It is difficult the quantify the impact on UK businesses from Brexit until all negotiations with the EU27 and other jurisdictions are finalised. However, there is one clear benefit to UK VAT registered businesses that will be available from 1 January 2021 – Postponed accounting for import VAT.
The Scottish Government’s announcement in the early summer of a £62million support package to help deliver a net zero future was warmly welcomed across the Energy sector. Not only does this respond to and show real commitment and support to meeting Scotland’s ambitious climate change targets, it also demonstrates the importance of investing in the Energy sector at a time where a more traditional oil & gas industry faces the reality of longer term challenges.
The 2019 financial statements for Airbnb have recently been published and include a note confirming that it will share data with HM Revenue & Customs (“HMRC”) about the letting income earned by its hosts in the 2018 and 2019 tax years.
The global focus and dependency on fossil fuels and shift towards low carbon energy has been building for many years, but it has only in the last 18 to 24 months become a leading agenda item in national and international political arenas. It has been projected into our public conscious and government policies to such an extent that it is now inconceivable that it can be ignored or pushed aside any further.
There is no 'one size fits all' approach when it comes to protecting family wealth, passing this to future generations in an appropriate way, and at the ‘right time’. Setting up a Family Investment Company (“FIC”) is increasingly a popular choice for successful family business owners as part of their broader succession and tax planning strategy. Planning with trusts has a significant role in protecting family wealth for future generations, however with limitations placed on the value which can be settled into trust this typically forms only part of a plan in which FICs increasingly feature.
On Friday afternoon the government issued some updates to the guidance on the Coronavirus Job Retention Scheme (CJRS) and published new guidance for the Job Retention Bonus (JRB) alongside how it will interact with the new Job Support Scheme (JSS). The following information is a summary of the most important points to be aware of.
The past few months have been very challenging for the majority of businesses, large and small. Not just locally or nationally, but on an international basis, requiring owners, managers and directors to juggle various important factors such as staffing levels, financing options and cashflow implications, let alone the issues and changes arising in everyone’s personal lives.
Individuals relocating from, or to the US can face particularly challenging tax situations when compared to other jurisdictions, not least dual reporting requirements and very conflicting approaches to taxing the same sources of income or gains.