NEWS

Businesses in ‘critical’ financial distress up by 25% in 2018

According to data from the UK insolvency company, Begbies Traynor, the number of businesses in “significant” financial distress rose by 15,000 to 481,000. Within that total, there was a 25% increase of businesses classified as in “critical” distress in Q4 2018 as compared with the previous year, which amounted to […]

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Pension Deficits Showing a Reduction

Pension deficits for UK public and private companies appear high up the agenda in Director Board meetings. Following changes in the way both companies and pension schemes disclose the pension deficit (or surplus) in their annual accounts, the management of any deficit is becoming even more important, particularly for companies […]

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Pension Pot Deficit

R&D Tax Relief Claims Climb to Over £21.4bn

Research and Development (R&D) tax relief claims are far higher in recent years than ever before, with an astounding £21.4bn in tax relief claimed overall as confirmed in a report released by HMRC on 27 September 2018. Between 2000-2017, there have been over 240,000 claims made across the UK, with […]

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Offshore Assets and Income

  What is Offshore Income Income is considered ‘offshore income’ if it comes from a territory outside the United Kingdom. It includes: – interest from overseas bank or building society accounts – dividends and interest from overseas companies – rent from overseas properties – wages, benefits, or royalties earned outside […]

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New “Requirement to Correct” Rules to Affect All Taxpayers

  Starting from the 30 September 2018, the new “Requirement to Correct” (RTC) rules come into place, requiring taxpayers to make a disclosure of unpaid tax on assets, income and activities in other countries and transfers from the UK to other countries. HMRC is encouraging individual taxpayers to make sure […]

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Enterprise Investment Scheme

Created in 1994, The Enterprise Investment Scheme (EIS) is a group of tax reliefs that succeeded the Business Expansion Scheme. It was created as an incentive to have investments in small unquoted companies carrying on a qualifying trade in the UK. The scheme is extremely popular, with £14.2 billion invested […]

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Exchange Rates

SEIS

Overview The Seed Enterprise Investment Scheme (SEIS) is designed to aid small, early-stage companies to raise equity finance by offering tax reliefs to investors that purchase new share in the companies. It works with the existing Enterprise Investment Scheme (EIS) that offers tax reliefs to investors in higher-risk small companies. […]

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SEIS

R&D Tax Credits Explained

Research and development (R&D) tax credits reward UK companies for investing in innovation. They are incredibly valuable as a government tax relief. Companies that are eligible for this are ones that spend money on processes or services, enhancing existing services, or ones that spend money developing new projects. They are […]

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Money

Buying UK Property

Are You a Trader or an Investor? Firstly, it is important to look at whether you are a property trader or investor. Buying a property to make improvements to it in order to add value and sell on for a profit makes you a trader. If this is true then […]

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House

Corporation Tax Rates Reducing

Who is likely to be affected Companies and unincorporated associations which pay Corporation Tax (CT). General description of the measure The measure reduces the CT main rate to 17% for the Financial Year beginning 1 April 2020. This is an additional 1% cut on top of the previously announced CT […]

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Business