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Our guests had a great time at the ‘Radio 2 in the Park’ festival – aka a one-day Glastonbury for Radio 2 devotees. Rod Stewart was billed as the ‘headline act’ and certainly wooed the crowd with his energetic Celtic … Continue reading



Our guests had a wonderful time at the 20th BBC Proms in the Park – perhaps the greatest yearly celebration of wonderful music and British patriotism – all held together by the incomparable Sir Terry Wogan.

In the first half, we were treated to a star-studded line-up including Beverley Knight & Matt Cardle with the cast of Memphis, Russell Watson, trumpeter Alison Balsom, soprano Danielle de Niese,  Carma Emerald, and The Jacksons – who still can show us how to boogie!

Then we were whisked off to join the Royal Albert Hall to witness the best fervent sing-song in the land. I was hugely impressed with conductor Marin Alsop – who gave a memorable speech which included these lines:

“…I’m not going to pretend that music alone can change the world but, here tonight in this incredible hall with all of you here, I feel the power of music to unite us and to bring out the best that humanity has to offer. We have to reach out to those people who are struggling to be heard today. Let’s bring the sound of our voices together so that it reaches out to people everywhere to all of our brothers and sisters.

That is the great power of music..”

Finally, here are some extracts from our guests emails

When I think about being together it still feels wonderful inside

“We thoroughly enjoyed it and the event (+ your generous hospitality) is something which we shall always remember”

Here is a selection of our photo scrapbook of that wonderful evening.


The PRTC table with John C showing off his proms regalia!

Mary and Tam and the Welsh Dragon!

Mary and Tam and the Welsh Dragon!

All our guests line up

All our guests line up!

JC and the Proms Apron

JC and the Proms Apron

Peter & Patricia - all dressed up!

Peter & Patricia – all dressed up!

Carma Emerald

                     Caro Emerald

The Jacksons - Blame It On The Boogie

The Jacksons – Blame It On The Boogie

A great proms selfie by conductor Marin Alsop

A great proms selfie by conductor Marin Alsop

Fireworks finale

Fireworks finale


We were very pleased to be able to sponsor the first leg of West Ham Utd’s second round tie with Birkirkara FC. The Hammers rode out 1-0 against a heavily defensive Maltese side, with James Tomkins chesting the ball in from a well-struck corner from Mauro Zarate.

We (I) chose Mauro Zarate as our man of the match for his skilful display.

Presenting Man Of The Match Award to Mauro

Presenting Man Of The Match Award to Mauro

PRTC on the Big Screen

PRTC on the Big Screen

PRTC on the Big Screen 2!

PRTC on the Big Screen 2!

The Irons Pose!

The Irons Pose!


Tax pundits have been telling us for many years that income tax on dividends would increase. That moment finally arrived in the Summer Budget 2015 but we never thought it would be like this.

Our beloved imputation system – designed to prevent double taxation of corporate profits – will be consigned to the fiscal dustbin on 6 April 2016. The Treasury points out that this regime was “designed more than 40 years ago when corporation tax was 50 per cent and the total bill on dividends for some was over 80 per cent”. Similarly, the (non-reclaimable) 10% tax credit that has been carried with dividends since April 1999 will be scrapped.

In its place, Chancellor George Osborne unveiled a progressive series of dividend tax rates that will ‘kick-in’ from 2016/17. However, dividend income will benefit from a new £5,000 tax-free allowance. Taxable dividend income in 2016/17 will be taxed at the special tax rates shown in the table below

Dividend tax rates – 2016/17  
Taxable dividend income* Tax rate** Comparable rate in 2015/16
Up to £32,000 7.5% Nil
Between £32,000 and £150,000 32.5% 25.0%
Above £150,000 38.1% 30.6%
* Total dividend income after £5,000 exemption and any available personal allowance
** Rate applies to actual dividend received with no grossing-up  

From 2016/17, the new dividend tax regime brings in much higher tax rates. A review of the total tax costs (including corporation tax) of paying dividends out of a typical owner-managed company is provided below:




Owner-managers will look at this table with some dismay – these are significant increases. For many years now, most owner managers have pursued a ‘low salary/high dividend’ profit extraction model since this proved to be more tax efficient. Dividends were taxed at lower rates than earnings and they did not attract (Class 1) national insurance contributions (NICs).

Companies that exploit the ability to pay ‘tax-free’ dividends of around £35,000 to spouses will now see such amounts taxed at 7.5% from 2016/17. This should still produce typical tax savings of 25% (i.e. 32.5% less 7.5%) of the dividend and hence such planning will still be worthwhile.

The 2016/17 increases in dividend tax will narrow the tax differential between bonuses and dividends, so that dividends become only marginally preferred – see example of ‘bonus v dividend’ comparison below:


Many owner managers are likely to consider accelerating dividend payments before April 2016 to benefit from the current lower rates. Provided ‘their’ companies have sufficient distributable profits, additional dividends can be paid out. If the company still needs the cash for working capital or future investment, it can be ‘invested’ back in the company as a director’s loan. Bringing forward dividends to the current tax year means advancing the tax due on the dividend but this disadvantage will be outweighed by the tax savings.

