The latest news and updates from Caldwell Penn

Did You Know You Can Raise Capital For Your Company Through EIS and SEIS?

Published Friday, 25th June 2021

The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) exist to promote investment into innovate companies, including startups. The UK government has developed these initiatives to help early-stage companies secure capital from business investors who are looking to make tax-efficient investments.

Have You Heard of Research and Development (R&D) Tax Credits?

Published Tuesday, 15th June 2021

R&D tax credits are a government incentive established to reward UK companies for investing in innovation. The intent is to motivate businesses to dip their toes in the cutting-edge world of science, technology, healthcare, construction, and more.

The Key Things You Need to Know About Company Audits

Published Friday, 11th June 2021

As your company expands and generates more revenue, there will come a time when regular audits or assurance reviews are necessary. Most people think of audits as a group of HMRC employees randomly showing up at the door ready to look through invoices and receipts.

Can my company purchase a bicycle for an employee and/or a director?

Published Wednesday, 12th August 2020

Yes, you can purchase a bike through your limited company for the use of an employee or Director. The costs of a bike and associated safety and security equipment will be tax deductible and any VAT can be reclaimed.

Can I give shares in my company to my children?

Published Monday, 10th August 2020

Yes, but there are several potential tax implications and therefore any transfers should be carefully planned. Children under the age of 18 can technically be made shareholders in your limited company but due to the parent settlement provisions it is unlikely to be beneficial to do so for tax planning purposes.

Scammers disguising themselves as HMRC: Avoid becoming a victim of a scam

Published Wednesday, 5th August 2020

The different types of scams Fraudsters use to part you of your money and personal details are endless and disguising themselves as a trusted establishment like HMRC is not uncommon. The aim of these scams are to steal money from your bank account, persuade you to send money, or get enough

ANNOUNCED: NEW MEASURES TO SUPPORT THE ECONOMY

Published Thursday, 9th July 2020

Yesterday afternoon the Chancellor announced a new round of measures to support the economy as we recover from the impact of coronavirus.

Can I claim medical insurance expenses through my limited company?

Published Monday, 6th July 2020

Yes, but generally the expenses will need to be treated as a Benefit in Kind and reported on form P11D. This means that the premiums will be subject to Income Tax and Class 1 National Insurance. There are however some exceptions

Can I provide my employees with a mobile phone without any tax consequences?

Published Monday, 6th July 2020

HMRC state that a company can provide an employee with ONE mobile phone or SIM card to use for business purposes and this is exempt from tax as a Benefit in Kind. The phone must be purchased by the company and the contract must be in the company’s name. The

How long do I need to keep company records for?

Published Monday, 6th July 2020

You must keep records for six years from the end of the last company financial year they relate to, or longer if: they show a transaction that covers more than one of the company’s accounting periods the company has bought something that it expects to last more than 6 years, like equipment

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