VAT and financial services: Are you losing out on VAT? VAT and financial services is a very tricky area and this video presentation gives a brief overview: https://www.youtube.com/watch?v=IaYzGej4p0c The main points covered are: 1) VAT and financial services exemptions under VAT Act 1994 Schedule 9 Group 5 (eg money, loans, securities, advising collective investment scheme)… Continue reading VAT and financial services
Category: Sectors
FCA audit
FCA audit: Do you need an FCA audit? Under the Companies Act 2006 (or as applied to LLPs) a business will normally need an audit if it is fairly large and exceeds 2 out of the 3 size limits of a small firm: assets > £3.26m (£5.1m from 1/1/16) turnover > £6.5m (£10.2m from 1/1/16) employees… Continue reading FCA audit
Startup equity, dilution and cap table
Startup equity, dilution and cap table If you’re raising funding or startup equity you need to work out how many shares to issue to investors. The easiest way is probably to work out the % holdings after the share issue and work backwards. For example, if there are 2 co-founders with 100 shares each who… Continue reading Startup equity, dilution and cap table
VAT on Bitcoins
see here for latest HMRC guidance on Bitcoins. http://www.hmrc.gov.uk/briefs/vat/brief0914.htm The post below was written before their guidance was published: VAT on Bitcoins Download the full report here There has been a lot of uncertainty regarding the treatment of VAT on Bitcoins and other cryptographic currencies. This uncertainty has led to a VAT risk… Continue reading VAT on Bitcoins
IR35
What is IR35 IR35 ensures that contractors who are effectively “shadow employees” pay tax like normal employees. There is legislation for substance over legal form of a relationship between a contractor (or freelancer or locum) and client. Some contractors use limited companies to invoice “clients”, but the overall facts suggest they are actually employees and are “inside of IR35”. The… Continue reading IR35