November 2018

The Enterprise Management Incentives (EMI) scheme is a tax-advantaged share option scheme that can work particularly well for smaller companies. It has had an unexpectedly chequered history this year, hitting the headlines in April when it ran into problems obtaining continued authorisation from the EU. A period of uncertainty followed, when it was unclear whether EMI options were eligible for tax relief.

However, the good news is that it is business as usual for EMI, and for growing companies which may have less liquidity early in their career, the scheme offers a chance to attract and retain high calibre staff.

EMI essentially means employees are rewarded with an opportunity to receive remuneration potentially sitting within the capital gains tax regime, rather than the income tax regime.

We also look at reports on important developments in the Landfill Tax regime. This explains that for the first time, waste disposed of at unauthorised waste sites is potentially taxable. Setting out the tax and penalties that can be charged, the article highlights the fact that anyone ‘involved’ in disposing of waste at an unauthorised site is within scope of the rules. Any waste producer can now be held jointly and severally liable in some circumstances. This means that every business must now protect itself from being deemed ‘involved’ in unauthorised disposals.

Elsewhere in the newsletter, we consider a recent survey suggesting that many smaller entities are inadequately safeguarded against possible disruption to the running of their business. And we report on the advice given in the survey to help businesses minimise risk.

With the restriction of interest relief for buy to let landlords, many of those involved in the property sector are finding times more challenging. In this newsletter, we look at one area which may provide an alternative for such landlords: the furnished holiday let.

In our other articles, we examine:

  • the impact of growing housing wealth on inheritance tax
  • tax tips for the farming business
  • VAT for food retailers
  • the importance of setting up a Business Tax Account with HMRC.

We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven’t covered. Your views are always important to us and we would welcome your feedback.

Business disruption: tools to survive
Café in hot water
EMI: an eventful year
Furnished Holiday Lets - a smart move?
HMRC Business Tax Account: is yours activated?
Housing wealth - Inheritance Tax
Landfill brings new tax risk
Tax tips for the farming business