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By Jie Su and Maria Kotova Individual income tax (IIT) is a very important part of payroll management. In both China and the UK, the tax treatment for resident taxpayers and non-resident taxpayers is different. Therefore, knowing whether you are a tax resident of the two countries is important. Dezan Shira & Associates and HW Fisher are qualified tax advisors and address […]
The global recorded music market grew by 7.4% in 2020, the sixth consecutive year of growth according to IFPI, the organisation that represents the recorded music industry worldwide. Figures released recently in IFPI’s Global Music Report show total revenues for 2020 were US$21.6 billion. Streaming is a dominant force in that growth. Paid subscription streaming […]
This month’s digest provides an update on some of the top articles, reports, news, and events for Not for Profit (NFP) organisations. Carol Rudge shares her opinion on governance in the NFP sector, looking at how directors can report the successes of their organisations, as well as how to achieve effective diversity on boards. On […]
Love Island, the British summer TV hit, has traditionally been an influencer accelerator for the contestants that enter the villa each year. As their social following increases exponentially, more brands will be looking to work with the Islanders, but it’s not always smooth sailing with a number of financial and tax considerations that need to […]
Are you one of the 1.3 million employers who claimed Coronavirus Job Retention Scheme (furlough) monies from HMRC from March 2020 as a result of lockdown following the global coronavirus pandemic? If so, what possible implications might you face from HMRC as they seek to scrutinise and follow up on possible incorrect or fraudulent claims […]
Gerry Myton leads our indirect taxation team and specialises in not only VAT, but also duty matters. He began his career with Her Majesty’s Customs and Excise, the precursor to HMRC, before moving into positions within UK Top 40 accountancy firms. We asked Gerry to share his career highlights, how he stays up to date […]
In this monthly digest, Gerry Myton brings the latest updates from HMRC – including their recent business brief offering guidance on the repayment of VAT to overseas businesses not established in the EU and more detail on the new reduced VAT rate for hospitality. Since the Brexit transition period ended, HMRC implemented staged border controls […]
It has been a busy month for the Not-for-Profit sector! This month’s digest highlights some exciting events hosted by the Charity Finance Group and the Charity Tax Group, addressing the impending challenges and opportunities for the sector. In addition, we have included two interesting articles about the post-pandemic scenario, focused on office environments and employees. […]
Revenues generated by the music industry peaked in 1999, mostly due to the physical CD market. In stark contrast, the industry reached an all-time low by 2014, propelled by piracy driven declines (even though music downloads had been growing for a decade). Fast forward to 2021 and access to music has never been easier and […]
Helen James specialises in transaction services and corporate finance, dealing with all areas of transaction services, including vendor and purchaser due diligence, acting as reporting accountant for companies looking to list on the Alternative Investment Market (AIM) and preparation of business plans or financial forecasts. Following a busy start to 2021, Helen shares her analysis […]
A few years ago, I was lucky enough to spend a fair amount of time on the beautiful island of Barbados. So when the Barbados government announced the launch of the Welcome Stamp visa to encourage remote workers to spend twelve months in Barbados, I must confess, I was more than a little tempted. Pre-COVID, […]
To gain more insight into the world of search funds, from someone who has been involved in search funds for many years and has experience from both sides (of being a searcher and an investor), we spoke to Simon Webster. Simon was the first person outside North America to create a search fund. Having learnt […]
If you own and run a Furnished Holiday Let (“FHL”) now would be a good time to take stock of the key points and whether any of the below elections may assist you with the issues caused by Covid-19. As with many tax regulations, it’s easy to be blinded by the detail and it is […]
by Gerry Myton, Partner – Head of Indirect Tax What changes are being made? Brexit has resulted in several major changes for UK businesses who are involved in the movement of goods outside the UK. From the 1st January 2021, any movement of goods outside the UK is treated as an export. Exports are zero-rated for […]
HMRC have recently released a new brief which discusses HMRC’s policy on the VAT treatment of charging electric vehicles and an entitlement to recover VAT on the cost of charging. VAT Treatment of Electric Vehicle Charging in Public Places Businesses have sought clarification from HMRC with respect to the correct VAT treatment of supplies of […]
