Our nationwide research project explores how 530 privately owned UK businesses grow, the barriers to growth they encounter and where they are looking to expand. The research has been published in our Going for Growth: UK company growth strategies to 2021 report.
To download your copy, please click here.
In previous Pathfinder – Business update e-newsletters we have discussed selling your company and securing your 10% tax rate and considering a tax efficient exit (see article here). The key relief which is hinged on a securing the 10% tax rate is Entrepreneurs’ Relief (ER).
The 2018 Autumn Budget retained Entrepreneurs’ Relief (ER), which gives a reduced rate of Capital Gains Tax of 10% when certain conditions are met. However, we did see the Chancellor announce two changes to ER relating to share rights and the required ownership period aimed at restricting the availability of ER on shares. The announced changes can be viewed in our article “The top 3 personal finance implications: Autumn Budget”.
From April 2019, businesses and landlords with turnover above the VAT threshold (£85,000) will be required to keep accounting records digitally, and file their VAT returns to HMRC through a MTD compliant digital platform.
In this video, Emma Chesson, Head of Online Services, explains what MTD is, why it needs to be taken seriously, how it may impact you and your business and what plans need to be put in place now.
With just over four months to go until Making Tax Digital (MTD) comes into force, published statistics* reveal that over 40% of businesses that will be affected by MTD for VAT are not yet aware that this will be the case. Over the course of these remaining months, HMRC will contact businesses directly about the switch to MTD, but this leaves little manoeuvrability for businesses who have so far avoided planning, to get prepared and get on board.
Read more below and also view our new MTD video here to find out what plans need to be in place...