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 audited? What are the deadlines for our accounts, are they the same as a normal […]
Tax implications from loans to participators made by close companies The Autumn Budget 2021 confirmed that the increased dividend upper rate will apply on tax charged under Corporation Tax Act 2010, s.455, which details new anti-avoidance measures in addition to those already in place for loans to participators in close companies. Let’s take a […]
HMRC ramping up anti-abuse measures for R&D claims If you have been following the Autumn Budget announcement you may have noticed that the government highly values UK Research and Development (R&D) . After all, the UK surpasses its international peers in R&D investment at 1.1% of GDP. R&D spending is also set to rise […]
Autumn Budget 2021: Big changes incoming for R&D The Chancellor announced a number of changes, policies and reforms as part of the Autumn Budget – most notable among these for us were the incoming changes to the R&D Tax Credit structure. The Chancellor made sure it was well known that the underlying theme […]
Capital Allowance Super-Deduction explained The Treasury announced on 3 March 2021 the introduction of a 130% Capital Allowance super-deduction as well as 50% first-year allowance (FYA) on special rate (SR) assets. These are just one of many incentives the UK government has used to improve business investment, so let’s take a comprehensive look at […]
Health and Social Care Levy: Why are National Insurance rates increasing? WIM Accountants summarises the tax increases brought with the Health and Social Care Levy Bill 9 September was a day that shocked the nation, particularly lower-earning taxpayers when the Prime Minister announced a tax increase. National Insurance rates are set to rise along […]
Wrap your head around PAYE We’ve all seen the words PAYE pop up on our payslips, but how many actually know what PAYE means and how it works? Introduced in 1944, the ‘Pay As You Earn’ system is a method used to pay income tax and National Insurance Contributions (NICs) to HMRC from your […]
SME vs RDEC: What should you claim under? If you’re planning on making an application for Research and Development (R&D) Tax Credits, you need to know the differences between the two schemes available: The Small-Medium Enterprise (SME) scheme The Research and Development Enhanced Credit (RDEC) scheme Depending on the size of your company the nature […]
Kickstart Scheme – What’s the fuss? The consequences of COVID-19 and the subsequent lockdown that was put into place in March 2020 were massive for Britain (and indeed the rest of the world), but no demographic may have felt harder done by this event than those aged 16-24. With the real GDP reduction achieving heights […]
Tax Reducers – Fact or Fiction? “I wish I was paying less tax” is probably a thought that has crossed the minds of many of us at least once in our lifetimes, and it would not be a surprise at all if many were resigned to that thought. It may come as a welcome surprise […]
Your guide to EMIs Enterprise Management Incentive (EMI) schemes are great for keeping and encouraging employees by awarding significant tax benefits to both company and worker. Typically, you may see EMIs being used as a tax-efficient tool to aid with a company’s internal growth (such as bringing up key workers to have a stake in […]
Tax-Exempt Benefits: What are they and how do they work? A significant number of employees will find that they receive non-cash benefits as a part of their remuneration often in the form of company cars, loans, mobile phones, private medical insurance, or contributions to a pension scheme. For the most part, an employee will […]