The government has released a document outlining the current rules for basis periods and setting out a specific proposal to simplify them. The proposal affects the self-employed, partnerships, trusts, and estates with trading income. For the last 25 years sole traders and partnerships have had a well understood arrangement- the taxable profits are based on […]
The Self-Employment Income Support Scheme (SEISS) grant has helped millions of self-employed people across the UK whose business and income has been affected by the pandemic. Applications for the fourth round of grants ended at the beginning of June 2021 but a fifth round is on its way later this month. If you think your […]
Since its launch, the WealthiHer Network has made significant progress in supporting women’s economic advancement by equipping them with the knowledge they need to prosper and rise. The “RISE: Female Financial Futures Reimagined” event hosted by the WealthiHer Network was a continuation of that conversation, taking place at The Ned, where the network was launched […]
The establishment process varies based on one’s chosen investment structure and planned business scope. For example, setting up a manufacturing FIE requires an environmental evaluation to be completed, setting up a trading FIE must comply with the customs/commodity inspection requirements, and setting up simple services FIE may require neither. Establishing a foreign investment structure in China generally […]
Does it make sense to use a Holding Company? Many companies choose to establish holding companies, or “special purpose vehicles”, in jurisdictions, such as Hong Kong or Singapore, to hold their Chinese entity. Holding companies allow for an additional layer of distance between the Chinese subsidiary and parent company and can “ring-fence” the investment to […]
Choosing a location is one of the first decisions that British companies must make when entering a new market. Location and a strategic site selection plan can have a major impact on the success of the business, affecting production, operation, and sales. British companies looking must take steps to ensure they have the right information […]
With an increase in the number of establishments in China from UK companies, it is highly advisable to seek professional assistance to guide British Investors through the complex setup procedure and outline the roles and responsibilities of key positions in the company. This can be a critical factor in ensuring the success of the venture […]
Andrew brings over 30 years’ experience working with many best-selling authors and household names in the media world, as well as talented creatives in the early phase of their careers. No matter what stage a client is at, his goal is always to make a significant contribution to their financial security and prosperity by minimising […]
The Show Must Go On: Supporting Artists and Creating a Worldwide Arts Community through Digital Innovation Partner: Andrew Rich Client: VOCES8 Foundation In three sentences, what does the VOCES8 Foundation do? The VOCES8 Foundation leads the music world in its innovative business and music education models, with a worldwide reach, diverse music offerings and collaborations all […]
If you are a business who engages with contractors or you are a worker who uses a personal service company, you may have heard about IR35. Contractors, recruiters and employers should make sure they have taken the time to understand the rules. As with many new tax regulations, it’s easy to be blinded by the […]
In addition to the wrangling and ongoing negotiations as part of one of the biggest breakups in history, navigating the new rules as part of the social security system can be difficult post-Brexit. Determining where social security contributions should be paid, and by whom, should therefore be a fundamental part of the planning process for […]
A Search Fund is specialist vehicle in which investors back a promising individual (entrepreneur) rather than an existing start-up team. Often these entrepreneurs, or searchers, have completed an MBA or similar and are looking for a way to run their own business, but do not have their own ‘big idea’ to start from scratch. With […]
To support businesses during the COVID-19 pandemic, the UK Government announced temporary changes to the VAT system. Many organisations took advantage of the VAT payment deferral scheme, allowing them to defer payments that fell between 20 March 2020 and 30 June 2020 until 31 March 2021, with no interest or penalties. This includes the VAT […]
Speaking on the Chancellor’s proposed plan to reject calls for an extension of the furlough scheme, Simon Michaels says “The Chancellor finds himself in the ultimate ‘rock and a hard place’ over furlough. There is no question that furlough has enabled businesses to survive since March last year. Removing furlough too early will certainly result […]