Some owner managers will now seek to retain more profits within the company at low rates of corporation tax (which should reduce to 18% by 2020). There may also be a tendency to take out these reserves on ‘retirement’ via a ‘capital’ company purchase of own shares transaction.

It appears, HMRC has no plans to increase the 25% ‘section 455’ tax charge on loans to participators. This is bound to encourage more owner managers to ‘live’ off overdrawn loan accounts at a reasonably palatable tax rates (especially with the beneficial loan charge currently based on an interest rate of 3.25%).

The hike in dividend tax rates is expected to swell the Treasury’s coffers by some £2 billion a year and is one of the biggest revenue raisers in the Summer Budget. However, the Treasury may have underestimated the behavioral response of owner managers and the predicted tax take may well fall short of that figure – due to the ‘laffer-curve’ effect, but that is a discussion for another day.

Peter Rayney


Once again, Peter Rayney Tax Consultancy was proud to be a sponsor of the Taxation Awards 2015. Our table had a thoroughly entertaining night.  This year the awards ceremony was hosted by the feisty Mariella Frostrup who carried out the proceedings with great humour and professionalism.

The highlight of the night was Robert Broderick’s Abandoman, which created spontaneously funny freestyle rap-songs based on ‘things’  suggested by the audience.  It was all incredibly funny and probably the best act I’ve ever seen at the Taxation Awards.

We were happy to have been shortlisted for the ‘Tax Consultancy Firm’ award for the third year running but the most wonderful sight of the night was seeing Mike Truman (who recently retired as editor of Taxation magazine) pick up his much deserved lifetime achievement award to a standing ovation.

There were many choices of entertainment after the awards ceremony ended but we ventured to the Jazz Lounge to see Rachael Henshaw’s Jazz Band.  After all the hustle and bustle of the awards ceremony, this was a place of relative calmness and a great opportunity to talk to our friends in the tax world.

Sharon Webb and her team at RBI events deserve a special mention for having again done a fantastic job in making this the greatest event in the Tax calendar.

Here is our photo gallery for the night:

Just off to the Taxation Awards

Just off to the Taxation Awards

Selfie with Mike Truman (with his award)

Selfie with Mike Truman (with his lifetime achievement award)

PRTC table awaiting their first course!

PRTC table awaiting their first course!

Patricia presenting the award for "Best Tax Practice In A Regional Firm"

Patricia presenting the PRTC-sponsored award for “Best Tax Practice In A Regional Firm”

Patricia with 'winners' Armstrong Watson

Patricia with ‘winners’  of “Best Tax Practice In A Regional Firm’ – Armstrong Watson

Our guest - Roy Smith - always scrubs up well!Our guest - Roy Smith - always scrubs up well!

Our guest – Roy Smith – always scrubs up well!

We love sponsoring the Jazz Lounge...

We love sponsoring the Jazz Lounge…

Selfie with Jazz songstress Rachael

Selfie with Jazz songstress Rachael

Selfie with Rachael Henshaw's Jazz Band (in background)

Another Selfie with Rachael Henshaw’s Jazz Band (in background)

Getting the hang of the selfie stick with Lynne and Chris

Getting the hang of the ‘selfie’ stick with Lynne and Chris

Mariella Folstrup hosting the Taxation Awards

Mariella Frostrup hosting the Taxation Awards

Catching up with some friends...

Catching up with some friends…


West Ham Utd Player Awards Programme

West Ham Utd Player Awards Programme

Oh what a night…6th of May in 2015!  Our guests all had a fantastic time at the West Ham Player Awards dinner in the convivial surroundings of the London Hilton on Park Lane Hotel.  We were here to celebrate a good season’s work and see the players receive their awards. And there was lots of wonderful video footage to admire – I shall never tire of seeing Adrian rip his gloves off before converting his penalty to clinch an FA cup win against Everton!

The event was wonderfully hosted by Ben Shephard.  The auctioneer, Jonny Gould had our table in stitches as he managed to insult the auction bidders, cajoling them into parting with large amounts of cash.  I managed to make a successful bid for ‘Matchday announcer for the day’ at Upton Park – that should be great fun!

The PRTC table at the awards

The PRTC table at the awards

Cheikhou Kouyaté and Diafra Sakho were delightful guests on our table. They were both affable and friendly and we all had lots to talk about (some of it was done in French!).  Interesting to quiz Diafra on his strongest defensive opponents this year!!

We were proud sponsors of the ‘Best Individual Performance’ of the year – there were so many contenders who had put in ‘great shifts’ – but the winner was one of our ‘table guests’ Cheikhou for his all-round display against Manchester United which included a ‘wonderfully skilled’ goal.

Waiting to present Best Individual Performance Award to Cheikhou

Waiting to present Best Individual Performance Award to Cheikhou

Presenting Best Individual Performance Award to Cheikhou

Presenting the Award to Cheikhou









The official West Ham Utd photo of me presenting the award to Cheiko

official photo at WHU Player Awards

Diafra Sakho inevitably won the “Top Goalscorer’ of the season award.

