“Businesses should be careful that they are not taxed both in the UK and overseas. The UK has double taxation agreements with most countries to mitigate double taxation, and to ensure that tax is paid in the correct country.
Our International Tax Team can help ensure your business pays the correct amount of tax, and that double taxation relief is claimed where necessary.”
“Good investment advice typically considers balance in your portfolio of investments. With diversity comes complexity in terms of inheritance tax, asset protection etc.
Remember to consider the future family wealth as your portfolio grows.”
“Widening share ownership remains an excellent strategy for recruiting and retaining key staff.
Share options, employee ownership trust and growth shares are key potential solutions for employers.”
“Stock markets have thankfully recovered from the lows of last year.
Have you considered the Inheritance and Capital Gains Tax implications for your portfolio?”
“Many businesses use surplus cash generated from successful trading to invest in property, the stock market or other investments.
Whilst commercially this makes sense, it can produce some adverse tax consequences. Our EQ Taxperts can review your business structure and risk profile which could significantly improve the position.”
“As pension tax breaks are set to diminish, don’t forget the humble ISA.
This potentially tax-free investment vehicle can be an effective way of building wealth, though separate investment advice should always be taken.”
“UK businesses that employ staff overseas should be mindful of their PAYE obligations. If staff are employed full time overseas, HMRC may not ask for PAYE to be withheld from the employee’s salary.
However, advice should be sought to ensure your business complies with PAYE regulations to avoid HMRC penalties.”
“In our experience, too many tax enquiries go on for too long and both HMRC and tax advisers adopt adversarial positions.
Enquiries are easier to resolve by creating a dialogue between the parties, and our Tax Enquiries & Investigations team has years of experience to ensure the whole process is as stress free as possible for you.”
“If you deferred your payment to HMRC for VAT returns due between 20 March 2020 to 30 June 2020, and still have payments to make, you only have until Monday 21 June to join the VAT Deferral New Payment Scheme.
The Scheme lets you pay your deferred VAT in interest free monthly instalments otherwise you must pay in full by 30 June 2021 to avoid interest and penalties.”
“The April 2022 deadline for VAT-registered businesses with a taxable turnover below £85,000 to join MTD for VAT will be here before you know it. Why not prepare now?
Speak with our MTD Taxperts to make sure you are using the correct software to submit your VAT returns and get started.”