Exploring Joint Ventures from Every Angle

Joint venture audit can result in real savings in the oil and gas industry, writes accountant IAN MCPHERSON of AAB, and it may well have applications in other sectors too.

When is a ‘Van’ a Van?

A recent court case has highlighted the classification of a VW Transporter Kombi van for Benefit In Kind purposes. The introduction of double cab pick-ups and Kombi vehicles has long sparked debate over whether they qualify as a car or a van, due to the dual purpose of transporting goods, yet also having the capacity to transport multiple passengers.

Trust Registration Service

HMRC has launched their new Trust Registration Service (“TRS”). This is intended to be a single online point of access for Trustees and agents of all Trusts with a UK tax exposure.

Introduction to Preparing Accounts Using the Charities SORP Training

Volunteering to be a charity trustee is a worthwhile and rewarding role which many people willingly undertake.  This role brings with it a number of responsibilities and duties which need to be undertaken with care and diligence, including a requirement to prepare a Trustees’ Report and Accounts each year.

Construction Industry Scheme – Avoid the Fine

Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HMRC. The deductions count as advance payments towards the person’s tax and national insurance bill. Contractors must register for the scheme, but subcontractors don’t have to register, although deductions are taken from their payments at a higher rate (30% versus 20% or 0%) if they’re not registered.

Termination of Foreign Services Exemption

On 10 August 2016 the Government published consultation on draft legislation to simplify the tax and National Insurance (NICs) treatment of termination payments.

Have you assigned employees to work in The Netherlands?

If you already have assignees working in the Netherlands or, are proposing to send employees to work either offshore or onshore in the Netherlands you should be aware of potential additional employment tax costs. The additional taxes if not anticipated, can negate any expected profit margin on a project and so forward planning is critical.

Charity VAT – Maximising reliefs

“We are a charity, we don’t pay VAT!” 

Avoiding the Eye of the Storm- How to Make Sure Your Seafarers Claim is Valid

We are aware that HMRC are looking into Seafarers claims in more detail as a result of the downturn in the oil and energy sector. Many vessels that were previously active have remained in dock or have embarked on shorter trips.

Failure to Prevent Tax Evasion - A New Corporate Criminal Offence

The Crime

Introduction of VAT in the Middle East – Seminar

The introduction of VAT in the GCC from January 2018 will be a significant change for businesses operating in the region. Local specialists have come to the UK to run this seminar. They will guide you through the rules that are to be implemented and will explain to you what is known now given that some of the countries have issued their legislation/guidance and what developments are expected in the near future. The seminar will help you to assess the impact, in planning for the practical implementation steps required and allow you to avoid unexpected VAT costs arising. Specifically, we will cover:

Have your employees received their Tax Assessment Notice (TAN)?  What should they do with it?

Following on from our previous blog on TANs, we follow up with further information on what should happen with them.

Have you had employees or sub contactors working in Norway?

It is mandatory for all individuals if they have been working in Norway, regardless of how long, to file a Norwegian income tax return. However, the Norwegian income tax return has a key difference from a UK income tax return in that it does not include special pages or an in built calculation to determine the amount of tax that is due for the year.  Therefore, the Norwegian tax return does not show the tax that is due and cannot be used as the evidence to verify the amount of Norwegian tax that a person has paid.

Employed or Self Employed… The Age-Old Debate Rages On

There have been a number of court cases recently concerning the importance of distinguishing the employment status of a worker. Where such cases are taken to the courts and the individual has been incorrectly treated as a subcontractor and, as a result, not received entitlement to basic employment rights, this can result in large penalties being charged to the business.

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