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...
Spring Budget 2023 Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. Driving business investment The...
The Chancellor Jeremy Hunt has announced his Spring Budget which took place this afternoon. We have highlighted below some of the key tax changes announced by the Chancellor. Corporation tax The Chancellor confirmed that he is going ahead with increasing the...
Chancellor Jeremy Hunt will deliver his 2023 Spring Budget on Wednesday 15th March 2023. What time is the Budget? The Budget is expected to take place at about 12:30 pm, straight after PMQs. The first part of the statement typically begins with a review of the...
We are helping more and more individuals and businesses move to Dubai and the UAE. Amongst other benefits, Dubai and the UAE have long been an attractive tax jurisdiction, however, with the UAE being as dynamic and evolving as it is, it has introduced a number of tax...
Creative businesses across the East Midlands are able to apply for free funding to help them accelerate business growth, create jobs and prepare for investment. The East Midlands Creative Consortium (EMC2) has begun accepting applications from high-potential creative...
If you are considering selling your company to an EOT, we would always advocate the use of a Lead EOT Advisor on your transaction but what is one and what do they do? What does it mean to be Lead EOT Advisor? The Lead EOT Advisor will oversee and manage the entire...
HMRC will no longer issue option to tax notification receipt letters from 1 February 2023. Supplies of land and buildings are normally exempt from VAT, but it is possible to opt to tax the land/property which may allow some recovery on expenses if VAT is charged on...
What is being delayed? HMRC has announced that plans to implement digital tax reporting for unincorporated businesses and self-employed individuals and landlords in April 2024 will be delayed until April 2026. Why has MTD been delayed? HMRC have said that businesses...
The Chancellor, Jeremy Hunt, has given his first Autumn Statement. We have highlighted below some of the key tax announcements made by the Chancellor: Personal tax thresholds The Chancellor has announced that personal tax thresholds will be frozen for a further...