Thompson Elphhick News
New requirement – verifying ID at Companies House
Identity verification is now rolling out for directors, PSCs, and agents, with more filing roles to be included soon under new anti-fraud rules. Companies House is beginning to roll out mandatory
When changing a company’s name absolves a daughter company of its obligations
The Court of Appeal addressed the complexities of benefit scheme amendments and the lines of responsibility within corporate structures in a complex case surrounding post-employment entitlements. A
Four critically important KPIs
Gross profit margin This measures the profitability of your core operations by comparing gross profit (sales minus cost of goods sold) to total revenue. A stable or improving gross margin indicates
The value of tax planning for high net worth individuals
For high net worth individuals (HNWIs), tax planning is not simply a compliance activity, it is a strategic tool to preserve and grow wealth. With rising scrutiny from HMRC, frozen allowances, and
Tax Diary July/August 2025
1 July 2025 - Due date for corporation tax due for the year ended 30 September 2024. 6 July 2025 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A
VAT exempt supplies
Not all VAT-free sales are the same. Understanding the key difference between zero-rated and VAT-exempt supplies could save your business money and prevent costly VAT mistakes. It's important to
Claiming tax relief on pension contributions
Private pension contributions can attract up to 45% tax relief, if you know how to claim it. Use your £60,000 annual allowance wisely and carry forward unused relief from past years to boost your
Tax write-offs for an electric car with zero emissions
Buying a zero-emission electric car through your limited company could mean 100% tax relief in year one. Understand the capital allowances and boost your business’s tax efficiency with smart vehicle
Can you reduce your 31 July tax payment on account
Expecting lower profits 2024-25 compared to 2023-24? You can ask HMRC to reduce your 31 July 25 tax payment on account. Act early to manage cash flow. Use your online account or we can handle it for
VAT – advantages of the VAT Flat Rate Scheme
Small business? The VAT Flat Rate Scheme could cut paperwork and improve cash flow. Pay VAT as a set percentage of turnover and enjoy simpler admin, budgeting ease, and even a 1% discount in year one
IHT exemption – normal expenditure out of income
Make regular gifts from your income and avoid inheritance tax. If structured properly, surplus income gifts can support loved ones and stay outside your estate without the seven-year survival
How working capital is funded
Working capital refers to the day-to-day funds a business uses to manage its operations. It is the difference between current assets (such as cash, stock, and trade debtors) and current liabilities