VAT on Disbursements

VAT is a complex and constantly changing tax and, within the legal sector, includes one of the most challenging areas - VAT on disbursements. The team at the AAB Group have clarified why confusion exists and how to make the right decision when posting disbursements to your ledgers.

Employment Related Security Reporting – 2022

As the end of the tax year is almost upon us, it is important for employers to consider their Employment Related Securities (ERS) reporting requirements.  

Phase Three of Making Tax Digital for VAT

Making Tax Digital (MTD) for VAT was initially rolled out for VAT registered businesses with turnover above the VAT registration threshold of £85,000 in April 2019.

Spring Statement 2022 Updates

'A new culture of enterprise' was one of the headings in the Chancellor’s 2022 Spring Statement. It went on to say that improving productivity is the only way to deliver sustainable economic growth and increase living standards. The statement then followed with a note reiterating the government’s three priorities: capital, people and ideas. The measures that were announced, some being repeats from earlier but some being new, did seem to follow those headings. 

Donations to Ukraine Appeals - Information for Charities

The humanitarian crisis in Ukraine cannot be ignored. Many of our charity clients have expressed interest in demonstrating their support and solidarity and have reached out to us to check what they should consider when deciding how that support should be given. 

Not-for-Profit Sector - Defined Benefit Pension Schemes

Defined Benefit Pension Schemes may be increasingly rare in wider society but they remain in many not for profit organisations.  

HMRC investigative activity is on the rise…

Tax investigations specialists have long anticipated increased tax investigation activity following the suspension of investigation work by HMRC during the height of the COVID-19 crisis. We are now seeing evidence of this increased activity being reported and the rise in investigative activity is expected to continue.  

Company Share Buybacks: Multiple Completion Contracts

HMRC has recently clarified its position on multiple completion company share buybacks.  

Blockchain technology and crypto assets

What is a blockchain? 

Tier 1 Investor Visas officially scrapped!

Priti Patel announced last month that the commonly known “golden visa” is officially scrapped with immediate effect, therefore preventing any new applicants.  

How is my crypto taxed? Surprising answers for UK residents and non-doms

In the increasingly digital world we live in, HMRC are simultaneously trying to keep up with, and crack down on, new ways of avoiding tax. Of particular significance, is the rapidly expanding cryptocurrency market, often making headlines for mind-blowing returns (and losses). Recent estimates suggest there are over 10,000 cryptocurrencies available on exchanges worldwide – although the top 20 cryptocurrencies make up nearly 90% of the total market. These include Bitcoin (BTC), Ethereum (ETH), XRP and Elon Musk’s favourite - Dogecoin.  

Preparing for the Health & Social Care Levy

Now that we are beginning to see life slowly returning to normal, the time has come for both employees and employers to pay back into the system that supported us all through the pandemic, with this being specifically targeted to pay directly back into the NHS, health and social care systems.

Pitfalls of Super-Deductions and First Year allowances

The Super Deduction allowance is an extremely attractive tax incentive allowing companies to achieve a 130% deduction in the year of expenditure on the cost of qualifying assets against taxable income which equates to 24.7p relief for every £1 spent. In addition, there is a first year allowance of 50% available for special rate expenditure which normally only attracts 6% (SR Allowance). Although these allowances are extremely attractive, it is also important to be aware of the potential pitfalls.

Q&A with Secret Takeaways

Secret Takeaways is an app dedicated to connecting consumers and independent takeaway restaurants with direct ordering, specifically for Click & Collect. Founded in May 2021, their mission is to eliminate the industry reliance on third party food delivery apps, enhancing the direct relationship between customer and restaurant.

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