A recent tax case has highlighted how easy it is to make a mistake with the Enterprise Investment Scheme (EIS). The scheme allows investors to obtain a 30% set off against their income tax liability up to £1,000,000 investment each tax year, as long as they are not connected to the Company.
A major change to Inheritance Tax (IHT) is being phased in from 6 April 2017. The additional Inheritance Tax Residence Nil Rate Band (RNRB) starts being phased in to enable individuals to pass on their family home to direct descendants.
In the Summer Budget Newsletter we outlined the dramatic new rules for taxing dividends that will apply from 6 April 2016.
If your company is located in one of the 24 or so enterprise zones, there are significant Government incentives to encourage investment.
The Employment Allowance is increasing from £2,000 to £3,000 on the 6th April 2016. This is good news for employers, but bad news if you’re the only employee in a company, and also the director, as your company will no longer be eligible for the NICs Employment Allowance.