Shareholders Agreements and Why They Are Important
The importance of a shareholders agreement For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they, control the company outright…
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How high could interest rates rise?
Earlier this month the Bank of England (BOE) raised interest rates for a 12th consecutive time as the rate of rising prices remains high. The Bank rate has gone up from 4.25% to 4.5%. The BOE has been under pressure to put rates up because it has a target to keep inflation at 2%, but…
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High Income Benefit Charge Catching You Out?
Mistakes made when claiming higher rate child benefit are most frequently the result of poor communication from HMRC and it is more difficult for those with complex, fluctuating earnings The high income child benefit charge (HICBC) raised £416m in 2019-20 but it is a hard tax charge to administer as many of the families affected…
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Virtual Christmas Party
Due to the coronavirus restrictions, you may be unable to host your usual Christmas Party for your employees. We are pleased to confirm that the annual parties’ exemption (s264 ITEPA03) will apply to the costs associated with virtual parties in the same way that it would for traditionally held parties. Therefore, subject to the normal…
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Rent a Room
As hundreds of homeowners rent out their rooms and houses during the sporting events such as Wimbledon tennis championships, for up to £15,000 a week, it is important to pay the right tax to avoid penalties. This year’s tournament is seeing a very buoyant market with houses renting at up to £15,000 a week, four-to-five-bedroom…
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Companies House Fines
Companies House will start issuing fines of maximum £2,000 for repeat offenders for failures to comply with registration rules as part of a sweeping crackdown on abuse of the register The new powers are a key plank of the Economic Crime and Corporate Transparency Act 2023, which introduced tough new laws to fight corruption, money…
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Registering for Self-employment
Registering for Self-employment Once you have made the step of deciding to go self-employed once of the first things you need to do is to register with HM Revenue & Customs. Registering for tax is an essential step in becoming a sole trader. It ensures that you are compliant with the law and can accurately…
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Attracting the Talent in your Company
Recruiting new employees is tough just now so be different! For example, some employers are now offering “Wellbeing leave” in addition to the usual holiday package. If you want to recruit more, you have to get serious about the process and be on it 24/7, 365! There are several actions you can take to make…
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Payroll
Payroll If you are running a limited company, partnership or a sole reader employing people is the same process and principles. When you need to employee a person you will need to register this first with HM Revenue & Customs (https://www.gov.uk) and then once set up HM Revenue & Customs will send you’re the payroll…
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Autumn Tax Update
RTI reporting changes delayed HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via self assessment (SA) and PAYE real-time…
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Payments on Account
Payments on Account What are payment on account in tax and on your self-assessment tax return. Payments on account’ are advance payments towards your tax bill (including Class 4 National Insurance if you’re self-employed). You have to make 2 payments on account every year unless: Each payment is half your previous year’s tax bill. Payments…
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Partnerships
Partnerships A partnership is defined a one or more people joining together in business with a view to make a profit and each partner receiving a share of the profit according to their share ratio for example 3 partners each holding 33 shares each. Partnership Tax Partnerships do not pay tax, but all partners pay…
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If you have a team of employees, you have several options for rewarding them in addition to paying wages or a salary. One of the most flexible options is to offer benefit in kind, also known as fringe benefits. Benefit in kind take several different forms, which we’ll describe later, and they can be offered…
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