Search results for year end

60 articles found

• Year-end Stock Count

  🧮 Overview A stock count involves physically verifying the value of inventory your business holds - typically at cost price on a specific date, such as the year-end. This ensures your accounts

• R&D Claims - 6 things you need to know

  Overview 📘 The R&D tax relief system has evolved significantly in recent years, and several key changes now shape how businesses claim. Whether you’re preparing your first submission or updating an

• PAYE Settlement Agreement (PSA)

  Overview A PAYE Settlement Agreement (PSA) allows employers to settle the Income Tax and National Insurance Contributions (NICs) on certain benefits and expenses provided to employees. This is

• Changes to R&D Tax Relief from April 2024

  Overview 📘 The R&D tax landscape has undergone several major reforms in recent years, but the changes coming into effect for accounting periods starting on or after 1 April 2024 are expected to mark

• Payrolling Employee Benefits

  Your Guide to Payrolling Benefits in Kind 📘 What Employers Need to Know for April 2027 Overview From 6 April 2027, HMRC will require most benefits in kind (BiKs) and taxable employment expenses to

• Additional Pension Contributions

  Overview 📘 Making additional pension contributions is one of the most effective ways to withdraw money from a company in a tax-efficient manner. It can reduce your corporation tax bill, boost

• Visa Costs

  Overview 🛫 Many startups hire employees from abroad and cover their visa costs when they relocate to the UK. While this feels like a straightforward business expense, HMRC applies different rules

• Intro to Armalytix

  What Is Armalytix? Armalytix securely delivers bank statements across multiple banks and accounts, directly from you to us, using open banking technology. Why Do We Use It? It is a fast and simple

• Eligibility criteria for EMI

  📘 Overview An EMI scheme allows a company to grant share options to employees in a tax-efficient way. The goal is to encourage long-term commitment, reward performance and help smaller companies

• What Qualifies as R&D?

  Overview 📘 Research and Development (R&D) tax relief is a valuable incentive that rewards companies for innovation in science and technology. It’s not just for laboratories or scientists, if your

• Tas' Top Ten Tax Tips

  Overview This guide covers ten essential tax planning principles for company directors and founders. It’s designed to help you stay compliant, manage your finances efficiently, and make informed

• How to exercise share options

  📘 Overview Exercising share options means turning an agreed-right to acquire company shares into actual ownership. This guide walks you (the option holder) and the company through the process, from

• Making Tax Digital for Income Tax

  Overview MTD for ITSA is part of HMRC’s broader Making Tax Digital (MTD) initiative. It’s designed to modernise the tax system by requiring digital record-keeping and more frequent reporting. Instead

• EMI Filing Requirements

  📘 Overview This article sets out the key deadlines and steps for an EMI (Enterprise Management Incentive) option scheme. You’ll learn when legal documents must be signed, how to register the scheme,

• How to set up an EMI scheme

  📘 Overview This guide explains the key steps to setting up an Enterprise Management Incentive (EMI) scheme, from designing eligibility rules and obtaining share valuations to registering and

• Short-Term Business Visitors (STBVs): What UK Companies Need to Know

  If someone who normally works overseas is coming to the UK for a short work trip, there are some UK tax rules you should be aware of. These people are called Short-Term Business Visitors (STBVs), and

• P11D Benefit Reporting

  Overview 📘 The P11D form is used to report benefits in kind to HMRC. These are items or services provided by the company in addition to salary, such as: Private healthcare Interest-free loans (for

• Introduction to VAT OSS

  📘 What Is VAT OSS? Overview VAT OSS (One Stop Shop) is a simplified EU VAT reporting system for UK businesses selling digital services to EU consumers (B2C). Under these rules, the UK business must

• What are unapproved share option schemes and when might they be useful?

  📘 Overview Unapproved share option schemes can sound misleading, the word “unapproved” may suggest something unofficial or non-compliant. In reality, these are perfectly legitimate arrangements that

• Business Asset Disposal Relief (BADR): What Employers and Employees Need to Know About Share Options

  📘 Overview This guide explains how Business Asset Disposal Relief (BADR) works for individuals who hold Enterprise Management Incentive (EMI) or Unapproved Share Options. It covers the qualifying

• Business Asset Disposal Relief (BADR)

  📘 Overview Business Asset Disposal Relief (BADR), formerly Entrepreneurs’ Relief, helps reduce the amount of Capital Gains Tax (CGT) you pay when disposing of qualifying business assets or shares.

• What tax relief is available to investors?

  📘 Overview This guide explains the five tax reliefs available to investors in companies that qualify under the Seed Enterprise Investment Scheme (SEIS) or the Enterprise Investment Scheme (EIS). We

• EIS Income Tax Relief

  📘 Overview This guide explains how to claim Income Tax relief under the Enterprise Investment Scheme (EIS) once you have received an EIS3 compliance certificate. It covers both methods of claiming,

• Staff Entertainment, gifts and trivial benefits

  Overview 📘 Staff entertainment and gifts can create taxable benefits for employees. However, in some cases they may fall within the trivial benefits exemption, meaning no tax or NICs apply.

