To Disclose or Not To Disclose

In recent years, various ‘disclosure campaigns’ have been implemented by HM Revenue & Customs “HMRC”, providing individuals and businesses the opportunity to unveil any irregularities in relation to their income tax, PAYE/NIC or VAT affairs. The campaigns present an ability for individuals or businesses, who have either inadvertently underpaid tax or intentionally failed to declare earnings, to rectify the situation with HMRC, although you can make a voluntary disclosure to HMRC at any time without the need for a campaign to be in place.

Expenses & Benefits Specialist Training - Be Prepared with AAB

In what is a continually challenging market, successful businesses need to be cost aware whilst seeking more competitive efficient ways of working. 

Employee Remuneration – Not a golden idea!

We have seen many different ways in which employers wish to reward their staff including payment of regular salary benefits, employee share schemes and pension contributions all of which are taxed through payroll P11D’s or the business’ PAYE Settlement Agreement (“PSA”), however, one employer has gone that step extra, gold bullion bars! It’s not cash, so no tax or NIC’s were paid on it. However, HMRC got wise to this and took the employer to court where it has been viewed by the General Anti-abuse Rule advisory panel that this has been purely to avoid associated tax payments and therefore ruled that rewarding employees with gold bullion bars is not an accepted method of remuneration.  

Indirect Tax Considerations for International Trade

 Indirect taxes are increasingly becoming the “go-to” fiscal measures for Governments.  In the last six months, we have seen India introducing a comprehensive dual Goods and Services Tax (GST) and VAT being introduced into the GCC states, with the UAE and Saudi Arabia leading the way from 1 January 2018.   Cross-border trade can throw up significant indirect tax issues for businesses.  If not planned for correctly, VAT and customs duty considerations can have an impact on the supply chain which can affect your profitability. 

Appendix 5 Net of Tax Credit Scheme and Dynamic Tax Codes: HMRC are now reacting to the problem

Further to our earlier blogs on this area, AAB’s Carol Sim is pleased to provide a positive update on the issues created by HMRC’s changes.

Are you an employer who operates a Net of Tax Credit Scheme? Have your employees received K codes from HMRC?

If any of your employees have received tax codes that contain a K code and you operate a Net of Tax Credit (Appendix 5) Arrangement, then these may be incorrect.

VAT in the UAE – VAT Risk Management Seminar

In advance of the introduction of VAT into the United Arab Emirates on 1 January 2018, Crowe Horwath International (CHI) are hosting a VAT Risk Management Workshop at the Taj Hotel in Business Bay in Dubai on Monday 25 September 2017.    

Vinyl Junkie?

I recall in my youth accumulating thousands of vinyl records. The addition of a wife and family meant space became a premium. Eventually, I “bowed to pressure” and got rid of the bulk of my collection. Thankfully though, I can now access my entire collection digitally through cloud streaming sites like Napster or Spotify.

Consultants, why use them?

In the past, business leaders and managers may have tried to deal with the majority of their issues internally, as asking for external assistance may have been perceived as a sign of potential weakness or lack of knowledge and insight in addition to being expensive and beyond the businesses means. In more recent times, reaching out to business advisors and consultants is much more widely accepted. 

Working Overseas? Reviewing the Draft Contract

Our second blog summarised the importance to us of “Understanding the Project” when any clients work internationally. Once we understand what the work involves, we then normally require sight of the draft Contract. This is crucial for two reasons:

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