Help and information for you
16
March 2024
16
March 2024
The rules that determine whether and how much VAT is chargeable on services sold to, and received from, abroad come from knowing what the place of supply of services for VAT purposes is. These rules are detailed, complex and extensive and this note merely provides an introduction and outlines the basics. More of the detail where necessary may be found in the individual VAT notices for which links have been provided at the end of this article.
26
February 2024
26
February 2024
Much of the law on dividend payments is contained in part 23 of the Companies Act 2006 and is complex and therefore easy for directors to make mistakes around. It is therefore important for shareholders and directors alike to ensure that they stay on the right side of the law by knowing the answers to common questions that arise when taking money out of their limited companies and to know where to look for additional information where more complex questions arise.
21
February 2024
21
February 2024
The Economic Crime and Corporate Transparency Bill received royal assent on 26th October 2023, becoming the Economic Crime and Corporate Act 2023 (ECCTA). ECCTA contains a range of measures to tackle economic crime and improve corporate transparency. While parts of the Act deal with wider aspects of economic crime including enforcement over cryptoassets, money laundering and a failure to prevent fraud, much of ECCTA is concerned with the oversight and transparency of corporate structures in the UK and includes a significant overhaul of Companies House and the way it works.
2
December 2022
7
December 2022
National Insurance is a complicated subject (some might say unnecessarily so) and is often misunderstood by taxpayers,. This brief post sets out some basic principles on how the system works.
5
July 2022
5
July 2022
Where an individual sells a property in the UK, there may be capital gains tax to pay on any profits realised. However, the way in which the gain gets reported to HMRC is accompanied by a less than straightforward process which depends upon whether the property being sold is residential or commercial and whether the seller is UK resident or overseas resident. This guide helps to provide clarity on what the reporting rules are and is focused on gains made after the 6th April 2020. The rule for gains arising before that are a little different and aren't covered here.
19
June 2022
19
June 2022
Have you ever looked at your payslip or notice of coding from HMRC and wondered just what your tax code actually means ? It’s quite possible that like a lot of people, you find it all a little mystifying and bit above your head – if that’s you, this short article should help to unpack what your tax code is telling you and make better sense of your payslip next time you look at it in detail.
8
June 2022
8
June 2022
The UK tax system is relatively straightforward if during your time in this country, you only have income and gains from UK sources. However, if you work abroad or have income from assets overseas, understanding the implications for your tax position in the UK can be a minefield with so many rules and regulations to consider, both here in the UK and abroad. Whilst a full consideration of the various regimes abroad is a matter for locally based specialists, this article aims to give you an overview of some of the rules that apply in the UK and provide you with some pointers for additional research.
5
June 2022
5
June 2022
The impending arrival of a new addition to the family should be an exciting and wonderful experience, but what does this mean for our rights and entitlements as employees and what duties does it impose upon employers? This article explores some of the main issues arising from both perspectives.
7
May 2021
11
November 2021
It is quite often the case that when individuals invest in second properties, at least part of the purchase price is raised through a mortgage. As a result, obtaining tax relief for the interest costs of the mortgage tends to be a key part of the financial equation for these investors. Of all the taxation changes in recent years, the phased introduction of finance costs relief restriction in 2017 has been the most worrying for private residential landlords. Some highly geared property businesses that are currently healthy and profitable could suffer tax charges in excess of their profits once the restrictions are fully operational from April 2020 onwards.
4
May 2021
9
November 2021
The beginning of March saw a major change in the way VAT is handled by contractors and sub-contractors in the construction industry with the introduction of the VAT domestic reverse charge (VDRC).
10
April 2021
9
November 2021
If like many new business owners, you find yourselves thinking that as a small business, you are able to manage your own accounting and bookkeeping, this may be for you.
5
April 2021
9
November 2021
When the Chancellor announced his budget measures last month, much was made of the increases in Corporation Tax and the maintenance of the headline rates of Income Tax and National Insurance. However, little was said about the freezing of the personal tax allowances and tax thresholds other than to describe it in some quarters as a “stealth tax”
19
March 2021
9
November 2021
If you are starting out in business and thinking about how you would like to set yourself up, the idea of having your own limited company probably feels quite attractive. But if you’ve never owned or run your own company before, how easy is it to set one up?
17
March 2021
9
November 2021
The government’s coronavirus support schemes will be extended beyond the timetable for opening up the economy, to help recovery. ICAEW’s Tax Faculty highlights the main Budget announcements. The wide range of support announced includes extensions to the two major income support schemes alongside extensions of financial assistance in other areas, such as universal credit, tax credits and stamp duty land tax.
10
March 2021
9
November 2021
The phrase “Turnover is vanity, profit is sanity but cash is king” was coined for a reason. Few things are more important to any business than cash flow, as with a healthy cash flow, you can pay your debts on time, sustain your operations and expand your business. Without it, you’re only a few missteps away from financial ruin.
5
March 2021
9
November 2021
The income tax personal allowance and higher rate threshold will be frozen from 6 April 2022 until 5 April 2026. The capital gains tax annual exempt amount, the pensions lifetime allowance and the IHT and residence nil rate bands, meanwhile, will be frozen at their current rates.
3
March 2021
9
November 2021
Choosing and setting up a business bank account is an important first step when setting up your business, so it pays to take care when deciding which bank to go with and the kind of account to open. With a plethora of on-line and high street banks now out there, it can be time consuming to research and make sense of what is on offer from the various different providers
1
March 2021
9
November 2021
The question of whether a business should incorporate or not crops up often and for small businesses, is potentially very important as there are a number of tax and regulatory considerations which need to be taken into account.
18
February 2021
9
November 2021
Having to pay your tax bill is never an inviting prospect but if you are amongst those who deferred paying their VAT last year because of the Covid crisis, the VAT deferred will soon become due for payment. However, if times are still hard or if you continue to worry about your cash flow, there are options for you.