Claiming a Tax Refund under the Construction Industry Scheme

Claiming a Tax Refund under the Construction Industry Scheme What is CIS? The Construction Industry Scheme (CIS) is a government scheme that obliges contractors to deduct money from a subcontractors payment as advance payments for subcontractors tax and National Insurance Contributions (NIC). Contractors are required to register for the scheme, but subcontractors have the flexibility […]

Implications of not Complying with Tax Law

Neglecting the tax function can be costly for businesses. If HMRC finds an error and loses confidence in a taxpayer’s compliance, it may expand its inquiries into other tax areas, leading to increased taxes, penalties, and wasted resources. This scrutiny can also affect business sales, exposing vendors to price reductions and damaging reputations. To avoid […]

Spring Budget 2024

Key Summary The recent Spring Budget brought forth several significant tax reforms, particularly affecting individuals. Among these reforms, notable changes concern the taxation of non-UK domiciled individuals and property. Here’s a concise breakdown of the key Budget measures: 1. Non-domiciled status: The current ‘remittance basis’ tax system for non-UK domiciled individuals will be replaced with […]

Energy-Saving materials

HMRC is consulting on updated draft legislation to amend the scope of the VAT relief for the installation of energy-saving materials (ESMs) in residential accommodation. The proposed amendments will: reduced installations rate of ESMs in residential accommodation for recipients who are 60+ or receiving certain benefits, & for housing associations; remove the reduced rate for the installation […]

What is Stamp Duty Land Tax (SDLT)?

Stamp Duty Land Tax (SDLT) is a tax imposed by the UK government on purchasing properties and land in England and Northern Ireland. You will only have to pay Stamp Duty Land Tax if your purchase is over a certain price. SDLT was introduced by the Finance Act 2003; it replaced stamp duty with effect […]

Employee Ownership Trusts

Employee Ownership Trusts (EOTs)   EOT were promoted by the government to promote employee ownership by giving business owners the opportunity to avoid capital gains tax from selling their shares to an employee-owned trust. EOTs do not involve direct share ownership by employees, rather a controlling interest in company is transferred to an all-employee trust […]

tax changes

Changes in the UK Tax Regime 2022-2023

The only constant that remains in anyone’s life is change and the situation with the tax regime in the UK is similar. Every year the finance budget is introduced by the chancellor of the exchequer in March. The UK fiscal year begins on 6 April and ends on 5 April the following year while the […]

Late payers will face tougher penalties

HMRC is updating late payment penalty rules from the Finance Act 2021. The new regulations will let HMRC charge the second late payment penalty if tax isn’t paid within two years. This change stops taxpayers from avoiding the penalty by delaying payment until the end of the two-year period.

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