Making Tax Digital Tax Planning for Small Business Presented by Charlie Owen Associate Partner Russell New

Making Tax Digital

Making Tax Digital Background New digital tax initiative Consultations Timetable

Making Tax Digital Self-employed/landlords with turnover > VAT threshold – P/C 6 April 2018 Self employed/landlords with turnover > £10,000 – P/C 6 April 2019 VAT – April 2019 Corporation tax – April 2020

Making Tax Digital How will MTD work? Exclusions Excluded persons Excluded activities

Making Tax Digital Individuals – the Personal Tax Account Businesses Partnerships Software

Making Tax Digital Interaction with your accountant MTD – extra costs

Tax Planning for the Small Business

Tax Planning Approach to Tax Planning High risk tax planning Acceptable Tax Planning

Tax Planning Business entity/trading vehicle Dividend allowance Transfer shares to other family members

Tax Planning Employment status Capital allowances Leasing

Tax Planning VAT Registration Voluntary registration Type of customer

Tax Planning Flat rate scheme Limited cost traders Cash accounting Annual accounting

Tax Planning Rental business and sole trade Losses Accounting year end

Tax Planning Maximising tax deductible expenses Timing Salary payment Use of home Travel

Tax Planning Inheritance tax Small gifts Annual exemption Gifts on marriage

Tax Planning Use of trusts Tax free uplift on death Gift of property, retain income

Tax Planning Other taxes Additional SDLT of 3% on second properties Pension planning

Tax Planning Sale of investment property Sale of shares

Thank You for Listening Charlie Owen charlie@russellnew.com Tel: 01903 816699 Mobile: 07876 591725