With sustainability at the forefront of the political agenda, businesses are facing increasing pressure to reduce their carbon footprint and become more environmentally conscious. Aside from the obvious benefits to the planet, going green can also provide considerable tax savings for businesses.
Empty office spaces are being turned into other buildings, which will often in turn change the property’s class and the VAT that should be applied.
Foreign Secretary Liz Truss has announced that all Russian businesses will be banned from using the services of UK accountants and other professional services including PR and management consulting.
The “Academies accounts direction 2021-2022” was released in March alongside the “Academies model accounts” and “Framework and guide for external auditors and reporting accountants of academy trusts”.
Shareholder directors of owner-managed businesses normally take a minimum salary and any balance of remuneration as dividends (distribution of company profits). Historically, dividend have been taxed as unearned income and this tends to reduce National Insurance Contributions (NIC), and in some cases income tax.
Employers can pay employees a fixed rate per mile to cover the costs of using their own vehicles on company business.
The Employment Allowance has risen from £4,000 to £5,000. This means that businesses and charities whose NIC liabilities were under £100,000 will be able to claim up to £5,000 off their employer National Insurance Contributions (NICs) bill.
Gift Aid is a government scheme available to charities and community amateur sports clubs that allows them to claim extra money from HMRC off the back of a donation by a UK taxpayer.
Many investment properties are acquired through a limited company for a variety of reasons. Complications arise when this structure is no longer appropriate, for example, there may be a desire to gift to a child, and extracting a property from a company back into private beneficial ownership can be a costly affair. Tax costs arise both for the company disposing of the property and for the purchasing connected party.
Our latest Owner Managed Business (OMB) survey shows that although the proportion of businesses saying they are highly confident in the overall outlook has more than doubled over the past 12 months, business owners are not out of the woods yet. Could technology be the key to business recovery post-pandemic?
Domicile is a historical legal concept that is relevant to far more than an individual’s tax position.
The new rules will not change the accounting period of the business, however the tax position will move from a current year basis to a tax year basis. This will mean that business profits will be calculated for the tax year rather than for the period of account ending in the tax year.