Donald Reid Group

Tax saving opportunities for companies

It is strongly recommended that companies undertake an annul review of their tax position. This should take account of changes in the business and legislation. Pre-year-end planning is essential as there will still be time to take appropriate action based on the current situation.  

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An overview of inheritance tax

Inheritance tax is levied on a person’s estate when they die and on certain gifts made during their lifetime. Read more about inheritance tax (IHT), possible reliefs and exemptions, with opportunities to minimise the impact of IHT.  

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Capital Gains Tax

A capital gain arises when certain capital assets are sold at a profit. From 6 April 2016 capital gains tax is charged at the rate of 10% on gains (including any held over gains coming into charge) where net total taxable gains and income is below the income tax basic rate band threshold.  

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Tax-free childcare scheme

The government has introduced a tax incentive for Tax-Free Childcare. Under the scheme, the tax relief available is 20% of the costs of childcare up to a total of childcare costs of £10,000 per child per year.

 

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Company cars

The aim of the current tax regime for company cars is to encourage companies and their employees to chose more environmentally friendly cards.  

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Register of people with significant control

From 6 April 2016 broadly all companies (except certain listed companies) are required to keep a register of people with significant control (PSC register) and, from 30 June 2016, file relevant information at Companies House. This requirement is in addition to those in respect of existing registers.  

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Research and development tax incentives

Research and development (R&D) by UK companies is being actively encouraged by the government through a range of tax incentives. It views investment in research and development (‘R&D’) as a key to economic success.  

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Payroll and Real Time Information

Under Real Time Information, employers or their agents are required to make regular payroll submissions for each pay period during the year, detailing payments and deductions made from employees each time they are paid.
 

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