Donald Reid Group

Making Tax Digital for VAT

Making Tax Digital for Business was introduced in the 2015 Spring Budget. The government’s ‘Making Tax Easier’ document was published shortly after which outlined plans for the ‘end of the tax return’.  

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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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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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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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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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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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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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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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