Do you pay SDLT on Properties Transfers within a Group? 3

Finance Act 2003 Schedule 7 has the answer

http://www.legislation.gov.uk/ukpga/2003/14/schedule/7

Many Properties Transactions within Groups of Companies are Exempt from SDLT

SCHEDULE 7
Stamp duty land tax: group relief and reconstruction and acquisition reliefs

Part 1

Group relief
1(1)A transaction is exempt from charge if the vendor and purchaser are companies that at the effective date of the transaction are members of the same group.
(2)For the purposes of group relief—
(a)“company” means a body corporate, and
(b)companies are members of the same group if one is the 75% subsidiary of the other or both are 75% subsidiaries of a third company.
(3)For the purposes of group relief a company (“company A”) is the 75% subsidiary of another company (“company B”) if company B—
(a)is beneficial owner of not less than 75% of the ordinary share capital of company A,
(b)is beneficially entitled to not less than 75% of any profits available for distribution to equity holders of company A, and
(c)would be beneficially entitled to not less than 75% of any assets of company A available for distribution to its equity holders on a winding-up.

steve@bicknells.net

 

It’s Official! — Bournemouth Chamber of Trade & Commerce Reply

 

Our Social Enterprise has been formed. CORPORATE SOCIAL RESPONSIBILITY AWARD LTD CIC Company number 11259411 Our official launch will be at our BH Banter on Monday 9th April at 6pm at Ocean Beach Hotel, 32 East Overcliff Drive, Bournemouth BH1 3AQ. We want you to be there!!! book in now https://www.bournemouthchamber.org.uk/event/bhbanter-april/ The purpose of the […]

via It’s Official! — Bournemouth Chamber of Trade & Commerce

How to succeed at Speed Networking Reply

Speed Networking is great fun, so don’t miss the chance to do it at our next BH Banter on Monday 5th March. To be successful at Speed Networking you need to do the following Prepare You will only have a couple of minutes to explain who you are, what you do and why people want […]

via How to succeed at Speed Networking — Bournemouth Chamber of Trade & Commerce

Who cares about corporate social responsibility? — Bournemouth Chamber of Trade & Commerce Reply

Bournemouth Chamber of Trade and Commerce care! For us Social Responsibility encompasses Supporting Charities Supporting Employees Supporting Local Businesses If we want a sustainable, inclusive and successful local economy all three of the corner stones above are vital. Surely no one can deny the importance of the three areas of social responsibility we have outlined. […]

via Who cares about corporate social responsibility? — Bournemouth Chamber of Trade & Commerce

Why do we leave Self Assessment Returns until the last minute? Reply

It seems to me that there are basically two types of taxpayer and the split is pretty even.

The first type are ‘Organised Planners’, they prepare things as early as possible, work out what tax might be due and how they will pay it, look at ways to change things and file early. They will always pay less tax because they have had a chance to consider their options – Pensions, Gift Aid, SEIS, EIS and other things that reduce tax – they also tend to have a full set of records neatly posted on their accounting system.

The second type are ‘Just in Time’, whatever the deadline, they put things off. The problem with this is that often this means things get forgotten and paperwork gets lost, there is no time to prepare or plan and the tax will be payable immediately.

The added problem this year is that Credit Card Payments are no longer an option

In 2016, personal credit card payments for tax numbered 454,000 making of total of £741 million and resulting in £3.2 million in bank fees.

These payments were largely made by small businesses, looking to manage bulk payments by putting them on a credit card that could then be paid off over time.

Below are some statistics from HMRC from 2012, but I think that little has changed and the statistics will be similar this year.

I don’t think anyone would say they enjoy paying tax or filling in forms, so in some ways you can understand why some people put it off and do it ‘just in time’.

Last year HMRC reported

29 January was the busiest day with 513,271 returns completed – that’s more than 21,386 returns received per hour. The busiest time was between 14:00 and 15:00, with 50,358 customers – 14 per second – clicking submit.

If you haven’t done your return, do it now, don’t wait till 11.59 on 31st January.

Steve@bicknells.net

 

It’s Christmas – donate to a Charity with Gift Aid Reply

Bournemouth Chamber of Trade & Commerce

Gift Aid donations are regarded as having basic rate tax deducted by the donor. Charities or CASCs take your donation – which is money you’ve already paid tax on – and reclaim the basic rate tax from HM Revenue & Customs (HMRC) on its ‘gross’ equivalent – the amount before basic rate tax was deducted.

Basic rate tax is 20 per cent, so this means that if you give £10 using Gift Aid, it’s worth £12.50 to the charity.

A Gift Aid declaration must include:

  • your full name
  • your home address
  • the name of the charity
  • details of your donation, and it should say that it’s a Gift Aid donation

Higher rate taxpayers

If you pay tax at the higher or additional rate, you can claim the difference between the rate you pay and basic rate on your donation. Do this either:

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You need strategic partners Reply

Bournemouth Chamber of Trade & Commerce

In business having the right contacts and partnerships will mean the difference between success and failure.

Together we are much stronger than we are on our own and can achieve far more.

Common Goals

Working with other organisations that share common goals will make it easier to achieve your objectives. At BCTC we want to make Bournemouth a dynamic forward thinking business community where we help each other to thrive and provide support and help to businesses that need it.

Grow your contacts and customer base

Partnerships are about sharing and networking, the more opportunities you have to meet new clients the better your chances of success will be, that’s why the partnership between AFC Business and BCTC is important. We both want you to have opportunities to grow and between us have thousands of business contacts.

Partnerships help to strengthen your business

We can’t all be good at everything…

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Am I good enough? Reply

Bournemouth Chamber of Trade & Commerce

Its often ‘not what you know but who you know’ but networking is scary for most people and speaking is even worse.

When you start a business, you normally have a skill but new business owners often lack confidence in telling potential clients about their abilities.

It often doesn’t feel comfortable to explain the brilliant skills you have.

So here are somethings you can do to make it less scary:

  • Introduce yourself – it’s one of the best possible and most obvious ice breakers – just go up to people and say ‘Hi, I am …. and I am a …..’ and ask them what they do
  • Give examples in a mini story format – how do your skills or products benefit people, why do they need your services? You don’t have to name names, just explain in general terms how you help businesses and clients
  • Why do you love…

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Shocking Social Media! 1

Bournemouth Chamber of Trade & Commerce

Is this what your clients think when they see your picture on social media!

It might seem like harmless fun to post a profile photo from your holiday snaps but what impression does it give? Using a photo taken at a wedding or on holiday with a glass of wine in your hand, or one taken 20 years ago, maybe sending out the wrong message and cost you thousands in lost opportunities.

Linked In is particularly important for business

So what makes a good profile picture?

Business Image

The photo should show you ready for business. Dressed as you would to meet client.

Depending on what you do that might mean a business suit or it could be a uniform, often in the creative industries people wear casual clothes.

So wear what you would wear to work.

Up to date

It might be tempting to use an old favourite photo…

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10 Golden Rules of Networking Reply

Bournemouth Chamber of Trade & Commerce

Business Networking could be your key to success and it can be fun too.

But many business owners find it scary, especially in the beginning, it just doesn’t feel natural to walk into a room full of strangers and then randomly choose someone to talk to and give them your elevator pitch.

Personally I think that’s the wrong approach, no one likes being sold to, the right approach is to ask people about their business, everyone feels much happier talking about themselves.

So with that in mind, here are my 10 Golden Rules for networking:

  1. Choose the right events – There are so many events in Bournemouth that you could fill your week with them, so be selective, which events are you most likely to meet people that you can collaborate with or do business with
  2. Attend regularly – People do business with people they know, like and trust

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