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

2. Making Tax Digital

3. Making Tax Digital Background New digital tax initiative Consultations
Timetable

4. 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

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

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

7. Making Tax Digital
Interaction with your accountant
MTD – extra costs

8. Tax Planning for the Small Business

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

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

11. Tax Planning
Employment status
Capital allowances
Leasing

12. Tax Planning
VAT
Registration
Voluntary registration
Type of customer

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

14. Tax Planning
Rental business and sole trade
Losses
Accounting year end

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

16. Tax Planning Inheritance tax Small gifts Annual exemption
Gifts on marriage

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

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

19. Tax Planning
Sale of investment property
Sale of shares

20. Thank You for Listening
Charlie Owen
Tel:
Mobile: