These episodes looks at how to incorporate a sole trader or partnership
 
The guest is Nick Wright of Jerroms Miller a leading UK specialist in taxation. Nick is a published tax author in publications including Taxation. Nick can be contacted for consultancy at www.jerromsmiller.co.uk or nickwright@jerromsmiller.co.uk.
 
Nick Wright ACA CTA
Jerromsmiller.co.uk
0121 693 5000
nickwright@jerromsmiller.co.uk
 
 
This is the first episode of two covering incorporation relief and procedures. In this episode we look at
 
S162 relief
The incorporation procedure and which assets must be transferred
The issues arising from goodwill
Tax treatment of director’s loans
D32 concession and why it is important
Gift relief
Dealing with a retiring partner
The closing year considerations
 
The second episode covers:
 
Practical administration guidance on incorporation
Tax issues with capital allowances and stock
How to include new partners / shareholders in the new entity
LLPs
Property and SDLT and the importance of sum of lower proportions
Important tax cases to consider
Scheme warning that will not work
ATED consideration
 
Part One - timings and contents
3:46      Extra notes for episode
4:38      Overview of incorporation process
5:47      Understand the business
6:55      s162 Incorporation relief
7:36      Do you have to incorporate into a new company?
9:01      How to split the consideration
12:52    DLA and capital losses
13:30    Cash balances
16:12    Tax planning for the timing of the transfer
16:56    162 procedures
18:27    Goodwill and director's loan accounts
19:35    What you have to do with goodwill
20:10    D32 concession and practical examples
23:02    Do we transfer partners in same ratios as in the partnership
25:35    Disapplying s162
26:40    The possible role of gift relief
29:54    Investments
32:48    Role of subsidiary companies
33:02    The closing year computation
36:00    How to contact Nick
 
Part two - timings and contents
3:51      Brief coverage of administration points to watch
4:00      MTD, VAT and registering for tax
5:04      New VAT number delays to plan for
6:33      Transfer of plant and machinery
6:57      Tax issues on stock
8:08      Bringing in new partners / shareholders to the new entity
10:26    LLPs - points to watch out for
12:41    Transfer of the property
13:36    SDLT and sum of lower proportions - how it works
20:39    Does gift relief have any role to play?
22:16    Is the property business a business or not?
24:26    The indicators of whether a business exists
30:54    Factors to consider on ATED