UNW

UNW’s Employment Tax Team’s ‘Twelve Days of Taxmas’ is always a Claus for celebration. And as there’s Noel time like the present, we’re delighted to sleigh that we’ve collated them all together on the link below. This year, we think they’re tree-mendous. Oh, deer. https://lnkd.in/eEznxJyp   Lee Muter | Paul Tucker | David Paul | Parm Bhachoo | Becky Hood | Leah H. | Louisa Edwardson

That’s a wrap!   As 2024 draws to a close, our Corporate Finance team are reflecting on a hugely successful year that has seen them grow, win awards, and work with a wide range of clients across various mandates.   Looking back over 2024, they have…   • 𝗔𝗗𝗩𝗜𝗦𝗘𝗗 on transactions with a combined value of £240m across the UNW Corporate Finance team; • 𝗔𝗖𝗧𝗘𝗗 as lead advisors on 7 transactions, ranging in size from £0.5m to £50m, with an average sell-side value of £18m; • 𝗦𝗧𝗥𝗘𝗡𝗚𝗧𝗛𝗘𝗡𝗘𝗗 their position as a leading regional provider of financial due diligence to acquirers and investors, supporting 9 deals and working closely with UNW’s multi-disciplinary tax department to form a unique offering; • 𝗥𝗔𝗜𝗦𝗘𝗗 almost £17m in Grant Funding across the North East; • 𝗪𝗘𝗟𝗖𝗢𝗠𝗘𝗗 2 new team members with Danny Malone joining in February as Due Diligence Specialist and Meghan Phillips joining as Corporate Finance Manager in August; • 𝗪𝗢𝗡 2 industry awards: North East Transaction Services Team of the Year and North East Dealmaker of the Year (Chris Wilson) at the Insider Media North East Dealmakers Awards; • 𝗥𝗔𝗡𝗞𝗘𝗗 as the most active financial advisor in the Insider Media North East Dealmakers ‘Corporate Finance Guide 2024’ and 2nd in the Experian MarketIQ H1 report for the North East.   From all the team, Happy Christmas and have a great New Year! Chris Newman | Chris Wilson | Danny Malone | Edward Booth | Jacob Bunn | Jonathan Partridge | Kay Winter | Lara Marshall | Meghan Phillips | Michael McCulloch | Neville Bearpark | Nick Broadhead | Owen Conquest | Paul Mankin

Today UNW provided 106 of us in the office with a Christmas lunch to get everyone in the festive spirit 🎄 🎅 Always a pleasure having The Geordie Guys here! 🍔

