The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023. A Small Profits Rate (SPR) of 19% was also introduced from the same date for companies with profits of up to £50,000 ensuring these
Read MoreIn the recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions (NIC) for employees.
There will be a cut in the main rate of Employee National Insurance from 6 January 2024. This will see Class 1
Read MoreIn the Autumn Statement it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will be merged from April 2024.
It was also confirmed that there will be an enhanced regime for R&D intensive SMEs. The
Read MoreThe Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new shares in those companies.
To claim investor EIS tax reliefs, the
Read MoreIn some respects, the Chancellor’s predicament is deserving of a sympathetic ear; its as if he has a long journey ahead but has one foot firmly nailed to the floor.
Stagnant growth in the UK and global economy has driven up taxation in order to meet
Read MoreThe Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023. The new Act provides Companies House with more power to reduce the abuse of corporate structures whilst at the same time tackling economic crime.
As part of
Read MoreIn the recent Autumn Statement, the Chancellor announced two important changes to National Insurance contributions (NIC) for the self-employed.
The first change concerns the removal of Class 2 NICs for the self-employed. This means that
Read MoreTo be a director, you must be over 16 and not currently disqualified.
As a director your responsibilities include:
filing your company’s annual accounts and reports or appoint an accountant to do it for you
reporting changes in you or your
The majority of gifts made during a person’s life, including gifting a home, are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts or transfers achieve their
Read MoreThe ‘badges of trade’ tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic trade / business activity or merely a money-making by-product of a hobby.
Careful consideration needs to be given to
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