Summer Budget 2015: Key tax changes for entrepreneurs

Listen to an audio version of this Summary Budget 2015 round up of the key tax changes impacting on entrepreneurs or read the text version below: An audio download link is available at the end of this post! Reduction in Corporation tax Continuing George Osborne’s pledge to make the UK one of the single most … Read moreSummer Budget 2015: Key tax changes for entrepreneurs

How to calculate your company car tax benefit for 2014/15

Although having a company car can appear to be a ‘perk’, if you delve a little deeper the tax rules are becoming increasingly onerous for those directors and employees who are ‘lucky enough’ to have them…. A ‘Benefit in Kind’ tax charge is levied on the ‘lucky’ director / employee under the company car tax … Read moreHow to calculate your company car tax benefit for 2014/15

EIS Funding Catch

A key requirement of EIS (Enterprise Investment Scheme) relief is that the funds invested are ’employed’ within the investee business within the requisite time. The current requirement is that 100% of the funds must be invested within 2 years in the qualifying trade. But how can a company ensure that it can demonstrate that it … Read moreEIS Funding Catch

HMRC offers R&D tax credit help for small companies

HMRC has announced today a pilot scheme to assist small companies in making their first Research and Development (R&D) tax credit claim. Small companies for these purposes are companies with fewer than 50 employees – so still fairly sizeable in actual fact. The idea is that participants will be allocated an R&D tax contact from … Read moreHMRC offers R&D tax credit help for small companies

R&D tax credit “production” confusion!

There has been this ongoing problem for companies that are solving technological or scientific uncertainties (and therefore,on the face of it, qualify for research & development enhanced tax relief) yet the product that emanates from this R&D process is ultimately sold to a customer e.g. a prototype that is sold rather than skipped. HMRC’s view has been that … Read moreR&D tax credit “production” confusion!

Don’t forget National Insurance (NIC) holidays for business startups

If your UK business start-up was set up on or after 22 June 2010 then you may be eligible for a 12 month holiday from employer’s national insurance contributions – normally payable at a rate of 13.8% on employees’ and directors salaries in most cases. This incentive, aimed at boosting the number of business startups … Read moreDon’t forget National Insurance (NIC) holidays for business startups

Reform needed for 5% shareholding req for Entrepreneur’s Relief

Current tax rules require shareholders to be officers or employees of a company and hold 5% of the ordinary shares (and voting rights) for a 12 month period prior to sale to qualify for the holy grail of entrepreneur’s relief (ER) – ER results in a 10% personal capital gains tax rate (CGT) as opposed to a top … Read moreReform needed for 5% shareholding req for Entrepreneur’s Relief

1 April is no joke for UK companies!

1st April is an important date for UK companies as it signifies the start of a new tax year (yes, the personal tax year is different running to 5 April each year) and there have been some important announcements made in recent Budgets. Here are the headlines: 1. Small companies rate of corporation tax falls … Read more1 April is no joke for UK companies!

Budget 2011 supports digital, technology and creative businesses (mostly!)

Yesterday’s Budget speech provided largely good news for entrepreneurs in the digital, technology and creative sectors. George Osborne had promised an “unashamedly” pro-business, pro-growth and pro-aspiration Budget and, although it might be over-flattering to suggest that he achieved this, he certainly made some positive inroads toward addressing some of the roadblocks facing early-stage startups and … Read moreBudget 2011 supports digital, technology and creative businesses (mostly!)

My single biggest wish for the Budget 2011

Aside from the minute detail behind likely tax changes and incentives that might emerge from today’s Budget announcement, there is one overriding wish that business owners repeat to me again and again and its a wish that I too share: Stop tinkering and remove red-tape so that UK businesses can plan for the future with a degree of certainty … Read moreMy single biggest wish for the Budget 2011