Succession Planning: The Virgin Way

Richard Branson Virgin Group

Despite being 72 years old, Richard Branson still leads the Virgin Group, but he has acknowledged that he has considered the issue of succession planning. Branson is a legendary entrepreneur who has built a global empire from scratch. The Virgin Group of businesses is now worth over $50 billion and includes over 40 companies in […]

Beware HMRC’s New Approach to R&D Tax Credits Enquiries

Research and Development

HMRC’s new approach to R&D Tax Credits enquiries has had a significant impact causing anxiety amongst businesses and advisors alike. Targeted Enquiries HMRC has started to implement their stated intention to target businesses based on their SIC code and claim size. Advisors report receiving multiple enquiries into R&D claims using templated letters that largely ignore […]

What are the different types of Capital Allowances and how can they benefit my business?

£10 notes

Capital allowances are tax deductions that can be claimed on certain types of capital expenditure. Capital allowances reduce taxable profits, reducing the amount of tax a business needs to pay. In the United Kingdom capital allowances can take the form of an annual “writing down allowance” which writes off the capital expenditure over the life […]

What is “Full Expensing”?

New plant and machinery

The March 2021 Budget introduced the “Super Deduction” which was an enhanced capital allowance for qualifying expenditure on plant and machinery incurred by companies from 1 April 2021 to 31 March 2023. Companies are still able to claim the super deduction on expenditure incurred up until 31st March 2023. It provides the following: At the […]

Spring Budget 2023 – An In-depth Look

Spring Budget 2023

Hunt for growth Jeremy Hunt opened his first full Budget speech by declaring that it was a ‘budget for growth’. He emphasised that this would be ‘long term, sustainable, healthy growth’; after all, Kwasi Kwarteng’s ill-fated September speech at the same despatch box was titled ‘the Growth Plan’. The Office for Budget Responsibility reported that […]

<strong>Business Asset Disposal Relief</strong>

Manage Your Assets

Business Asset Disposal Relief (formerly Entrepreneurs Relief) allows individuals disposing of qualifying business or business assets  to pay a rate of only 10% Capital Gains Tax on sales. This 10% rate of Capital Gains Tax compares favourably with the current main rate of 20%. Who can claim Business Asset Disposal Relief? If you are selling […]

Using Business Relief To Reduce Inheritance Tax

Inheritance Tax Planning

Inheritance Tax is a tax charged on the value of a person’s estate at the date of his or her death. The rate of inheritance tax on a deceased estate is currently 40%. There can sometimes be Inheritance Tax payable on lifetime gifts, such as gifts into trusts. The rate at which inheritance tax is […]

Existing Energy Support for Businesses To End

Image of an electricity pylon

With the current Energy Bills Discount for businesses expiring, what support is being offered beyond March 31st 2023 Having previously said that the unprecedented support was “time-limited”, HM Treasury announced that the £18.4bn, six-month energy support scheme was to end for businesses, to be replaced by a less generous £5.5bn energy bills support scheme running […]

Another deferral to the mandatory implementation of Making Tax Digital for Income Tax Self Assessment (MTD ITSA)

Making Tax Digital for Income Tax Self Assessment

Understanding that self-employed individuals and landlords are currently facing a challenging economic environment, and the transition to Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) represents a significant change to taxpayers and HMRC for how self-employment and property income is reported, the government is giving a longer period to prepare for MTD. The mandatory use of […]