Answers to your most popular questions.
Under current UK legislation, a private limited company usually requires a statutory audit if it exceeds two or more of the following thresholds for two consecutive financial years: annual turnover of £10.2 million, gross assets of £5.1 million, or an average of 50 employees.
Yes. The Annual Investment Allowance (AIA) and Full Expensing rules allow farming businesses to deduct 100% of the cost of qualifying plant and machinery against taxable profits in the year of purchase.
Agricultural Property Relief (APR) and Business Property Relief (BPR) can provide up to 100% relief from Inheritance Tax on qualified farmland, farmhouses, and agricultural buildings. We help structure ownership and tenancy agreements to ensure these crucial reliefs are fully protected.
Farmers and market gardeners can elect to average their profits over a two-year or five-year period if profits fluctuate significantly. This evens out high and low income years, potentially moving you into lower tax brackets and reclaiming overpaid tax.
Locum optometrists can claim GOC (General Optical Council) registration fees, College of Optometrists subscriptions, professional indemnity insurance (AOP), relevant CET/CPD course costs, specialist equipment (e.g., ophthalmoscopes), and travel to non-permanent practice locations.
Yes. Equipment such as retinal cameras, OCT scanners, and automated perimeter units qualify under the Annual Investment Allowance (AIA), allowing you to deduct up to 100% of the purchase cost against taxable corporate profits in the year of acquisition.