Tools and Techniques: Tax Essentials, Tidy-Ups and Transformations

In the latest episode of the Recruitment Leadership Podcast, your host Alison Humphries is joined by Mark Overend of Ascentis Accountants LLP.

 

Mark is a Tax Specialist at Ascentis, having been big 4 trained and is CTA qualified. An expert in the interaction of personal and company tax for the business owner, he's known for always finding an angle.

 

In our recent survey of recruitment business leaders and owners about tax and their business, we discovered that of those who responded…

 

• Only 25% were extremely confident when it came to tackling tax within their recruitment business
• 33% of recruitment business leaders have sought, or plan to seek a Time To Pay Arrangement with HMRC
• Only 16% have taken advantage of tax breaks of R&D and company cars

Alison and Mark address all of these points and more in this comprehensive episode, which is broken down into three distinctive parts:

1. What all recruitment owners should have covered and out in place if appropriate (tax essentials)
2. Defensive actions for those whose sectors have been badly affected by the pandemic (tax tidy-ups)
3. Advice for businesses who have been lucky enough to experience market buoyancy and/or are looking to diversify and grow through a programme of investment. 

Timestamped Agenda:

03:15 - What are the general tax planning pieces that you think all recruitment business owners should have in place right now?

04:21 - is the low salary/dividends approach still the best given recent events?

06:06 How frequently would you expect to see people drawing dividends ina. small recruitment business (sub 20 staff)?

08:01 - Pensions

09:26 - What is your advice to people who are cautious of locking their money up in a pension?

12:53 - How else can you use business funds, via a pension or not, to buy assets that are more tax-efficient?

16:08 - for those whose markets have dried up and are taking a very hard hit - what are the tax areas you would advise them to tidy-up and make sure were most efficient straightaway. 

19:39 - In terms of seeking time to pay arrangements and furlough money loads, do you have any points for recruitment business owners?

24:46 - If a business ends up with a net loss at the end of their financial year, what position does that put them in with regards to corporation tax?

27:04 - EMI Schemes

34:16 - Research and Development Tax Credits

39:19 SEIS

 

If you have any questions, queries or comments, please contact Alison Humphries: alison@recruitmentleadership.co.uk
Find out more about Recruitment Leadership at recruitmentleadership.co.uk

 

Find out more about Ascentis at https://ascentisllp.co.uk/

 

This podcast is produced by Loaded Hype - loadedhype.com