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BUSINESS & INVESTMENT BY TITUS WOLE ODEDUN CONSULTANT IN ACCIDENTS, TRAUMA & AESTHETICS SURGERY AND ORTHOPAEDICS LONDON MEDICAL & RESEARCH CENTRE 142-146 HARLEY STREET LONDON W1G 7LD. WHY BUSINESS WHY INVESTMENT. Life expectancy is increasing Pensionable age increasing
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BUSINESS & INVESTMENT BY TITUS WOLE ODEDUN CONSULTANT IN ACCIDENTS, TRAUMA & AESTHETICS SURGERY AND ORTHOPAEDICS LONDON MEDICAL & RESEARCH CENTRE 142-146 HARLEY STREET LONDON W1G7LD
WHY BUSINESS WHY INVESTMENT
Life expectancy is increasing • Pensionable age increasing • Actual value of pension decreasing • Overall tax burden increasing • Cost of living increasing • Increasingly difficult to educate children properly on current pay scales • Increasingly difficult to acquire decent home on current pay scales • There is fun in business & investment
BUSINESS Starting a small business • Set up cost • Type - Sole Trader Partnership Limited Company • Advantages/Disadvantages of each (fig 1) (including taxation issues) • Raising Capital
When will Bank rate rise? CEBRQ1 2016 Capital Economics Q1 2015 John CharcolQ1 2014 Deutsche Bank Q4 2013 Item Club Q1 2013 Economic Perspectives Q4 2012
BUSINESS (cont’d) • Book-keeping • Accountancy • VAT - Threshold Advantage Disadvantage • HMRC
BUSINESS (cont’d) ESTABLISHED BUSINESS • PURCHASING • SELLING/FRANCHISING • FLOATATION - Facebook Lastminute.com Confused.com
INVESTMENT • CHILDREN EDUCATION EDUCATION EDUCATION
INVESTMENT (cont’d) B. OTHER • Real Estate - Land Residential Commercial Property Buy to let
INVESTMENT (Cont’d) • Banks & Building Societies ISA’s • City Based - Equities Forex Commodities Bonds • Forestry • Fine Arts • Vintage Wines • Antique Furniture
BALANCED INVESTMENT PORTFOLIO Commercial Property 45%
CURRENT STAMP DUTY ONPROPERTY PURCHASE £125,000 1% (1ST TIME BUYER) 0% £250,000 3% £500,000 4% £1,000,000 5%
INVESTMENT (cont’d) • THOROUGHBRED (RACE) HORSES • CARS - VETERAN VINTAGE CLASSIC MODERN
INVESTMENT/BUSINESS IDEAS • LOOK FOR A GAP IN THE OPEN MARKET PLACE E.G. PORTABLE DEFIBRILLATOR INTERNATIONAL NURSING HOMES RETIREMENT ABROAD SOLAR POWER
INVESTMENT/BUSINESS IDEAS(Contd’d) Business with little capital requirement: Google Facebook Twitter Bebo Lastminute.com Confused.com
WHERE TO RETIRE USA – A pricey but popular retirement destination Cost/Requirements of entry - EB-5 Immigrant Investor visa requires £314,000 – £627,000. Monthly living costs, food drink - £950 pm. Bottle of wine £6. Meal out for two £25. Average 2 bed house price - £115,000. Average return air fare - £340. Income tax rates – varies between states. No income tax and low property and sales taxes in eight states inc Florida. Medical cover: £300-£500 pm. Dental £22-32 pm. Reciprocal state pension: No
WHERE TO RETIRE IRELAND – No language barrier and simple entry procedure Cost/Requirements of entry – Nil. EU citizens have right of residence Monthly living costs, food & drink - £1,500pm for reasonable standard of living. Bottle of wine £7.50. Meal out for two £45. Average 2-bed house price - £190,000. Average return air fare - £40-75. Income tax rates – Residents pay tax on their world-wide investments including pensions, both state and private. Healthcare – The EHIC entitles you to free basic healthcare. Reciprocal state pension: Yes
WHERE TO RETIRE SPAIN - The most popular destination, due to climate and living costs. Cost/Requirements of entry – Nil. EU citizens have right of residence. Monthly living costs, food & drink - £1,300pm. Bottle of wine £3.50. Meal out for two £35-40. Average 2-bed house price £150,000. Average return air fare - £70. Income tax rates – Personal allowance of £2,200 – 3,400, above which tax is applied at 24-43%. Tax rates on an annuity 4-5%. Healthcare - The EHIC entitles you to free basic healthcare Reciprocal state pension: Yes
