At O&K we always want to help you prosper. This Spring e-newsletter provides you with some more ways in which we can help you.
This edition includes info about Business Growth, Cloud Accounting advice, an FREE invitation to discuss R& D Tax Credits and also GDPR
At O&K we want to help your business grow, by not just providing the standard compliance type services but by going a little further. We can help you grow your business and we have a Free Gift to help you do just that
We are always striving to live up to our strap line as ‘Accountants with a difference’.
Our approach is to help our clients, and business friends, grow their businesses, control the cash, and save as much tax as legitimately possible.
So for this Free Gift just read on…..
Be prepared , but not scared – Here’s our initial GDPR Compliance Guide
There is an awful lot of scaremongering going on at the moment about the new General Data Protection Regulation (GDPR) that comes into affect in May 2018. Whilst we agree that any new law should be respected, at O&K we take a pragmatic approach to advising our clients and business friends, rather than frighten people into panic mode.
With the help of our business friends A City Law Firm Ltd, who are soon to have a presence in our Central Croydon office, we are able to assist clients take a practical approach to ensuring they are compliant with these new data rules.
Here’s a quick GDPR Compliance Guide to some of the basic things you should know about these new regulations.
At O&K we love offering sound personal and business tax advice. We always strive to provide timely, accurate and personally tailored assistance at all times. We will also strive to reduce your tax bill.
It is because we have this approach that we are able to legitimately reduce your personal and corporate tax bills.
This September e-newsletter focuses on six areas that may save you money by reducing your tax liabilities, whilst at the same time helping you stay in control.
The Enterprise Investment Scheme – EIS – An Overview
This scheme is available for smaller ‘higher-risk’ trading companies to raise finance.
The Great Benefis of EIS
Income Tax Relief
An investor can receive up to 30% of their investment, up to £1,000,000 per tax year. This is in the form of income tax relief.
Capital Gains Tax Exemption
If the investor sells their shares after 3 years, any profit is free from Capital Gains Tax.
Loss Relief
If shares are disposed of at a loss, the investor can elect that the amount of the loss, minus any income tax relief given, can be set against income of the year in which they were disposed of, or any income of the previous year, instead of being set off against any capital gains.
Carry Back
There is a ‘carry-back’ facility. As a result this allows all or part of the cost of shares acquired in one tax year to be treated as though the shares had been acquired in the preceding tax year. This is subject to the annual limit for that earlier year not being exceeded.
Capital Gains Tax Exemption
If the investor sells their shares after 3 years, any profit is free from Capital Gains Tax.
Capital Gains Tax Deferral Relief
The payment of tax on a capital gain can be deferred where the gain is invested in shares of an EIS qualifying company. The gain can be made from the disposal of any kind of asset, however the investment must be made within the period of one year before or three years after the gain arose.
EIS – Restrictions for Investors
Connection by Financial Interest
You cannot hold more than 30% of the share capital or voting rights
Connection by Employment
You cannot be a partner, employee or paid director of the company. This applies for up to 2 years before and 3 years after the share issue. However, there is an exception for Business Angels which allows the investor to become a paid director after the issue of the shares.
This is a brief overview of the Enterprise Investment Scheme. For our expertise and advice, Get in Touch Here, and we’ll be happy to help you.