Business Tax Planning Guide
Whatever stage your business is at, tax planning can provide significant reductions in your tax bill. UK tax rules and reliefs are, however, complicated and it can be difficult – and time-consuming – for business owners to know where to start in trying to improve tax efficiency and ensuring all aspects of your company’s finance […]
Enterprise Management Incentives: EMI Scheme Guide
Enterprise Management Incentives (EMI) are just one of a number of tax-advantaged employee share schemes allowing employers to share company ownership with their staff. The EMI scheme is specifically aimed at small and medium-sized enterprises (SMEs), helping SMEs to recruit and retain the key talent that they need to scale up effectively in an otherwise […]
ATED: Annual Tax on Enveloped Dwellings
The rules on Annual Tax on Enveloped Dwellings (ATED) can be technical and complex. The following ‘at a glance’ guide for those liable to pay ATED looks at the rules and how these work in practice, including what ATED is and when this tax applies, what tax relief is available and how this is claimed, […]
How to Deregister for VAT
In certain circumstances, companies may no longer eligible to be VAT registered, or in others, the company may be looking to voluntarily cancel its VAT registration. This guide looks at the process to deregister for VAT, on both a compulsory and voluntary basis, including the circumstances in which you must or can ask HMRC to […]
Reverse VAT Charge Guide 2023
Aimed at tackling fraud in the construction industry, the reverse charge VAT rules mean that most subcontractors and contractors must now change the way in which they charge and account for VAT. The following guide outlines how the new VAT reverse charge works, with key compliance advice for VAT-registered suppliers and buyers. What is […]
Family Investment Company Pros & Cons
A family investment company can be an attractive approach to tax and succession planning. In this guide, we look at what family investment companies are, the tax advantages available, as well as how these companies work and are managed. We also look at the overall benefits and drawbacks of a family investment company to help […]
Dividend Tax – Allowance & Thresholds
If you’re a company director or own shares in a limited company, you may be liable to pay tax on any dividends paid out on your shares during the course of the relevant tax year. In this guide, we look at the rules relating to dividend tax, including the allowances and thresholds. What is […]
How to Claim Terminal Loss Relief
If a company is operating at a loss, the difficult decision may need to be taken to close operations permanently. Still, even though the business will no longer be trading, it is important not to miss out on valuable tax relief that can often be overlooked. When it comes to the complexities of tax relief […]
How Do Commercial Bridge Loans Work?
Bridging finance can offer a lifeline to businesses, property developers and landlords in scenarios where timing is of the essence and other financial options, such as commercial mortgages, are not viable. In this guide for businesses, we explain what commercial bridge loans are, when these are used, how they work, who is eligible and how […]
Potentially Exempt Transfers & IHT Gift Rules
Potentially exempt transfers, also known as PETs, can be an effective way of maximising the amount of money that a person can leave to loved ones tax-free after they die, helping to minimise any liability to Inheritance Tax that will fall due on a deceased’s estate. Below we look at what PETs are, how these […]
Residence Nil Rate Band Guide
When it comes to inheritance tax, the residence nil rate band can be one of the best ways to minimise the amount of tax payable and maximise the value of an estate on death. In this guide, we explain what the residence nil rate band is, how it works in practice, how an estate qualifies […]
HMRC Starter Checklist For New Employees
Among your obligations as an employer when onboarding someone new is to ensure they are registered with HMRC for PAYE. If your new starter does not have a recent P45, you will need to make use of the HMRC starter checklist. In this guide for employers, we explain the different steps that you must follow […]
P11D Form: Employers’ Guide
Employers are under strict statutory obligations when it comes to declaring to HM Revenue and Customs (HMRC) what they pay to their employees by way of remuneration, including expenses and benefits in kind that form part of an employee’s salary package. The following article looks at the rules relating to submitting P11D forms to HMRC […]
Money Laundering Regulations Guide 2022
Anti-money laundering rules in the UK are primarily governed by the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, commonly referred to as the Money Laundering Regulations. The following guide examines the provisions under these regulations, in particular the duties of any regulated business to register and report, and […]
What is a Debenture? (Fixed & Floating Charges)
Debentures are a common way for business lenders in the UK, especially for traditional lenders such as banks, to grant a loan to a company or limited liability partnership, providing the lender with security in the event that the company defaults on its repayments. As a business owner looking for external lending, it is important […]
AML Compliance Guidance
The UK’s anti-money laundering regime places extensive AML compliance duties on businesses. The following guide examines the meaning of AML and the rules relating to AML compliance across relevant businesses, including offences for AML non-compliance and associated penalties. What is money laundering? Money laundering refers to how criminals change, or ‘clean’ their assets […]
Inheritance Tax Rates Guide
It is important to understand at least the basic rules relating to inheritance tax, including that the latest inheritance tax rates are and when the tax becomes payable. In this way, you can forward plan to help minimise any potential tax bill after you pass away, and maximise the value of your estate for your […]
How to Set Up a Family Trust
Setting up a family trust can be an effective way of controlling your personal assets during the course of your own lifetime and upon your death, ensuring that you have a say in exactly who benefits from your wealth. It can also be a good way of protecting and preserving that wealth for generations to […]
Payment on Account (Self Assessment Guide)
If you work for yourself, you will need to understand the self assessment tax rules. The following guide looks at the HMRC payment on account requirements. How are these advance payments calculated and can they be reduced? We also look at the penalties imposed by HMRC for either late returns or late or non payment […]
What are the Rules on Tax for Freelancers?
If you work as a freelancer, either full-time or in addition to any employed work, you will often be so busy keeping your clients and customers happy, that little time is left to consider your tax liabilities. The following comprehensive guide is here to help you navigate the rules relating to Income Tax, National Insurance […]