Insights

Read the latest articles, newsletters and press releases from Thompson Jenner, one of Devon's leading firms of independent chartered accountants and business advisers.

audting_740x425_acf_cropped

Research & Development tax relief – what is available and when can you claim?

The United Kingdom has a generous Research & Development (R&D) regime for small and medium sized companies (SME), so if your company carries out any work on innovative projects then it may qualify to take advantage of the reliefs available. Under the current legislation for every £1,000 an SME spends on qualifying R&D it can claim a tax deduction as if it had spent £1,860.

28th November 2023
2023-Webpage-Header-Image_740x425_acf_cropped

Autumn Statement 2023

It was a headline grabbing Autumn Statement with some tax cuts for employees, self-employed, and businesses.  Though, after the Spring Budget announcements on the freezes to income tax thresholds and the increase of the main rate of Corporation Tax from 01 April 2023, the tax burden remains at record levels for individuals and businesses.

23rd November 2023
Calculator-1_740x425_acf_cropped

The Economic Crime and Corporate Transparency Act 2023: How this impacts your Limited company

On 26 October 2023 the Economic Crime and Corporate Transparency Act 2023 received Royal Assent having first been presented in Autumn 2022.  This piece of legislation increases powers for tackling financial crime and illicit activity, while also reforming the operations and powers of Companies House.

21st November 2023
shutterstock_752674798-1_740x425_acf_cropped

A Guide to Navigating Christmas Tax and Other Benefits Exemptions Effectively this Holiday Season

It’s getting towards that time of year when employers like to spread some festive cheer and thank their staff for all their hard work throughout the year. This tends to come in the form of parties, hampers, or payrolled bonuses, however there may be other ways in which employers choose to celebrate the season.

17th November 2023
shutterstock_631380026_740x425_acf_cropped

Furnished Holiday Lets: Tax Implications

Furnished Holiday Lets (FHLs) are rental properties that meet certain criteria and are treated as a separate rental business. As holiday lets are becoming increasingly popular, it is important to check whether these properties qualify as FHLs.  There are potential benefits and drawbacks to such a characterisation.

28th September 2023
Trust-funds_740x425_acf_cropped

What to do when a trust is wound up

The deed drafted could state that at X date the trust will be wound up and the capital held distributed to A and B. This point does not need to be in the deed but would be advantageous to give the trustees the power to consider this if the time was right and the beneficiaries could be trusted to maintain the assets correctly.

11th September 2023
Shaking-hands-couple_740x425_acf_cropped

Inheritance Tax implications for a relevant property trust

Unlike with an absolute gift of the asset, this would be immediately chargeable to IHT and therefore additional administration would be required.

18th August 2023
shutterstock_1249018027-scaled_740x425_acf_cropped

What are the two main types of Trusts?

Trusts are a great way to be able to pass assets out of your estate while still being able to maintain an element of control. These structures have been overlooked recently due to bad press regarding how expensive and difficult they are to maintain.

31st July 2023
calculator-tax_740x425_acf_cropped

31 July 2023: Deadline for the Second Payment on Account

Payments on account are made in January and July every year against your tax liability. HMRC will charge interest if the payments on account are made late.

24th July 2023
shutterstock_316367753-scaled_740x425_acf_cropped

What do I need to consider to set up a trust?

So you have decided which trust would work best for your intended beneficiaries based on their spending habits, what are the next steps?

22nd June 2023

Resources & Tools

Our Resource Centre
Interactive Tools
Latest News for Business

Sign up and stay informed

Sign up

Find Us

Exmouth 01395 279521

Explore

© Copyright Thompson Jenner LLP

More than just accountants...

Christmas Hours

Please note, Thompson Jenner will be closed for Christmas from 5:15pm on 22nd December, opening again for the new year on 2nd January.