Tax Advise Table of Contents (Optional) Louise A-Level Outline Answer

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Tax Advise

Table of Contents (optional)

Louise is aged 50 and single. Since 1994 she has carried on a retail business as a sole trader. Her trading profits as adjusted for tax purposes and after capital allowances, for the year ended 30th April 2009 were $150,000.

The business is carried out from a number of valuable retail outlets, all of which are owned by Louise personally. These units have been acquired over a number of years since 1994 and their market values have increased considerably in recent years.

Apart from her single personal allowance tax credit, Louise is entitled to income tax relief in respect of $10,000, which she pays annually to a Revenue approved pension scheme.

Louise's personal living expenses and other financial commitments total $50,000 per annum (including the contribution of $10,000 to the Revenue approved pension scheme referred to above).

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Louise is considering transferring her business to a limited company and has asked for your advice.

REQUIREMENT:

(a) Set out the issues which Louise should consider before deciding whether to transfer her business to a limited company.

(40 marks)

Basis of Assessment for Various Sources of Income

Louise

I would first advise that she look to page 599 of Personal Financial Planning (Gitman and Joehnk, South-Western, 2002), Part VI, Retirement and Estate Planning. Herein she will find details of which contributions to place now toward retirement planning. By leafing through this chapter, she will soon find herself holding focus to more of a peripheral view of what truly matters with investments and taxation.

By reading into this chapter, she will come to page 637, chapter 14, and get a better grasp.....

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