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Corporate retreats offer huge benefits for team building and professional development. They enhance an employer’s value proposition, increase retention and boost engagement. However, the tax implications of these trips should not be overlooked. Understanding which expenses are deductible and what constitutes a taxable benefit for employees is crucial for compliance– and maximising tax deductibility– all […]

Spring Budget 2024 The Chancellor managed to find some optimism in the deteriorating economic forecasts, as most Chancellors, of whatever political hue, seem to do before an election. Mr Hunt announced a further 2% cut to national insurance, although it appears that the current budget deficit and the anticipated fall in inflation to 2% did […]

What is a Benefit in Kind? Benefits in kind (BIKs) are benefits that employees or directors receive from their employer which aren’t included in their salary or wages. BIKs are popular elements of many people’s salary packages and can be used by an employer to structure an effective and tax-efficient salary package. Some BIKs aren’t […]

ATED Update Certain companies owning UK residential property need to submit an Annual Tax on Enveloped Dwellings (ATED) return every year. ATED is payable by companies that own properties valued at more than £500,000 if none of the various reliefs apply. Valuation dates and the 2023-24 ATED return Valuation dates are relevant for determining a […]

Back to the Future Following the “Growth Plan” mini budget delivered by Kwasi Kwarteng on 23 September 2022, Jeremy Hunt took centre stage for the second time on 15 March 2023 to deliver a…”Budget for Growth”. Fiscal policy can be assessed in three measures: efficiency, effectiveness and equity and whilst the announcements were fairly safe, […]

Taxing Times In the latest decisive swoop of indecisiveness, Jeremy Hunt performed a 180 degree turn from the Mini Budget delivered less than two months ago by his predecessor. If the Mini Budget was dubbed “The Growth Plan”, can the Autumn Budget also be a plan for growth? It was a step in the right […]

A pay rise or bonus that takes one’s annual income above £100,000 is cause for celebration. Tread though carefully these muddy waters, for additional income earnt up to £125,140 attracts the highest rate of marginal tax across all other taxpayers, including those richer than you. Read on for tax-saving tips on how to navigate the […]

With the dust still settling on the Mall following a triumphant celebration of Her Majesty The Queen’s Platinum Jubilee, one may begin to consider the tax deductibility of hosting Diana Ross, Ed Sheeran and the like – a figure reported to be around £28m. As a general rule for tax, expenditure on entertainment or gifts […]

A Targeted Budget Amid soaring inflation of 6.2% and forecasts of the sharpest fall in living standards since records began (according to the UK’s fiscal watchdog), Rishi Sunak presented a Budget which he argued would support the UK economy, businesses and families in both the short and the medium term. In contrast to the profligate […]

Under the Construction Industry Scheme (CIS), a contractor deducts money due to a subcontractor and instead pays it to HM Revenue and Customs (HMRC). This deduction counts as an advance payment towards the subcontractor’s tax. The amount deducted is a percentage of the labour services provided. The Domestic VAT Reverse Charge is in addition to […]

You may be all-too-familiar with the process and time spent dealing with payroll and HR: emails, telephone calls, attachments, more emails to employees, setting up bank payments…the list goes on. Large businesses will have segregated duties, with an HR lead responsible for managing joiners and leavers and holiday requests, an Operations Manager for coordinating and […]

Facing an almost empty House of Commons yesterday lunch-time (television viewing numbers yet to be announced!), the Chancellor presented his long-awaited second full Budget. The challenge the chancellor faced was double edged: begin to recoup the £407bn state bill for tackling the pandemic (comparable to the two world wars), without choking the economy just as […]

As a hair salon or barber shop owner, you aim to run your business in a way that maximises revenue, reduces costs, and ensures a good working relationship with your staff and customers. It is important to choose the right model that suits your business needs from the outset. We discuss below three different models […]

Under the right circumstances, which can of course be shaped, intercompany loans are an effective means of funding further profit or not-for-profit motives. Consider Mr Trader, who is director and sole shareholder of Company T, a trading company. Company T has grown with accumulated profits in excess of £2m, matched by substantial cash balances. Mr […]

The following scenario often arises with our client Mr Investor, who is considering investing in an early-stage business. Wonderful Ltd is an established FinTech company which has developed a track record of an established user base, consistent revenue figures and other key performance indicators. Wonderful Ltd is now seeking to raise Series A funding of £1.5 million […]

In a partial repeat of the announcement made by the Chancellor on 5 November 2020, the government has announced extensions to the furlough scheme and three of its business loan schemes: The Coronavirus Job Retention Scheme (CJRS) has been extended by a further month to 30 April 2021. The furlough scheme will continue to pay […]

Calls for a wealth tax have so far been made with little impact, amid fears that a levy on assets would not go down well with conservative – or even not-so-conservative voters, and could hurt people with valuable homes but little cash. However, the Wealth Tax Commission said the timing was ripe for radical change […]

