UK
Frozen tax thresholds pull more Britons into higher rates As the global recession rumbles on, the UK Government has effectively utilised stealth to increase the group subject to its highest rate of Income Tax, being 45%. The retention of the frozen tax thresholds has led to a 50% increase in…
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High Potential Individual visa scheme to import new talent to the UK May 2022 saw the introduction of the High Potential Individual visa to the UK. This new route into the UK is a small part of a broader set of global mobility schemes, designed to attract overseas talent. The…
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Tax Reform for all Unincorporated Businesses An HMRC tax reform that will change the basis period for all unincorporated businesses to 5th April is delayed but still due. The changes will mean that businesses will be taxed on the profit or loss for the year ended 5th April regardless of the…
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Making Tax Digital extended to all VAT-registered businesses HM Revenue & Customs (HMRC) has confirmed that Making Tax Digital (MTD) will be extended to all VAT-registered businesses from April 2022. Changes will apply to the approximately 1.1m VAT-registered businesses with taxable turnover below the current VAT threshold. The move comes…
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Increase in Registered Companies Indicates a UK Wide Start-Up Boom The largest start-up boom in the UK for the past decade has been one of the unexpected results of the coronavirus pandemic. New businesses have been created in response to necessity, the changes to work and lifestyle, and the opportunity…
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Winding Down: Changes to the Coronavirus Job Retention Scheme The Coronavirus Job Retention Scheme has been extended until 30 September 2021 while simultaneously being wound down. The level of grant available to employers under the scheme stayed the same until 30 June 2021 but has now started to reduce.…
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UK 2nd in the world for foreign direct investment according to UN report Global flows of foreign direct investment have been severely hit by the COVID-19 pandemic but the UK is amongst those nations leading the way back. In 2020 foreign direct investment (FDI) fell by one third to $1…
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National Insurance Contributions for Employees Working Abroad UK businesses whose employees are working abroad may now apply to HMRC to find out if they need to continue paying National Insurance Contributions. The service was updated in January 2021 and applies if you’re sending one or more employees to work temporarily…
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Extended Loss Carry Back – help for businesses In an effort to provide further aid for businesses struggling with the coronavirus pandemic, the government has extended the period in which trading losses can be carried back for tax relief purposes. The Extended Loss Carry Back measure announced at Budget 2021…
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National Insurance contributions relief for employers who hire veterans From April 2022 onwards, employers will be able to apply for National Insurance contributions relief if they hire veterans. The relief will be available in real time through PAYE for 12 consecutive months from the veteran’s first day of civilian employment.…
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Deferred VAT Deadline Looms Businesses that deferred their VAT payments last year have less than a month left to join an online payment scheme. Payments deferred from the early stages of the pandemic which remain outstanding need to be paid by the end of June in order to avoid penalties. …
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Biden’s global business tax plan President Joe Biden’s plan for a 21 per cent minimum global business tax rate has been met with resistance from the UK chancellor Rishi Sunak. Though there is considerable opposition pressure on the chancellor to endorse the US plan, Sunak said he would consider a…
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COVID-19 litigation surge awaits UK companies A surge in contract disputes and employment-related litigation may be about to hit UK companies, according to Insurance broker Gallagher. Possible allegations include workplace-related safety violations and negligence, as well as unfair dismissal and discrimination following job losses. The survey, which was conducted last…
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Changes to off-payroll working (IR35) rules The new off-payroll working (IR35) rules came into force on the 6 April 2021. Though payments relating to work or payments made before 6 April 2021 are not affected, the new rules need to be considered for all payments made on or after 6…
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UK Budget 2021: A summary of key announcements Chancellor Rishi Sunak has announced his Spring 2021 Budget promising further support for Covid-hit businesses and workers. As well as supporting and boosting industries ravaged by the coronavirus pandemic, the announcement also looked ahead to the difficult process of repairing the public…
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Disrupting a disruptor: The implications of the Supreme Court’s Uber ruling The UK Supreme Court has ruled that Uber must classify its drivers as workers rather than self-employed contractors. The decision could threaten the position of an already unprofitable company and will have far-reaching HR and tax consequences for the…
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Tax relief for working from home Working from home has become the new normal for much of the UK workforce. During the first national lockdown in 2020, the Office for National Statistics recorded that nearly half of those in employment (46.6%[i]) performed some work at home. Not all of that…
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Funding the journey to ‘the promised land’ Over the course of my twenty-year career as a business school academic, and the co-founder of Cambridge’s largest technology accelerator, I have been fortunate enough to mentor over 250 high growth ventures. I’ve witnessed spectacular success in the form of IPOs and nine-digit…
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In Utmost Good Faith In these challenging times, we are all looking for surety and stability and of course financial security. The principle of an Insurance policy, be it for your car, your home, your business remains the same in that it can be relied upon to provide financial protection…
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Land and Expand part IV - Local Country Incorporation As we reach stage 4 of our Land & Expand journey, our attention turns to incorporation and an overview of what should be considered. We have chosen to focus on the UK however, the underlying approach varies little between countries and…
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Corporate Compliance, Best Practice and Company Secretaries The role and duties of the UK Company Secretary are often overlooked by a board of directors focussed on managing an SME, especially in the current climate. This is heightened by the fact that said SMEs are not required to appoint a company…
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The United Kingdom consistently ranks as a magnet for global entrepreneurs year-in, year-out. With its thriving markets, robust legal framework, and welcoming attitude towards startups, it's no surprise that British cities continue to become popular among ambitious professionals worldwide. As a premier global PEO, we understand the significance of well-informed…
