With increased globalisation, and information sharing agreements in place between countries, Governments are aggressively attacking companies using tax audits and assessments. They focus upon direct taxes, such as personal taxes of globally mobile employees or corporation taxes on intercompany transactions. Attention is also paid to indirect taxes, ensuring companies have correct processes dealing with customs duties, VAT invoices, payments and returns.
Given their close proximity and strong business ties with the UK, the Scandinavian countries of Norway and Denmark are two locations we frequently see UK companies operating in.
Back in April 2016, HMRC introduced a tax exemption for “trivial” benefits provided to employees. This exemption removes gifts to employees where the total value is £50 or less from reporting and any tax or National Insurance charge.
What do you think of when you hear the phrase “management accounts”? As someone who has had a career in accountancy for over twenty years, I think of the tool that we use to understand how my business has been performing for the last few weeks or months and where my business is today. However, I’m pretty sure there are many business people who see them as that pack of paper that either their accountant sends them a bill for, or their internal accountant prepares and you’ll get around to looking at when you’ve dealt with the 1001 other things that require your attention.
Crowdfunding is fast becoming the go-to solution for new businesses looking to raise a bit of extra capital. Following some notable success stories of crowdfunding appeals, surely there is no down side.
I recall in an early role in Financial Services, finding myself being exasperated by the constant re-emergence of a particular technology (and supplier!). This phenomenon has repeated itself several times since in much of my cost reduction and quality programmes.
Growth is a natural strategic objective for most businesses, as a means of creating increasing value and rewards for owners and employees. However, in our experience, prevailing political and economic uncertainty may be shaping behaviour towards low risk strategies such as reducing costs and improving operations, rather than producing growth. This inward view of an organisation can sometimes be exacerbated by external factors such as those faced during a downturn – and growth can even sometimes regarded as at the mercy of the economy, as a cyclical phenomenon that managers are powerless to influence.
Many CFOs are making do with existing processes and technologies because change is difficult when there’s work to be done and when the specific change that's needed isn’t obvious (I recall a project called “Summit” because the Director, a Yorkshireman, simply said "Summat 'as to change!").
As we are approaching another tax year, the DWP has announced proposed revised amounts for various statutory payments from April 2018. Note that though the DWP has yet to confirm the effective dates, the following reflects the position of most changes occurring on the first Sunday in April.
Anderson Anderson & Brown LLP (AAB) are proud to continue their engagement with the Scottish Oil Club to celebrate the Club’s 40th annual dinner in Edinburgh on 23 February.
The Marriage Allowance allows the transfer of up to £1,150 of unused personal allowance (£11,500) from one spouse or civil partner to the other. The tax saving could be as much as £230 for a couple in the current tax year.
Please pardon the tautology, but there is a great deal of movement going on in global mobility. Employees are more mobile than ever and this trend is set to continue.
For many organisations, the monthly financial close can be a daunting effort. In the run up to, and beyond, every month-end, finance teams frantically pull numbers together, check them for accuracy and completeness, and assemble them into a final set of management accounts and a set of board and regulatory reports. In many organisations the process is as clunky as it was 20 years ago or more.
From April 2019, the Treasury is proposing that gains made on any disposal of UK land and buildings by non-resident individuals or companies will be subject to UK tax. This is an extension of the existing provisions which currently apply only to disposals of UK residential property.
Since April 2016 we have seen more and more employers decide to voluntarily process their employee benefits through payroll allowing tax to be collected on a real time basis each payroll period rather than by adjustment to employee tax codes in the following tax year.
You will hopefully have seen our articles and posts in the past about the benefits of cloud accounting solutions like Xero and Quickbooks, which AAB are partners with. These are great solutions but only provide a snapshot of your finances based on historic data.
1. Consider reducing your taxable income below £100,000 or £150,000
