IR35 3 years on
In our latest article, we look back at IR35 three years after the last rule changes were introduced in April 2021, and consider recent data that suggests the current rules may be forcing many out of the UK labour market.
Project Globe - market research consultancy
Supporting a market research and industry analysis consultancy
About Project Globe
We were approached by a market research and industry analysis consultancy because the majority shareholders wished to reduce their shareholdings in the company and sought to facilitate employee ownership as a result.
Turnover for the company is forecast to exceed £1m per annum this year with strong growth projected in future years.
As part of our initial work on Project Globe, we undertook a feasibility study to review the business’ plans and to assess whether it would meet the requirements of an Employee Ownership Trust (EOT).
Once it became apparent that an EOT was a viable option, we worked with the company to provide advice on a suitable structure for this transaction.
As part of Project Globe and prior to the EOT, a share buyback for two minority shareholders took place and we supported the company in handling the exercise of EMI options by another shareholder, submitting a valuation and clearance application to HMRC for this purpose.
Simon Blake, Partner, Price Bailey:
“I worked with the shareholders over a period as they carefully considered whether an employee ownership trust could provide a solution for a transition of management in this small business, and in combination with share option planning and an opportunity to acquire shares, an acceptable solution was found to balance the needs of all parties”
We can help
Contact us today to find out more about how we can help you
Read our insights here
HMRC "nudge" letters
Have you recently received a letter from HMRC asking about your overseas assets, income or gains? In this article we provide guidance on how best to proceed in such cases.
The next Charities SORP and FRS102 update
The publication of the revised FRS102 on 27 March 2024 brings several important changes for charities. The effective date for most of the amendments is for accounting periods beginning on or after 1 January 2026. We detail some of the key changes in this article.
Fraudulent activity for VAT repayments targeting food, farming, construction, and export-heavy organisations
HMRC is said to be seeing an increase in fraudulent activity for VAT repayments. Price Bailey experts provide their advice for any business owners concerned.
