Showing posts with label Returns. Show all posts
Showing posts with label Returns. Show all posts

Wednesday, September 7, 2011

University property - A way to generate returns and save income tax

PRLog (Press Release) - Sep 01, 2011 - According to accountancy firm Saffery Champness, based in Clifton, investing in residential accommodation for their children whilst they are students could allow parents to minimise Income Tax, generate capital growth, and pay their kids an allowance in a tax-efficient manner.

Richard Cartwright, partner in the Bristol office of Saffery Champness explains:

“The recession and continued uncertainty in the economic environment have placed unprecedented pressure on parents whose children will be starting university in 2011. Pay freezes and falls in asset values may mean that parents have less disposable income to fund a child’s studies, and the introduction of the 50% tax rate has been a further slap in the face for many.

“Correctly structured, an investment in residential property in a university town can do much to alleviate these pressures. Parents should consider purchasing a house and gifting 1% of the ownership of the property to their child. They can then enter into a partnership agreement allocating their child 100% of the profits stemming from letting the property. This income, which can be used to pay for fees and subsistence, will be assessed on the child. As the child is unlikely to have significant other earnings, this will result in zero or minimal tax.

“Any capital gains made on the property will also be assessed under the Capital Gains Tax regime, resulting in a maximum tax rate of 28%. If the money were invested in an income generating product, it could be taxed at a rate of up to 50%.”



View the original article here



Peliculas Online

Monday, August 8, 2011

Gumbiner Savett EVP Returns to Musical Roots with Prestigious University Appointment

Rick Parent, Gumbiner Savett EVPRick Parent, Gumbiner Savett EVPPRLog (Press Release) - Aug 03, 2011 - Rick Parent, executive vice president of Santa Monica-based Gumbiner Savett Inc., has been crunching numbers as a CPA for the past 20 years. But as of July 1, the Southern California native and Juilliard-trained pianist found himself returning to his roots with his position as Chair of the Dean’s Circle Executive Board at California State University, Northridge (CSUN) for the Mike Curb College of Arts, Media, and Communication.

“I have always believed passion is important to help keep culture alive and I’d like to give back to something I love,” said Parent, a previous four-year board member at CSUN’s Mike Curb College. “Arts and music are thriving in the San Fernando Valley with infrastructure like the college at CSUN and the newly built, $125 million Valley Performing Arts Center. The new theater affords endless opportunities for the next generation of artists and musicians.”

Playing everything from jazz to classical piano, Parent studied under renowned American pianists such as Daniel Pollack while obtaining his bachelor’s degree in music from the University of Southern California and Earl Wild while studying at The Juilliard School of Music, where he received his master’s degree.

“I still vividly remember the day I auditioned for Juilliard,” Parent said. “There were times in New York when other students and I would hit the city at night and end up playing jazz piano at the local nightclubs. It was music all the time. It was my life.  I’m thrilled to be part of an organization where I’m able to give back to those pursuing music and to keep that passion for the arts going.”

Initially chosen as chair for his diverse background in music and business, Parent’s liberal arts background adds a harmonious note to his two-year term. His primary role as chair will be to raise awareness of the college within the community through fundraising and promoting the college’s programs and activities. Applying his past experience with clients in the entertainment industry, Parent’s musical history and financial expertise make him a crucial leader in implementing the organization’s goals.

“Rick’s ongoing role on the board, and his experience in finance and the arts, is extremely important as he helps the executive board reach new heights,” said CSUN College of Arts, Media, and Communication Dean Robert Bucker. “We are honored that he has taken on this position and we are eager to move forward with him in this role.”  

Parent plans to devote some of his efforts to promoting CSUN’s new Valley Performing Arts Center, designed by HGA Architects and Engineers. As the performance hall begins to thrive, Parent’s initial endeavors will be to help push the center, which opened in January, become a more prominent cultural centerpiece for the San Fernando Valley community.

A shareholder at Gumbiner Savett, Parent leads the accounting and audit department, is on the executive committee and is the firm’s recruiting chair. He has worked at international accounting firms including Ernst & Young and BDO Seidman. Rick also co-manages the real estate department at the firm and has extensive experience working with real estate funds, owner-operators, developers, and property managers.

About Gumbiner Savett Inc.
As one of the largest CPA and business advisory firms in Southern California, Gumbiner Savett prides itself as being a leader in providing strategic financial services including auditing, taxation, transaction support services for both buyers and sellers, and general business consulting. For more information, please visit http://gscpa.com/.

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Peliculas Online