More about Debt Relief Orders23/04/2019
Last week we posted that it is over 10 years since Debt Relief Orders (DROs) were first introduced in April 2009. This week we have fleshed out the details of who can claim and some of the restrictions that apply.
What is a DRO?
A DRO is a special way of dealing with debts available to those with minimal assets and low income. If an...Read more...
Maternity pay explained23/04/2019
How much maternity leave can you take?
If you work as an employee and become pregnant you are eligible to take up to 52 weeks of statutory maternity leave. This is made up of 26 weeks of ordinary maternity leave plus an extra 26 weeks of additional maternity leave. If you give the correct notice period to your employer this means you are...Read more...
How to register as self-employed23/04/2019
Are you self-employed?
HMRC’s guidance says that you are probably self-employed if you:
run your business for yourself and take responsibility for its success or failure;
have several customers at the same time;
can decide how, where and when you do your work;
can hire other people at your own expense to help you or to do the...Read more...
Dealing with property income losses23/04/2019
Where a property business makes a loss, the loss can usually be carried forward and set against future rental business profits.
HMRC’s guidance is clear that any losses made in one rental business, cannot be carried across to any other rental business the customer carries on at the same time in a different legal capacity.
There is...Read more...
VAT and transfer of business as a going concern23/04/2019
The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate.
However, where the sale of a business includes assets and meets certain conditions, the sale will...Read more...
Corporation Tax for non-resident companies23/04/2019
Non-resident companies with a trading business in the UK are liable to pay UK Corporation Tax on their profits made through a permanent establishment/branch or agency.
If the non-resident company is deemed liable to pay Corporation Tax, then its chargeable profits are:
any trading income arising directly or indirectly through or from...Read more...
VAT registration thresholds23/04/2019
HMRC’s VAT Notice 700/1: should I be registered for VAT? has recently been updated. The update reflects the fact that the taxable turnover threshold, that determines whether businesses should be registered for VAT has been frozen at £85,000 from 1 April 2019. In addition, the taxable turnover threshold that determines whether...Read more...
Making an EU VAT refund claim23/04/2019
The VAT paid in other EU countries is often recoverable by VAT-registered businesses in the UK, who bought goods or services for business use. The exact rules of what VAT is refundable depends on the other countries' rules for claiming input tax. It is important to note that VAT incurred in foreign countries can never be reclaimed on...Read more...
Tenth anniversary of first Debt Relief Order16/04/2019
Debt Relief Orders (DROs) were first introduced in April 2009. The DROs assist people who have small levels of assets and insufficient surplus income to deal with debts under £20,000. In a news release published by the Insolvency Service we are told that in the last 10 years, more than 254,000 DROs have been approved for people with debts...Read more...
Estate Agents targeted16/04/2019
HMRC has launched an unannounced crackdown on money laundering regulation non-compliance by estate agents. This clampdown resulted in over 50 visits by HMRC staff to estate agents across England that were suspected of trading without being registered as required under money laundering regulations.
This crackdown includes targeting those...Read more...