We regularly write articles to keep you up to date with changes that affect your growing business.
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Introduced in 2014, Employee Ownership Trusts (EOTs) provide an attractive alternative to traditional business succession strategies, offering a series of unique benefits to businesses, their employees, and the wider economy. Employee engagement and productivity One of the most immediate benefits of EOTs is their positive impact on employee engagement and productivity. As beneficiaries of the
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The High-Income Child Benefit Charge (HICBC) is a tax that affects households where at least one person with parental responsibility has a taxable income exceeding £50,000. This charge applies regardless of who in the household receives the child benefit, and it is payable by the household's highest earner. The highest earner may have to pay
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The Government recently named over 200 companies for failing to pay the national minimum wage (NMW). The list includes firms of all sizes and various sectors. Some notable brands include WH Smith, Argos, and Marks & Spencer. Those named were found to have failed to pay their workers almost £5 million and were told to
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In the second quarter of 2023, overpayments on pension tax in the UK reached £56 million. This was an increase of nearly £8 million from the first quarter of the year, according to HM Revenue & Customs (HMRC). This figure is almost double the £33.7 million collected in the same period the previous year. During
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Knowing your charity’s obligations to HM Revenue & Customs (HMRC) is important, as you will have different requirements to standard businesses. Whilst charities are not exempt from tax entirely, they do have certain reliefs that charities can benefit from. Claiming tax relief For your charity to be eligible for tax relief, it must be: Based
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Collections of Capital Gains Tax (CGT) reached a record £16.7 billion in the last tax year, a notable increase from the preceding year's £14.3 billion. CGT has always been a significant consideration for small and medium-sized enterprises (SMEs) who should note the increased amount of collections. One of the contributing factors has been the changes
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Running a successful business in the UK is a challenging yet rewarding endeavour. As a business owner, you face unique opportunities and obstacles in this diverse and competitive market. The current financial climate is also very turbulent which could be causing you some concern for your business. We have compiled our top tips below for
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Starting your own business can seem daunting, especially when it comes to finding funding. However, the UK Government have backed Start Up Loans that are available to help you get started. What is a Government-backed Start Up Loan? The Government-backed Start Up Loan is a type of money lending scheme for people creating or expanding
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Tax disputes can be a significant drain on resources for any business, and with recent data suggesting that over 60 per cent of businesses are currently embroiled in a tax dispute with HM Revenue & Customs (HMRC) that has lasted more than a year, this is clearly a widespread issue. There have been concerns about
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Currently, if someone dies before the age of 75, their pension can be drawn out by beneficiaries’ tax-free, as it is exempt from Inheritance Tax and Income Tax if it is under the Lifetime Allowance (LTA). But HM Revenue & Customs (HMRC) is proposing that these pensions are no longer excluded from marginal rate Income
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The Government has recently updated some elements of the Research and Development (R&D) tax relief application process. Many SMEs will already be aware of the changes that took place in April in regard to the rates of relief, but now they must also deal with extra administration through the Additional Information Form (AIF). Application date
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HM Revenue & Customs (HMRC) has recently stated that they will pledge £5.5 million to organisations who are in the voluntary and community sectors to help support customers organise their taxes. The last voluntary or community sector organisation (VCS) grant was for 2021 to 2024, and totalled £4.98 million, making this grant significantly larger. This
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