Ecommerce Accountants
The government plans to increase dividend tax by 1.25 percentage points, which means investors will have to pay more on the money they get from owning company shares. The announcement, made on 7 September, came alongside proposals for a 1.25 percentage points change in National Insurance rates, and a watered-down state pension increase for retirees …
New increase on dividends and National Insurance rate in the UK Read More »
HM Revenue and Customs (HMRC) will begin a phased launch of the Customs Declaration Service (CDS) in August 2018. CDS will replace the existing Customs Handling of Import and Export Freight (CHIEF) system, with all declarations taking place on CDS from early 2019. CHIEF currently processes declarations to facilitate the international movement of goods between …
Securing a UK business bank account for non residents is a challenging, often frustrating task for many business owners who are based overseas. Whilst a non-UK resident can easily register a limited company in the United Kingdom, they often run into complex snags trying to open an account to support the business. This is frustrating …
How to Open a UK best Business Bank Account for Non-Resident Businesses Read More »
At the end of July 2021 eBay launched its much-anticipated fulfilment service to its UK sellers. The end-to-end fulfilment service, which was first introduced in Germany last year, will provide UK sellers with greater logistical management and seller protection. Not only will consumers be able to keep their items in eBay warehouses, but they will …
The Construction Industry Scheme (CIS) is a set of special rules that affect tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’ and will need to be aware of the tax implications of the scheme. Under the CIS, contractors are required to deduct …
Thousands of small ecommerce exporters are facing further headaches with the introduction on July 1 2021 of new EU VAT rules that will cost at least £6,900 a year each which is roughly £180m in total. The rules have been introduced to tackle an estimated €7 billion a year in VAT fraud by importers based …
New EU VAT Rules to Cost Small Businesses £180m in extra red tape Read More »
If you are non-domiciled you can file your UK tax return on the arising basis (reporting world-wide income/gains) or the remittance basis (reporting non-UK income/gains only if remitted to the UK). If you have been tax resident in the UK for 7 of the 9 previous tax years you will need to pay a Remittance …
Tax return service requirements and UK tax pay for foreign income in the UK Read More »
When starting a small business, one of the first things to be decided is the legal structure used for the business. It can either be a sole trader or limited company or a partnership. Setting up as a sole trader is the most popular legal structure in the UK, with approximately 3.5 million sole proprietorships …
VAT margin schemes involve paying a reduced VAT rate on second-hand items and only paying VAT on the difference between the buying and the selling price. The margin scheme permits a company to pay 16.67% VAT rather than the standard 20% for eligible purchases. The 16.67% rate is only applied to the difference between what you paid for the …
How the Margin Scheme works and when you can use it for sales of second-hand products Read More »
What is the Flat Rate VAT Scheme? Flat Rate VAT Scheme is a way of paying VAT whereby a business pays a fixed percentage of its annual turnover. The Flat Rate VAT Scheme is an alternative way for limited companies to work out how much VAT to pay HM Revenue and Customs – a perk …