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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EMI - share ownership for employees

Retaining and motivating staff is an important issue for many employers. Research in the UK and USA has shown a clear link between employee share ownership and increases in productivity.  

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Criminal Finances Act 2017

On the 30th September 2017, the Criminal Finances Act 2017 came into force. This Act makes companies and partnerships criminally liable for failing to prevent their employees from criminally facilitating tax evasion.  

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Capital allowances

The cost of purchasing capital equipment in a business is not a revenue tax- deductible expense. However tax relief is available on certain capital expenditure in the form of capital allowances. The allowances available will depend on what you are purchasing.  

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Venture Capital Trusts

Venture Capital Trusts (VCTs) are complementary to the Enterprise Investment Scheme (EIS), in that both are designed to encourage private individuals to invest in smaller high-risk unquoted trading companies affected by the equity gap  

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Enterprise Investment Scheme

The purpose of the Enterprise Investment Scheme (EIS) is to help certain types of small higher-risk unquoted trading companies to raise capital. It does so by providing income tax and CGT reliefs for investors in qualifying shares in these companies.  

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Directors' Responsibilities

The role of director should be accepted lightly as it covers a number of responsibilities and duties. For a director of an incorporated body, the Companies Act 2006 sets out a statement of your general duties and outlines seven statutory directors’ duties, which should also be considered for shadow directors.
 

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Company Secretarial Duties

Company legislation provides an opportunity for a business organisation to benefit from the protection of limited liability, separating the legal persona of the organisation from the individuals who own and run it.   

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