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Oct 10, 10:00

Tax Efficient Profit Extraction

Speaker: Carl Bayley - Author and Presenter

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 session, Carl Bayley will cover:

• 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

By attending this session, delegates will be able to advise company owners on the most tax-efficient profit extraction strategy under almost any circumstances.

The session will be of benefit to general practitioners, tax advisers, accountants working in business, and accountancy students.

Course Level: Intermediate

Oct 10, 12:10

Tax Planning: Inheritance and Use of Trusts

Speaker: Barry Jefferd - George Hay Chartered Accountants

Inheritance Tax (IHT) planning is all about protecting and preserving wealth, maximising tax efficiency to minimise liabilities and ensuring that any loved ones are catered for in line with a person’s wishes. With IHT receipts hitting an all-time high this year, clearly more and more individuals are being brought within scope of the charge, and so the importance of considered planning for everyone is only compounded. As accountants and advisers, your clients are relying on you to advise them on the various strategies that can help them to manage their estate, over the course of their lifetime, to reduce any liability to Inheritance Tax in the future. This presentation will provide you with an overview of the most common strategies that can be used to reduce IHT bills and, in particular, will look in some detail at the use of Trusts. We will consider the different types of Trust that exist, the tax implications of establishing a Trust, what setting up a Trust entails and how to determine whether a Trust might be suitable for your client.

In this session, Barry Jefferd will discuss the importance of proactive Inheritance Tax planning with a focus on the use of Trusts as a strategy to reduce liability to the charge. Beyond this, we will touch upon some of the other ways in which individuals can minimise their exposure to IHT and our role in identifying appropriate solutions for clients.

The following key areas will be covered:

• The importance of proactive, but careful Inheritance Tax planning for everyone
• Common Inheritance Tax planning strategies, use of reliefs, and how these can be employed over the course of an individual’s lifetime, and on death
• The use of Trusts to minimise exposure to Inheritance Tax liabilities, including types of Trust, establishing a Trust, and the associated tax implications
• Our role as advisers in respect of Inheritance Tax planning
• How to determine whether a Trust is the right strategy for your client

By attending this session, you will learn about the ways in which we can minimise exposure to IHT, the use of Trusts within the context of IHT planning, and what to consider when assessing whether a Trust is the most suitable strategy for a client.

Course Level: Intermediate