1 March 2022 - Due date for Corporation Tax due for the year ended 31 May 2021. 2 March 2022 – Normally Self-Assessment tax for 2020-21 would need to be paid by 2 March or a 5% surcharge would be incurred. This year HMRC is giving taxpayers more time to pay and no surcharge will…
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Dynamic planning
More challenges to our financial plans last week as the Russian incursion into Ukraine has boosted the price of oil and gas and adds a new layer of uncertainty to global economic activity in the coming year. How will this affect our current business plans? There is a tendency to see a business plan as…
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Company share schemes
EMI Scheme Most share option schemes, with an eye to tax benefits, use the Enterprise Management Incentive (EMI) scheme. For qualifying arrangements, there are tax incentives for the employer and employee. The point to emphasise with EMI arrangements is that they can only be made by employers with their employees. Unapproved option scheme Unapproved share…
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Sharing income with your family
The UK tax system does not allow families to spread the impact of taxation where there is one significant income earner providing for other family members. For example, if one parent was earning £100,000, they will be paying income tax at 40% rates on almost £50,000 of their income when their partner and teenage children…
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