by Gerry Myton, Consultant The impact of the UK leaving the European Union (EU) on VAT and Customs remains profound. The below highlights some of the major changes to be aware of. Movement of Goods Goods coming into the UK from the EU are now treated as imports and movements of goods from the UK into […]
by Gerry Myton, Consultant Since the UK left the European Union (EU) there have been some changes to VAT and Customs rules for businesses trading in goods with, and within, Northern Ireland. Under the Northern Ireland Protocol (NI Protocol), Northern Ireland (NI) will be treated as part of the UK for VAT purposes. It will […]
by Daniel Tomassen, Manager – Private Client Department Cryptoassets are private digital assets that use cryptography and are designed to work as a medium of exchange. In recent years, they have attracted the attention of HMRC who have recently updated its guidance on taxation. Here we take a brief look at HMRC’s latest guidance and […]
You may have seen some publicity recently following the Supreme Court judgement in HMRC v Tooth, 2021 What happened? In summary, the taxpayer (Raymond Tooth) won his case in that there was no deliberate inaccuracy in his 2007/08 return and the discovery assessment raised by HMRC some 6 years after the return was filed was […]
The harsh reality of the Covid-19 pandemic has driven many people to start making plans for the future, and think carefully about how they want their estate to pass following death. Reduction in potential Inheritance Tax may be a major factor in the actions people take but there are issues of law to be aware […]
Many authors operate through limited companies but are they always necessary and beneficial? Here we take a look at the latest tax implications, to help you make the right decision. Income Tax and National insurance The first thing to consider is the likely level of annual income. Income Tax is payable by individuals on a […]
Establishing when to apply VAT to a transaction, and at what rate, can be a common area of confusion, particularly when international elements are involved.
Stevie recently joined our tax team and brings a wide range of tax experience, including in trusts and estates, personal and corporate tax matters . Stevie will be working with owner managed business and high net worth individuals to provide high quality tax advice. Stevie shares why she’s passionate about working with clients to help […]
Richard recently joined the Tax team and brings decades of specialist experience in resolving tax investigations and disputes with HMRC, covering private clients, corporates and charities. Richard outlines exactly what tax resolution involves, shares his thoughts on the last 12 months, and explores the learnings we can take with us as we create new normal ways […]
Carol brings over two decades experience in charities and not-for-profit, she is a member of the Charity Commission’s SORP committee and has worked with many leading charities, universities and other NFP bodies across a broad spectrum of areas with a particular emphasis on external audit. Carol shares some of her career highlights, her top advice […]
A decision many people postponed during the pandemic was buying a new car. Registrations for new cars fell to their lowest in almost 30 years in 2020. For others, however, it was the year many decided to go electric with over 108,000* electric vehicles sold in the UK – accounting for approximately one in 20 […]
While the hype around Earth Day could be seen as all noise and no action, there is a real opportunity to reflect and consider how we can do things better. This year, we’re asking whether it’s possible for profit and purpose to coexist as business objectives, and what role accountants can play in achieving this […]
Muneeza Baig works with a range of clients across a variety of sectors, from grant making, membership, independent schools, arts, disability and religious organisations. Joining HW Fisher as a trainee in 2001, she became a Partner earlier this year. What is your role at HW Fisher? I am a Partner in the Charities and […]
Before we dive into this topic, we have to define what we mean by allyship – here is a formal definition: Allyship – the practice of emphasizing social justice, inclusion, and human rights by members of an ingroup, to advance the interests of an oppressed or marginalized outgroup. What’s important with this definition is that […]
This week, the Government published more than 30 tax updates, consultations and documents in a move designed to strengthen policy making and modernise the UK’s tax system. We have highlighted below some of the key proposals, and what they mean to UK taxpayers. As ever, if you have any questions about your own personal circumstances, […]
Linda Plant is well-known for her no-nonsense business counsel on BBC’s The Apprentice, as one of Lord Sugar’s trusted advisors in the interview stage. With years of business experience under her belt after having built a successful fashion business from scratch, Linda has recently launched The Linda Plant Academy and the Business Blueprint Club to […]
