Whether you’re an individual or a company, donating to a charitable cause is a great thing to do if you’re in a position to do it. On top of the personal reward that comes with giving back, there are numerous tax benefits to giving charitable donations in the UK. As a company making charitable donations, …
Tax relief on charitable donations – what’s the drill? Read More »
The Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS), and Venture Capital Trusts (VCTs) are all investment schemes in the UK designed to encourage investment in small and early-stage businesses by providing various tax incentives to investors. Each scheme targets different stages of business development and offers various advantages, but below are some …
The High-Income Child Benefit Charge (HICBC) is a tax that will affect you as an individual or couple if you receive Child Benefit while also earning a high income. Lots of people still aren’t clear on the tax implications and liabilities when it comes to HICBC, so it can often trip up taxpayers. However, …
Is the High-Income Child Benefit Charge tripping you up? Read More »
Registered Charities, CIOs and CICs In recent years new types of legal entities have been introduced for non-profit organisations, social enterprises and charities. This includes the formation of the CIC (Community Interest Company) in 2005 and the CIO (Charitable Incorporated Organisation) in 2013. Charities have of course been in existence for hundreds of years, but …
What are capital allowances? Capital allowances are a tax-deductible amount a business can claim on capital items, which are used in the business’ trade. If you built or bought a property or incurred capital expenditure on plant and machinery or computer equipment that is in use for the purpose of a trade or rental business, …
R&D tax credits are one of many government incentives designed to encourage UK companies to invest in innovation, by providing businesses access to cash as a reward for their activities. Who can make a claim? Available to both SMEs and large companies alike, if your business is attempting to resolve scientific or technological uncertainties …
For expenditure incurred from 1 April 2021 until 31 March 2023, companies can claim 130% capital allowances on qualifying plant and machinery purchases Under the super-deduction, for every pound a company invests, corporation tax is cut by 25p The super-deduction was introduced in the 2021 budget in order to make the UK capital allowances regime …
OVERVIEW Enterprise Management Incentives (“EMI”) are a popular way for small and medium sized businesses to offer share options to their employees in a tax efficient manner. They are popular in start-up businesses, particularly in the technology sector, who typically aren’t able to offer competitive salaries in the early years of the company’s development and …
A question that comes up a lot for clients starting their own businesses is an important one and is “how do I pay myself?”. Usually this will fall into two categories, salary and dividends, which we will cover in more detail below. SALARY Each year you need to earn a certain amount of income …
Electric cars are becoming ever more popular and are now considered a real alternative to petrol and diesel cars. They are generally better for the environment with the added advantage of being cheaper to run. For small businesses, there are significant tax reliefs available compared to hybrids and other non-electrics. BENEFITS OF BUYING AN …
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