WHERE TO RETIRE MALTA - Low tax rates and year-round heat make this a top spot. Cost/Requirements of entry – Nil. EU citizens have right of residence. Monthly living costs, food & drink - £600pm. Bottle of wine £4. Meal out for two £30. Average 2-bed house price - £180,000. Average return air fare - £40 – 80. Income tax rates – No tax on pension income from outside Malta. No inheritance, wealth, or annual property taxes. Healthcare – The EHIC entitles you to free basic healthcare. Reciprocal state pension: Yes
WHERE TO RETIRE FRANCE – Most move to France for a better quality of life. Cost/requirements of entry – Nil. EU citizens have right of residence. Monthly living costs, food & drink - £1,500pm. Bottle of wine £5. Meal out for two £35. Average 2-bed house price - £180,000. Average return air fare – Paris £70, Nice £130. Income tax rates – State, private or occupational pensions are taxable as are lump sum pension payments in excess of £5,100 (tax free in the UK. Healthcare – The EHIC entitles you to free basic healthcare Reciprocal state pension: Yes
WHERE TO RETIRE CROATIA - Affordable living, low tax and tope weather. On the rise. Cost/Requirements of entry – Nil. But plenty of red tape. Monthly living costs, food & drink - £600pm. Bottle of wine £4. Meal out for two £22. Average 2-bed house price - £120,000. Average return air fare - £70. Income tax rates- - pensions received from abroad are tax free. Healthcare – Reciprocal agreement entitles pensioners to hospital, medical and dental treatment (excludes medicines). Reciprocal state pension: No
WHERE TO RETIRE TURKEY – Cheap living costs, dry climate and few entry barriers. Cost/Requirements of entry – visa on arrival. Evidence of adequate (unspecified) retirement income. Monthly living costs, food & drink - £1,000pm. Bottle of wine £6. Meal out for two £15-20. Average 2-bed house price - £60,000 – 100,00 (most retirees rent). Income tax rates – no tax on pension income. Inheritance is 1% on the first £67,500, 3% n the next £148,000. Healthcare – private medical/dental insurance is necessary. Reciprocal state pension: No
WHERE TO RETIRE EGYPT – Affordable property and low tax rates. Good alternative. Cost/requirements of entry – Foreign property owners can obtain a renewable 5-year residence permit. Monthly living costs, food & drink - £400pm. Bottle of wine £7. Meal out for two £18. Average 2-bed house price - £60,000. Flat £20,000. (most retirees rent). Average return air fare - £240. Income tax rates – No capital gains tax, no inheritance tax. Healthcare – Medical/dental services are cheap but private medical insurance should be taken out. Reciprocal state pension: No
WHERE TO RETIRE AUSTRALIA – Expensive but ever popular destination for Brits. Cost/requirements of entry - £283,000-425,000 and income of £28,000 – 37,000 (by state). Monthly living costs, food & drink - £2,500. Bottle of wine £5. Meal out for two £20-25. Average 2-bed house price - £250,000. Average return air fare - £600-700, city dependent. Income tax rates – six-month window to transfer pension benefits without incurring any tax. Healthcare – Reciprocal agreement entitles pensioners to emergency treatment. Reciprocal state pension: No
WHERE TO RETIRE MALAYSIA – Rock bottom tax and low living costs. Great prospect. Cost/Requirements of entry – Requires income of £2,000pm and about £70,000 in liquid assets. Monthly living costs, food & drink - £1,000pm. Bottle of wine £6. Meal out for two £15-20. Average 2-bed house price - £60,000-100,000 (most retirees rent). Average return air fare - £500. Income tax rates – No tax on income from outside Malaysia. No inheritance nor capital gains tax. Healthcare – Medical/dental services are cheap but visa immigrants are required to have medical insurance. Reciprocal state pension: No
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CAUTION!! BUSINESS/INVESTMENT IS A CLASS A DRUG BEWARE, KNOW WHEN TO DRAW THE LINE!
If I have seen further than others It is because I stood on the shoulder of giants! Sir Isaac Newton