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Brexit – Deal or No Deal Action Plan for SMEs – Employment

The status and rights of EU workers in the UK following Brexit will be a key element of SMEs Deal or No Deal planning – and not just for those employing EU workers. Those business which rely heavily on EU workers or have EU workers in key positions need to know the status and rights of their workers now and in the future.

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Brexit – Deal or No Deal Action Plans for SMEs

Political chaos continues to dominate the Brexit headlines and the decisions of big business - from Honda and Nissan cutting production to Dyson’s move to Singapore – highlight the effect this has on business planning and decision making. The potential damage to SME’s is even more pronounced. Planning and decision making is even more important but with limited resources and information it is even more challenging for SME’s.

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Recent Changes to Entrepreneurs’ Relief

Entrepreneurs’ Relief is a valuable relief to business owners, and when coupled with a company’s solvent liquidation (known as a members’ voluntary liquidation or MVL) can result in gains being taxed at an advantageous rate of 10% if the relevant qualifying conditions are met. Prior to the most recent budget, there was speculation that the relief was to be under attack. In the end, the relief was retained, but two changes were introduced to restrict its availability in certain circumstances.

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MVL Season 2019

March is traditionally the month of the year when the number of members’ voluntary liquidations (MVLs) is at its highest. The procedure results in returns to shareholders being made, either as surplus cash or as other assets owned by the company.

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RBS business customers to be paid in cash…. to leave the bank!

From today RBS business bank account holders are set to benefit from the £775 million bailout package following the award of funds on Friday to the nine challenger banks. All nine banks - Arbuthnot Latham, Clydesdale & Yorkshire, Co-op Bank, Hampden & Co, Handelsbanken, Metro, Santander, Starling and TSB – are now offering cash incentives for RBS business customers to move their current account.

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Saying No to 2.0: Repeat business in insolvency

“Phoenixism”, where a company is liquidated and a similar one restarts in its place, usually with the same directors and shareholders, is controversial, to say the least.

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Capital Gains On Non-Resident Landlords

New rules, known as Non-Resident Capital Gains Tax (NRCGT) will come into effect on 6th April 2019 and are, according to HMRC, ‘expected to have a significant impact on businesses’.

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Budget 2018 SDLT – First time buyers relief

From 29 October 2018 the relief was extended to include first time buyers purchasing through approved shared ownership schemes who do not elect to pay SDLT on the market value of the property but instead pay SDLT in stages. This extension will apply retrospectively from 22 November 2017 onwards.

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HM Revenue & Customs – A New Class Of Preferential Creditor

Historically, HM Revenue & Customs (“HMRC”) had enjoyed a higher, preferential ranking in the statutory order of payment for insolvent estates for certain VAT, PAYE, CIS and NICs debts. This status was abolished in the Enterprise Act 2002, when all HMRC debt was re-categorised as unsecured in order to provide a level playing field for business and promote an entrepreneurial culture in the UK. However, in the recent Budget, Chancellor Philip Hammond has reintroduced ‘preferential’ status for HMRC in insolvency proceedings.

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Profit Fragmentation Arrangements

The profit fragmentation rules were first announced in the 2017 Budget were included in the Finance Bill 2018-19 was published on 7 November 2018. The new anti-avoidance measure targets UK resident traders who put arrangements in place to divert UK related business profits to an overseas entity and they have the right to enjoy the income arising to the overseas entity.

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