International Women’s Day is a global day celebrating the social, economic, cultural and political achievements of women, and also marks a call to action for accelerating women’s equality. Lily Montgomery, one of our Partners, lead a campaign asking our staff how they were choosing to challenge gender inequality this year, and we were proud to […]
HW Fisher’s wishlist for the March 2021 Budget March 3rd will be the first post-Brexit Budget, but for obvious reasons, this fact has almost been swept under the carpet, as the Government grapples with public finances and the need for a clear covid recovery plan. According to the Institute for Fiscal Studies (IFS) the UK […]
Jie Su looks after a varied portfolio of clients in different sectors including authors and retail businesses. Originally from China, she settled in the UK in 2011, and is the primary point of contact for Chinese speaking clients who require advice on UK based property and business investments. Jie is a member of ACCA and […]
Head of Music Royalty Audits Robert Fowler discusses the complexities of royalty accounting and why a royalty audit could unlock additional revenue. Anyone that has worked in royalties at a record label knows royalty accounting isn’t simple. There’s a myriad of activities and entities involved in the process and often things just go wrong. When […]
Rafi Saville joined HW Fisher 24 years ago. He quickly rose through the ranks, becoming a partner after only 8 years and now leads the firm’s busy forensic accounting department with fellow partner Stuart Burns. HW Fisher Forensic’s client list boasts more than 160 well-known companies, brands and individuals, including some of the UK and […]
It’s a new year and a renewed opportunity to catch up on your finances and ensure you are benefiting from all avenues of income open to you. Public lending rights and the Authors Licensing and Copyright Society are two areas that are often missed by authors, but it can make a big difference! Public Lending […]
If you or your company has a brand you have carefully built up over the years, the last thing you want is to lose control of how it’s used. And one of the key issues involved in maintaining the integrity and value of a brand in the marketplace is controlling the supply.
Royalty audits are not a phenomenon that is too well known outside particular sectors of the economy but they are, in fact, hugely important to owners of valuable IP such as authors and their publishers, technology companies, fashion houses and even Premier League football clubs who increasingly rely on overseas merchandising.
An unexpected crisis can dominate a charity and stagnate a charity’s activities. Knowing the essential steps in dealing with a crisis is important and can save considerable time and anguish if one were to arise. In February 2018, there was a spate of high-profile charities facing public scandals. In short order, Oxfam and Save the […]
The extension of the Self-Employment Income Support Scheme (SEISS) has been welcomed by many and will support small businesses until the end of the tax year. Although 2020-21 Self-Assessment returns are not due until 31 January 2022, it is worth looking at the taxation of the grants received and how this will affect your tax […]
As the saying goes, there are only two things certain in life – death and taxes. The phrase comes to mind as the UK government have recently announced a third successive year of an increase in estates being subjected to Inheritance Tax (IHT). Broadly, IHT is levied at a rate of 40 per cent on […]
This month saw Robert Fowler join the HW Fisher team to help expand our music royalty audit offering, a sector that has increased in demand this year, as touring income has declined for the industry. Robert’s experience includes working globally with high profile recording artists and songwriters throughout Europe, the USA, Japan, Russia, and China. […]
It’s a tough time for small businesses, to find out more we spoke (virtually) to Yugna Shah, tax manager turned chocolatier to discuss how she navigated her business through a turbulent year. The Painted Peacock is the realisation of a dream to share positive vibes through good quality chocolate – so who better to talk to […]
CFOs of large UK business approaching group turnover of £200m and/or net assets in excess of £2bn need to be preparing for a change in the way HMRC deal with large companies. This applies to large UK companies, either of UK groups or UK subsidiaries of overseas parent companies. What will change? Large UK businesses […]
As the Furlough period comes to an end, businesses in the hospitality sector will be taking a long hard look at their future. Despite a tough outlook, it has been positive to see the strength and determination across the industry. This week alone, we have seen businesses across the hospitality industry rally together in support […]
So far, the protection of EU intellectual property rights has continued to apply as normal in the UK, but this will not be the case after the expiry of the transition period. The UK is the second largest EEA country by GDP (around 15% of the EEA’s total GDP) and from the 1st January 2021, […]
