Tax efficient planning for 2025/26
Start planning for the 2025/26 tax year now and get the best out of your money. It is always a good idea to review tax planning opportunities to ensure you are maximising allowances and your planning is in line with current legislation. Read our guide for a brief reminder of the key points that should…
READ MORETax efficient planning for 2024/25
Start planning for the 2024/25 tax year now and get the best out of your money. It is always a good idea to review tax planning opportunities to ensure you are maximising allowances and your planning is in line with current legislation. Read our guide for a brief reminder of the key points that should…
READ MOREGuide to Audio-Visual Expenditure Credit (AVEC)
The government announced in the Spring Budget 2023 that the creative industry tax relief regimes then applying to films, high-end TV programmes, children’s TV programmes and animations, would all be replaced with a single Audio-Visual Expenditure Credit (AVEC). This article intends to give a brief introduction to the operation of the AVEC. The AVEC operates…
READ MOREGuide to Video Games Expenditure Credit (VGEC)
The government announced in the Spring Budget 2023 that the existing Video Games Tax Relief would be replaced with a Video Games Expenditure Credit (VGEC). This article intends to give a brief introduction to the operation of the VGEC. The VGEC operates in a similar way to the research and development expenditure credit (RDEC), providing…
READ MOREVAT and partial exemption
The VAT that a business incurs on its purchases and overheads is called “input tax”. For businesses that make only taxable supplies (either standard-rated, reduced-rated or zero-rated), this input tax (with the exception of the VAT incurred on certain specifically excluded items such as business entertaining) is fully recoverable. A VAT registered business that makes exempt…
READ MORELoans to participators
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…
READ MOREVAT on property and construction
The VAT that a business incurs on its purchases and overheads is called “input tax”. For businesses that make only taxable supplies (either standard-rated, reduced-rated, or zero-rated) this input tax – with the exception of VAT incurred on certain specifically excluded items – is fully recoverable. A VAT registered business which makes exempt supplies, however,…
READ MOREHybrid mismatches guide
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…
READ MOREEmployee Ownership Trusts (EOT) guide
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…
READ MORETax efficient planning for 2023/24
Start planning for the 2023/24 tax year now and get the best out of your money It is always a good idea to review tax planning opportunities to ensure you are maximising allowances and your planning is in line with current legislation. Read our guide for a brief reminder of the key points that should…
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