Blog | FKGB Accounting

28 Mar

Do you have a Permanent Establishment in the UK?

What is a UK Permanent Establishment? A Permanent Establishment (“PE”) is created in a situation where a business is mainly based/trading in an overseas territory, but it has a taxable presence in the UK. Full details as to what is classified as a taxable presence are detailed below. For non-resident companies, the liability to UK […]

25 Mar

Investing in UK property through an LLP

Shimon Vogel

There are many ways to invest in UK property – the most common ways to do so are as an individual or via a company. One other way to do so is through an LLP. What is an LLP? An LLP is a type of partnership. It is generally a preferred vehicle as it […]

14 Mar

UK Transfer Pricing

Shimon Vogel

What is transfer pricing? Transfer pricing is the pricing of the provision of goods, assets and services between connected parties. The test to determine whether two or more persons are connected for the purposes of UK transfer pricing legislation looks at “Participation in the management, control or capital”. This generally means greater than a 50% […]

07 Mar

VAT Flat Rate Scheme – a hidden gem?

Shimon Vogel

What is the VAT Flat Rate Scheme? Generally, when fulfilling their VAT obligations with HMRC, VAT registered businesses will deduct the VAT charged on their purchases from the VAT they charge on their sales to customers. The VAT Flat Rate Scheme enables businesses to pay VAT at a fixed percentage of VAT to HMRC (lower [...]

28 Feb

Opco-Propco structures – still beneficial or changes needed?

Shimon Vogel

What are Opco-Propco Structures? It has been very common for certain property rich businesses to set up what is known as Opco-Propco (Operating company-Property company) structures. The basic Opco-Propco structure operates by way of a sale and leaseback process. Opco sells the real estate to Propco for cash and Propco then leases the real estate [...]

25 Feb

Inheritance tax – relief for passing on main residence

Shimon Vogel

What is inheritance tax? When someone dies, inheritance tax is paid on their estate, which is calculated as their assets less any outstanding debts. The estate will owe tax at 40% on anything above the £325,000 inheritance tax threshold (known as the ‘nil rate band’). Nil rate band The nil rate band for inheritance [...]

21 Feb

R&D for SMEs – generous tax relief but sting in the tail from 2020?

Shimon Vogel

Details of the relief R&D tax relief supports companies that work on innovative projects in science and technology. It can be claimed by a range of companies that seek to research or develop an advance in their field. It can even be claimed on unsuccessful projects. Companies can claim Corporation Tax relief if their project [...]

18 Feb

Making Tax Digital for VAT – it’s getting closer (for most companies)

Shimon Vogel

What is it? Making Tax Digital for VAT introduces new digital filing and record keeping requirements for VAT. It is compulsory for all entities that are VAT registered in the UK and have an annual taxable turnover exceeding £85,000. See blog Making Tax Digital for VAT for full details. What is specifically required? There […]

14 Feb

Strengthening of UK and Israel trade relations – tax/pension benefits

Shimon Vogel

With Brexit on the horizon in the UK, policymakers in both the UK and Israel have been very active in ensuring that trade relations between the two countries continue to flourish in a post Brexit world. This has culminated in two very fundamental agreements being agreed in the past few weeks. Both have yet to […]

11 Feb

Brexit – what will happen with your EORI number?

Shimon Vogel

What is EORI? EORI is short for Economic Operators Registration and Identification System. EORI is an EU-wide system for the registration and identification of economic operators. Most customs declarations in the EU require that an EORI number be provided. If you're based in the EU, you need an EORI number to trade goods [...]

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