Are you earning over £50,000? Are you or your partner in receipt of Child Benefit? If you answered yes to both of these, did you know that you have to pay back some of the Child Benefit via a Self Assessment Tax Return? What is High Income Child Benefit Charge? High Income Child Benefit Charge…
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10 Steps to Closing a Company
There may come a point when you no longer need to trade through a limited company, however as the business is a legal entity the process of closing a company is far from simple. This guide summarises the steps involved. 1. Stop trading. The company should undertake no further business and only allow transactions…
Domestic Reverse charge VAT for the Construction Industry
Brexit and the pandemic has paused many changes that the HRMC were planning to roll over the last year. This new rule will affect all VAT registered companies within the construction industry that report under the Construction Industry Scheme (CIS). The Domestic Reverse Charge VAT legislation is a change in the way CIS registered…
Capital Gains Tax Update
As if there hasn’t been enough to keep track of from the government and HMRC over the last few months, they have now introduced changes into the way you declare any Capital Gains, reducing the time frame in which you must report and pay. Capital gains tax is a tax on the profit (or ‘dispose…
Domestic VAT reverse charge on building and construction
Calling all companies in the construction industry! If you are in the construction industry, you need to be aware of changes to the domestic VAT reverse charge. From the 1st March 2021, the domestic VAT reverse charge must be used for most supplies of building and construction services. The charge applies to standard and…