Recent Issue sin EMI Scheme

Recent Issues in EMI schemes

When it was first introduced in 2000, the Enterprise Management Incentive (EMI) scheme had an initial life expectancy of around five years, but arrangements proved to be so popular with employers and employees alike that the scheme is still going strong some twenty years on. In broad terms, the EMI…

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Business Rates update

Business Rates update

The government is currently undertaking a fundamental review of the current business rates system, including ideas for possible change and a number of alternative taxes. Conclusions and any changes are likely to be forthcoming in Spring 2021. Many businesses feel that the current system for calculating business rates is antiquated…

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Letting a property at less than market rent

Letting a property at less than market rent

This year has been difficult for many and landlords may not have been able to secure the full market rent for a property. Landlords may have reduced the rent charged to long-standing tenants struggling as a result of the pandemic. Alternatively, they may have allowed family or friends to occupy…

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What tax do I need to pay by 31 January 2021?

What tax do I need to pay by 31 January 2021?

The self-assessment tax return for 2019/20 must be filed by midnight on 31 January 2021. If you miss this deadline, you will automatically receive a late filing penalty of £100, regardless of whether you owe any tax, unless you are able to convince HMRC that you have a reasonable excuse…

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Tax Relief on Business Loans

Tax Relief on Business Loans

Interest paid on loans used for qualifying businesses purposes should be eligible tax relief and can save up to 45% of the cost of the interest. The repayment of the capital element of a loan is never deductible for income tax relief purposes. However, interest paid on loans to a…

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CALCULATING TAXABLE PROFITS USING THE CASH BASIS

CALCULATING TAXABLE PROFITS USING THE CASH BASIS

Under the cash basis, small businesses are taxed on the basis of the cash that passes through their books, rather than being asked to spend their time doing calculations designed for big businesses. For 2019/20 onwards the annual turnover limit below which a business can use the cash basis is…

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Entrepreneurs’ Relief changes

The Spring Budget 2020 announced a significant restriction on future availability of entrepreneurs’ relief (ER) for individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company, and trustees who dispose of business assets. Broadly, the lifetime limit of £10m is to…

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