SHORTS

In the UK, all companies above set thresholds are required to be audited. This responsibility applies to companies registered in the UK, including UK subsidiaries of international corporations. UK subsidiaries of international corporations are treated in the same way as any other UK company where audit criteria and thresholds are concerned. https://hubs.ly/Q02WzSC50

This week, we're excited to celebrate Liam Buttery's 5th work anniversary. Only earlier this year we were thrilled to share new of Liam's promotion to Director within the Owner Managed Business team. 🥳🙌 Time really does fly but it's great to take a moment and look back and celebrate all your achievements in the last five years. A big thank you to Liam for his hard work and dedication over the past five years, and here's to the next five years of success! 🥂 🍻🍺 #LifeAtShorts #WorkAnniversary #FiveYears #TimeFlies

The government has announced changes to the rules regarding EOTs, specifically the tax relief available. They want to ensure the EOT route continues to benefit those using it for its intended purposes while preventing it from being used inappropriately as a tax vehicle. Business owners are encouraged to seek experienced EOT advice before implementing transaction plans. https://hubs.ly/Q02WNR1z0

A VAT-registered business must charge VAT on their taxable supplies, which they remit to HMRC through periodic VAT returns. Taxable supplies include both goods and services. Our latest blog looks specifically at the VAT treatment of services provided by businesses. LInk: https://hubs.ly/Q02WzJ4f0

Sheffield-based Armeg Ltd, established in 1973, has become an employee owned business. The company designs and manufactures high-performance, premium-quality power tool drilling accessories for professionals and is now synonymous with smart design, enduring quality and trusted performance. This transition into an EOT ensures that the culture and legacy of the business continue, with no change in day-to-day company operations for customers or employees. https://hubs.ly/Q02W81mn0

Chancellor Rachel Reeves delivered her Budget yesterday, pledging to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’. The Shorts Tax team takes a closer look at all the announcements, with particular attention paid to how they will affect both individuals and businesses. 💼 Businesses: https://lnkd.in/eNyBD5gQ 🙍♂️ Individuals: https://lnkd.in/eWzgGVpn If you have a question or concern about any of yesterday's announcements, please reach out to the Shorts team.

The 2024 Autumn Budget has been one of the most widely anticipated fiscal events in recent years. The first Budget delivered by the new Labour government has been subject to widespread speculation, rumour and debate, even before most measures were announced. Now that the Autumn Budget statement has been delivered, Brian Gooch outlines some of the key announcements related to businesses, individuals and their taxes. Read here: https://hubs.ly/Q02Wk3z60

As Rachel Reeves delivers the 2024 Autumn Budget following months of speculation from all corners, the Shorts Tax team is in the process of carefully reviewing today's announcements. We will soon be publishing our detailed response and analysis. In the meantime, please contact our team if you have any immediate queries or concerns about today's announcements. Watch this space! Link: https://lnkd.in/e22gBvgR

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The government continues to put the UK’s R&D Tax Credit schemes under the microscope, and innovative companies are facing greater administrative and practical burdens when claiming R&D Tax Relief. HMRC are now requesting a detailed Project Plan to aid in the review of qualifying R&D Tax Credit claims, and a project plan cannot be drawn up retrospectively, leaving some organisations with issues. In our latest blog, Matt Pierce explains how can companies demonstrate a methodological approach to their project, and why it's important to factor this into the project as early as possible. https://hubs.ly/Q02VD8BW0