Introduction of the reverse charge for construction services has been delayed and now takes effect from 1 October 2020. A business supplying goods or services is normally required to charge VAT and declare this to HMRC. However, with some UK specified supplies, the supplier does not charge and collect VAT on the supply. Instead, the customer is required to account for output tax to HMRC. This VAT is recoverable, subject to the normal rules and the mechanism is called the reverse charge.
“Get Brexit Done” was the simple message that led to a Conservative majority in December’s general election. This has meant Boris Johnson’s ‘Brexit bill’ passed easily through the House of Commons. Indeed, the bill has now received Royal Assent so the EU (Withdrawal Agreement) Act is now place...
Many of you will be aware that the government introduced legislation, commonly referred to as “the loan charge”, in the Finance Act 2016 to address the tax loss to the Exchequer from disguised remuneration schemes. In accordance with the legislation, any loans taken since 1999 which remain outstanding on 5 April 2019 became taxable as income on that date.
From 6 April 2020 changes to the way UK resident individuals, trustees and personal representatives report the disposal of UK and overseas residential property come into effect. The changes will mainly affect those disposing of a second home, a rental property, or properties that have not been occupied as a main residence throughout the period of ownership.
Returning expats have many opportunities to plan to mitigate their UK tax exposure, provided that such planning is undertaken well in advance of their move to the UK. In this insight, we cover some of the key UK tax issues affecting British expats who are returning to the UK...
KPIs are a necessary component of managing any charity as they allow you to keep track of your strategic objectives, but how do you ensure they are aligned to your organisation’s goals and offer the Board the information they need?
Business Property Relief (BPR) is a very valuable Inheritance Tax (IHT) relief for privately owned businesses and was subject to a recent review by the Office for Tax Simplification (OTS). This Insight highlights some key points to qualify for the relief.