How to incorporate a sole trader or partnership - part 2

The things we do for tax

This episode 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 [e-mail].

This 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

Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants

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1. How to incorporate a sole trader or partnership - part 2 (00:00:00)

2. Brief coverage of administration points to watch (00:03:51)

3. MTD, VAT and registering for tax (00:04:00)

4. New VAT number delays to plan for (00:05:04)

5. Transfer of plant and machinery (00:06:33)

6. Tax issues on stock (00:06:57)

7. Bringing in new partners / shareholders to the new entity (00:08:08)

8. LLPs - points to watch out for (00:10:26)

9. Transfer of the property (00:12:41)

10. SDLT and sum of lower proportions - how it works (00:13:36)

11. Does gift relief have any role to play? (00:20:39)

12. Is the property business a business or not? (00:22:16)

13. The indicators of whether a business exists (00:24:26)

14. Factors to consider on ATED (00:30:54)