What do Financial Directors (FDs) really do? And what does the role of a financial director usually entail? It may vary from company to company, however even as an outsourced financial director for our clients, there are certain tasks and responsibilities that people often overlook. If you want to know whether you should hire or outsource a Financial Director, perhaps these three things will help. After all, every company requires them at some point or another.
Dean is a recent new parent and I (James) am due my first child in May 2022. Since I’ve been doing some in-depth research on the tax-efficient products available for new parents, I thought it would be beneficial to share this information.
This is largely a ‘devolved’ issue so I’m only going to focus on what is currently available in Scotland.
The Research and Development (R&D) tax credit is a relief available for companies working on innovative projects or improving business components. The R&D claim is made via the company tax return, and the credit can be used to reduce the corporation tax payable or received as a cash payment. The R&D tax credit is available to most sectors, and you can generally claim for the past two accounting periods. However, there are certain criteria that need to be met.
Trust funds - you’ve probably heard about them before. There’s always a fair share in your standard families-fighting-over-inheritance dramas and movies (Succession). More often than not, it is also used in a negative context or as a criticism - ‘He is a trust-fund baby’.
The reality is, a trust fund is simply a way of giving someone an asset (cash, a house, investments) without the donor giving up all the control to the recipient.
But why is it so important to create a trust fund? Not many people truly understand the benefits or structure of them.
We’re big gamers here at Anderson & Edwards. You’ll see us spending our evenings playing everything from CS: GO, to Football Manager, Industria and Minecraft. As gamers who also happen to be accountants, this naturally makes us think about Video Game Tax Relief. After all, it’s in our best interest to make sure games companies are doing well and releasing more games (for us and the world…).
The Westminster Government have voted for the proposal to increase taxation. These will become effective in 2022. Make sure you are aware of these and the implications they will have on you and your business before it happens. Here's what the tax rates will look like from 6 April 2022.
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