UK Tax & VAT Guides

As a business professional, you understand the pivotal role tax plays in shaping the financial success of your organisation. The UK’s tax system is renowned for its intricacy, presenting both challenges and opportunities that demand your attention and expertise. Our mission is to empower you with the insights, strategies, and up-to-date information necessary to make informed decisions, optimise your tax position and ensure compliance with the ever-evolving regulations.

In this comprehensive collection of expert guidance, we present the ultimate compendium: a curated assemblage of UK Tax & VAT Guides meticulously crafted to address your specific needs and arm you with the knowledge necessary to navigate the complex fiscal landscape.

Our team of seasoned tax professionals has distilled their expertise into easy-to-understand articles, industry insights, and actionable tips to help you navigate the labyrinthine tax terrain. Whether you’re seeking guidance on minimising tax liabilities, understanding tax implications of specific business transactions, or ensuring compliance with VAT regulations, you’ll find the answers you seek within our comprehensive guides.

Within these digital pages, you will uncover a wealth of resources tailored to address the intricate nuances of the UK tax landscape. From practical guides elucidating the intricacies of income tax, corporate tax, and capital gains tax to comprehensive explanations of VAT regulations and compliance requirements, our repository covers the breadth and depth of tax matters affecting businesses in the United Kingdom.

Who Has to Pay UK Tax & VAT?

In the United Kingdom, various professionals and businesses are liable for tax and VAT. Self-employed individuals, freelancers, contractors, and professionals such as consultants, lawyers, doctors, and engineers are subject to income tax on their earnings. On the other hand, limited companies and their directors are responsible for corporation tax on their profits. VAT obligations apply to businesses that surpass the VAT registration threshold, requiring them to register for VAT and charge it on eligible goods and services.

International trade can introduce additional VAT considerations. Businesses engaged in international transactions, whether with EU member states or countries outside the EU, must navigate import VAT and customs duties. Compliance with VAT regulations depends on factors such as the nature of goods or services, destination of exports, and involvement in intra-EU trade.

To ensure accurate compliance and optimise tax positions, seeking guidance from accountants or tax specialists is highly advisable. They can provide expert advice tailored to specific circumstances and inform businesses about evolving tax rates, allowances, and deductions. Understanding and meeting tax and VAT obligations is essential for professionals and businesses operating within the UK’s jurisdiction.

Everything You Need to Know About Tax in the UK

Embark on this illuminating journey through our UK Tax & VAT guides, tailored exclusively for business professionals like you looking to expand into this ever-thriving market. Unlock the power of tax knowledge, streamline your financial operations, and propel your organisation toward success in the complex world of UK taxation. Let us be your trusted companion as you navigate the intricate tax terrain, making your mark as a shrewd and informed leader in the business world.

With that said, let’s dive into everything you need to know about taxation in the UK:

Making Tax Digital for VAT

MTD has arrived, mandating digital record-keeping and tax submission for most UK companies. In this article, we discuss UK’s “Making Tax Digital” initiative and prepare for future tax changes while reducing errors and increasing tax revenue.

Learn all you need to know about the UK government’s MTD initiative here

UK Tax Thresholds

In a significant decision, the UK Government has implemented a substantial freeze on income tax thresholds, spanning an unprecedented four-year period. However, the consequences of this decision have proven to be less than favourable. Discover the potential impact of this change on individuals in our informative article.

Find out how the UK tax freeze might affect your business expansion plans here

A Global Business Tax? Here’s What That Might Mean

US President Joe Biden unveiled a plan for a 21% global business tax rate, but the UK and other allies don’t believe the plan is fair to businesses. As changes approach, obtaining expert advice on international and domestic tax affairs becomes crucial, so learn more in our article looking into global business tax.

Discover what a global business tax plan might look like here

Making Tax Digital Extended to All VAT-Registered Businesses

HMRC confirmed the extension of Making Tax Digital (MTD) to all VAT-registered businesses from April 2022. Explore who has been affected by this change and how you can utilise this system in our article.

Learn more about the effects of MTD extension here

Are You Prepared for Making Tax Digital?

Despite criticism, Making Tax Digital (MTD) proposals digitised tax reporting in the UK on a wide scale. If you plan to start a business or expand your business into the UK, don’t get caught out by this scheme. Learn more about it in our article.

Explore how you can prepare your business for the UK government’s MTD scheme here

OECD Accord Enables Raising Taxes on Sales

Over 130 countries signed a landmark OECD accord for international tax reform. The two-pillar agreement aims to ensure fair taxation of multinational enterprises, with reallocated profits and a global minimum tax rate of 15% by 2023. Find out more about what that means for your business in our article.

Learn more about the OECD sales tax accord here

What Does The UK Corporation Tax Rise Mean For Your Business?

The UK Spring Budget 2021 included a corporation tax rise from 19% to 25% in April 2023, tapering for profits above a certain threshold. Essentially, the measure aims to repair public finances affected by COVID-19 spending. Learn how that might affect your business in our article.

Discover how the UK corporate tax rise might affect your business here

Everything You Need to Know About the New Capital Gains Tax Rules

New Capital Gains Tax (CGT) rules took effect in April 2020, which required the need to file CGT returns and make advance payments within 30 days of property disposal. The policy affects various customer groups, and clear communication is crucial. Discover all you need to know about CGT rules in our article.

Learn all the important information about the new UK CGT here

How the Tax Reform for All Unincorporated Businesses Might Affect Your Business

HMRC’s basis period reform, aligning the tax basis period with the tax year end, will apply from 2024/25, impacting unincorporated businesses. It’s been estimated that over 528,000 businesses will be affected. Find out how your business might be affected in our article.

Discover how unincorporated businesses might be affected by tax reform here

HMRC Has Cracked Down on Overseas Tax Evasion

HMRC’s crackdown on overseas tax evasion has led to a 12-fold increase in admissions of unpaid tax. The crackdown is expected to intensify investigations to address the financial impact of the pandemic, while legislation changes and cross-border data sharing have provided more leads. Find out more about this crackdown in our article.

Explore what the HMRC’s overseas tax evasion crackdown means here

What You Need to Know About the Coordination of Targeted Tax Avoidance

Global tax authorities are proposing changes to transfer pricing to combat tax avoidance. Learn all you need to know about how tax authorities worldwide are targeting tax avoidance in our article.

Find out how tax avoidance is being tackled by tax authorities worldwide here