Associated company Corporation Tax rules

Associated company Corporation Tax rules As announced in the Budget earlier this year, there will be two rates of Corporation Tax from 1 April 2023. When the new rules take effect, taxable profits up to £50,000 will continue to be taxed at 19% under the new Small Business Profits Rate. Taxable profits of more than £250,000 […]

Distance selling for VAT purposes?

distance selling

Distance selling for VAT purposes? Distance selling is the term used to describe supplies of delivered goods from one EU Member State to a customer in another member state who is not registered for VAT.  The recipients of most distance sales will be private individuals, but they can also include small, unregistered businesses, businesses making only […]

HMRC guidance on new EU VAT e-commerce portal

EU VAT e-commerce portal

HMRC guidance on new EU VAT e-commerce portal HMRC has published guidance on how the introduction of the EU’s new VAT e-commerce package on 1 July 2021, will affect UK businesses. The e-commerce package introduces significant changes to the VAT rules for international trade related to e-commerce from the EU. The new rules were originally […]

Image of a grammer phone

A chattel is a legal term that defines an article which is a tangible moveable property. A tangible object is one that you can touch. The asset has to be a physical asset such as household furniture, paintings, antiques, items of crockery and china, plate and silverware, motor cars, lorries, motorcycles and items of plant […]

Recognised Overseas Pension Schemes (ROPS)

Pension plan written on paper next to money and a clock

The Recognised Overseas Pension Schemes (ROPS) is a list of pension schemes that have notified HMRC that they meet the conditions to be a ROPS and have asked to be publicly listed. The list is usually published twice monthly to update new and removed schemes. In the most recent update on 1 December 2020, 17 […]

SDLT change for mixed-use buildings

Couple walking outside of white walled house

HMRC’s published guidance on the application of the 3% higher rate of Stamp Duty Land Tax (SDLT) has been updated. The higher rates of SDLT were introduced on 1 April 2016 and apply to purchases of additional residential property such as buy to let and second homes. At the time the new higher rates were […]

New Advisory fuel rates published

Digital Fuel gauge showing fuel rate

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts there is no taxable profit and […]

Accounting and Reporting standards from 1 January 2021

Laptop in grey showing google analytics on the screen

The Department for Business, Energy and Industrial Strategy (BEIS) and the Financial Reporting Council (FRC) have jointly published a letter to the accounting and audit sectors. This document sets out the UK’s legal framework for accounting and corporate reporting at the end of the transition period on 31 December 2020. The information in the letter […]

What is S455 tax?

S455 is a corporation tax which is levied when a Director of a company borrows money from the business and he/she is unable to return the amount within a certain time period. If a company’s director withdraws a certain amount from the business as a loan, as per the rule, the business will not have […]