nice £130. Income tax rates – State, private or occupational pensions are taxable as are lump sum pension payments in excess of £5,100 (tax free in the UK. Healthcare – The EHIC entitles you to free basic healthcare Reciprocal state pension:Yes

23 CROATIA - Affordable living, low tax and tope weather. On the rise. Cost/Requirements of entry – Nil. But plenty of red tape. Monthly living costs, food & drink - £600pm. Bottle of wine £4. Meal out for two £22. Average 2-bed house price - £120,000. Average return air fare - £70. Income tax rates- - pensions received from abroad are tax free. Healthcare – Reciprocal agreement entitles pensioners to hospital, medical and dental treatment (excludes medicines). Reciprocal state pension:No

24 TURKEY – Cheap living costs, dry climate and few entry barriers. Cost/Requirements of entry – visa on arrival. Evidence of adequate (unspecified) retirement income. Monthly living costs, food & drink - £1,000pm. Bottle of wine £6. Meal out for two £ Average 2-bed house price - £60,000 – 100,00 (most retirees rent). Income tax rates – no tax on pension income. Inheritance is 1% on the first £67,500, 3% n the next £148,000. Healthcare – private medical/dental insurance is necessary. Reciprocal state pension:No

25 EGYPT – Affordable property and low tax rates. Good alternative. Cost/requirements of entry – Foreign property owners can obtain a renewable 5-year residence permit. Monthly living costs, food & drink - £400pm. Bottle of wine £7. Meal out for two £18. Average 2-bed house price - £60,000. Flat £20,000. (most retirees rent). Average return air fare - £240. Income tax rates – No capital gains tax, no inheritance tax. Healthcare – Medical/dental services are cheap but private medical insurance should be taken out. Reciprocal state pension:No

26 AUSTRALIA – Expensive but ever popular destination for Brits. Cost/requirements of entry - £283, ,000 and income of £28,000 – 37,000 (by state). Monthly living costs, food & drink - £2,500. Bottle of wine £5. Meal out for two £ Average 2-bed house price - £250,000. Average return air fare - £ , city dependent. Income tax rates – six-month window to transfer pension benefits without incurring any tax. Healthcare – Reciprocal agreement entitles pensioners to emergency treatment. Reciprocal state pension:No

27 MALAYSIA – Rock bottom tax and low living costs. Great prospect. Cost/Requirements of entry – Requires income of £2,000pm and about £70,000 in liquid assets. Monthly living costs, food & drink - £1,000pm. Bottle of wine £6. Meal out for two £ Average 2-bed house price - £60, ,000 (most retirees rent). Average return air fare - £500. Income tax rates – No tax on income from outside Malaysia. No inheritance nor capital gains tax. Healthcare – Medical/dental services are cheap but visa immigrants are required to have medical insurance. Reciprocal state pension:No

28 (39m) (19m) (16m) (19m) (16m) (19m)

29 BUSINESS/INVESTMENT IS A CLASS A DRUG BEWARE, KNOW WHEN TO DRAW THE LINE!

30 If I have seen further than others It is because I stood on the shoulder of giants! Sir Isaac Newton


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