Branch profits exemption
The exemption The basic rule of UK corporation tax is that a UK resident company is taxed in the UK on its worldwide profits. This includes profits of any foreign branches, with double tax relief generally being given against the UK corporation tax for any foreign tax paid on the profits of these foreign branches.…
READ MOREInvestors’ relief: A guide to unlocking capital gains tax savings
Investors’ relief can provide capital gains tax relief for investors disposing of shares in unlisted trading companies. It is effectively a gateway for external investors to access the tax benefits available to employees and directors under business asset disposal relief (BADR). Below, we’ll tell you everything there is to know about how investors’ relief can…
READ MOREEnterprise Management Incentive (EMI)
The continued growth and success of your business is dependent on your workforce. It is, therefore, important to ensure that you are recruiting, incentivising and retaining the right people. A share based incentive scheme can help you to achieve these goals. Share schemes can be split into two broad categories: HM Revenue & Customs (HMRC)…
READ MORETrivial benefits
Employers can provide their employees with trivial benefits without either they or their employees incurring any tax or National Insurance charges. The following conditions must be met for a benefit to meet the definition of a ‘trivial benefit’: Conditions The benefit must cost £50 or less When considering the “cost” of a benefit, we generally…
READ MOREA guide to passing on wealth
You’ve spent a lifetime building your wealth, so you’ll want to make sure that it’s distributed according to your wishes. Planning ahead is key to minimising the tax your loved ones will have to pay, so they get the full benefit of your hard work. It’s not always easy to talk about what will happen…
READ MORETax relief for expenditure on property
Many business owners are aware of the tax allowances available for items of plant and machinery acquired to use in the course of their trade, but not so many understand how tax relief can be obtained for expenditure on their business property, whether that be an office, a factory, or a room at home. Expenditure…
READ MOREUK Personal Tax Residence Rules
The Statutory Residence Test (SRT) has been applied since 6 April 2013 and determines whether or not an individual is a UK tax resident based on both time spent in the UK and other links to the UK. There are essentially three parts to the test. Our UK Personal Tax Residence Rules document provides a…
READ MORESocial Investment Tax Relief (SITR)
The Social Investment Tax Relief (SITR) is designed to support social enterprises seeking external finance by offering a range of tax reliefs to individual investors who invest in new shares, or new qualifying debt investments in those social enterprises. SITR applies for investments made on or after 6 April 2014. It was due to expire…
READ MOREShare options and incentives
The continued growth and success of your business can be dependent on your workforce. It is therefore important to ensure that you are recruiting, incentivising and retaining the right people. Operating a share based incentive scheme can help you achieve these goals. Share incentive schemes can be divided into two categories: those which involve the…
READ MORELasting Powers of Attorney
Moore Kingston Smith’s legal team have created a guide on the function of the two types of Lasting Powers of Attorney (LPA). It also explores who can act as your attorney and how we can guide you through the process of completing an LPA. Download the guide How can Moore Kingston Smith assist me?…
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