Donald Reid Group

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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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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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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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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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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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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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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