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30 Nov 23

Enterprise Investment Scheme investee businesses

The Enterprise Investment Scheme (EIS) is designed to help smaller higher-risk trading companies to raise finance by offering a range of tax reliefs to investors who purchase new

30 Nov 23

Corporation Tax marginal rate

The Corporation Tax main rate for companies with profits in excess of £250,000 increased to 25% on 1 April 2023. A Small Profits Rate (SPR) of 19% was also introduced from the same

30 Nov 23

NIC changes for employees from 6 January 2024

In the recent Autumn Statement, the Chancellor announced a significant change to National Insurance contributions (NIC) for employees. There will be a cut in the main rate of

30 Nov 23

NIC changes for the self-employed

In the recent Autumn Statement, the Chancellor announced two important changes to National Insurance contributions (NIC) for the self-employed. The first change concerns the

28 Nov 23

Directors’ duties and responsibilities

To be a director, you must be over 16 and not currently disqualified. As a director your responsibilities include: filing your company’s annual accounts and reports or appoint

23 Nov 23

Gifts of shares to minor (under 18s) children

The settlement legislation seeks to ensure that, where a settlor has retained an interest in property in a settlement, the income arising is treated as the settlor’s income for all

23 Nov 23

What counts as holiday accommodation?

HMRC’s VAT Notice 709/3 entitled 'Hotels and holiday accommodation' explains how supplies by hotels and similar establishments such as motels, guesthouses and B&Bs should be

23 Nov 23

The badges of trade

The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic trade / business activity or merely a money-making

23 Nov 23

Income Tax – £5,000 savings zero rate band

If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate

23 Nov 23

CGT – Lettings relief

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as Private Residence Relief

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