• How much money can I raise under SEIS or EIS?

  📘 Overview This article explains how much a company can raise under the Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS). It also outlines how the two schemes

• Glossary for share schemes

  📘 Overview Share schemes can be a powerful way for companies to reward, retain and motivate employees, but the terminology can feel technical. This glossary explains the key terms you’ll encounter,

• What is a knowledge intensive company?

  📘 Overview Knowledge Intensive Companies (KICs) can raise significantly more investment through venture capital schemes such as the Enterprise Investment Scheme (EIS). This guide explains when you

• Recharging home working costs to your company

  Overview 📘 As a company director, if you work from home regularly, you can recharge part of your household costs to your company. This allows the company to claim a corporation tax deduction, while

• Tax Free Benefits

  Overview 📘 This guide applies if you are a registered employer and pay your employees through PAYE. A sole director on a minimum salary can also qualify. Employers can provide certain tax-free

• How long does the whole process take?

  📘 Overview The Seed Enterprise Investment Scheme (SEIS) is designed to help early-stage companies raise investment by offering tax reliefs to investors. The process typically takes up to 14 weeks

• Annual Staff Parties

  Overview Annual staff functions, such as Christmas parties or summer barbecues can be tax-exempt, subject to specific conditions from HMRC. This guide explains when exemption applies, what counts

• Strategic Reports

  Overview Companies reporting under FRS 102 that exceed the small company thresholds must prepare a Strategic Report. You’ll need one if your business meets any of these criteria: Turnover > £10

• Crypto currencies - Quick Overview

  Cryptoasset gains are usually treated in the same way as other capital gains. This means that profits above the annual exempt amount are subject to Capital Gains Tax (CGT). For 2024–25, the annual

• What is the 'initial investing period' ?

  📘 Overview This guide explains the rules on the Enterprise Investment Scheme (EIS) time limits for receiving investment. It covers the key definitions, how HMRC evaluates timelines, and the

• Audit Exemption and Thresholds

  Companies may qualify for audit exemption under UK law if they fall into one of the following categories: 1. Dormant Company A company that has no trading activity and no income (except potentially

• Changes to R&D Tax Credits from April 2023

  Overview 📘 From April 2023, HMRC introduced significant reforms to the UK R&D Tax Relief system. These changes affect the level of relief available, the types of qualifying costs, and the

• R&D Intensive SMEs

  Overview 📘 From April 2023, HMRC reduced the SME R&D payable tax credit rate from 14.5% to 10%, alongside lowering the enhancement rate from 130% to 86%. These combined changes have significantly

• Gifts to Clients

  Overview 📘 HMRC allows businesses to give small gifts to clients, provided certain conditions are met. These gifts can be a thoughtful way to maintain client relationships while remaining compliant

• ERS: when you must register and file if you issue shares to employees or directors

  📘Overview This guide explains when a company must register an Employment Related Securities (ERS) arrangement with HMRC and file an annual return, even for one-off share issues that don't form part

• Substantial Shareholding Exemption (SSE)

  Overview 📘 The Substantial Shareholding Exemption (SSE) applies when a company sells shares in another company (referred to here as the “parent” and “child” companies). Normally, a corporation tax

• When is the best time to create an EMI share option scheme?

  📘 Overview In theory, the best time to set up an Enterprise Management Incentive (EMI) scheme is as early as possible, ideally before your company has built up significant value. Timing matters

• How are unapproved options taxed?

  📘 Overview Under an unapproved share option scheme (that is, a scheme which is not one of the tax-favoured ones such as Enterprise Management Incentive (EMI)), employees or contractors are granted

• Impact of state aid on SEIS and EIS

  📘Overview Understanding how state aid interacts with the Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) funding is essential before you raise investment. Both

• Guidance for Software Development companies

  Overview 📘 Software development projects frequently qualify for R&D Tax Relief, but they also attract the most scrutiny from HMRC. The fast-moving nature of the industry, with rapid technical

• What is the difference between SEIS and EIS?

  📘 Overview This article explains the key differences between the Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS). Both schemes are designed to help early-stage

• Will the investor qualify for the scheme?

  📘 Overview This article explains when an investor is considered connected to a company for the purposes of SEIS and EIS. If an investor is connected, they are not eligible for Income Tax relief

• Garden Offices: Tax Treatment and Practical Guidance

  📘Overview Thinking about putting a small office in your garden for work, with possible family use at weekends? This guide explains how the UK tax rules apply, who can claim what, and the traps to

• R&D Guidelines - in our words

  The DSIT guidelines are critical when it comes to qualifying projects for R&D tax purposes, but they are not the easiest thing to read. To make your life easier, we have gone through the guidelines

• What can I spend the investment on?

  📘 Overview This article explains how your company must use funds raised under the Seed Enterprise Investment Scheme (SEIS) or Enterprise Investment Scheme (EIS). These schemes offer valuable tax

• What happens when an employee exercises their options?

  📘 Overview When you exercise your share options, you are choosing to buy shares in the company at the exercise price set out in your option agreement. To do this you must notify the company in