Making Tax Digital for VAT – it’s getting closer (for most companies)
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 […]
Strengthening of UK and Israel trade relations – tax/pension benefits
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 […]
Brexit – what will happen with your EORI number?
Freezing of Indexation Allowance – what can be done?
Changes to Principal Private Residence relief
What is it? Principal Private Residence relief, or PPR, is a relief that enables taxpayers to sell their homes without having to pay Capital Gains Tax. What are the rules? To be eligible to claim this relief, the property being sold must be the taxpayer’s main residence. There are also detailed rules in connection with […]
Double Tax Treaties – a man’s best friend
What is a Double Tax Treaty? This is an agreement between two countries to prevent international double taxation. The UK has a double tax treaty with many countries (over 110 in total) to try to make sure that individuals and companies do not pay tax twice on the same income. This may happen when someone […]
Entrepreneurs’ relief – new test could save the day
What is it? Entrepreneurs’ relief (“ER”) is a valuable relief in the UK – if certain conditions are met, the rate of Capital Gains Tax on the sale of shares is just 10%, rather than 20%, subject to a maximum lifetime limit of disposal of shares up to £10m. What are the conditions? Previously, in […]
Making Tax Digital for VAT
What does Making Tax Digital for VAT mean? HMRC have introduced compulsory digital VAT filing and record-keeping requirements for all UK VAT-registered entities with an annual turnover of more than £85,000. This includes overseas businesses without a UK permanent establishment. What has actually changed? Businesses in scope will no longer be able to keep manual […]
The Brexit Backstop – Customs Union and VAT
It has been proposed that the UK will remain in what the draft agreement describes as a “single customs territory” with the rest of the Customs Union. UK and EU negotiators arrived at this solution as a way of avoiding a hard border between Northern Ireland and the Republic of Ireland (known as “the backstop”), which […]