How can you and your employees benefit from the Kickstart scheme The Kickstart scheme was launched by the Government to ‘help young people into work and spur Britain’s economic revival’. It is for young people aged 16-24 who are on Universal Credit and the Government has set aside £2 billion for the subsidized scheme. For […]
BREXIT is fast approaching on 31st December 2020 and although a comprehensive trade deal may be agreed prior to that date, at this point in time a No Deal is looking most likely. If they have not already done so, businesses urgently need to assess the tax impact on their businesses that are likely to […]
Ahead of the paper self-assessment deadline, 31st October 2020, HW Fisher share their advice to make sure you file on time and correctly. Confused about whether you need to file? Self-employment and side hustles are continuing to rise during these uncertain times. However, it’s not just these individuals who have to complete self-assessment tax returns, […]
In the past few months, the pandemic has had a seismic impact on charities, and reinforced some of the wider challenges charities face. While dealing with the immediate impacts of coronavirus, it is also vital that charities continue to plan ahead and work towards a stronger 2021. As part of this planning, there are a […]
If you are considering making a business acquisition you will no doubt have considered the legal requirements in terms of negotiating a sale and purchase agreement and legal due diligence to ensure basic ownership issues are satisfied, but have you also considered the benefits of financial due diligence? Or the risks involved of not undertaking […]
Over the past few months, we have all faced a truly unprecedented situation. The global coronavirus pandemic has affected our families, our businesses, our communities and our way of life, in ways that we could never have envisaged. It is more important than ever that you have the right financial protection in place. The full […]
Digital transformation in the gaming industry has only been accelerated by the coronavirus pandemic, with the global video game market now forecast to be worth $159 billion in 2020 – around four times box office revenues and almost three times music industry revenues. The potential for new revenue streams as a result of digitalisation in […]
Capital Gains Tax (“CGT”) is a relative newcomer to the tax party, having been introduced to the UK in 1965, but it may be only just behind pensions in the race to be the next political talking point. Most people understand the idea of their income being taxed at particular rates, and the higher your […]
Licensing and royalties in the gaming industry are complex, particularly with the accelerating trend towards digital gameplay and the rise of new platforms for distributing games to players. Our Forensics team unpack examples of the financial considerations involved in the gaming industry and shed light on the key facts of recent high-profile news events. Case […]
Nationwide, the UK’s second-largest mortgage lender, recently announced a policy change, implementing restrictions on first-time buyers trying to get on the housing ladder. For these buyers, the changes are two-fold: 1) 75% of their deposits must have been saved independently, and 2) they must be buying properties at least 2 years old. With around 40% […]
The covid-19 pandemic has resulted in unprecedented financial challenges for businesses across the UK. For those in the hospitality and leisure industry, many have had to close their doors, on the advice of government, for several months and counting. The fate of many small businesses, particularly in the leisure industry, is now in the hands […]
From August, The Eat Out to Help Out scheme will be introduced, however Russell Nathan, senior partner, explains why it might not be as popular as first thought: “The eat out to help out scheme was initially warmly received by the industry. However in practice, it’s proving to be widely unpopular among restaurateurs, independents in […]
We’ve had false alarms from HMRC before but this time it looks as if they are serious. Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) means that all self-employed people, small businesses and landlords (including sole traders) with annual turnover in excess of £10,000 will have to file income and expenses information every […]
The reporting and payment of capital gains tax on disposals of UK residential property changed with effect from 6 April 2020. In practice, the change means that where a sale of a UK residential property results in a gain, this must be reported to HMRC within 30 days following the date of completion and the […]
If your business can’t wait until January for the retention bonus scheme, Simon Michaels, CEO of HW Fisher Business Solutions outlines what you can do in the short term to survive… Last week, the Chancellor announced a bonus for any furloughed staff that businesses retain. This is the latest measure to support businesses and bonuses […]