On the 12th day of Taxmas, and in the midst of pantomime season, we share with thee a true story on salary sacrifice arrangements... In our story, we tell of the wonderful occasion where an impoverished young employee was clearing up his office when he found an old oil lamp in a disused cupboard. It had clearly lain there for many, many years as it was very dirty and so the employee decided to clean it with a cloth. Whilst he was cleaning it, to his surprise it started to smoke, and as the smoke solidified a Genie appeared in its place. The Genie looked at him and said “Master, you have freed me from a thousand years of imprisonment in the lamp. Out of gratitude, I am obliged to grant three wishes, but no more”. Standing back in amazement the employee, thinking of the financial hardship in his life declared “My first wish is that I get more pay in my pocket, for all of the hard work that I do for my employer”. “Your wish is my command master” said the genie and sets up a magical scheme that allowed the employee to pay less National Insurance Contributions, meaning that he had more cash in his pocket. This magical scheme was known as a salary sacrifice scheme.  That was straightforward enough thought the employee, although it was clear that to be compliant there were several rules to be followed. Thinking selflessly about his next wish, the employee considered his employer. I know that my employer is also financially stretched, as his costs have increased and will soon increase even further, and I would like to carry on working for him for many years to come. Rubbing the lamp again, the employee wishes that similar savings can be afforded to his employer. With that, the Genie expresses that the self-same magical salary sacrifice scheme will also produce savings for the employer, reducing employer’s National Insurance Contributions, although the genie highlighted that there are special rules that prevent certain benefits to be included in such a scheme. When the Genie asked the employee whether he had a third and final wish his response was immediate. Again, thinking of all but himself he told the Genie that his third and final wish would be to wish everyone that he knows a very Merry Christmas and a happy new year. 𝗧𝗵𝗲 𝗨𝗡𝗪 𝗲𝗺𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 𝘁𝗮𝘅 𝘁𝗲𝗮𝗺 𝘄𝗼𝘂𝗹𝗱 𝗮𝗹𝘀𝗼 𝗹𝗶𝗸𝗲 𝘁𝗼 𝘄𝗶𝘀𝗵 𝗼𝘂𝗿 𝗰𝗹𝗶𝗲𝗻𝘁𝘀 𝗮𝗻𝗱 𝗰𝗼𝗻𝘁𝗮𝗰𝘁𝘀 𝗮 𝘃𝗲𝗿𝘆 𝗠𝗲𝗿𝗿𝘆 𝗖𝗵𝗿𝗶𝘀𝘁𝗺𝗮𝘀. 𝙄𝙛 𝙮𝙤𝙪 𝙣𝙚𝙚𝙙 𝙖𝙣𝙮 𝙝𝙚𝙡𝙥 𝙬𝙞𝙩𝙝 𝙩𝙝𝙚 𝙚𝙭𝙚𝙢𝙥𝙩𝙞𝙤𝙣, 𝙤𝙧 𝙖𝙣𝙮 𝙤𝙩𝙝𝙚𝙧 𝙚𝙢𝙥𝙡𝙤𝙮𝙢𝙚𝙣𝙩 𝙩𝙖𝙭 𝙢𝙖𝙩𝙩𝙚𝙧, 𝙥𝙡𝙚𝙖𝙨𝙚 𝙘𝙤𝙣𝙩𝙖𝙘𝙩 𝙤𝙪𝙧 𝙝𝙚𝙡𝙥𝙛𝙪𝙡 𝙐𝙉𝙒 𝙚𝙡𝙫𝙚𝙨, 𝙇𝙚𝙚 𝙈𝙪𝙩𝙚𝙧, 𝙋𝙖𝙪𝙡 𝙏𝙪𝙘𝙠𝙚𝙧, 𝘿𝙖𝙫𝙞𝙙 𝙋𝙖𝙪𝙡, 𝙋𝙖𝙧𝙢 𝘽𝙝𝙖𝙘𝙝𝙤𝙤, 𝘽𝙚𝙘𝙠𝙮 𝙃𝙤𝙤𝙙, 𝙇𝙚𝙖𝙝 𝙃. 𝙖𝙣𝙙 𝙇𝙤𝙪𝙞𝙨𝙖 𝙀𝙙𝙬𝙖𝙧𝙙𝙨𝙤𝙣.

On the eleventh day of Taxmas we advise to thee on tax and NI exempt annual events...  In the season of joy, where lights brightly gleam, employers can host a festive dream. With the annual events exemption in sight, Christmas parties can shine so bright.  Annual and inclusive, the rules do say, invite all employees to join in the day. Whether it’s a party or a summer delight, the event must be annual, to get it right.  The magic number is one-Fifty per head, including all costs, from food to the spread. If you stay within this festive cap, no extras or taxes will fall in your lap.  Multiple events throughout the year, as long as the total cost stays clear. Combine the parties, summer and yule, and still, you’ll follow the exemption rule.  Boosting morale and spreading cheer, these gatherings bring joy each year. No need to report if you meet the guide, just celebrate with your team by your side.  But if the cost should exceed the cap, the whole amount becomes a taxable trap. So, plan with care, keep the budget tight, and your Christmas party will be just right.  In Conclusion, Employers, Rejoice! For the annual events exemption is a wise choice. Celebrate the season with festive delight and keep your finances merry and bright. If you need any help with the exemption, please contact our helpful UNW elves, Lee Muter, Paul Tucker, David Paul, Parm Bhachoo, Becky Hood, Louisa Edwardson and Leah Harrison. 🎅

