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Business in Hong Kong

Adam Wilson

Adam Wilson

I have just returned from Hong Kong where I attended the 2015 IAPA (International Association of Professional Accountants) International Conference and AGM, over a period of five days, which also incorporated the Asia Pacific and the Australian Group Conference’s as …

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Latest Press

AUTUMN STATEMENT: Business Rates devolution will not ease retail burden

The Chancellor announced in his Autumn Statement that as part of the devolution strategy decisions relating to business rates will now fall to local authorities. However, according to a statement released by top 20 UK accountancy firm, Wilkins Kennedy LLP, business rate devolution will not create a fairer system for the tax on a national level. The retail industry stumps up the most cash of all UK business sectors, with £7.8bn spent last year on business rates.  Not surprisingly, London and surrounding areas footed most of the bill. But in an effort to review the rates system, the Chancellor has announced that he will now devolve powers concerning business rates to local authorities. 

Tax Dates

30 November 2015

Deadline for final claims for double tax relief for qualifying UK gambling duties

31 December 2015

Last day that Annual Investment Allowance remains at £500,000 before reverting to £200,000

WK Tax Factor

Prompt Payment Discounts

From 1st April 2015 VAT law in connection with prompt payment discounts is changing. The changes will not only affect those businesses that offer prompt payment discounts to customers but also those who receive invoices offering a prompt payment discount.

The current VAT legislation is relatively simple with the amount of VAT declared on the invoice as well as the amount of VAT the recipient of the supply can treat as input tax being calculated on the discounted price.

The amount of VAT does not change even if the prompt payment discount is not taken up by the customer.  - See more 

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