Tax Efficient Profit Extraction (Oct 23)
Category: Tax | Duration: 2hrs | Tag: VODAUTXUK23D1S1 | Type: Video | Course Level: Intermediate | Speaker: Carl Bayley | Date: 10/10/2023 10:00
Course Details
Extracting funds from the company tax efficiently is an issue that faces almost every small company owner. The complex interplay between corporate and personal tax is made even more confusing by the many reliefs, exemptions, thresholds, and allowances involved. Add to that the fact many companies are currently facing transitional rules that mean their marginal corporation tax rate may be different every year for three years, and it becomes a complete minefield. The goalposts are shifting almost daily, and you need to be ready to advise your clients on the best course of action.
In this course, Carl Bayley covers:
- The taxes to be considered, together with the relevant reliefs, exemptions, and thresholds
- Simple ‘salary versus dividend’ strategies to provide the most tax efficient outcome in the majority of cases
- The SIX circumstances where salaries greater than the personal allowance are more tax efficient
- Paying spouses, partners, and other family members
- Better alternatives to dividends: rent, interest, and pension contributions
- Using directors’ loan accounts tax efficiently
CPD Course Speaker
BSc FCA, Author and Presenter
Carl Bayley
Carl Bayley is the author of a series of ‘Plain English’ tax guides designed specifically for the layman and the non-specialist. His particular specialty is his ability to take the weird, complex, and inexplicable world of taxation and set it out in the kind of clear, straightforward language taxpayers themselves can understand.
Carl takes the same approach when speaking on taxation, a role he frequently undertakes with great enthusiasm, including his highly acclaimed annual ‘Budget Breakfast’ for the Institute of Chartered Accountants. He has spoken on taxation on radio and television, including the BBC’s ‘It’s Your Money’ program and BBC Radio 2’s Jeremy Vine Show.
Carl began his career as a Chartered Accountant in 1983 with one of the ‘Big 4’ accountancy firms. After qualifying as a double prize-winner, he immediately began specialising in taxation. He worked for several major international firms until beginning the new millennium by launching his own practice, through which he provided advice on a wide variety of taxation issues; especially property taxation, inheritance tax, and tax planning for small and medium-sized businesses, for twenty years, before deciding to focus on his favourite role as author and presenter.
Carl is a former Chairman of the Tax Faculty of the Institute of Chartered Accountants in England and Wales and a member of the Institute’s governing Council. He is also a former President of ICAEW Scotland and a member of the ICAEW Board. He has co-organised the annual Practical Tax Conference since its inception in 2002.
Carl takes the same approach when speaking on taxation, a role he frequently undertakes with great enthusiasm, including his highly acclaimed annual ‘Budget Breakfast’ for the Institute of Chartered Accountants. He has spoken on taxation on radio and television, including the BBC’s ‘It’s Your Money’ program and BBC Radio 2’s Jeremy Vine Show.
Carl began his career as a Chartered Accountant in 1983 with one of the ‘Big 4’ accountancy firms. After qualifying as a double prize-winner, he immediately began specialising in taxation. He worked for several major international firms until beginning the new millennium by launching his own practice, through which he provided advice on a wide variety of taxation issues; especially property taxation, inheritance tax, and tax planning for small and medium-sized businesses, for twenty years, before deciding to focus on his favourite role as author and presenter.
Carl is a former Chairman of the Tax Faculty of the Institute of Chartered Accountants in England and Wales and a member of the Institute’s governing Council. He is also a former President of ICAEW Scotland and a member of the ICAEW Board. He has co-organised the annual Practical Tax Conference since its inception in 2002.