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Global Mobility and UK Tax Global mobility remains restrained today. However, despite the current pandemic, some businesses are taking those first tentative steps to place key players overseas, driven by the need to ensure business survival. From the perspective of those on the move, what does this mean to employer…
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Case Study: Relocation from Germany to Richmond, London during COVID times We were referred these VVIP clients and asked to support their relocation to the UK at what was a very tricky time, both domestically and internationally, due to the COVID outbreak. The UK had recently imposed quarantine measures for…
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Corporate Criminal Offence investigations continue despite pandemic HM Revenue & Customs (HMRC) has 10 live corporate criminal offence (CCO) investigations according to new statistics. The UK government department also has a further 22 live opportunities currently under review. It has opened one new investigation since December 2019. Wide ranging investigations…
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Investors, innovators, start-ups and talent – UK work-based visas There are currently four UK work-based visas available for investors, business development and talent. Having the correct Visa in place is essential if you are looking to expand your business to the UK. Understanding which is the most appropriate is the…
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Chancellor's Summer statement A temporary cut in the sales tax from 20% to 5% has been announced by the UK government for attractions, meals and accommodation. Chancellor Rishi Sunak proposed the measure during his Summer Statement in order to provide relief for some of the sectors worst hit by the…
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A Companies House publication has been released explaining how filing requirements will change as a result of the UK government’s coronavirus (Covid-19) support measures. The document has been produced to provide guidance on how the measures introduced by the Corporate Insolvency and Governance Act and The Companies etc. (Filing Requirements)…
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The government has proposed a flexible way out of furlough for the millions affected. As of the 14th June, approximately 9.1 million jobs from 1.1 million employers were furloughed in the UK. However, the sheer cost of the Coronavirus Job Retention Scheme (CJRS) means it will have to change in…
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In a single year, HM Revenue & Customs’ (HMRC) crackdown on overseas tax evasion has seen a massive increase in the number of people admitting to not paying tax. According to a Freedom of Information (FOI) request, 867 British expats declared they failed to pay the amount they owed in…
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Changes to regulations mean that workers will now be able to carry over untaken annual leave into the next two leave years. This applies where they have been unable to take leave due to the COVID-19 pandemic. In this article Andrew Brierley, Briars Group Chairman, takes a look at the regulations,…
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Company directors, along with everyone else, are living in a new world. The global response to the coronavirus outbreak has reshaped the business landscape. Even once the immediate Covid-19 crisis has passed, no-one can be certain what the new-normal will be. However, despite the instability, we are all still required…
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What has changed? From 6 April 2020, the requirement to provide a written statement of terms and conditions extends to workers, not just employees. This now includes casual and zero hours workers. Employers must provide their workers and employees with their written statement on or before their first day of employment, no…
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Under new Financial Conduct Authority proposals published this week, nine out of ten firms will have until the end of 2020 to pay their regulatory fees and levies. The concessions have been made to smaller advice firms in light of the coronavirus pandemic. The proposals published by the FCA stated…
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The UK government’s loan scheme to assist businesses hit by the coronavirus outbreak has been overhauled. Initial measures, including government guaranteed loans amounting to £330 bn were announced in response to the disruption caused by COVID-19. However, several problems with the scheme have since been identified and changes have been…
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The Government have issued a range of measures to assist businesses in the UK following the coronavirus outbreak here. We have produced an initial report and a more detailed look at CBILS, but what follows is a brief summary of the measures being offered: Job Retention Scheme to reduce the…
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The UK Government has set out a package of temporary interventions to support people and businesses during the period of disruption caused by COVID-19. This package, which has been published in full on the gov.uk website, includes: a Coronavirus Job Retention Scheme deferring VAT and Income Tax payments a Statutory…
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You might have heard about IR35 changes planned for April 2023. However, in October 2022, Chancellor Jeremy Hunt announced he would scrap most of the unfunded tax cuts predicted in the mini-budget, which also affects IR35. As of July 2023, there have been no changes regarding the IR35 legislation, and…
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The planned changes to the UK’s Inland Revenue 35 (IR35) Laws are intended to create a clear distinction between independent contractors and full-time employees. By determining employment status, HMRC hopes to ensure that proper tax contributions are obtained. In order to achieve this, IR35 shifts the responsibility for determining the…
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A no-deal scenario Freedom of Movement is due to end in the United Kingdom on 31st October 2019. As with everything Brexit related, this is not certain. At the time of writing, no Brexit deal has been reached between the UK and the European Union. The UK’s deadline may be…
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Through a Time Window, Darkly In April 2020, new rules will be taking effect regarding Capital Gains Tax (CGT). The policy change from HMRC aims ‘to improve collection of CGT by reducing error and increasing compliance; customers will have 30 days following property disposal to file their return and make…
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Identity and security In March 2019 a Lithuanian man was convicted for stealing over $100 million from Google and Facebook through a wire fraud scam. Evaldas Rimasauskas impersonated an Asian hardware vendor and, over a three-year period, sent fraudulent invoices for items that had never been sold or provided. The…
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Open All Seasons The sun never stops shining. Businesses that have expanded to the UK will be familiar with the local unpredictable weather. They will also understand that, though you can’t always see it, the sun rises every day. Whether obscured by Atlantic cloud or London fog, the sun still…
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