Whether mandated by statutory, or if your company falls below the Companies Act size threshold for an audit, there are many benefits to conducting an audit of your financial statement. Although many organisations see audit as a necessary compliance evil, many entities...
Renters Reform Bill As part of the new Renters Reform Bill the Government is planning to launch a new landlord database. This database has the potential to provide HMRC with large amounts of information regarding landlords which they will be able to identify landlords...
Super deduction and Annual Investment Allowance The introduction of the super deduction from April 1, 2021 was beneficial to capital-intensive industries such as logistics in that it provided companies with a deduction from taxable profits equal to 130% of the cost of...
EOTs and Tax-Free Bonuses In this article, we discuss the tax-free bonuses that employees could benefit from in an employee-owned company. Under a qualifying EOT structure, as indirect owners, the employees are eligible to receive a share of the profits of the...
Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax rates As...
The Chancellor Jeremy Hunt has announced an extension of the higher rates of tax relief for theatres (TTR), orchestras (OTR), museums and galleries exhibitions (MGETR) for two years to 31 March 2025. In addition, the definition of qualifying expenditure will be...
In this article, we are going to discuss the benefits to employees of a company owned by an EOT, compared to a more traditional limited company or partnership. What does being in an EOT mean for an employee? Employees of a trading company (or group) owned by an EOT do...
Who are the trustees of an employee ownership trust? The trustees are the directors of the corporate trustee company which holds the shares in the trading company/group. Their role is to ensure that the company is being managed (by the directors of the trading...
Accounting treatment of an EOT The EOT becomes the owner of the company, usually via a corporate trustee company (“the Trust”) set up to hold the acquired shares. The trust is administered by trustees on behalf of the employees, these trustees are statutory directors...
How are profits distributed following EOT ownership? EOT’s are a form of indirect company ownership and as such dividends would not get paid directly to employees should they become payable. When profits and cashflow allow, a contribution can be made to the trust...
Disadvantages of EOTs for business owners EOTs are still a relatively modern concept and one which may seem quite overwhelming to some business owners. If not structured correctly, an EOT disposal could see exiting business owners waiting too long for their...
The middle east has become a desirable place to set up business. It has a world class infrastructure as well as a welcoming tax environment and efficient processes and procedures. The United Arab Emirates is a young country, established on 2 December 1971, combining...