When you set up your business, it’s important that you recognise the value of data, particularly financial data.
Author Archive: Muhammad Zia
Protect your business against deepfake fraud scams
Deepfake technology has made significant advancements thanks to the progress in artificial intelligence (AI), enabling scammers to replicate a person’s appearance and mimic their voice in mere minutes or even seconds of video footage.
Support your team on and off the clock with childcare reforms
As an employer, it’s crucial to support your team not only during working hours but also in their personal lives.
Rotherham Taylor Chartered Accountants smash fundraising goal in 100 Mile Challenge for Parkinson’s UK
Rotherham Taylor Chartered Accountants is delighted to announce that its team has completed the “Walk 100 Miles in May” challenge and has raised over £1,000 for Parkinson’s UK.
This achievement not only highlights the dedication and commitment of our staff but also their passion for making a positive difference in the community.
Throughout May, a team of ten enthusiastic members from Rotherham Taylor walked, ran, and hiked to reach, and surpass, the collective 100-mile target set by the challenge.
The efforts of this Preston-based firm were aimed at raising awareness and crucial funds for Parkinson’s research, contributing to the ongoing search for new treatments and a potential cure for the disease.
Rebecca Bradshaw, a Director at Rotherham Taylor, expressed her pride in the team’s accomplishment. She said: “We are incredibly proud of our team’s efforts in not only meeting the 100-mile challenge but also in exceeding our fundraising target.
“This shows our firm’s strong commitment to supporting important causes like Parkinson’s UK. We are grateful for the generous donations from the community and thank everyone who supported us.”
The money raised by Rotherham Taylor will go directly to Parkinson’s UK, helping to fund vital research and support services for those affected by Parkinson’s disease.
The success of this event also underscores the importance of community involvement and corporate social responsibility, values that are deeply embedded in the culture at Rotherham Taylor.
“I would like to extend our deepest thanks to all who donated and supported our initiative. The firm continues to encourage the community to stay engaged and support such significant causes,” said Rebecca Bradshaw.
For more information about the event and to keep supporting Parkinson’s UK, please click here.
Thinking of investing in electric cars for your business? – Here’s what you need to know
The number of electric cars on our roads is rising rapidly. In 2023 alone, the number of new electric vehicles rose by 18 per cent and there are now some, 1.1 million fully electric cars on UK roads, according to official figures from April 2024.
Incentivising sustainable business practices for SMEs
It’s Clean Air Day this week, so the focus of the business community is on adopting green practices to become more sustainable – but cost is always a concern.
International expansion and investment in your business
In the words of Nick Smith, Director at Rotherham Taylor: “No business goes global on its own.”
Inward investment and the role of non-domiciled individuals
This is a challenging time for ‘non-doms’ in the UK – those individuals which reside in the UK but are registered non-domiciled for the purposes of tax on overseas income.
Navigating pricing strategies in a cost-of-living crisis
Setting the optimal price for your products can be difficult to navigate.
Are you ready for changes to LLP salaried member rules?
HM Revenue & Customs (HMRC) has issued its updated guidance on salaried members in limited liability partnerships (LLPs), in relation to capital contributions.
Currently, LLPs incorporate elements of both partnerships and limited companies, limiting the liabilities of each partner to the amount of capital they put into the business.
Partners are typically considered to be self-employed owners of the business rather than employees, but LLPs do allow for certain partnership members to be treated as employees – known as salaried members.
Defining employees
In an LLP, salaried members must meet the following conditions:
- At least 80 per cent of the amount payable by the LLP to the individual takes the form of ‘disguised salary’ – not variable or affected by the financial performance of the business.
- They do not have significant influence over the affairs of the LLP.
- Their capital contribution is less than 25 per cent of their disguised salary.
Targeted anti-avoidance rules (TAAR)
The TAAR is designed to stop individuals from intentionally avoiding classification as a salaried member.
The rule states that: “In deciding whether an individual is a salaried member, no regard is to be had to any arrangements the main purpose, or one of the main purposes of which, is to secure that the individual (or that individual and other individuals) is not a salaried member.”
This means that, when determining if someone should be considered a salaried member, any plans or agreements that are set up primarily to prevent that classification will not be considered. This ensures that the decision is based on the actual job conditions and responsibilities.
What has changed?
HMRC has updated its guidance on salaried members, particularly concerning the alteration of capital contributions.
Members of a partnership may try to change their individual capital contributions to ensure they do not exceed the limit of 25 per cent of disguised salary.
For example, if an individual’s expected disguised salary rises, they may contribute additional capital to avoid being classed as a salaried member.
However, updated rules state that the TAAR can still be applied even when avoidance measures constitute a genuine contribution to the partnership by the individual.
In this case, the additional capital would not be counted, and the individual could be classed as a salaried member.
Why is this important?
Whether an individual is classed as a partner in an LLP, or a salaried member determines how their income will be taxed.
An employee will be taxed via PAYE and the partnership must pay Class 1 employers National Insurance.
By contrast, a partner must report their income via Income Tax Self-Assessment (ITSA) and is responsible for the payment of tax on any income earned via the partnership.
We can advise you on structuring your business in a tax-efficient way while remaining compliant with the latest legislation. For further support, contact a member of our team.
