If you are a contractor, the Construction Industry Scheme (CIS) is something that you will need to familiarise yourself with to avoid falling behind and facing penalties.

Continue reading →

The labour and skills shortages across the UK and within hospitality are well documented, but even if you don’t know your cruet from your Creuset, opportunities may be opening up.Continue reading →

As the war in Ukraine rages, the Government has taken steps to crackdown on foreign criminals attempting to launder money through UK property ownership.

There has been much speculation about Russian oligarchs using London properties to launder money and the Government says it wants transactions to be transparent.

Now it has passed the Economic Crime (Transparency and Enforcement) Bill which received royal assent on 15 March and became an Act.
Part of the legislation allows for the introduction of a ‘Register of Overseas Entities’ that forces foreign owners of UK property to reveal their real identities.

How does the legislation work?
The register will require them to register their properties with Companies House, to ensure criminals cannot hide behind secret shell companies.

The measures will apply to foreign owners of UK property including a company or similar legal entity that is governed by the law of a country or territory outside the UK (overseas entity).Foreign property owner register to help crackdown on money laundering

It also applies to those who hold or control 25 per cent of the shares and therefore have a significant influence on voting.

Overseas entities will not be able to buy, sell, transfer or lease land, or create a charge against the land in the UK unless they’ve registered with Companies House.

Breathing space will be given to those who already own land in the UK and will be given six months to register their beneficial owners or managing officers, but not until the new register has been launched.

Who does it benefit?
The Government says the move will provide a level playing field with property owned by UK companies, who already need to disclose their beneficial owners to Companies House, by:

• Imposing sanctions for non-compliance, including restrictions on registering or disposing the title of the land.
• Applying it retrospectively to property bought since January 1999 in England and Wales and since December 2014 in Scotland.

How can overseas entities own land in the UK?
Beneficial owner(s) must register with Companies House, with the need for any information supplied to be verified. They will be given and ID number and will be required to update information annually.

To register title to land, an overseas entity will have to demonstrate it is registered and must comply with the duty to update information.

What are the penalties?
Stiff penalties such as daily fines and not being able to transact with their land will be imposed for non-compliance. This could amount to £500 per day or a prison sentence of up to five years.

For help and advice on tax and related matters please contact our team.

Businesses across the UK are feeling the squeeze of increasing energy bills and raw materials, especially as the inflation rate recently hit 9 per cent.

Continue reading →

The future of the hospitality industry will be in the spotlight next month when politicians and the movers and shakers in the industry come together for a key conference.

Continue reading →

With the price of fuel continually rising, along with the sale of new petrol and diesel cars ending in 2030, the popularity of electric cars is rocketing.Continue reading →

An increasing number of people are filing their Self Assessment tax returns early.

HM Revenue & Customs have reported that nearly 66,500 filed their 2021 to 2022 return on the first day of the new tax year on 6 April 2022.

This number equates to 30,000 more people filing early compared to 2018, which HMRC says could help taxpayers benefit from:

• An early rebate for any overpaid tax from the 2021 to 2022 tax year.
• Spreading the cost via direct debit. They can set up a Budget Payment Plan service with HMRC to set up weekly or monthly direct debit payments.

Customers have been able to file their 2021 to 2022 Self Assessment tax return since 6 April. And while many wait until nearer the annual filing deadline on 31 January, for some it is an opportunity to beat the last-minute rush and get it done as soon as they can, while they have the relevant information to hand.

Customers can file their tax returns online, but tax matters can be complicated and it would be a wise move to make sure your accountant does this on your behalf.

What happens if I get it wrong ?

Your tax return must be accurate in terms of figures, dates, your status and any relief you are eligible for.

Get it wrong or miss the filing deadline and you could incur penalties, which will increase if you delay in correcting the situation. That is where the accountant can take the stress away.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “You don’t need to wait for the January rush to send us your tax return. More and more people are getting theirs out of the way early – search ‘Self Assessment’ on GOV.UK to get started.”

Earnings and payments received during the pandemic will need to be reported on the tax return meaning customers must declare any grants or payments from the COVID-19 support schemes received between 6 April 2021 and 5 April 2022 as these are taxable.

For help and advice on filing returns and other tax matters, contact our expert team today.

When it comes to running a business, knowing your numbers is essential if you are to successfully achieve your goals.

Continue reading →

If you are a contractor working in the construction industry you are likely to rely on the services of subcontractors – but what rules do you need to consider when paying them?Continue reading →