Owner managed businesses
This course guides you through the tax, incorporation and income issues arising at different stages of a business's life.
Partner products listed exclude VAT. You will be directed to an external site to complete purchase and VAT will be applied at checkout.
For your AAT exclusive discount apply AAT101 at partner checkout for an exclusive 10% off.
Course Type
E-learning
Length
3 - 5 hours
What you’ll achieve
- Get to grips with the basics of owner managed businesses (OMBs)
- Handle issues related to business growth such as capital expenditure and VAT registration
- Advise on when and how incorporation becomes a sensible option
- Ensure your clients generate profit in a tax efficient way
- Offer support on whether to sell a business or pass it on to the "next generation"
About the course
With the numbers of owner managed businesses increasing, clients will expect you to be familiar with the complex rules. This course guides you through the tax, incorporation and income issues arising at different stages of a business's life.
Overview
E-learning |
|
3 - 5 hours |
|
Owner Managed Businesses |
Syllabus
Overview
- Explaining tax for owner managed businesses
- What is an OBM?
- Creating an OMB
- Trade vs business
The early years
- The early days of a business
- HMRC registration
- Tax years
- Working out the profits
- Business expenditure
- Reporting
Growth
- Key steps for company growth
- Capital expenditure
- Annual investment allowance
- Working out AIA
- The VAT system
- VAT sales and invoices
- VAT returns and penalties
Incorporation
- In good company
- The advantages of trading as a limited company
- Corporation tax
- To incorporate or not?
- The incorporation process
- Option 2: Holdover relief route
- Option 3: Sale to the company
Profit extraction
- Who profits?
- Extracting profit from your business
- Salary v dividends
- Salary first
- Other methods are available
- Directors' loan accounts
Selling the business
- An offer too good to resist
- Key issues when selling a business
- Selling the company business
- The base cost
- Personally owned assets
- What if the proceeds aren’t wholly upfront cash?
- Potential tax savings
Passing the business on
- The business as a legacy
- Passing on to a new generation
- IHT and lifetime transfers
- Business property relief
- Qualifying for BPR
- Problems with loans
How to access
You will be directed to an external site to complete purchase and VAT will be applied at checkout.
