BREAKFAST BRIEFING – NO PANCAKES BUT SOME USEFUL TAX PLANNING IDEAS

7th March, 2019

By Nicola Cornish

On St Piran’s day this week, the national day of Cornwall, PKF Francis Clark’s Truro office hosted our third breakfast briefing of the year.

Once the delegates had got over the fact that there were no pancakes on offer, they settled down with bacon baps and pastries to savour presentations on ‘Pre Year End Tax Planning for Owner Managed Companies’.

The presentations

I kicked off proceedings giving an overview of the different types of remuneration which could be taken from a company by the owner/managers and the different tax rates applying to each of them. Owners of companies being in the fortunate position of being in control of how much income they personally take from the company and in what form.

Scott Bentley (PKF Francis Clark) then took over to highlight some hidden taxes to be aware of when remuneration planning and some methods of reducing your taxable income referring to gift aid donations, pension contributions and investments.

Focus then shifted from the individual’s tax position to things to consider before the company year end. This included a reminder on elements of remuneration that are deductible for corporation tax purposes and a discussion on the latest capital allowances rules which may be worth considering when thinking about capital investment.

Ben Nurse (PKF Francis Clark Financial Planning) then took the reins and discussed pensions. Due to the time constraints, he focused on company pension contributions and salary sacrifice arrangements. As expected, this is the area which generated the most questions from the floor, due to the recent increase in pension’s freedoms.

Andrew James (PKF Francis Clark Truro office poster-boy – this reference will make more sense when you look at the slides) then closed the session by reminding the audience of the importance of keeping up-to-date accounting records so that informed decisions can be made.

A copy of the slides can be found here.  The presentations were described as spot on” by one delegate.  Any questions arising, please do not hesitate to contact me (or Ben if your question is in connection with material he covered)

Scott’s analogy and thank you

After an interesting Q&A session, the event came to a formal close, or to use Scott’s analogy, “like St Piran, we had reached the shore, although hopefully nobody felt like they had journeyed across the Irish Sea tied to a mill-stone”.

On a lighter note, next month’s breakfast will be held on 2 April and on the subject of “A Healthy Workplace”. Details to be posted on our website shortly.

As always, a huge thank you to Andrew James and others who work tirelessly behind the scenes to make these events work.

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