Northern Society of Chartered Accountants

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Tax pitfalls to avoid and the related tax planning

A detailed and practical overview relating to tax pitfalls to avoid and the appropriate tax planning to be undertaken by the accountant.

A refresher and detailed tax planning ideas across all the taxes, when entering into tax planning for clients, of the tax pitfalls and obstacles to overcome, and how to achieve this with appropriate tax planning.

Content:

• Tax planning ideas and strategies to reduce the tax bill for the self-employed and partnerships
• The impact of NIC, and planning tips
• The hurdles to overcome to successfully argue that you are genuinely self-employed
• A review of the major anti-avoidance legislation currently used by HMRC across the tax spectrum
• How to successfully incorporate your client, avoiding all the tax pitfalls
• Structuring your business
• Passing the shares and business successfully down the generations
• The maximising of capital allowances, and avoiding the tax hurdles
• Inheritance Tax planning to achieve the desired objective
• What expenditure can you claim and get tax relief for?
• The partnership agreement
• The impact of CGT and SDLT, the problems and the solutions
• Practical tax planning case studies
• Tax refresher and planning for the family
• Tax and NIC efficient extraction of funds from the family company
• Tax planning for the wealthy client, the pitfalls to avoid and the planning to undertake
• General overview