Diafra Sakho... top goalscorer

Diafra Sakho…top goalscorer in 2014/15

There were waves of sad emotion as the late Dylan Tombides award was presented to Reece Oxford by Dylan’s mum. He will always be remembered with affection.

Admiration swept the room as the legendary Martin Peters MBE came up to receive ‘The Lifetime Achievement Award’ to a standing ovation – what a shining role model of a footballer he is.  Loved his impromptu speech (as he had not planned to speak) – which ended with a great line “If you don’t support West Ham, then don’t come!”

Martin Peter's says a few words...

Martin Peter’s says a few words…

Ben Shephard  told us that the votes for The ‘Hammer Of The Year’ were extremely close this year…but the winner was Aaron Cresswell.  He has been consistently superb all season.

Aaron Cresswell coming up to receive his 'Hammer Of The Year' Award

Aaron Cresswell coming up to receive his ‘Hammer Of The Year’ Award

I shall cherish the memories of this evening forever..West Ham is a great family club! Thanks to everyone involved at the club for putting together a slick and entertaining event.
Here are some other random photos…

Proud sponsors....

Proud sponsors….

Amita with Cheikhou

Amita with Cheikhou

New signing for next season (Patricia!)

New signing for next season   (Patricia!)

Host Ben Shephard

Host Ben Shephard

Photo opportunity with the legendary Martin Peters

Photo with the legendary Martin  Peters

James Collins selfie

James Collins selfie

Ben Shephard surrounded by two beauties...

Ben Shephard surrounded by two beauties…


It is probably fair to say that the removal of entrepreneurs’ relief (ER) on business incorporations came as a complete surprise to everyone. I received calls from a number of accountants after the Autumn Statement 2014 querying whether this in fact was true! Sole traders, partnerships and LLPs had been able to do sell their goodwill at a 10% CGT rate on incorporation for well over a decade now.

It is well known that HMRC did not particularly like this form of tax planning, which effectively enabled owner-managers to extract profits from their businesses at very low tax rates. In recent years, HMRC have only really been able to attack the goodwill valuation itself. Many will testify to long running correspondence with HMRC – Shares and Assets Valuation, which often appeared to adopt a stance of slowly ‘grinding’ the taxpayers into submission for a much lower valuation. HMRC also resisted the sale of personal goodwill on incorporation.

Furthermore, the ability to enjoy corporation tax relief on the amortisation of the purchased goodwill charged against the company’s profits has also now been blocked. Before 3 December 2014, the corporate intangibles rules enabled the company to receive tax relief on its goodwill amortisation in such cases, provided the unincorporated business had started trading after 31 March 2002. However, businesses that had already incorporated (in such circumstances) can continue to claim goodwill amortisation relief and are not affected by the new rules.

Those businesses that were decisive and had already incorporated will have breathed a huge sigh of relief. On the other hand, those businesses that were still dithering about incorporating must be kicking themselves. This golden opportunity has now passed!


We had a fantastic time as guests of West Ham Chairmen – David Gold and David Sullivan – for the tasty ‘West Ham v Arsenal’ fixture at Upton Park.

And what a game it was – I can do no better than ‘paste’ Sky’s Phil Thompson’s verdict here.

“For the neutral this was absolutely stunning, it was a magnificent game. It was a second game in three days, with both sides giving everything. I didn’t want the game to end, it was that good. Szczesny deserves great compliments because he has made a big decision that anything in the air he is going to come and get and control the air in the penalty area. He had to be precise.”

Perhaps the only thing I should add is that West Ham were very unfortunate not to pick up at least a point from this game, where they had a superb Alex Song goal disallowed for a very dubious ‘offside – interfering with play’ decision – no ‘offside’ Hammers player touched the ball!   Anyway, I was very proud of the lads fight back in the second half.

We loved talking to some of the celebrities in the lounge – as shown below:

Motty Selfie

–                    Motty Selfie

Great selfie with James Corden

–        Great selfie with James Corden

With Jack Whitehall (Gooner Supporter)

With Jack Whitehall (Gooner Supporter)

Thank you to David Gold for looking after us..

David, Peter & Patricia

David, Peter & Patricia



It is now becoming a firm tradition to invite our professional contacts and friends to our Ronnie Scotts Christmas Lunch.

Ronnie Scotts lay on a great feast of food and musical entertainment, including the Annual Kazoo Competition. Unfortunately, I am still yet to make the last three in the ‘Kazoo’ challenge final, but as I keep saying it is the participation that counts.

Ronnie Scott’s legend – Alex Garnett just gets better and better!

Here are some photos of our guests enjoying themselves…

We are having a good time...

    We are having a good time…



Karen and Chris

–           Karen and Chris

Anita, Mike, Tony and Bennie (behind)

–      Anita, Mike, Tony (front row)  –                              Karen, Chris and Bennie (second row)

Me - Kazoo Champion Wannabe

         Me – Kazoo Champion Wannabe