Donald Reid Group

Brexit - latest HMRC guidance

On 5th February 2019, HMRC published their latest letter aimed at UK businesses that trade only with the EU. This letter provides details of important actions they need to take and changes to be aware of in the event of the UK leaving the EU without a deal.  

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Increase in pension auto enrolment contributions

The minimum amounts to be paid into employee’s workplace pensions is set to increase from 6 April 2019, and employers are responsible for making sure these increases are implemented and for advising their employees of the changes.  

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Entrepreneurs relief changes – how will they affect you?

One of the most unexpected changes to arise from the recent Budget was the introduction of new qualifying criteria on entrepreneurs' relief. As a result, those who previously benefited, may need to restructure the shareholding of their personal company to ensure they will still qualify.
 

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Phoenixism

Rules introduced with the Finance Act 2016 were intended to try to put an end to the situation where an entrepreneur formed a series of companies and took advantage of claiming entrepreneurs' relief on the cash released by liquidation rather than paying tax on the profits earned and withdrawn as dividend income.  

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