Will preparation
A Will is a legal declaration of how you wish the assets in your estate to be dealt with after your death. Will preparation makes it much easier for your family or friends to administer your assets when you die. If you die without a Will the process can be more time consuming and stressful.…
READ MOREHow to register for VAT
A business is required to register for VAT, if at the end of any month, its taxable supplies in the last year exceeds the registration threshold which is currently £82,000. VAT Registration is required earlier for businesses that expect to exceed the threshold entirely within the following 30 days. The VAT registration is made in…
READ MORESeed Enterprise Investment Scheme (SEIS)
The Seed Enterprise Investment Scheme (SEIS) is designed to help small companies to raise finance when in the early stage of starting up. SEIS offers a range of tax reliefs to individual investors who purchase new shares in those companies.
READ MOREResearch and development (R&D) agnostic guide
Leveraging valuable tax relief to fund business growth Research and development (R&D) tax credits are a government initiative designed to reward UK businesses for investing in innovation. Despite there being so many qualifying activities, business owners are leaving millions of pounds in potential savings on the table. This is money they’re missing out on that…
READ MORECash extraction from the family company
One of the most important issues for the family company can be taking money out of the business in the most efficient manner. Areas to consider for cash extraction What are the requirements of individual family members; in both the short and long term? How much cash should you be retaining in the business? What…
READ MOREUK Personal Tax – Compliance
The Self Assessment (SA) regime was introduced in 1997 and despite proposals for an overhaul, there is currently no timetable for change. As financial institutions now share information directly with HM Revenue & Customs (HMRC), it is more important than ever that UK personal tax compliance obligations are recognised and disclosures made on a timely…
READ MOREThe Role of an Executor
The people are legally allowed to deal with a deceased person’s estate are generally referred to as the Executors (nominated as such in a Will) or Administrators (where there is no Will). The term “personal representatives” is often used in reference to both Executors and Administrators. Acting as an Executor of a Will can be…
READ MOREDomicile for UK Tax Purposes
Domicile is a legal concept which impacts on an individual’s UK tax position, and simplistically, an individual is domiciled in the place they consider to be their permanent home and where they have the closest ties. It is a concept that is separate to nationality and legal residence or citizenship. It is possible for an…
READ MOREGuide to inflation
As of May 2022, UK consumers are paying 9.1% more for everyday goods than they were a year ago – the highest rate of price increases in decades. Consumers can guard against rising prices by fixing certain outgoings, such as energy bills, loans and mortgages. But what about their savings and investments? Our guide to…
READ MORECreative sector tax reliefs: orchestra tax relief
An orchestral production company (OPC) may be eligible for orchestra tax relief (OTR) in respect of expenditure incurred in producing an orchestral concert. The relief increases the amount of expenditure that is allowable as a deduction for tax purposes and, if the company makes a loss, allows some or all of that loss to be…
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