UHY Ross Brooke Chartered Accountants
HM Revenue and Customs (HMRC) are running a campaign to help people avoid being caught out by tax avoidance schemes. This is particularly relevant to those who are contractors, agency workers, or are working through an umbrella company. Tax avoidance schemes are schemes designed to bend the rules of the
For accounting periods beginning on or after 1 April 2024, a new merged scheme for research and development tax credit comes into force. The new merged scheme replaces the old RDEC and small and medium-sized enterprise (SME) schemes. The new scheme reduces the amount of benefit that would generally have
We have more than a passing interest in horseracing! Here’s our very own Peter Treadgold, a well-known face at several racecourses, and a highly respected accountant for bloodstock, racehorse trainers, owners and jockeys. We sponsored the Pony Club raceday at beautiful Ascot Racecourse last Thursday, supporting the next generation of
From a tax perspective, the financial attractions of self-employment over employment are fairly obvious. No employers NIC, workplace pension contributions or holiday/sick pay to worry about for the engager, reduced employees NIC for the worker and the worker can offset expenses against his income. Everyone’s a winner right? By Chris
From 6 April 2024, the 2% cut in employee national insurance contributions will come into effect. Employees will now be deducted 8%, rather than 10%, on monthly earnings between £1,048 and £4,189. A 2% deduction on earnings above this amount continues to apply. There is no change to the rate
Thresholds based on a company’s accounts and employee numbers determine whether a company is categorised as small or not. Being able to qualify as a small or medium sized business can cut red tape for a business with the reduced amount of both non-financial and financial reporting a small or
When there are several shareholders, a new company is being formed, a shareholder wants to pass their shares or pass them to their children, someone is nearing retirement, or the company has borrowed money from a shareholder, issues can easily arise that jeopardise the continued success of a business. Shareholder
In the recent Spring budget, the government announced plans to abolish the current tax treatment for UK resident non-domiciled individuals (non-doms). ‘Non-dom status’ enabled UK resident individuals whose permanent home is outside the UK to benefit from the ‘remittance basis’. This was a controversial tax treatment which allowed this group
Many landlords will have seen profits squeezed in recent years. Higher mortgage rates, the restriction on tax relief for finance costs, stagnated personal allowances and tax bands, have all conspired to reduce the net yield for landlords. Some may have chosen to increase rents to cover these costs, but this
We always stress to clients the importance of making a will. This is not only so that assets are left to beneficiaries of one’s own choosing, but also so that other important instructions can be carried out, such as who will administer the estate, who will act as guardian to