Historic G7 agreement on global minimum corporation tax rate  Historic deal’ hailed The Group of Seven wealthy nations moved towards supporting US-backed plans for a minimum global level of corporate tax rate of 15% aimed at getting multinationals – especially tech giants – to pay more into government coffers hit hard by the pandemic. The […]

Temporary duty and Tariff suspensions for certain importing goods into the UK The UK government has announced plans to introduce a new tariff suspension scheme. This new scheme will help UK organisations become globally competitive. Duty suspensions for products which previously exist in the UK. It is under the EU suspensions regime have been carried

Closing EU € 7 billion VAT loopholes for sales through online marketplace The European Union introduced major VAT reforms aimed at closing an estimated €7 billion annual tax gap caused by ecommerce transactions. Particularly sales made through online marketplaces by non-EU sellers. The reforms were designed to ensure that VAT is properly collected on goods

How to withdraw money out of a limited company  There are a number of ways, a director can extract money from their limited company. taking money out of a limited company in one or more ways set up a limited company. For most directors, the optimum way to minimise personal tax liabilities. It will using

How to import goods from the EU to the UK after Brexit There are special procedures for importing goods into the UK. Following the end of the Brexit transition period, the process for importing goods from the EU effectively mirrors the process for all other international destinations. Businesses, especially those that only trade with EU,

European VAT new rules for cross border online sales made simple and easy Cross Border New VAT rules will take effect on 1 July 2021 to offer businesses cross border the EU a simple and easy. These rules simplify the existing VAT obligations. It will reduce the administrative burden for businesses engaged in cross-border online

Boost you business with a recovery loan £10 million Recovery loan scheme boost your business  The new Recovery Loan Scheme was launched on 6 April 2021. The new scheme allows businesses of any size to access loans and other kinds of finance between £25,000 and £10 million. The scheme will remain open until 31 December

Mortgage Guarantee Scheme One of the measures announced at the Budget was the introduction of a new Mortgage Guarantee Scheme to help home buyers purchase property. The scheme was officially made available from Monday, 19 April 2021. The new scheme is designed for prospective home buyers. Who only have a small deposit and are therefore

HMRC targets traders who are not registered VAT Registered VAT HMRC has written to businesses, which is trading above the VAT threshold. Currently who are not currently VAT register. HMRC have launched a campaign aim at VAT rule-breakers. As part of this campaign. They have confirmed that they will send letters and informing certain businesses.

Additional VAT assessment issued on time despite late receipt by taxpayer A recent tax case highlights an important procedural rule regarding the timely issuance of additional tax assessments. The limits of legal remedies within Dutch tax law. Background An administration and tax consultant, referred to as X, submitted a supplementary VAT return for the year