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Enterprise Management Incentive Scheme
News - 2021-05-04

Enterprise Management Incentive Scheme

Frequently Asked Business Question: I am currently employed and my employer has offered me the opportunity to participate in an Enterprise Management Incentive Scheme, can you explain what my tax position would be if I participated? Top Tip: Generally, when an employee receives shares in connection with their employment, they are classed as Employment Related […] The post Enterprise Management Incentive Scheme appeared first on PKF-FPM Accountants.

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How Capital Gains Tax Allowance & Reliefs Can Reduce Your Tax Bill
News - 2021-04-29

How Capital Gains Tax Allowance & Reliefs Can Reduce Your Tax Bill

Capital Gains Tax allowances and reliefs can substantially reduce the tax due when disposing of personal assets, says PKF-FPM Associate Tax Director Siobhan McCreesh. Capital Gains Tax (CGT) is payable when the ownership of an asset changes. Typical examples of situations where CGT arises are: Disposing of an asset by selling or gifting it to […] The post How Capital Gains Tax Allowance & Reliefs Can Reduce Your Tax Bill appeared first on PKF-FPM Accountants.

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Super Deduction Allowance to the rescue?
News - 2021-04-27

Super Deduction Allowance to the rescue?

Frequently Asked Business Question: I have heard that the Chancellor announced a new Super Deduction Allowance for Capital Expenditure in his recent Budget.  What is this relief and how does it differ from existing Capital Allowance reliefs? Top Tip: In his recent March Budget, Chancellor Rishi Sunak announced that the UK rate of Corporation Tax […] The post Super Deduction Allowance to the rescue? appeared first on PKF-FPM Accountants.

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Making the most of what you have lost during the Covid crisis
News - 2021-04-20

Making the most of what you have lost during the Covid crisis

Frequently Asked Business Question: My business has been severely impacted by Covid 19 and I expect to have a substantial trading loss in my business. What reliefs are available to me? Top Tip: The recent Budget introduced a new extended loss carryback for sole traders, partnerships, and companies giving the opportunity to make the most […] The post Making the most of what you have lost during the Covid crisis appeared first on PKF-FPM Accountants.

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News - 2021-04-15

COVID-19 Financial Support Update | No. 16

This COVID-19 Financial Support Update is a unique single reference source of the financial supports available to businesses in Northern Ireland and Ireland. The evolving Coronavirus pandemic, and the implementation of Brexit and the NI Protocol means that we are currently living in unprecedented and extraordinary times in terms of the uncertainty and volatility in […] The post COVID-19 Financial Support Update | No. 16 appeared first on PKF-FPM Accountants.

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News - 2021-04-15

Now is the Right Time to File your Tax Return Early

Frequently Asked Business Question: My accountant has already requested my tax return information for the tax year ending 5th April 2021 and I am in the process of gathering together all my details. I am aware that the deadline for filing my return and paying my tax is 31 January 2022. Why would I want […] The post Now is the Right Time to File your Tax Return Early appeared first on PKF-FPM Accountants.

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News - 2021-04-13

Sole traders must remember that SEISS funding is subject to taxes

Frequently Asked Business Question: I own a sole-trader business and have been negatively impacted by the Covid pandemic, however, as the restrictions are lifted, I am hopeful that I can open my business again. I received Self Employed Income Support Scheme grants and have been told that they are taxable.  Is this correct and when […] The post Sole traders must remember that SEISS funding is subject to taxes appeared first on PKF-FPM Accountants.

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News - 2021-03-29

VAT Domestic Reverse Charge | Your Guide

VAT registered construction businesses. The way you file VAT is changing. In March 2021, the VAT domestic reverse charge for building and construction services, to give it its full title, was introduced. This fundamentally changed the way in which VAT is to be applied to the supply of building and construction services in the UK. […] The post VAT Domestic Reverse Charge | Your Guide appeared first on PKF-FPM Accountants.

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News - 2021-03-29

Director’s Dilemma – Year End Personal Tax Strategies

Frequently Asked Business Question: I am the sole director and shareholder of a trading company with a 31 March financial year-end. With only days to go before the end of the company’s accounting period, what areas should I be looking at from a personal tax perspective? Top Tip: Your focus should be centred around the […] The post Director’s Dilemma – Year End Personal Tax Strategies appeared first on PKF-FPM Accountants.

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News - 2021-03-29

What is Tax Investigation Insurance & Who Needs It?

A tax investigation can lead to substantial accountancy fees even if there is no additional tax to pay at the end of the process, however, Tax Investigation Insurance will cover the cost, explains PKF-FPM Associate Director Ciara Reilly. It is likely we will see more tax investigations in the coming months as HMRC attempts to […] The post What is Tax Investigation Insurance & Who Needs It? appeared first on PKF-FPM Accountants.

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