Salary sacrifice schemes are agreements between employers and employees where employees agree to forgo a portion of their pre-tax salary in exchange for non-cash benefits. This concept differs from benefits-in-kind and has been a popular method for employers to offer additional perks to their employees. Before April 2017, many employers utilized salary sacrifice schemes to […]

When approaching company and share valuations, clarity is key. Here are some simplified points to consider: – Different Types of Value: Market value, fair value, equitable value, and tax value are crucial. Define the type of valuation needed at the start. – Asset Value: It’s all about the future cash flows an asset generates. This […]

Introduction to ATED Introduced in 2013, Annual Tax on Enveloped Dwellings was aimed at controlling the indirect ownership of residential properties in the UK. Indirect ownership refers to owning a property by a non-natural person like a company or corporate body. As people used to hide their properties by transferring them to corporate bodies to […]

To receive the highest possible state pension in the UK an individual must have accumulated a minimum of 35 years of qualifying NI contributions. If you have fewer than 35 years but more than 10 (which is the minimum requirement), your pension will be adjusted proportionally based on the number of years you have contributed. […]

The National Insurance Contributions (Reductions in Rates) Bill 2023-24 was introduced on 23 November 2023. The Bill implements three changes to National Insurance contributions (NICs) which were announced by Chancellor Jeremy Hunt in the 2023 Autumn Statement. These changes are: These measures would extend and apply to the whole of the UK. How would the Bill affect taxpayers? The Office for Budget […]

If you are on UK employment, you will automatically be granted a tax code. The amount of tax you will pay will depend on your tax code, as the tax code will determine how much of the UK tax allowance you can claim, the current full UK tax allowance is £12,570 per tax year. So, […]

Not only will R&D claimants need to be compliant with the changes that came into effect from April 2023, but another amendment to the claim process is due to come into effect from 8th August 2023. From the 8th August 2023, you will need to complete and submit an additional information form to HMRC to […]

HMRC have released statistics showing an increase in the number and amount of investments made under the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR) scheme. EIS, SEIS and SITR provide methods of raising finance while providing investors with tax incentives in the form of Income Tax and Capital […]

What is MTD for ITSA? MTD for Income Tax Self-Assessment (ITSA) is a fundamental change to tax reporting for individuals and will replace the Self-Assessment tax return with a series of quarterly submissions, an end of period statement and a final declaration. The submissions will require MTD compatible software, and the individual will need to […]

In his Spring Budget the Chancellor made changes to the capital allowances regime to help growth and investment. Following the rise in corporation tax from 19% to 25% from 1 April 2023, two major changes were announced: Full Expensing Full expensing will allow companies to claim 100% of the cost of certain plant and machinery […]