Objectives

Recent  Governments  have  been attempting to “level the playing field” between small limited companies and unincorporated entities to minimise tax-driven incorporation. The 7.5% increase in the  rate of tax on dividends was introduced to make trading through a limited company less attractive but it continues to be advantageous despite.

The course will cover IR35 developments but note that the extension of the “off-payroll” working rules to the private sector has now been deferred to 6 April 2021. Of much more immediate importance is the impact of Covid-19 and, in particular, whether 80% “furlough” claims under CJRS can be made in respect of directors and other staff.

This course will cover all of the taxes that impact on directors and their companies.

Topics will include:

• Is a limited company still best? - Tax breaks available to limited companies only
• Tax efficient extraction of profits – impact of the dividend rules, bonus v dividend v interest on loan account
• Should we buy an electric car or a hybrid? Impact of the new car benefit rules
• Review of IR35 developments and the “off-payroll” working rules
• Coronavirus Job Retention Scheme – claims for directors and other employees
• Director’s Loan Accounts – The HMRC Toolkit and their likely new approach
• Passing on the family company – inheritance tax and CGT  issues
• Maximising CGT entrepreneurs’ relief on a sale (now called Business Asset Relief)
• Tax implications of liquidating the company

Martyn qualified as a Chartered Accountant in 1982 and has specialised in taxation ever since. He became an Associate member of the Chartered Institute of Taxation in 1983 whilst working for a large international firm. His career has combined lecturing with tax consultancy, working for The Financial Training Company Ltd, Horwath Clark Whitehall, and more recently MHA MacIntrye Hudson. He is now a Consultant with MacIntrye Hudson Advisory Services LLP. Martyn’s main area of interest is tax planning for the family business, in particular tax efficient remuneration, exit planning and restructuring. He lecturers on this and other taxation issues as well as running his own consultancy practice.