Latest blogs for Specialisms

19th November 2018 Charities small trading tax exemption to increase

During the Autumn Budget on 29th October 2019, it was announced that the small trading tax exemption limits for Charities is set to increase.   The exemptions apply to Charities who trade outside of their primary purpose. A Charity will not pay tax on trading profits that are a part of the Charity’s primary purpose…

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16th November 2018 Don’t dwell on your ATED obligations

With only just under 6 months until the 2019/2020 ATED return filing deadline of 30th April 2019. It may be an appropriate time to consider whether your limited company may be obliged to submit an ATED return. The annual tax on enveloped dwellings (ATED) applies to companies which own an interest in a residential property…

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12th November 2018 CGT Reliefs – Hit with Both Barrels!

A gain on sale of residential property is chargeable to capital gains tax (CGT) as follows: 18% to the extent that the gain falls within the basic rate band 28% thereafter An annual exemption is available if not utilised elsewhere (currently £11,700, rising to £12,000 in the 2019/20 tax year). Principal Private Residence Relief (PPR)…

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9th November 2018 Gift aid small donations limit to rise

Following the budget on 29th October 2018, the Gift Aid Small Donations Scheme limit has been increased to donations of £30 or less from 6 April 2019. The scheme was introduced for Charities who accept small donations to still claim for Gift Aid despite not collecting the usual declaration paperwork from the donor. This has…

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8th November 2018 EIS: v2?

Observers of recent Budgets will have noticed that the Chancellor has made several references to “EIS Knowledge Intensive Funds”, as a new initiative to help finance growth in innovative firms. He has even invented a new phrase to describe this type of funding: ‘Patient Capital’. The initial March 2018 Consultation Paper has now closed for…

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2nd November 2018 Profit distribution to charitable parent

It is common practice for a trading subsidiary company to pay their profits to their charitable parent as a donation under gift aid. This is tax efficient for the subsidiary company, as the profits that have been donated are treated as a donation expense and therefore there is no corporation tax due if paid within…

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31st October 2018 Budget 2018: IR35 rules change for private sector

The Autumn Budget 2018 confirmed that many private sector contractors will no longer be responsible for deciding if they are caught by the IR35 rules. Engagers who are medium or large organisations will now decide the IR35 status of the PSCs they contract with. What will constitute a medium or large organisation? It is not…

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30th October 2018 Charity serious incident reporting

The Charity Commission is worried about the number of charities not reporting serious incidents or taking a long time to do so. This has perhaps become a concern since the Commission raised a statutory inquiry into Oxfam in February, following allegations of misconduct by staff in Haiti. It is a Charity’s trustee’s responsibility to ensure…

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30th October 2018 Budget 2018: What’s in it for TechCo’s

Philip Hammond’s much predicted ‘End to Austerity’ Budget was a lot more positive than similar pronouncements of recent years. Although UK growth is still sluggish (predicted at 1.6% for 2018), higher than expected tax revenues have enabled the public purse strings to be loosened. Announcements that will be of interest to technology SME’s include: New…

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19th October 2018 Increasing publicity over IR35

In the run up to the Autumn Budget, where it is widely speculated the Government will clamp down on IR35 in the private sector, barely a week goes by without another IR35 case being in the news. Employment tribunal claims are increasingly being launched by those caught by the IR35 reforms of the public sector.…

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