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Milner Boardman Know Your Numbers. What entity should I use? Sole Trader ship Partnership Limited Company Limited Liability Partnership Should I Incorporate.

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Presentation on theme: "Milner Boardman Know Your Numbers. What entity should I use? Sole Trader ship Partnership Limited Company Limited Liability Partnership Should I Incorporate."— Presentation transcript:

1 Milner Boardman Know Your Numbers

2 What entity should I use? Sole Trader ship Partnership Limited Company Limited Liability Partnership Should I Incorporate Spread sheet

3 Milner Boardman Know Your Numbers How to structure tax efficiently Salary Vs Dividends Spouse as employee/shareholder –Non working spouse –Lower earning spouse Alphabet shares –Different dividend rates

4 Milner Boardman Know Your Numbers Setting up to avoid future pitfalls Partnership Agreement Shareholder Agreement Cross option Agreements Cross option death cover Key man insurance HMRC Compliance –Insure? –Get it right from the start

5 Milner Boardman Know Your Numbers Accounting Systems Xero Sage 50 Quickbooks Hosted Vs Non Hosted –Pros & Cons What else do I need? Demo Xero

6 Milner Boardman Know Your Numbers VAT Registration Voluntary VAT Registration –Who are customers? –Can they re-claim VAT? –Advantages of Voluntary registration –Disadvantages of Voluntary registration Compulsory Registration –Threshold for Registration –Threshold for De-registration VAT Flat Rate Scheme

7 Milner Boardman Know Your Numbers VAT Registration Cash Accounting or Accruals Accounting –Threshold –Advantages –Automatic Bad Debt relief

8 Milner Boardman Know Your Numbers VAT Registration Complexities International Supplies –Place of supply (French Lorry) –Reverse charge Special Schemes Partial Exemption Property Carousel Fraud

9 Milner Boardman Know Your Numbers PAYE Any employees? Directors –Efficient remuneration level (next slide) RTI Auto-enrolment Up to date software? Use bureau?

10 Milner Boardman Know Your Numbers PAYE - Directors Salary

11 Milner Boardman Know Your Numbers What Expenses Can I Claim Cost of running business Mileage Vs Car Provision Subsistence Clothing – Problem Area New Business Kit

12 Milner Boardman Know Your Numbers Established Sole-Trader/Partnership/Business Should I Incorporate Sale of Goodwill? –Where does goodwill lie? Downsides –Compliance cost –Public information Upside –Limited Liability –Tax savings

13 Milner Boardman Know Your Numbers Sale of Goodwill to Limited Co

14 Milner Boardman Know Your Numbers Limited Company – Problem Areas IR35 Prohibited Professions

15 Milner Boardman Know Your Numbers Aggressive Tax Planning Examples HMRC attitude Current climate

16 Milner Boardman Know Your Numbers Tax Problems/Pitfalls HMRC Focus –Specific Trades –Specific Sectors –Status Issues –Construction Industry Pitfalls –Cash trading (under declarations) –ML Regime (SOCA) –Claiming excessive costs –Cars/Pool Cars –ER

17 Milner Boardman Know Your Numbers Employee Share Ownership/Reward EMI Employee Share Scheme Others Rewards Salary Sacrifice Schemes –Nursery/Child care vouchers –Cycle to work

18 Milner Boardman Know Your Numbers Legal Requirements for Businesses Limited Co/LLPs –Full Accounts for share holders/members –Abbreviated Accounts for Co House –Ibrxl Accounts for HMRC –CT Return to HMRC – Cos –Partnership return to HMRC-LLPs –Governance Companies Act Other Legislation (employment etc)

19 Milner Boardman Know Your Numbers Legal Requirements for Businesses Sole traders/Partners –Full Accounts for owners Lower disclosure –Accounts transferred to tax return –Tax return for owners –Governance Other Legislation (employment etc.) No Co. Act Beware time limits

20 Milner Boardman Know Your Numbers Understanding a Balance Sheet/P & L Limited company accounts Partnership accounts

21 Milner Boardman Know Your Numbers Strategic Planning Personal goals Corporate goals Developing a strategic plan Working to a strategic plan –Where are we now? –Where do we want to be? –When do we want to get there? –Do all stakeholders have the same view? Benchmarking Planning tools

22 Milner Boardman Know Your Numbers Tony Collier


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