All business owners, but predominantly retailers, leisure and entertainment trades, will have seen their hard-won capital all but exhausted by the needs to meet fixed costs when income generation has
Protecting your business capital
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What is a Post Transaction Valuation Check?
A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a Capital Gains Tax liability or for companies to calculate Corporation Tax liability on chargeable
New business Energy Bills Discount Scheme
The new business Energy Bills Discount Scheme will replace the current Energy Bill Relief Scheme which is coming to an end on 31 March 2023. The new scheme will offer support to eligible non-domestic
New Green Freeports for Scotland
The UK and Scottish governments have jointly announced that Inverness and Cromarty Firth Green Freeport and Forth Green Freeport have been successful in their bids to establish two new Green Freeports
R&D tax consultation launched
There are currently two schemes for claiming R&D tax relief – the Small or Medium-sized Enterprise (SME) Scheme and the R&D Expenditure Credit (RDEC) Scheme for large companies. The amount of
Five more tax avoidance schemes named by HMRC
HMRC has powers introduced in the Finance Act 2022 to name tax avoidance schemes and their promoters. Under this legislation HMRC can name avoidance scheme promoters, publish details of the way they
Corporation Tax changes April 2023
The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for
Ways you can count on us…
Leaving politics to one side, how can we deal with the current pressures on businesses? Rising costs, reducing revenues as the cost-of-living issues impact activity, increasing taxes – Corporation Tax
Tax Diary February/March 2023
1 February 2023 – Due date for corporation tax payable for the year ended 30 April 2022.
19 February 2023 – PAYE and NIC deductions due for month ended 5 February 2023. (If you pay your tax
Check if a company is being liquidated
There are a number of ways you can check if a company is in liquidation. This can include searching the Companies House register. Companies House is responsible for maintaining a register of company
Actors and entertainers – profession or employment
There is a particular section of internal HMRC’s manuals that deals specifically with how to view the rules for measuring profits of specific trades. The list includes over 50 different trades as
PAYE and overseas employees
There are a multitude of rules and regulations that you must be aware of when you employ someone from abroad who is coming to work in the UK.
HMRC’s guidance (entitled New employee coming to work
Registering as an overseas company
An overseas company must register with Companies House if they want to set up a place of business in the UK. This would mean that the overseas company has some sort of physical presence in the UK
Exempt transfers between siblings
Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is £325,000 per person,
Scottish Child Payment
The Scottish Child Payment increased to £25 per week from 14 November 2022. The payment is available to qualifying applicants living in Scotland for children under the age of 16. The Scottish Child
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