CPDStore

9th July, 10:00

Rebecca Benneyworth Tax Update - July 2024

Speaker: Rebecca Benneyworth - Rebecca Benneyworth Training

Rebecca will cover recent changes relevant to the taxation of small businesses and their owners, and current hot topics for the smaller practice.

The exact content will vary depending on what the current climate is, but Rebecca will be covering a wide range of topics, for instance,

• Corporation tax for small companies, including tax planning ideas.
• Research and development tax relief – all change again?
• Self-assessment season – points to watch
• Tax efficient extraction of profits for the owner manager
• Director loan accounts – topical issues and how best to manage this area.
• Developments in Making Tax Digital for income tax.
• Current developments on employment taxes and benefits in kind
• Dealing with non-fiscal year ends under self-assessment – what you need to know.
• Basis period reform – what goes where on the 2024 tax return?
• Spring Budget 2024 – a roundup of the changes
• Tax planning for the smaller business – incorporation and other ideas
• Developments in agent services & dealing with HMRC.
• Future changes – is there anything we need to do now?
• Finance Act 2024
• Autumn Statement 2024 – a roundup of the changes
• Any major changes affecting small businesses will be covered in detail.

Course Level: Intermediate

9th July, 12:10

Residence of Trusts: Importation, Exportation and the Potential Impact of the Proposed Non-Dom Changes

Speaker: Victoria Baguley-Wood - Saffery

For those working with trusts, often the residence of the trust gets little more than a fleeting glance before digging into the complex tax analysis. However, the residence of the trust is what dictates much of the tax treatment and the analysis is often more complicated than originally thought. Understanding the nuances of trust residence will allow you to:

• better ensure that the tax treatment is correct;
• help avoid accidental importation or exportation of trusts;
• more effectively plan for an importation/exportation of a trust; and
• enable you to better advise your client and their families

With the proposed changes from both the Conservatives and Labour, a monumental shift in the taxation of trusts is on the horizon. Understanding the proposed changes and analysing the potential impact they could have on the residence of trusts and general trust planning will put you in a strong position to fully digest the new legislation when it arrives and to help your clients be in the best position possible ahead of 5 April 2025.

Victoria Baguley-Wood will cover the following topics during this session:

• How to ascertain the residence of a trust, what needs to be done to import or export the residence of a trust;
• the tax treatment on importing a trust and the UK tax treatment going forward;
• the tax treatment on exporting a trust and the UK tax treatment going forward;
• accidental importation and exportation of trusts;
• the proposed changes: a brief overview of the relevant changes and a discussion when this could entail for trust planning moving forward

By attending this session you will be able to better advise clients and trustees of the tax treatment of their trusts, help identify accidental importing/exporting of a trust before it happens, advice on the tax treatment of a trust when it moves offshore/comes onshore and put you in a better position to prepare your clients for the trust changes on the horizon.

This session will be of particular interest to private client accountants and tax advisers, private wealth advisers and trustees.

Course Level: Intermediate / Advanced

11th July, 10:00

Profit Extraction for Small Company Owners: 2024/25 and Beyond

Speaker: Carl Bayley – Author & Presenter

Extracting funds from the company tax efficiently is an issue that faces almost every small company owner. And it’s a key piece of tax planning every practitioner needs to be aware of, and keep up to date with. The goalposts are ever shifting. Even before we had a general election, National Insurance rates had dropped dramatically, while Corporation Tax had increased significantly. What does it all mean for the small company owner desperately trying to hang on to as much of their hard-earned profits as they can, and what does the future hold post-election? As the people shareholder/directors turn to for advice, practitioners need to know the answers.

In this session, Carl Bayley will cover:

• Recent changes that impact tax efficient profit extraction in 2024/25
• Salary versus Dividends: how have the changes tipped the balance, when are salaries more tax efficient now?
• Other alternatives to salary or dividends: rent, interest, and pension contributions
• What does the future look like: should small company owners make hay while the sun shines?

By attending this session, delegates will be able to advise company owners on their most tax-efficient profit extraction strategy for 2024/25 and provide some insight into the future position.

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

Course Level: Intermediate

11th July, 12:10

Residence and Domicile: The Impact on the UK Tax Position

Speaker: Ros Martin – Tax Consultant & Lecturer

The impact of residence and domicile on the UK tax is an area which is often misunderstood and there have been a number of recent tax cases which demonstrate that HMRC are active in this area from a compliance perspective. In this course, we are going to take an overview of this complex subject using real-life examples to demonstrate the issues which arise and how it affects the potential tax paid. Every practice will have clients who move abroad or come to the UK to live and work so this will enable you to ask the right questions and understand the relevant factors.

Ros Martin will cover the following topics during this session:

• The basics of the statutory residency test
• Applying the test to practical situations
• The impact of changing residency status including interaction with double tax treaties
• What is domicile and when is it relevant?
• Tax issues for those not resident in the UK

By attending this session you will learn the information you need to confirm residency status and be able to apply that to your clients’ situations. You will understand the relevance of residency and domicile in calculating the UK tax liability.

This session will be of most interest to accountants and tax advisers.

Course Level: Intermediate