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UK Tax

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A collection of UK tax articles prepared by UK based accountants and legal advisers to overseas companies setting up and operating in the UK.

Setting Up In The UK: Corporation Tax  

2020-06-04T13:23:11+01:00May 24th, 2020|DIT, Setting up in the UK, UK Tax|

The responsibility for correctly calculating the UK corporation tax liability falls on business directors, irrespective of whether they are based in the UK or overseas.  Corporation tax is an amount that limited companies must pay to HMRC on all taxable trading profits. It could be referred to as income tax. It is also known as a ...

UK VAT and the implications of Brexit

2020-05-11T11:03:25+01:00May 11th, 2020|UK General, UK Tax|

Among the many uncertain implications of Brexit, the impact on the UK’s VAT regime is still unclear. Domestic VAT rules remain the same following Brexit. However, how UK VAT is charged when importing and exporting to the EU will change. Although the government says VAT procedures will be “as close as possible to what they ...

The Office Christmas Party – The Tax Rules

2019-11-07T18:41:55+01:00November 5th, 2019|UK General, UK Tax|

It might seem that the office Christmas party would be one area of business life where the taxman would fear to tread. However, HMRC is in fact interested in making sure companies adhere to the correct tax treatment for their annual shindig. The rules surrounding the expenditure and tax liability of your party are actually ...

An overview of UK payroll costs

2018-08-14T15:56:49+01:00August 14th, 2018|UK General, UK Payroll, UK Tax|

Calculating UK payroll for your employees should not be taken lightly. The employee will suffer if the correct calculation and methodology including previous UK experience is not applied. We look at providing an overview of UK payroll costs, taken from a typical payroll summary spreadsheet we provide to our clients, and break it down – ...

Producing UK dormant accounts for a UK company in USD/EUR

2018-07-15T10:32:53+01:00July 14th, 2018|UK Accounting, UK Tax|

We are asked periodically about producing dormant accounts in the UK for UK company where the accounts currency is in either USD or EUR. Other currencies can of course be used. What constitutes a dormant company? Simply put this is a company that has been no transactions on the bank statement apart from perhaps a ...

What must a UK VAT invoice show?

2018-07-11T08:07:16+01:00July 10th, 2018|UK Tax|

For those company's that are raising sales invoices, we are often asked during the initial setup stage - what must a UK VAT invoice show? There are standard and expected points that the invoice should show. Assuming you are VAT registered and you sell goods and/or services to somebody else that is VAT registered (be ...

Self Employed UK: Expenditure and Allowances

2018-04-22T19:55:20+01:00April 22nd, 2018|UK Tax|

When it comes to working from home, it can be difficult to decide what you should and should not be claiming for. As a rule, any expenditure incurred that is wholly and necessary for the purpose of the business is allowable. It should not be capital expenditure or private, although there are allowances available for ...

UK VAT Registration for online businesses

2017-08-10T15:14:08+01:00August 10th, 2017|Setting up in the UK, UK Accounting, UK Legal, UK Tax|

HMRC's more rigorous approach to company's that need UK VAT Registration for online businesses set a precedent earlier this month (1 August 2017) with eBay resulting in customers no longer contracting with eBay Europe in Luxembourg, but now trading with eBay (UK) Ltd. This meant for the customers of eBay (UK) Ltd, that VAT will ...