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Key Changes to Construction Industry Scheme (CIS) Regulations​

Key Changes to Construction Industry Scheme (CIS) Regulations > Resources > Newsletter We would like to inform you of significant upcoming changes to the Construction Industry Scheme (CIS) that will take effect from 6 April 2024. These changes aim to streamline processes and enhance compliance measures within the construction sector. Key Updates: 1. Gross Payment

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Key Taxation Highlights – Spring Budget 2024

Key Taxation Highlights – Spring Budget 2024 > Resources > Newsletter National Insurance Contributions (NICs) Reduction – Employee NICs rate cut from 10% to 8%, starting April 6, 2024 – Self-employed main rate Class 4 NICs reduced from 9% to 6% – Abolition of the Class 2 NIC requirement for the self-employed High-Income Child Benefit

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Financial Services Limited and Quilter Mortgage Planning Limited

Financial Services Limited and Quilter Mortgage Planning Limited > Resources > Newsletter If you have a high attitude to risk and a high-income tax bill, VCT and EISs may be appropriate for you given their significant tax benefits! Venture Capital Trusts (VCTs) and Enterprise Investment Schemes (EIS) are complex tax planning products designed to encourage

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📢 HMRC’s Latest Campaign: A Spotlight on Dividends 📢

📢 HMRC’s Latest Campaign: A Spotlight on Dividends 📢 > Resources > Newsletter HMRC is cracking down on company directors suspected of not declaring their taxable income from dividends. If you’re receiving dividends, it’s time to pay attention! HMRC is sending letters to company owners as a friendly nudge to declare any dividend income that

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VAT Input Tax: Regulation 111

VAT Input Tax: Regulation 111 > Resources > Newsletter How to treat Input Tax: Pre-registration, Pre-incorporation and Post-deregistration claims to Input Tax under Regulation 111? Background Only a person who is already registered for VAT can exercise the right to deduct input tax. However, there are certain circumstances before registration and after deregistration when relief

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Do you need to complete a Self-Assessment tax return this year? 

Do you need to complete a Self-Assessment tax return this year? > Resources > Newsletter Taxpayers may need to complete a tax return if they: Are newly self-employed and have earned more than £1,000. Have multiple sources of income. Have received any untaxed income, for example earning money for creating online content. Earn more than

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salary-sacrifice-employee

Tax Implications of Salary Sacrifice Arrangements For Employee Parking Expenses

The exemption for parking provision and expenses under section 237 ITEPA 2003 exempts the provision, reimbursement, and payment of parking at or near the employee’s workplace.If an employer were to provide, reimburse or pay for parking facilities and then recover this from the employee’s gross earnings under a salary sacrifice arrangement, the exemption no longer applies, and the provision becomes taxable.

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shareholder

The importance of shareholder agreements

A clear and fair shareholder agreement can help prevent unnecessary disputes from arising. At its simplest, a shareholder agreement governs the rights, obligations, and responsibilities of the shareholders in a company. The content of the agreement can and should vary, depending on the needs and goals of the shareholders, and the nature of the company itself.

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business Tax efficiently

Tax benefits on Investments

Government support includes the enterprise investment scheme (EIS) and its sibling, the seed enterprise investment scheme (SEIS) – venture capital schemes designed to encourage, by means of attractive tax reliefs, shareholding investment in growing companies. According to the EIS Association, nearly £30 billion has been invested in more than 53,000 companies since the schemes were created in 1994 and 2012 respectively.

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Claiming Tax Relief

Claiming tax relief for employment expenses

Deduction is allowed from earnings for an expense if the employee is obliged to incur and pay it as a holder of the employment, and the amount is incurred wholly, exclusively and necessarily in the performance of the duties of the employment. It should be noted that the general rule does not apply to travel expenses, which have their own set of rules.

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Annual Tax on Enveloped Dwellings

Annual Tax on Enveloped Dwellings

Your property is a dwelling if all or part of it is used, or could be used, as a residence, for example a house or flat. It includes any gardens, grounds, and buildings within them. Some properties are not classed as dwellings. These include hotels, guest houses, boarding school accommodation, hospitals, student halls of residence, military accommodation, care homes and prisons.

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Company Closure

Company Closure

The closure of a company can be costly, and there will be various practical financial matters to attend to: for example, if there are staff they may be entitled to redundancy pay; there will possibly be VAT deregistration; the submission of final accounts and tax returns to HMRC (Companies House does not require final accounts); making final creditor payments (possibly including to HMRC); ensuring all debtors have paid; possibly selling company assets; and finally closing the bank account.

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Residence domicile and the remittance basis

Residence, Domicile, and the Remittance Basis

When you’re UK resident you’re normally taxed on the arising basis of taxation. This means that all your worldwide income and gains will be taxable in the UK. Therefore, even if your foreign income and gains have already been taxed in another country, they will still be taxable in the UK, and you must declare all of your foreign income and gains on your tax return.

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Apprenticeship Levy

Apprenticeship Levy

The Apprenticeship Levy was first announced in the Summer Budget 2015 and it was later confirmed in the Autumn Statement 2015 that the levy would be introduced from 6 April 2017. Primary legislation was subsequently included in the Finance Act 2016, Pt. 6 (s. 98 – s. 121) and secondary legislation (Income Tax (PAYE) Regulations 2003, Pt. 7A) was inserted with effect from 6 April 2017.

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Bounce Back Loan

Bounce Back Loans – When Could Directors be Made Liable?

Since they were introduced in May of last year (2020), more than one million Bounce Back Loans have been approved, with more than £30bn of funding landing in the accounts of the UK’s small businesses. However, for some businesses, even these attractive loans will not be enough to save them. That’s why it’s so important that you understand the potential implications if you default on the loan and your business enters liquidation.

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Companies Dangers of Informality

Companies: The Dangers of Informality

The articles of association set out the rules according to which a company must be run and administered. The articles of association form a contract of membership between the company and shareholders. They regulate a variety of matters such as Liability of shareholders, Directors, Shares and distributions, Decision making by shareholders, Administrative provision.

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the new member

THE NEWEST MEMBER TO THE FCSA : Oasis Umbrella

Oasis Umbrella is pleased to announce that we are the newest member of the FCSA. Oasis Group proudly accredited by the FCSA which means it has become the latest Accredited Member of the Freelancer and Contractor Services Association (FCSA), demonstrating that it fully complies with the membership body’s strict codes of compliance and have achieved accreditation for our bespoke umbrella services.

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