We have analysed the Autumn Budget 2021 for the key changes relevant to small and medium businesses (SMEs). Please find below the key points which we feel may be of interest to our clients. 1) Payroll taxes / NIC From April 2022 there will be a new employment tax of 1.25% for the Health and… Continue reading Autumn Budget 2021 update
Category: Tax
Tax efficient director salary and dividends 2022/23
THIS ARTICLE NEEDS TO BE UPDATED FOR THE NEW NIC THRESHOLDS ETC Compared to 2021/22, the personal allowance threshold will not change and will stay at £12,570 per year and the higher rate tax will also still start at £50,270. From 6 April 2022 the dividend tax rates will all increase by 1.25% : First… Continue reading Tax efficient director salary and dividends 2022/23
2018 Autumn Budget Update
As usual there are many changes to the 2018 Autumn Budget, however they’re not all relevant to our clients. So here we have set out the important changes that may affect our clients. The 2 main issues are IR35 changes for contractors and limits on R&D cash refunds. We’ve also added a reminder about the… Continue reading 2018 Autumn Budget Update
MiFID II and VAT on Research – still in the dark!
31 October 2017 Although the MiFID II regulation has been published since 2014 (delayed implementation date – 3rd January 2018), it is surprising that H M Revenue & Customs has not yet provided any firm guidance on the VAT treatment of research work. Recent press states that HMRC is now meeting with industry groups and… Continue reading MiFID II and VAT on Research – still in the dark!
EMI Schemes (Enterprise Management Incentive)
EMI schemes (Enterprise Management Incentives) are tax advantaged schemes offered by H M Revenue & Customs to small and medium sized businesses (“SME”) for incentivising the SME’s employees. EMI schemes are share option schemes which fundamentally provide tax savings for both the employee and the SME whilst also providing the facility for the SME to incentivise… Continue reading EMI Schemes (Enterprise Management Incentive)
Overseas Workday Relief – OWR
Have you recently started to live and work in the UK but consider your “home” country to be elsewhere? If so, you are likely to be a UK resident but non-domiciled in the UK. If prior to becoming UK resident, you were also non-UK resident for a continuous period of 3 tax years, you are… Continue reading Overseas Workday Relief – OWR
New VAT flat rate scheme limited costs
Old flat rate scheme Prior to 1 April 2017 the old flat rate scheme was very popular with many of our clients as they could earn an extra income under the scheme. Although they were not able to reclaim input VAT on expenses, they didn’t have to pass on the full 20% VAT charged to… Continue reading New VAT flat rate scheme limited costs
Setting up company structure
Factors involved in setting up company structure There are different factors involved in setting up company structure and it depends on the type of business, circumstances of the shareholders and their aims for the business. Shareholders: if you may sell the company and re-invest the profits a holding company may be useful otherwise, the co-founders can… Continue reading Setting up company structure
VAT for non-EU sellers
Is registration required for VAT for non-EU sellers using Fulfilment by Amazon in the UK? This has been in the news recently and HMRC may have lost £2bn in recent times from non-EU sellers who have illegal evaded VAT and have recently announced methods of enforcing the VAT. This is a tricky subject and can get… Continue reading VAT for non-EU sellers
How does the flat rate VAT scheme work?
If your business doesn’t have to pay much input VAT on its purchases, then it could make an extra profit using the flat rate VAT scheme. So even if it isn’t compelled to register as turnover is below £81,000 it could still be a good idea to register voluntarily. Please refer to the free pdf… Continue reading How does the flat rate VAT scheme work?