Employment Status Tool
HMRC’s employment status service can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector. The service has recently been updated to reflect off-payroll working changes that came into effect on 6 April 2021. The service provides HMRC’s view as […]
Tax on sale of cryptoassets
Most individuals hold cryptoassets (such as Bitcoin) as a personal investment, usually for capital appreciation in its value or to make purchases. HMRC is clear that these holdings will usually be subject to Capital Gains Tax (CGT) when: selling tokens exchanging tokens for a different type of cryptoasset using tokens to pay for goods or […]
Tariff suspension on certain imports
The UK government has announced plans to introduce a new tariff suspension scheme. This new scheme will help UK firms become globally competitive. This will be done by allowing companies to request that duties be partially or wholly reduced for a set period. This in turn will result in lowering the cost of importing raw […]
No time for head in the sand tactics
Companies that are still claiming the Coronavirus Job Retention Scheme grants, now known as the furlough scheme, will have hard choices to make come the end of September when the present scheme ends. Unless business activity picks up between now and September a significant number of those on furlough may find themselves unemployed. Reaching a […]
Record keeping for limited companies
Limited companies are required to hold a wide range of company and accounting records. This includes details of directors, shareholders, company secretaries and the results of any shareholder votes and resolutions. The company must also keep a register of people with significant control (PSC register). The PSC register is used to identify and record the people who […]
Company information on signs and stationery
There are a number of requirements that must be taken care of when running a limited company. One of the lesser-known requirements concerns the use of signs, stationery and promotional material. A company is required to display a sign showing the company name at its registered office and at any other premises at which the business operates. […]
When not to charge VAT
When a VAT registered business issues an invoice to their customer, they must ensure that they charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate of 20% there are a number of different VAT rates and exemptions to be aware of; this includes the reduced VAT […]
Claiming Business Asset Disposal Relief
BADR used to be known as Entrepreneurs’ Relief before 6 April 2020. The name change does not affect the operation of the relief. BADR applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available CGT of 10% is payable in […]
Income Tax if you move to or from Scotland
The Scottish rate of Income Tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. The definition of a Scottish taxpayer is based on whether the taxpayer has a 'close connection' with Scotland or elsewhere in the UK. The liability to SRIT is not based on nationalist identity, location of […]
NICs after reaching State Pension Age
If you have reached the State Pension age and continue to work, in most cases you no longer need to pay employees National Insurance Contributions (NICs). At State Pension age, the requirement to pay Class 1 and Class 2 NICs ceases. However, you will remain liable to pay any NICs due to be paid to you […]
