What is an Employee Ownership Trust?
What is an Employee Ownership Trust? Employee Ownership Trusts (EOTs) were introduced by the Finance Act 2014 and enable business owners to sell their shares to an employee-owned trust. As well as providing significant tax incentives, this form of ownership enables shareholders to exit their business where there is no obvious third party purchaser, whilst […]
Information on the rates of Plastic Packaging Tax
Information on the rates of Plastic Packaging Tax The introduction of the Plastic Packaging Tax (PPT) came into effect on 1 April 2022. This article provides an overview of the principles of how the tax works, and who it could impact in the UK.  What is the current and historic rates of Plastic Packaging […]
Should I buy a property through my business?
There are multiple reasons why you might want to buy a property through your business. You may need a bigger workspace to expand your business operations. You might want to own your current rented property. Or you may be thinking about starting a property investment portfolio. Â Whatever your reasons, buying a property through a […]
R&D Tax Relief – what has changed?
The tax relief scheme for research and development (R&D) is an important way to cut the costs of investing in R&D, development projects and innovation across your business. However, the Spring Budget 2023 has brought in several changes to the scheme that will affect small and medium enterprises. These changes affect both the scope and […]
New corporation tax rate from April 2023
How are UK corporation tax rates set to change? From 1 April 2023, the rate of corporation tax changes from 19%, to introduce a ‘small profits rate’ of 19%, a ‘main rate’ of 25% and reintroduces ‘marginal relief’ for those where profits fall between £50,000 and £250,000, to ensure these companies will pay an overall […]
Super-deduction ending in March 2023
What is the super-deduction tax relief? Introduced in the March 2021 Budget, the capital allowances super-deduction allows companies to claim back 130% of the purchase price of qualifying plant and machinery items purchased between 1 April 2021 and 31 March 2023. Companies are also able to claim a 50% first-year allowance (FYA) for qualifying special […]
Basis Period Reform – for sole traders and partnerships
Are you self-employed, or a partner in a trading partnership? If so, you should be aware of how the ‘basis period reform’ may affect you. HMRC is moving from a ‘current year’ basis to a ‘tax year’ basis. For affected businesses (those that don’t have a year-end of 31 March or 5 April), this could […]
Making Tax Digital for Income Tax Self-Assessment – pushed back to 2026
Making Tax Digital is the government’s initiative for digitising and streamlining the tax return process. VAT-registered businesses are already submitting quarterly VAT returns digitally to HMRC. The good news is that HMRC has pushed back the start date of the next stage of MTD – the introduction of Making Tax Digital for Income Tax Self Assessment (MTD […]
What are the tax benefits of splitting property income between co-owners?
If your property is jointly owned by two or more people, there can be tax advantages to splitting any profits you make between you and your co-owner/s. Splitting the profits helps you distribute the profits in a way that favours any co-owners with a lower marginal tax rate – whether that be your wife, husband, […]
What are the tax benefits of using a company van?
This article will cover van benefits in kind (BIK) for employees and directors. HMRC offers a range of tax options which are dependent on how a van is used by a business. If a van is used solely for business journeys or as a pool van, you do not have to report or pay anything. […]
Changes to Capital Gains Tax for separation and divorce from 6th April 2023
Changes to Capital Gains Tax (CGT) for separation and divorce from 6th April 2023 as outlined in the government’s policy paper: Capital Gains Tax: Separation and Divorce. From 6th April 2023, separating spouses or civil partners will be given up to three years from the year they cease to live together in which they can […]
Should I put my rental properties into a limited company?
Should I put my rental properties into a limited company? It’s a question asked by many. We’ve summarised the main options for the legal structure and the important tax liabilities to plan for. It’s not unusual for business owners to have existing residential property investments, or to want to invest in this area. But if […]
