Capital Tax Gains on Properties
CGT is a tax on the proceeds of the sale of anything you own. For an asset owned for more than a year, it is calculated from the profit generated, which is the rise in value of the sale price…
UK Business Structures and Tax Implications
When starting, a new business must select a business structure, which will have both legal and tax implications, and the choice of business structure is a monumental step for a new company. It can affect ongoing costs, liability and how…
Company Buy-Back Shares
Key points • The procedure for a company to purchase its own shares is strict and complex, and legal advice should always be obtained. • Buy-backs are useful to return cash to shareholders or to restructure the balance sheet of…
EMI Share Options Scheme
What is an EMI Scheme? EMI Share Options Scheme is an initiative HMRC implemented to allow UK businesses to give share options to their employees with significant tax benefits. The scheme is intended to help smaller independent businesses realise their…
Charitable giving and tax relief for companies and individuals
Charitable giving and tax relief for companies and individuals Defining ‘charity’ for tax purposes A charity is a body of persons or trust that broadly meets all the following conditions: It is established for charitable purposes only. It is subject…
Insight to R&D eligible cost
Insight to R&D eligible cost What costs qualify for R&D tax credits? You can claim Research and Development (R&D) tax credits on revenue expenditure, i.e., day-to-day operational costs. But usually, capital expenditure (money spent on fixed assets such as land…
What do you know about Corporate Intangibles Tax Treatment
What do you know about Corporate Intangibles Tax Treatment Corporate intangibles tax treatment The corporate tax treatment essentially follows the treatment of intangibles in the accounts. There are, however, restrictions on the deductibility of debts about goodwill and other customer-related intangible assets depending on…
New VAT Penalties regime
New VAT Penalties regime Penalties for late payment and interest harmonisation For VAT taxpayers from periods starting on or after 1 January 2023. For taxpayers in Income Tax Self-Assessment (ITSA), from the tax year beginning 6 April 2024 for…
DOES HMRC have ‘too much power’ or not enough?
DOES HMRC have ‘too much power’ or not enough? The taxes collected by HMRC – £584.5bn in 2020-21 – run the UK and, as such, the right amounts must be managed. To this end, HMRC has myriad powers to review…
Charities – What we can do for you
Charities – What we can do for you We are often approached by charities for guidance on a range of financial and advisory matters. For example, what needs to be included in our annual reports? Do we need to be…