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