Generous tax incentives for investors: S/EIS and reducing the risk of investing
Written by Tax Partner, Fiona Cross For small and medium sized businesses aiming to scale, securing investment can be a game-changer. SEIS (Seed Enterprise Investment Scheme) and EIS (Enterprise Investment Scheme) are government approved tax relief schemes to encourage early investment into early stage, unlisted companies (AIM companies are not excluded). Key differences between EIS and […]
Making tax digital for income tax: HMRC to contact taxpayers from April 2025
Written by Director of Transformation, Russell Frayne If you’re a sole trader or landlord earning more than £50,000, you can expect to hear from HMRC about Making Tax Digital (MTD) from April 2025. Letters are being sent out to raise awareness and help taxpayers prepare ahead of the start date in April 2026. If you […]
Statutory residence test
Written by Tax Partner, Michaela Lamb Tax residency, which is not always the same as (legal) residency, has always been, and still is a highly complex and contested area of tax legislation. Often the stakes are very high – and arguably getting higher – and therefore the incentives to achieve Residency or Non Residency are […]
Spring Statement 2025: What to expect and what we’d like to see
Written by Tax Partner, Ian Timms Following on from the eventful Budget in the Autumn, Rachel Reeves will deliver her Spring Statement on 26th March 2025. The Autumn Budget introduced £40 billion in tax increases, so we are all hoping for less of a ‘splash’ this time and given the governments comments that there will […]
Short video: Family investment companies explained
Wealth planning is evolving. Trusts were once the go-to solution for passing on wealth, but today’s tax rules make them far less attractive. Taxes on the way in, high taxes on growth, and more taxes on the way out all reduce the value you’re trying to protect. Family investment companies (FICs) offer an alternative. […]
HMRC’s new Inheritance Tax Grossing Up calculator: what it means for you
Written by Private Client Associate Director, Liz Higgins Calculating Inheritance Tax (IHT) is rarely straightforward, and it becomes even more complex when gifts in a Will are left “free of tax.” In 2017, HMRC released a grossing up calculator in PDF format, which required a step-by-step manual approach. While effective, it wasn’t the most user-friendly […]
Received a discovery assessment? Here’s what you need to do next
Written by Tax Partner, Dion Laycock Receiving a discovery assessment from HM Revenue & Customs (HMRC) can be unsettling. It means HMRC believes you underpaid tax in a previous year, even if you filed and had your return accepted. However, this does not automatically mean you owe money. You have rights and the ability to […]
PAYE for employers: how it works and what you need to know
Written by Associate Director, Marc Taylor Running payroll is not just about paying employees. It involves compliance, keeping accurate payroll records, and ensuring the correct amount of tax is deducted. If you are an employer in the UK, you will likely need to register for PAYE with HMRC to collect income tax and National […]
New HMRC fuel rates: what they mean for your business
Written by Tax Partner, Dion Laycock HMRC has released the latest advisory fuel rates, effective from 1st March 2025. While changes are minimal this time around, it’s important to understand what they mean for your business if you reimburse employees for business travel in company cars (in cases where you do not pay for their […]
Tax planning for the owner managed business
On Thursday, 20th February 2025, our Tax Consultant, Tim Palmer, hosted a webinar on Tax planning for the owner managed business. During this session, Tim covered: Tax and NIC planning for the owner managed business Tax efficient extraction of funds from the business Benefits in kind update and planning Business succession Capital Allowances Update and […]