Pearse Trust Blog

The UK government has supported the creative industry for many years with the introduction of tax reliefs for Recorded media and live productions, both covered by separate blogs.

Video Games Tax Relief (VGTR) was introduced in April 2014 and this blog is to provide an overview.

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The United Kingdom’s Enterprise Investment Scheme is a tax-based Venture Capital Scheme designed to help smaller, higher-risk trading companies raise finance. According to recent figures, the scheme encouraged taxpayers to invest almost £2bn in 2014-15.

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Further to June’s Brexit vote, the UK continues to strive towards showing that it remains a major economic player, remaining firmly open for business. 

Amidst the uncertainty, there have fortunately been a number of positive events which help reinforce the ‘open for business’ mantra, some of which are summarised in brief in today's blog post. 

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The recently decided UK case of Rosenblatt v Man Oil Group SA [2016] EWHC 1382 (QB) highlights the importance of clarity of wording in solicitor’s retainer / engagement letters with regards to revising fee agreements.

In this case, the High Court considered an appeal in a dispute surrounding the interpretation and application of a fixed fee structure in a solicitor’s retainer.

More specifically, it was considered whether the solicitor was to be held to a fixed fee structure which had been agreed with his client, or whether that structure had been superseded thereby entitling the solicitor to charge fees, on an hourly rate, subject to assessment, that were higher than those agreed by the fixed fee structure.

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In Department for Transport v Sparks and others [2016], the Court of Appeal has upheld the High Court's finding that a provision relating to absence management set out in a staff handbook, had been incorporated into employees' contracts of employment. 

This case serves as a reminder to employers to give careful consideration as to whether or not they wish for staff handbooks or other written policies to be contractual.

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As of 30 June 2016, UK Companies will no longer be required to file an annual return.

Instead, companies will file a confirmation statement with Companies House at least once a year.

The new confirmation statement will be an acknowledgement by the company that they have delivered all the information required to Companies House, during the period to which the confirmation statement relates. Read More

Until recently, the United Kingdom was ploughing a lonely furrow as the only country to have followed through on a commitment by the G8 to increase transparency surrounding the ownership and control of corporate entities, with firms preparing for the imminent introduction of its “persons with significant interest” rules.

However, since the leak of the Panama Papers in early April 2016, several governments are now clamouring to get their hands on beneficial ownership information.

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On 17 April 2016, HMRC published a consultation document titled ‘Tackling tax evasion: a new corporate offence of failure to prevent the criminal facilitation of tax evasion’.

This follows an earlier related consultation in July 2015 and the response document of December 2015 which contained a first draft of the legislation. In their latest consultation, HMRC is inviting feedback on the wording of the new corporate criminal offence and how this policy is best expressed in statute and guidance.

Additionally, this consultation seeks stakeholder views to ensure that the offence is both effective at meeting the stated objectives, and not unduly burdensome.

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When he was appointed Chancellor of the Exchequer in 2010, George Osborne said that the Conservative-led coalition Government would carry out “unashamedly pro-business” policies.

Six years later, has the UK business environment improved?

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When a UK Limited Company has ceased activity, it can be dissolved. In certain circumstances, the most efficient and cost effective way to dissolve a company is a voluntary strike off.

New regulations introduced as part of the Small Business Enterprise and Employment Act 2015 mean that companies which apply to be struck off after the 10th of October 2015 should be removed from the register not less than two months after the publication of the Gazette notice, instead of three months which was the previous timeframe.

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