Search results for year end

57 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

• EMI Filing Requirements

  📘 Overview If your company operates an Enterprise Management Incentive (EMI) scheme, there are strict deadlines for signing documents, registering the scheme, and notifying HMRC. Missing these

• 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

• Tas' Top Ten Tax Tips

  This guide covers some of the basic but also most important elements of tax planning. 1. Companies pay Corporation Tax on their net profits at a rate of 19% - 25%. Corporation Tax is due nine months

• 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

• How to set up an EMI scheme

  📘 Overview Enterprise Management Incentive (EMI) schemes are one of the most tax-efficient ways for startups and scaleups to reward and retain key employees. Setting one up involves careful

• 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

• How to exercise share options

  📘 Overview Exercising share options is the process by which an option holder converts their options into actual shares in the company. This guide explains the key steps for both option holders and

• 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

• Glossary for share schemes

  Exercise price: the price that an employee pays per share, normally an agreed value set at the outset of the option agreement. Exercise of option: the conversion of an option into shares by an

• 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

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

  📘 Overview Business Asset Disposal Relief (BADR), formerly known as Entrepreneurs’ Relief, allows individuals to pay a reduced rate of Capital Gains Tax (CGT) when selling qualifying business

• 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 Investors in companies qualifying under SEIS or EIS can benefit from five main types of tax relief. The following outlines the key features of each relief and the conditions that apply.

• What is the difference between SEIS and EIS?

  📘 Overview Both the Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS) are designed to help early-stage companies raise investment by offering tax reliefs to

• EIS Income Tax Relief

  📘 Overview This guide explains how to claim Income Tax relief under the Enterprise Investment Scheme (EIS) once you have received your EIS3 compliance certificate. ✅ How to Claim the Relief There

• Pre Due Diligence Review

  When entering into a due diligence there are some key areas investors or purchasers tend to look at, often with a view of finding holes so that they can reduce your company valuation. Being aware of

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

  📘 Overview The amount your company can raise depends on whether you are using the Seed Enterprise Investment Scheme (SEIS) or the Enterprise Investment Scheme (EIS). 🚀 SEIS: Seed Enterprise

• What is a knowledge intensive company?

  📘 Overview Knowledge Intensive Companies (KICs) can raise more investment through venture capital schemes such as EIS, compared to standard companies. This guide explains when and why you might

• 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.

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

  📘 Overview There’s no single “perfect” time to set up an Enterprise Management Incentive (EMI) share option scheme, but timing can make a big difference to how valuable the options become for your

• Impact of state aid on SEIS and EIS

  📘Overview State aid can have a significant impact on how much investment a company can raise under the SEIS or EIS schemes. Understanding how different forms of government support are classified

• 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

• 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

• 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

• 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

• Understanding SEIS

  📘 Overview The Seed Enterprise Investment Scheme (SEIS) helps early-stage start-ups attract investors by offering generous tax reliefs, including 50% Income Tax relief for qualifying investors. For

• Will the investor qualify for the scheme?

  📘 Overview To qualify for SEIS or EIS Income Tax relief, an investor must not be “connected” with the company. HMRC defines “connection” in two main ways, by financial interest or by employment. If

• 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

• Does my company qualify for the scheme?

  📘Overview If you're exploring raising investment via SEIS or EIS, you’ll need to check whether your company meets the eligibility rules. Below is a visual guide + checklist to help you assess

• 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

• What is the 'initial investing period' ?

  📘 Overview For companies raising funds under the Enterprise Investment Scheme (EIS), understanding the time limits for receiving investment is critical. This guide explains the concept of the

• 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 To qualify under the Seed Enterprise Investment Scheme (SEIS) or Enterprise Investment Scheme (EIS), your company must follow strict rules on how investment funds are used. 💡 Key

• Purchases made before VAT registration

  Overview 📘 When a business registers for VAT, it can reclaim VAT paid on certain goods and services purchased before registration. HMRC allows this to ensure businesses are not disadvantaged for

• Does 'financial health' matter?

  📘 Overview For a company to qualify for the Enterprise Investment Scheme (EIS), it must not be considered “in financial difficulty” at the time of issuing shares. This rule ensures that EIS funding

• What happens when an employee exercises their options?

  📘 Overview When an employee exercises their EMI share options, they purchase shares in the company and officially become a shareholder. This process can have tax implications depending on how and