11 Apr 2018
HMRC's recently published, and usually routine, Employment related securities bulletin contains an important announcement on the future of EMI share options. It transpires that the EU state aid approval for the EMI share options scheme expired on 6 April 2018, and the government has yet to obtain a renewal agreement from the EU. HMRC’s bulletin was only published on 4 April 2018 and therefore provided almost no notice to those affected by this announcement.
We are told that the government applied to the European Commission for fresh approval last year but is still awaiting the Commission’s final response. HMRC has confirmed that as this approval had not been received before 6 April 2018, those involved in the establishment of EMI schemes and grant of EMI share options could be severely affected.
HMRC have said that as it currently stands any EMI share options granted in the period from 7 April 2018 until EU State Aid approval is received, may not be eligible for the usual tax advantages. HMRC is advising companies to consider delaying the grant of employee share options intended to qualify as EMI share options, until fresh EU State Aid approval has been given.
HMRC says they will continue to apply the relevant tax advantages to EMI share options granted up to and including 6 April 2018. Whilst it is not clear if this delay is related to Brexit, it is likely that the UK is at the 'back of the queue' in getting a response and no date has yet been published as to when we can expect this issue to be resolved. HMRC has promised to provide an update in due course…
Vada Studios is a very successful music recording facility. The business had outgrown their existing premises, and had a vision to create one of the top residential recording studios in the UK.
A highly successful restaurant, butcher and retail business.
GJA have been the retained accountants for this property investment and development group for over 20 years. Imminently due to dissolve companies.
Proco approached us with an idea of becoming a distributor of a high-end product in the UK, supplying vinyl nationally.
In 2008 Tom Floate left his employer to set up his own business providing website services. Initially forming a partnership with his wife Rachel, they began trading IO Studios from their home office.
Barry the Butcher is a very successful wholesale butchery and retail business.
Grenfell has a broad range of experience and knowledge, working with clients from many different industry sectors. Grenfell is also the senior audit partner in the practice.
Chris works with a diverse profile of owner managed businesses to assist them to grow and retain wealth. Although Chris works with clients from a wide range of sectors, he has particular expertise in property, catering, consultancy and professional services.
Managing Director ACMA
Alex has worked for Grenfell James since 2002 and became a director in 2013. Overseeing our internal operations, he manages the flow of work and ensures we hit our strict deadlines. Alex also manages a portfolio of clients, with expertise in manufacturing and service businesses.
Operational Director MAAT
David has worked for Grenfell James since 2006. He heads up our tax team and is highly experienced with expertise in different industries and sectors.
Tax Director ACCA
Hannah qualified in 2016, having worked for the company since 2009. She acts as a client manager for a range of businesses, with expert knowledge of the equestrian and rural sector. Hannah also manages our payroll team.
Client Manager ACCA
Roy Ferguson. The Perfect Cosmetics Company.
Andrew Knight. The Howard Arms Ilmington
Paul Stanley. A S Contracts Ltd.
Mr J McCarthy
Dean. Wootton IT
Proco Coatings & Laminates
Mckechnies independent tea and coffee bar.
NPD Design Consultants Ltd
Regent Square Estates
Mr I Cameron
© Copyright 2018 Grenfell James Associates
Website designed by IO Studios