Tax Facts 2024/25

12.03.24

Your online guide to UK tax rates for 2024/25. Contact us if you need further guidance or advice.  

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Spring Budget 2024

06.03.24

Jeremy Hunt’s second full budget was very clearly delivered in the shadow of a general election, with the speech peppered throughout with partisan comments, and policies designed to put the Conservative Party on the front foot with the electorate. The chancellor explained that, after the difficulties of the last few years, the economy is turning…

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Loans to participators

29.02.24

It might, on the face of it, be thought tax efficient for an owner-managed company to pay corporation tax on its profits (at a maximum rate of 25%) and then to lend its post-tax profits to its shareholders instead of paying them salary or dividends (which would be subject to income tax in the recipient’s…

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Hybrid mismatches guide

06.02.24

The UK “Hybrid and Other Mismatches” rules were introduced with effect from 1 January 2017 in response to one element of the OECD’s Base Erosion and Profit Shifting (BEPS) initiative. The rules are extremely detailed and complicated, but in outline they are designed to neutralise “tax mismatches” that involve at least one entity that is…

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Employee Ownership Trusts (EOT) guide

01.02.24

Shareholders of trading companies are increasingly considering the possibility of selling some or all of their shares to an Employee Ownership Trust (EOT) which will then hold these shares for the benefit of the company’s employees. When implemented carefully and for the right reasons, selling to an EOT can give rise to significant commercial and…

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The UK’s implementation of Pillar Two

25.01.24

The OECD’s “Two-Pillar Solution”, which is intended to reform the international tax framework to address challenges arising from increased digitalisation and globalisation, was agreed by almost 140 jurisdictions in October 2021. Since that time, considerable work has been undertaken around the world to refine the detailed proposals and to move them towards implementation. “Pillar One”…

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Creative sector tax reliefs: video games tax relief

23.01.24

Video games tax relief (VGTR) forms part of the UK government’s strategy to promote and support various creative sectors in the UK through generous tax reliefs. VGTR may be available to a video game development company (VGDC) that develops a qualifying video game. Under the current regime, the relief can increase the amount of expenditure…

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Comparison of EIS, SEIS and VCT

20.01.24

Enterprise Investment Schemes (EIS), Seed Enterprise Investment Schemes (SEIS) and Venture Capital Trusts (VCT) are three types of government-backed schemes that aim to encourage investment in small, unquoted companies that are generally perceived to be high-risk investments. Here, we go through what they are and who may consider them. What is EIS, SEIS or VCT?…

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Construction Industry Scheme

16.01.24

The Construction Industry Scheme (CIS) was initially introduced in the 1970s to counteract the perceived under-reporting of income by subcontractors in the UK construction industry. The scheme operates, in outline, by imposing a withholding tax obligation on contractors who make payments to subcontractors, thereby protecting against the risk that subcontractors subsequently fail to report and…

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Creative sector tax reliefs: film tax relief

15.01.24

Special tax rules apply to determine how the taxable profits of a film production company are to be calculated and how any losses may be applied. A film production company (FPC) may also be eligible for Film Tax Relief (FTR). This relief can increase the amount of expenditure that is allowable as a deduction for…

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