The latest news and updates from Caldwell Penn

Autumn Budget - October 2021

Published Thursday, 28th October 2021

The chancellor of the exchequer, Rishi Sunak, delivered his Autumn 2021 budget yesterday afternoon. We have summarised the key announcements.

Understanding Director's Loan Accounts are and how they work

Published Wednesday, 29th September 2021

Director's loans and the tax implications associated can be complex. Understanding how a Director's Loan Account works and what you need to do to prevent a potential unexpected tax bill is vital.

How much does a company audit cost in the UK?

Published Thursday, 19th August 2021

Audit is highly-regulated and requires strict processes to be followed and detailed documentation to be completed, which means it is a time-consuming and highly-skilled undertaking. Thus, it needs to be compensated as such. If a firm is deliberately lowballing you to get your business, it may, unfortunately, affect the quality

Why Xero is the perfect choice for your businesses’ bookkeeping needs

Published Tuesday, 20th July 2021

Each and every business, large and small, contributes to the evolving global economy. Xero wants millions of small businesses to thrive through better tools, information and connections. It’s the perfect offering for companies looking to upscale.

A Step-By-Step Guide To Understanding The Company Audit Process

Published Monday, 28th June 2021

Many companies in the UK are overwhelmed by the thought of an audit — mainly because they don’t know what the process entails. However, Accounting and Auditing is a £5.6 billion industry in the UK as of 2021, and there’s a good reason why.

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.

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