In this Q&A session hear about how you can include your children in your business structure and the best ways to do this from a tax perspective

Shaz also answers questions about title splitting, the structure of trusts and explains why

you need to achieve a balance because if you only look at the situation from a tax perspective you will lose out in other ways

 

KEY TAKEAWAYS

• If you have lived in a property there will be no capital gains tax and you will be covered by the principal private residence relief
• If you live in a house and rent a room you can claim £7,500 tax-free a year in rental room relief
• Exchange is the point at which you enter a legal agreement and is when capital gains tax is triggered
• If you are buying more than one property you can look at multiple dwellings’ relief
• There is no age restriction for adding children to your business
• With exemptions for some jobs, such as acting, children can only be paid a salary from the age of 13 years
• Create alphabet shares so that you pass on equity and reduce your inheritance tax exposure
• If you add very young children it can be more challenging if you are looking for a bank loan
• A child can be a beneficiary of a trust and everyone has a tax allowance every year
• If you transfer your properties and assets over to your children you will potentially no longer have any control

 

BEST MOMENTS

‘If you gift a property and then survive for another seven years you move outside of inheritance tax’

‘Don’t let the tax tail, wag the dog’

‘Tax should not be the only factor’

 

VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook
•   LinkedIn
•   Instagram
•   YouTube.