Some useful insight on the EMI incentive scheme by my colleague Ashleigh Barghuti below
Take a look at my article outlining the advantages and requirements of implementing a successful EMI scheme in your business: https://lnkd.in/e_QF3gWG Buzzacott Buzzacott Corporate Finance #valuation #emi #tax #employees #corporatefinance
Take a look at my article outlining the advantages and requirements of implementing a successful EMI scheme in your business: https://lnkd.in/e_QF3gWG Buzzacott Buzzacott Corporate Finance #valuation #emi #tax #employees #corporatefinance
🤔 Does your business operate employee share schemes or equity incentive arrangements for your employees and directors? The 6th July 2024 deadline to file your ERS returns for the tax year is this Saturday. If you have acquired a company and issued shares and/or loan notes to managers as part of the sale process, the annual returns may also apply to you. There are penalties for failure to register new ERS schemes with HMRC, late filing of annual returns, and errors on ERS returns. These can mount up significantly, so don’t get caught out. ⬇️ Find out more about what needs to be reported. https://lnkd.in/eyNYPfHM #corporatelaw #businessadvice #emioptions #shareschemes #employeeownership
🌟 A great start to the week, seeing our R&D and Tax Advisory Senior Manager Rory Fothergill’s comments in AAT Comment sharing his thoughts on what R&D changes accountants would like to see to help further incentivise business investment and stimulate more innovation. Read Rory’s comments here: https://lnkd.in/gKkpsv8h #RandD #TaxRelief #Innovation #Investment #TeamJS
Adviser to Growth Businesses | Entrepreneurial Finance Director | Financial Outsourcing | Virtual FD | Financial Modelling | Business Valuations | Raising Capital | Advisory | Berkshire | Thames Valley | London
Are you considering the future of your business and how to reward the people who make it successful? 🔍Employee Ownership Trusts (EOTs) could be the answer. With potential tax savings for business owners and the opportunity to offer tax-free bonuses to employees, EOTs are an attractive option for many SMEs. Our latest blog dives into the financial and tax implications of EOTs, explaining how they work and the key benefits. This is a must-read if you’re planning for succession and want to preserve your company’s legacy. https://bit.ly/4i9mGdy #EmployeeOwnership #EOT #BusinessSuccession #TaxSavings #SMEs #PreserveLegacy #EmployeeBonuses #FinancialPlanning #BusinessGrowth #Trusts #BusinessOwners #FutureOfBusiness #TaxImplications #MustReadBlog 📈💼
Are you considering the future of your business and how to reward the people who make it successful? 🔍Employee Ownership Trusts (EOTs) could be the answer. With potential tax savings for business owners and the opportunity to offer tax-free bonuses to employees, EOTs are an attractive option for many SMEs. Our latest blog dives into the financial and tax implications of EOTs, explaining how they work and the key benefits. This is a must-read if you’re planning for succession and want to preserve your company’s legacy. https://bit.ly/4i9mGdy #EmployeeOwnership #EOT #BusinessSuccession #TaxSavings #SMEs #PreserveLegacy #EmployeeBonuses #FinancialPlanning #BusinessGrowth #Trusts #BusinessOwners #FutureOfBusiness #TaxImplications #MustReadBlog 📈💼
Assurance, Advisory, IGAAP, GAAS, Tax, Finance
Finance releases details on the $10m capital gains exemption on sale to employee ownership trust In general terms, an EOT is a form of employee ownership where a trust holds shares of a corporation for the benefit of the corporation’s employees. This type of trust can be used to facilitate the purchase of a business by its employees without employees having to pay directly to acquire the shares. The 2023 federal budget proposed new rules to facilitate the creation and use of EOTs. Subsequently, the 2023 fall economic statement proposed to temporarily exempt the first $10 million in capital gains realized on the sale of a business to an EOT from taxation, subject to certain conditions. Bill C‑59, which received first reading in the House of Commons on 30 November 2023, contains the original legislative proposals relating to the use of EOTs to purchase shares of a business. Broadly speaking, the Bill C‑59 legislative proposals (i) define the conditions for a trust to qualify as an EOT; (ii) extend the capital gains reserve from 5 to 10 years for qualifying sales to an EOT; (iii) create an exception to the current shareholder loan and deemed interest benefit rules; and (iv) exempt EOTs from the 21-year deemed disposition rule that applies to certain trusts. These amendments apply as of 1 January 2024. Bill C‑59 did not include details with respect to the capital gains exemption. The 2024 federal budget provided further details on the capital gains exemption, which are now included in Bill C‑69 (with some modifications, as indicated below). Except where noted otherwise, the Bill C‑69 amendments are deemed to have come into force on 1 January 2024 so that they apply as of the same date as the original proposals in Bill C‑59.
Sales, Growth & Development Specialist / Sandwich Enthusiast / Football manager veteran
We know that claims can be done better and so far we've helped plenty of businesses - ease the stress on your workload and use a trusted partner to get the job done alongside you with minimal fuss. Grantica #researchanddevelopment #taxcredit #taxcredits #ukbusinessowners #ukbusinesses #growth #cashflow #finance #entrepreneurs #ukbusinessgrowth #uktax #ukfinance
Sales, Growth & Development Specialist / Sandwich Enthusiast / Football manager veteran
HMRC are really clamping down on R&D tax relief. and it's a good thing. Plenty of business owners I speak to tell me they do the claims themselves or via an accountant, which is great. They also tell me they do a heck of a lot of the work themselves which takes hours & hours because you have to submit a technical report to prove the R&D as well as the financial stuff. Some also tell me they already work with an agent, yet still have to do most of the work. The clampdown is good because too many took advantage of the scheme. A trusted partner like Grantica makes claiming a less time consuming chore. WE write the report for you, WE collate the financials and we make it legally compliant with HMRC's new regulations, with minimal time given by the client. And our USP. We certify that claim. We use chartered professionals to look at that claim as if they were HMRC themselves. If they aren't happy with it, we'll do it again until it meets the threshold (in our opinion) to be successful. We love to help, so get in touch for a helping hand. (do feel free to email me on michael@grantica.io or call 07500664383) #researchanddevelopment #taxcredit #taxcredits #ukbusinessowners #ukbusinesses #growth #cashflow #finance #entrepreneurs #ukbusinessgrowth #uktax #ukfinance
Catch the latest buzz: Personal Service Businesses (PSBs) have caught the attention of the CRA, as highlighted by The Globe and Mail. Wondering what exactly qualifies as a PSB? Simply put, it's when the work performed by an individual would classify them as an employee if not for the corporation. But here's the catch: PSBs face restrictions on deductible expenses, and any earnings left in the company are hit with a higher corporate tax rate. Curious for more insights? Dive into the details via the link or connect with your go-to advisor. Still on the lookout for a trusted advisor? Let's chat!
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available, a reduced Capital Gains Tax (CGT) rate of 10% is applied instead of the standard rate, potentially resulting in significant tax savings for those exiting their business. #BADR #IHT
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available, a reduced Capital Gains Tax (CGT) rate of 10% is applied instead of the standard rate, potentially resulting in significant tax savings for those exiting their business. #BADR #IHT
