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Milner Boardman Know Your Numbers

Milner Boardman Know Your Numbers. Milner Boardman Know Your Numbers. What entity should I use? Sole Trader ship Partnership Limited Company Limited Liability Partnership Should I Incorporate Spread sheet. Milner Boardman Know Your Numbers. How to structure tax efficiently

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Milner Boardman Know Your Numbers

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  1. Milner Boardman Know Your Numbers

  2. Milner Boardman Know Your Numbers 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 www.xero.com

  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 0161 927 2727 tonyc@milnerb.co.uk www.milnerboardman.co.uk

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