Owner Managed Businesses

by Andy Rainford

Revised and up to date for 2022/23. 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.

price £75+vat
cpd hours 4 CPD hours
access 120 days' access

This course will enable you to

  • 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

There has been a significant increase in the set-up of owner managed businesses (OMBs) in recent years. Whether they are sole traders, limited companies, or partnerships the rules around set up, management and ultimately disposal of OMBs are wide ranging and complex. It is our job, as accountants, to support clients through the complexity and to ultimate success in their chosen business.

This course provides an overview of owner managed businesses. It guides you through various tax, incorporation and income issues encountered at different stages of a business's life - from set up to disposal. The course also helps you advise on decisions such as when incorporation is a suitable option or, whether selling or passing it on to the next generation is best for your client's situation.

This course has been revised and is up to date for 2022/23.

Look inside

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Contents

  • 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

Author

Andy Rainford

Andrew Rainford BA (Hons), ATT, CTA trained and qualified with an independent London firm of accountants, and subsequently worked on EY's personal tax consultancy team.

Now based in North Wales, he runs his own tax consultancy and writing business, Red Dragon Consulting, working directly for private clients and also supporting other tax advisers.

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Access to this course
Total CPD unitshourshours4 unitshourshours21 units20 hours21 hours800+ unitshourshours800+ unitshourshours
Access period120 days120 days12 months12+ months
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Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team’s needs
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Why not upgrade?

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Licence

All you need for this year and more.

Access to this course
Total CPD unitshourshours800+ unitshourshours
Access period12 months
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs
Learn more

Why not upgrade?

Find the best way to complete your CPD

Course

Need just a few unitshourshours?

Access to this course
Total CPD unitshourshours4 unitshourshours
Access period120 days
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs

Why not upgrade?

Find the best way to complete your CPD

Pick n Mix

All you need for this year's CPD.

Access to this course
Total CPD unitshourshours21 units20 hours21 hours
Access period120 days
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs
Learn more

Why not upgrade?

Find the best way to complete your CPD

Team

Keep your whole team up to date.

Access to this course
Total CPD unitshourshours800+ unitshourshours
Access period12+ months
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs
Learn more

Why not upgrade?

Find the best way to complete your CPD

Licence

Recommended

All you need for this year and more.

Access to this course
Total CPD unitshourshours800+ unitshourshours
Access period12 months
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs
Learn more

Course

Need just a few unitshourshours?

Access to this course
Total CPD unitshourshours4 unitshourshours
Access period120 days
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs

Pick n Mix

All you need for this year's CPD.

Access to this course
Total CPD unitshourshours21 units20 hours21 hours
Access period120 days
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs
Learn more

Team

Keep your whole team up to date.

Access to this course
Total CPD unitshourshours800+ unitshourshours
Access period12+ months
Audit-proof CPD completion certificate
Immediate access to our entire CPD catalogue
Exclusive news and CPD every week plus monthly webinars, all year round
Account manager on hand to support your team's needs
Learn more

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