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Construction Industry Scheme make NI contribution The Construction Industry Scheme (CIS) is a set of special rules that affect tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’. It will need to aware of the tax implications of the scheme. Under the […]

New EU VAT rules to cost small businesses £180m in extra red tape Thousands of small ecommerce exporters are facing further headaches with the introduction on July 1  2021. New EU VAT rules that will cost at least £6,900 a year each. Which is roughly £180m in total. The rules have been introduced to tackle

Tax return service requirements for foreign income in the UK  UK Income tax If you are non-domiciled. You can file your UK income tax return on the arising basis (reporting world-wide income/gains) or the remittance basis (reporting non-UK income/gains only if remitted to the UK). If you have been tax resident in the UK for

Sole Trader VS Limited Company-What is better? When starting a small business, one of the first things to decide is the legal structure use for the business. It can either be a sole proprietorship or limited company or a partnership. Setting up as a sole trader is the most popular legal structure in the UK,

How the Marginal scheme works VAT margin schemes involve paying a reduced VAT rate on second hand items. It’s only paying VAT on the difference between the buying and the selling price. The margin scheme permits a company to pay 16.67% VAT rather than the standard 20% for eligible purchases. The 16.67% rate is only applied to the

Flat Rate VAT Scheme and UK Ecommerce Business What is the VAT flat rate scheme? Flat Rate VAT accounting scheme is a way of paying VAT. Whereby a business pays a fixed percentage of its annual turnover. Flat Rate VAT Scheme is an alternative way for limited companies to work out. How much VAT to

What is VAT retail schemes and how it works VAT calculation Before registering for a VAT retail schemes, you need to know VAT calculation. It is highly advise that a business seeks the help of a professional accountant. VAT can an incredibly different area. Especially when considering a high sales volume to the general public.

Amazon’s huge investment into the Australian retail market could see the American juggernaut claim almost a third of all online sales within 10 years. Analysts from Morningstar Equity Research forecast Amazon to account for about 25 per cent of local online retail sales, or five per cent of the total retail market, by 2030. The

Historic G7 agreement on global minimum corporation tax rate  Historic deal’ hailed The Group of Seven wealthy nations moved towards supporting US-backed plans for a minimum global level of corporate tax rate of 15% aimed at getting multinationals – especially tech giants – to pay more into government coffers hit hard by the pandemic. The

Temporary duty and Tariff suspensions for certain importing goods into the UK The UK government has announced plans to introduce a new tariff suspension scheme. This new scheme will help UK organisations become globally competitive. Duty suspensions for products which previously exist in the UK. It is under the EU suspensions regime have been carried