On the tenth day of Taxmas we advise to thee on tax and NI exempt Trivial Benefits...  Ho! Ho! Ho!" came the shout from Santa Inspector, the red-faced, good-natured bearded individual in a fetching red suit. "I've caught another one!" they cried. The elves rushed over to see what the fuss was about.  "I've found another lovely employer who gave gifts to their employees without telling me, and they haven't paid any tax or National Insurance on them," Santa announced.  "But Santa," said one elf, "isn't it good that employers are treating their employees well? Isn't that the spirit of Christmas?"  "Of course it is," replied Santa. "But most employers don’t realize that if they provided the gift differently, they wouldn’t have any hassle or obligations. They could use the Trivial Benefits exemption, which is legal and straightforward."  "But what is the Trivial Benefits exemption?" asked an elf.  "The rules are simple: the item must not be cash; it must cost the employer less than £50 (including VAT); it must not be provided due to any contractual terms; and it must not be a reward for work done."  "Those rules seem easy to follow, so why do employers get them wrong?" asked the elf.  "Employers forget that the item must be bought by them and not reimbursed to the employee, and that gifts as a thank you for good work don’t qualify for the exemption," Santa explained.  "Oh dear!" said the elf. "If we got it wrong, you'd think we were a bad elf and get rid of us."  "Don’t be so elf-deprecating. We'd never get rid of you for that. But employers who get it wrong would need to pay extra tax and NI, making the gifts expensive."  "So can they give their employees a gift at Christmas?"  "Of course, as long as the conditions are met," Santa assured.  “Thanks Santa, and can I just say your elf puns really sleigh!” If you need any help with the exemption, please contact our helpful UNW elves, Paul Tucker, David Paul, Parm Bhachoo, Becky Hood, Leah H. and Louisa Edwardson. 

We had to break out the wide-angle lens to fit everyone into this year's UNW Christmas jumper photo! A massive thank you to everyone who got involved and helped raise funds for our current charity of the year, Bright Red Charity. Your support makes a real difference. Until next year!

UNW is growing fast, and we want you on the journey with us. We are currently creating career opportunities for experienced auditors in our Audit team - pictured below on our recent away day at Newcastle Falcons. As an independent firm based in Newcastle city centre, we are committed to creating a thriving environment in which everyone feels valued and proud of their work. No gimmicks, just strong support and genuine opportunities to develop. Intrigued? Then we'd love to have a conversation with you. Feel free to send me a message, or email your CV to recruitment@unw.co.uk

On the ninth day of Taxmas we advise thee on tax and NI exempt professional subscriptions...    In the bustling workshop of North Pole Limited, an elf named Joy was known for her exceptional toy-making skills. Joy loved her job, but she always sought ways to improve her craft. One snowy evening, she discovered that subscribing to professional memberships and societies could enhance her skills even further. Joy learned that she could claim tax relief on professional membership fees, if they were necessary for her job. As well as annual subscriptions to approved professional bodies or learned societies relevant to her work.  However, she knew that Santa or anyone else couldn’t pay for these subscriptions, and they had to be approved by HMRC. The next morning, her friend Frosty the Snowman shared some valuable advice. “Joy, did you know that North Pole Limited can help you figure out how much tax you can claim back? You can claim for the current tax year and the previous four years!” Excited by this news, Joy decided to take action. She found the P87 form on the HMRC website and carefully filled it out. She attached copies of her receipts and other evidence showing how much she had paid for each professional fee or subscription. With a hopeful heart, she sent the form to HMRC by post. Meanwhile, her elf friend Elfy, who completed his own self-assessment tax return, was curious about Joy’s process. Joy explained, “Elfy, since you do your own self-assessment, you need to claim these expenses through your tax return instead.” With Frosty’s guidance and a bit of paperwork, Joy was on her way to becoming an even better toy maker, ready to bring more joy to children around the world. If you need any help with the exemption, please contact our helpful UNW elves, Lee Muter, Paul Tucker, David Paul, Parm Bhachoo, Becky Hood, Leah H. and Louisa Edwardson. 

At UNW, not only do we act for some of the region’s most successful entrepreneurial businesses, as well as national and international groups, but we’re also proud to count a number of charities and not-for-profit organisations as our clients.   Recently, members of our audit team were onsite at one such client: Everyturn Mental Health. This North East-based non-profit organisation does incredible work, providing accessible mental health and wellbeing support to those who need it most.   Everyturn has recently expanded its services with the launch of a new 'safe haven' in Newcastle city centre, offering vital support to individuals experiencing mental health crises. You can read more about this important initiative here: https://lnkd.in/gikU2CQF.   Liam Carey | Adele Ackinclose | Soraya Rattanawaropas | Calum Storie | Martin Oliver | Anne Hallowell