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Income Tax Relief on the Seed Enterprise Investment Scheme
New businesses often struggle to find investors at the time when they really need funds. The Seed Enterprise Investment Scheme (SEIS) is designed to help small businesses raise equity finance through tax reliefs to investors who purchase shares in the company. It is very appealing to investors due to this generous tax relief.
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New Rules About Wills and Inheritance Tax
There has recently been an announcement about new rules surrounding wills and inheritance tax (IHT). The rules make the legal situation more clear and precise, so it’s a good idea to ensure you have a will, chose your executors wisely, and let your close family members know you have a will.
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Real Time Information – We’re Not Ready!
HM Revenue & Customs has had to postpone a major overhaul of payroll taxes because small businesses have complained that they’re not ready. Real Time Information or RTI was originally introduced for employers to provide information about tax and National Insurance each time they pay an employee, instead of annually – due in October this…
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Are Pop-Ups Causing A Retail Revolution?
Many seaside towns, including several nearby, are suffering from empty shops and deserted high streets. This destroys the atmosphere of our towns and give the impression of shabby, uncared for shopping areas. But, a retail revolution, stimulated during the recession, is gathering pace and could contribute £2.1bn to the economy this year, a study forecasts
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Do You Have Enough People In Your Business?
Do you have enough people to run your business effectively and profitably? Worried you cannot afford to hire more people? If so, how about an apprentice? Apprentices receive the appropriate minimum wage for their age while they train and can be a great advantage to small companies. The Apprenticeship Grant for Employers scheme (AGE) ensures…
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How To Double Your Inheritance Tax Relief
If you leave your business to your spouse in your will to keep it in the family, this is IHT free, but there is a way to double this relief. If you own all or part of a business you can transfer this to anyone in your will while you are alive as long as…
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When Is A Structure Not A Building?
The cost of providing a shelter for employees who smoke can be high – but can you claim a tax deduction for this? It all depends on whether this structure is a building or a piece of fixed equipment. Accountants sometimes struggle with this! If it has four walls and a roof then it’s a…
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Employers Attacked Over RTI Mistakes
We’ve kept you updated with the introduction and issues with Real-Time Information (RTI), and now we have further information about how employers who make mistakes in RTI reporting have been fined. Between July and the end of September HMRC carried out a review of discrepancies between the amount of PAYE tax and NI employers thought…
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Can You Disincorporate Your Business Tax Free?
The new disincorporation tax relief removes the corporation tax problem when you transfer your business to a partnership or sole trader, but there are severe income tax implications. Making this change could trigger a corporation tax bill. The Office of Tax Simplification decided this was unfair to business owners and introduced the disincorporation tax relief…
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Are You A Tax Abuser?
The tax General Anti-Abuse Rule, known as GAAR, is now law. There are rumours that this may be used to stop income shifting between spouses despite HMRC losing a case between husband and wife owners of a company ten years ago. You could attract the attention of HMRC if you pay your spouse a salary,…