It can be daunting going to work in a foreign country, or coming to work in the UK. Understanding how tax and social security are affected by making such a move can add to the list of complexities you have to deal with. CONFIRMING UK TAX RESIDENCE As a new UK resident, foreign tax authorities […]

For many, Brexit continues to be the undefined, being negotiated by the unprepared, in order to get the unspecified, for the uninformed. For others, Boris Johnson’s hard-knuckled talk, timed to boil down to deadline day, represents the dominant strategy that always had to be played against a fiercely rigid opposition- one that also risks losing […]

To start off with some good news, the rules for services will largely remain unchanged after 1 January 2021- as things stand. Trading in services with the EU can be categorised into three broad scenarios which will cover most UK traders. Sales of business to business (B2B) services The general B2B rule (VAT Notice 741A) […]

Are you ready to do business with the EU? With just over one month to go until the end of the transition period, there will be new rules to follow when trading with the EU post Brexit, from 1 January 2021 onwards. The UK government seems intent on following through with its “no-deal” guidance, as […]

Chancellor Rishi Sunak today delivered a statement setting out plans to help workers and businesses hit by new coronavirus restrictions. With plans for an Autumn 2020 Budget cancelled, the Chancellor announced his Winter Economy Plan. In it he outlined how the various government support schemes to help businesses through the coronavirus restrictions will be extended […]

The government has announced details of new funding, designed to help small and medium sized businesses (SMEs) access technology and advice. SMEs will have access to grants of between £1,000 – £5,000 to help them access new technology and other equipment as well as professional, legal, financial or other advice to help them get back […]

We are often asked to advise our Professional Services clients, lawyers and accountants, on the optimal business structure: LLP or limited company (LTD). Whilst the statutory and accounting filing requirements are similar across both structures, the LLP was introduced to offer flexibility in management and pay: both important in human-capital-intensive Professional Services Firms. An LLP […]

Four months after using his Spring Budget speech to announce the government’s first round of economic stimulants for supporting households and businesses through coronavirus, the chancellor yesterday cemented his status as the government’s Santa Claus, lavishing more gifts to Christmas 2020 and beyond. It was branded as ‘A Plan for Jobs’ with a focus on […]

The Chancellor announced further government support to small businesses with fixed property costs, that are not eligible for the Small Business Grant Fund or the Retail, Hospitality and Leisure Grant Fund. The grant is designed to allow businesses to continue meeting their property-related overheads, so that in turn less strain is placed on landlords, who […]

HMRC has published details of the specific helpline to contact, but it’s not known whether HMRC will change its usual approach to time to pay, for taxpayers who are having difficulty paying. The following usually needs to be considered when negotiating time to pay with HMRC. WHEN TO MAKE CONTACT – In general it is […]

With many entrepreneurs accumulating cash in business accounts, the question of “how to invest business profits?” is a favored topic when planning. Entrepreneurs work hard for their businesses and this short article explores how business funds can work hard- or most effectively, for entrepreneurs. Let’s take the following scenario: your business is profitable and has […]

Finance Act 2019 has introduced two changes to the taxation of non-resident income from UK property: From 6 April 2019, disposals of direct or indirect interests in UK land are brought into the Territorial scope of charge; and From 6 April 2020, income from a UK property business is moved out of the charge to […]

NALS rebrands as Safeagent As of the 17th May 2019 the National Approved Letting Scheme (NALS), the UK’s leading accreditation scheme for lettings and management agents operating in the private rented sector, rebranded as Safeagent. Previously NALS and Safeagent were two separate brands. Safeagent, with the assistance of NALS since 2011, was focused on achieving […]

As predicted, HM Revenue & Customs (HMRC) has started firing, quite unpredictably, Certificates of tax position concerning offshore income or gains. In the firing line are taxpayers who the revenue believes have not correctly disclosed their worldwide income to HMRC. The requirement for a UK resident to disclose and pay tax on all overseas income […]

Cryptocurrency investors navigating 100% price swings and exchanges with generous down-time have, this tax season, encountered another hurdle: the tax authorities. Whilst the question “should I report my bitcoin profits?” was clarified by the Inland Revenue some four years ago, the more sobering questions of “how to report bitcoin profits?” and “how much will I […]

Chancellor Philip Hammond presented the 2017 Autumn Budget against a backdrop of ongoing economic uncertainty. In no uncertain terms, this was a glum budget. The Office for Budget Responsibility revised down its outlook for productivity growth, business investment and GDP growth across the forecast period, though the chancellor challenged the nation to “prove them wrong”. […]

Following the UK’s historic vote to leave the EU, and with Prime Minister Theresa May poised to trigger Article 50, Chancellor Philip Hammond presented the Spring Budget against a backdrop of economic uncertainty. Figures from the Office for Budget Responsibility revealed that UK economic growth is now expected to reach 2% this year, before falling […]