TOMS, Pensions and Partnerships
Shaz shares great content on the best way to build your pension through a SSAS and explains how TOMS works and the criteria that may mean it applies to your business
He also answers questions from his live audience about FHL and SA properties and how best to use your tax allowances
KEY TAKEAWAYS
- You cannot use the profit from buy to let property to make pension contributions
- You can only make contributions from trading income SA or furnished holiday lets. It has to be relevant, qualifying income
- A SSAS means you have control and can buy commercial property and loan money
- Buy to let Property is always jointly owned between husband and wife
- A benefit of FHL and SA is that the profits can be split based on how much work each partner is doing
- FHL and SA are treated as trading businesses for tax purposes
- If TOMS applies to your business you must use it
- If you qualify for the flat rate scheme using it is a choice
- If you are a principal, buy in a service and a retailer TOMS applies to your business
BEST MOMENTS
‘Contact HMRC and ask if TOMS applies to you’
‘You are a principal buying in and making no changes’
‘You can reinvest the money that goes into your SSAS every year’
VALUABLE RESOURCES
shaz@aaa-accountants.co.uk
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: