Book review: Tax Planning for Family & Owner-Managed Companies 2019/20

 In Book Reviews for Private Client practitioners, Tax

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Tax Planning for Family & Owner-Managed Companies 2019/20
by Peter Rayney FCA CTA (Fellow) TEP  | ISBN‎: ‎9781526510723  |  Bloomsbury Professional

Purpose

Book review Tolleys Taxwise IIThe ambitious purpose of this book is to provide a complete picture of tax planning for family & owner-managed companies for professional advisers. It is written by a highly regarded tax consultant. It usefully looks at tax planning not just from the company’s perspective but also from the viewpoint of the working and non-working shareholders and the business’s employees.

Content

There are seventeen chapters covering everything from tax concepts (including inevitably tax avoidance); shareholding and corporate structures; computations; remuneration strategies; problems with IR 35 and off-payroll working; distribution of profits and dividend planning; pension scheme strategies; financing and selling the business; valuing the business; winding up the company and succession planning and many other topics.

Structure & Layout

Each chapter contains a plethora of explanations, case references and interpretation; statutory references and practical applications. Where appropriate, worked examples are included e.g. in chapter 2 on Extracting Funds from the Company there are computations of the effective tax rate for corporation tax; and examples of whether to take a bonus or a dividend as an owner manager who pays different tax rates. In many chapters a planning checklist appears at the end of the chapter.

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Tools

Case study examples are an excellent way of explaining ideas and principles which enables the reader to apply what at times are complex concepts to practical situations which occur when considering tax planning for company clients.

The planning checklists will prove useful risk management tools for the practitioner to ensure key techniques are not overlooked when acting for not just the company itself but its owners and employees as individuals.

Clarity & readability

This edition of the book is fully up-to-date including the 2019 legislative changes as well as new practical points, case law and developments in HMRC practice. It is easy to read because it is set out in clear chapters with subheadings as well as having a comprehensive index.

Relevance to practitioners

It is relevant to accountants, tax advisers and lawyers alike. As a private client practitioner, I particularly welcomed the final chapter on Succession planning and Passing on the Family or Owner-Managed Company. I admit that some of the details on taxes with which I have little day-to-day contact, such as corporation tax, are not ones on which I dwelt, but they would be bread and butter for accountants.

Apart from anything else, an understanding of the main ways of extracting funds from a company; remuneration strategies, treatment of employee benefit trusts and the impact of ‘disguised remuneration’ legislation can help an adviser contribute to the debates relevant for a client who needs a collaborative team of professionals willing to work together to provide solutions for him and his or her company.

This book is comprehensive, enlightening and readable – a tour de force.

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