business & investment by titus wole odedun consultant in accidents, trauma & aesthetics...
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BUSINESS & INVESTMENTBY
TITUS WOLE ODEDUNCONSULTANT IN ACCIDENTS, TRAUMA
& AESTHETICS SURGERY AND ORTHOPAEDICS
LONDON MEDICAL & RESEARCH CENTRE142-146 HARLEY STREET
LONDON W1G 7LD
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
Starting a small businessSet up costType- Sole Trader
PartnershipLimited Company
Advantages/Disadvantages of each (fig 1)
(including taxation issues)Raising Capital
BUSINESS
When will Bank rate rise?
CEBR Q1 2016Capital Economics Q1 2015John Charcol Q1 2014Deutsche Bank Q4 2013Item Club Q1 2013Economic Perspectives
Q4 2012
Book-keepingAccountancyVAT- Threshold
AdvantageDisadvantage
HMRC
BUSINESS (cont’d)
ESTABLISHED BUSINESS
PURCHASINGSELLING/FRANCHISINGFLOATATION - Facebook
Lastminute.comConfused.com
BUSINESS (cont’d)
A.CHILDREN
EDUCATIONEDUCATIONEDUCATION
INVESTMENT
B. OTHER
Real Estate -LandResidentialCommercial PropertyBuy to let
INVESTMENT (cont’d)
Banks & Building SocietiesISA’s
City Based - EquitiesForexCommoditiesBonds
ForestryFine ArtsVintage WinesAntique Furniture
INVESTMENT (Cont’d)
Russia
Brazil
India
USA
China
France
Germany
UK
0% 10% 20% 30% 40% 50% 60%
TOP STATUTORY RATES OFPERSONAL INCOME TAX
USA
Brazil
Germany
UK
0% 5% 10%
15%
20%
25%
30%
35%
40%
45%
MAIN CORPORATION TAX RATES
France
India
China
Russia
ResidentialProperty 15%
Equities15%
Others15%
Fine Arts& Collectibles10%
BALANCED INVESTMENT PORTFOLIO
CommercialProperty 45%
£125,000 1%(1ST TIME BUYER) 0%£250,000 3%£500,000 4%£1,000,000 5%
CURRENT STAMP DUTY ONPROPERTY PURCHASE
THOROUGHBRED (RACE) HORSES
CARS - VETERANVINTAGECLASSICMODERN
INVESTMENT (cont’d)
LOOK FOR A GAP IN THE OPEN MARKET PLACE
E.G. PORTABLE DEFIBRILLATORINTERNATIONAL NURSING HOMESRETIREMENT ABROADSOLAR POWER
INVESTMENT/BUSINESS IDEAS
Business with little capital requirement:
GoogleFacebookTwitterBeboLastminute.comConfused.com
INVESTMENT/BUSINESS IDEAS(Contd’d)
USA – A pricey but popular retirement destinationCost/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 healthcareReciprocal 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
WHERE TO RETIRE
Older, Wiser, WealthierJapanese Household wealth, by age
group Ytrn, 2008
0 5 10 15 20 25 30
70 & Over
60-69
50-59
40-49
30-39
29 & Under
Population, m
(39m)
(19m)
(16m) (19m)
(16m)
(19m)0-100 200 300 400 500
BUSINESS/INVESTMENT IS A CLASS A DRUG
BEWARE, KNOW WHEN TODRAW THE LINE!
CAUTION!!
If I have seen further than others
It is because I stood on the shoulder of giants!
Sir Isaac Newton
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