Monthly Archives: May 2024

What are alphabet shares?

Most small companies are set up with a number of Ordinary shares, let’s say a 100 shares in this example. If there are two equal shareholders, John and Mary, they would each receive 50 shares. In most cases, the rights of the ordinary shares – in this 50:50 example – would entitle the shareholders to […]

Check out the Trivial Benefits rules

Employment Law - Two men shaking hands

Trivial benefits are small gifts or perks given to employees that are exempt from tax and benefit reporting obligations. But bosses must adhere to certain conditions, such as a cost limit of £50 per employee – or the average cost per employee if provided to a group of employees. Additionally, the benefit cannot be cash […]

Death and taxes

Calculator saying taxes and graph of taxes to pay

Death and taxes are certainties of life, according to Benjamin Franklin, and if you are in business, you should be aware which taxes you are liable to pay. Our mantra is – by understanding the taxes that your business is required to pay – you can plan and budget accordingly. No surprises… There are several […]

Posted in Tax

What to expect in the coming year

Voting ballot

It will not have escaped your attention that Prime Minister Sunak will need to call a general election at sometime during 2024. The very latest election date that can be held is 28 January 2025. If results follow the polls, we are likely to see the Labour Party in charge once more. New brooms Politics […]

Companies House is flexing its muscles

Economic crime written on page next to a court gravel

As we have reported previously, one of the key aims of the Economic Crime and Corporate Transparency Act is to improve the accuracy and quality of the data on Companies House registers. Under the new legislation, Companies House has enhanced powers to query information that appears to be incorrect or inconsistent with information held. It […]

Payrolling employee for expenses and benefits

Payroll service Files on a desk saying payroll with a timesheet

Employers can register on a voluntary basis (before the start of the tax year) to report and account for tax on certain benefits and expenses via the RTI system. This is known as payrolling and removes the requirement to complete a P11D for the selected benefits at the tax year end. The deadline for submitting […]