News
A round up of our latest blogs, commentary or office news. Get in touch if you need more details on any of the topics covered.
Latest posts
Self Assessment taxpayers will not face late filing penalty, if filed online by 28 February
No late filing penalty if self assessment tax return filed by 28 February 2021, but interest will still be charged on any outstanding liabilities. More time to file your online return and make Time To Pay arrangements.
Tax Changes Ahead?
Following Rishi Sunak’s economic statement to the House of Commons on 11 Jan 2021, Craig Simpson, tax partner at Bates Weston, looks at the tax changes that may be ahead in the Budget on 3 March 2021.
Making Tax Digital – updates
Update: July 2018 It is time to take action if your business has a taxable turnover above the VAT threshold of £85,000. The government has confirmed that from 1 April 2019 all VAT registered businesses with taxable turnover above the VAT threshold (currently £85,000)...
Cash in reserve
In an article published in September 2016's Taxation magazine, Craig Simpson, partner at Bates Weston Tax LLP, examines the treatment of surplus cash in a company. Tha article is written as a discussion document for fellow professional tax advisers, however it...
How can I fund innovation in my business?
Is your company innovating? Research and Development (R&D) tax credits provide extremely favourable tax reliefs for companies who engage in innovation. It is not just relevant to technology companies and qualifying R & D can be found in many different...
How can I accumulate and pass on my wealth?
Accumulating, preserving and passing on family wealth There are several tax efficient options families can adopt to help them to accumulate, preserve and pass on their wealth. As ever, we would begin by ensuring that we have a clear understanding of your personal...
Register of people with significant control
Who's pulling the strings? UK Companies and LLPs are now required to identify and record the people who own and control their company. Companies must file the People with Significant Control (PSC) information with Companies House. The PSC register helps to increase...
How can I attract, retain and motivate key people?
Attracting, retaining and motivating the right people is one of the keys to growing a successful business. Your own circumstances and goals will be unique, but we are adept at getting to the heart of what you are trying to achieve and recommending tax efficient...
Letting residential property and tax
Changes in the taxation of property income from letting residential property There have been a number of changes in the taxation of income from residential property which will be introduced over the next 5 years. The key changes are shown below. Please note that none...
Protection from tax investigation costs
If you're a Bates Weston client and you subscribe to our Tax Investigations Service, the costs involved in dealing with an HMRC tax enquiry are covered. When you subscribe to our Tax Investigation Service we are able to make a claim against our insurance policy held...
Salaried partners in an LLP
Partnerships were common in many professional businesses where regulations prohibited them from becoming limited companies. The salaried partner was a “stepping stone” to becoming an equity partner, delivering partner status and receiving a salary rather than a profit...
Are you making the most of R & D tax reliefs?
R & D tax credits can be worth up to 230% of the money you have invested in eligible R & D this year and what’s more, you can claim R & D relief on expenditure that’s up to three years old. If you can answer yes to all three of the following questions you...
Cashflow is king
We all know the importance of a healthy cashflow, but controlling it relies heavily on having a robust cashflow forecast that is regularly updated and reviewed. With your forecasts in place, to tightly control the flow of cash you will need to: Invoice; accurately,...
Share incentives
Historically most of the tax advantages from share incentives were targeted at larger companies. The exception, designed for smaller companies, was the EMI (Enterprise Management Incentive) scheme. The usefulness of EMI was drastically reduced in 2008 with the...
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