1. Rent
1.1. Income tax for individual
1.1.1. Property business
1.2. Corporation tax deduction for company
1.2.1. Wholly & exclusively?
1.3. Other considerations
1.3.1. Restrict PRR?
1.3.2. Restrict Entrepreneurs' Relief?
1.4. Resource: Checklist
2. Pension
2.1. Annual allowance
2.1.1. £60,000 for 2023-24
2.1.2. Cfwd unused allowance
2.1.3. Tax charge if exceeded
2.2. Corporation tax deduction for company
2.2.1. Wholly and exclusively?
2.2.2. Spreading provisions
2.3. Resource: Checklist
3. Salary/bonus
3.1. Income tax for individual
3.1.1. 0% within personal allowance
3.2. NICs for individual
3.2.1. 0% below Primary Threshold
3.3. NICs for company
3.3.1. 0% below Secondary Threshold
3.4. Corporation tax deduction for company
3.4.1. Wholly & exclusively?
3.5. Other considerations
3.5.1. National minimum wage
3.6. Compare with dividend
3.6.1. Resource: Calculator
4. Interest
4.1. Income tax for individual
4.1.1. Tax-free savings allowance
4.2. No NICs
4.3. Corporation tax deduction for company
4.3.1. Commercial rate?
4.3.2. Relief delayed where paid late
4.4. Form CT61 procedure
4.4.1. Deduct tax at source
4.5. Resource: Checklist
5. Loan
5.1. When loan made
5.1.1. PAYE if in advance of earnings
5.2. While outstanding
5.2.1. S. 455 tax
5.2.1.1. 33.75% for loan from 6 April 2022 onwards
5.2.2. BIK
5.2.2.1. Low interest
5.2.2.2. P11D
5.3. Repaid
5.3.1. S. 455 tax due back
5.4. Written off
5.4.1. Dividend for individual
5.4.2. Earnings for NICs
5.4.3. S. 455 tax due back
5.5. Resource: Checklist
6. Advising the client
6.1. Suggested approach
6.2. Resource: Factsheet
7. Dividends (separate module)
8. Sale of an asset
8.1. Motiviation?
8.1.1. Clear loan account
8.1.1.1. Bed and breakfasting rules
8.1.2. Tax
8.1.2.1. Is there a better option?
8.2. Potential tax liability for individual
8.2.1. Proceeds > MV
8.2.1.1. Distribution for shareholder
8.2.1.2. Employment income otherwise
8.2.2. Chargeable asset
8.2.2.1. Charge to CGT
8.2.2.2. Gift relief
8.2.2.2.1. Business asset
8.2.2.2.2. Proceeds < MV
8.2.3. Land & buidlings
8.2.3.1. SDLT, etc.
8.2.4. P&M
8.2.4.1. Balancing charge
8.2.4.1.1. Elect for TWDV