The Covid-19 pandemic has significantly affected corporate buy and sell activity worldwide, with the first quarter of 2020 cited as being down 25% on 2019 with a further decrease thereafter. We have seen a number of companies delay or abandon deals entirely due to concerns over financial uncertainty. Despite the initial impact of Covid-19, a […]
The Covid-19 pandemic has been a difficult time for many people, with the monotony of working from home, the anxieties and frustrations of childcare and home schooling, plus sleepless nights caused by financial worries and concerns for our friends and family who we have not been able to visit. Unfortunately, along with all these problems, […]
2020 marked the beginning of what the UN called the decade of delivery, the 10 years where governments, institutions and individuals would work with intent in order to achieve the sustainable development goals (SDGs) the UN had set forth. Meaningful action had built momentum thanks to activists and, increasingly, investors. As we all know however, […]
Just got engaged on Valentine’s Day? Along with the ring and the champagne there may be one other not so romantic thing you need to think about. Gone are the days when pre-nuptial agreements (or pre-nups) were just the domain of the rich and famous – more and more millennials are seeing the benefit of […]
Ahead of the online self-assessment deadline, 31st January 2020, HW Fisher share their advice to make sure you file on time and correctly. Jamie Morrison, head of private client at HW Fisher explains: “More and more people are filing their tax returns online, especially given the government’s digital plans. The deadline is a Friday this […]
While tax incentives have always been on offer for companies to purchase electric, hybrid and low emission cars, recent changes announced by the Treasury have meant that there are now significant savings on offer for such purchases. We have put together the below guide on how to make the most of the tax advantages available […]
Historically, there has been a divide between the individual activists drawing attention to the climate crisis and the investors who “pledge” to tackle it. As we enter what the UN has penned the “decade of delivery”, a bridge is starting to build between investors and activists. The participants involved in the climate change conversation have […]
The new Solicitors’ Account Rules (SAR) come into effect in just over 10 days’ time, on 25 November 2019, and these will have to be applied from that date. Although the number of rules has been drastically cut down from 53 to 13, it is important for solicitor practices to understand how the new rules […]
Here are our top tips if you are considering selling your business and what you can expect from the sales process. 1. Is selling the right option? First of all, consider whether a sale is the right path for you and your company to take. Commencing the sales process is a big commitment, so reflect […]
With the launch of the new series of Dragons’ Den we thought we’d tackle one of the key mistakes that so many of the entrepreneurs make – over valuing their business. Business valuation is not an easy task and involves many assumptions and variables, but to help you get started here are our 5 top […]
For the licensor, holograms help to protect brand integrity by distinguishing between approved products and counterfeits – acting as a form of quality control. Licensees are expected to purchase carefully designed holograms from a preferred supplier and incorporate into the packing or labelling of any branded item they produce. Simultaneously, holograms also allow licensors to […]
If you’re a big global brand like, for example, David Beckham, you will be able to sell millions of pounds worth of fashion items like sunglasses and aftershave all around the world. The only problem is that Beckham is a footballer and he can’t make cool looking shades or exquisite fragrances. This is where the […]
1. If you’re using a car for business purposes, it’s important to keep a log of business miles. If this isn’t possible all the time, it’s a good idea to keep a record for a representative period of three or four typical months to make an overall calculation from.
I’m a journalist on a casual contract and an artist – should I remain on PAYE or become self-employed?
Identifying and dealing correctly with a potential conflict of interest within your charity is fundamental to its continuing operation and fundraising ability. It is vital that charity trustees have a clear understanding of the basic definitions of conflicts of interest and why they matter, particularly at a time of declining public trust in charities.
If you can start the new tax year off by saving you will have more flexibility to look around and ask yourself whether certain savings strategies are right for you, instead of just using up an allowance because it will be lost. You will be making a conscious decision to become a proactive investor rather than reacting to an impending deadline.
How well prepared for Brexit are you? Probably not very if you’re being honest with yourself. Last month the Federation of Small Business (FSB), warned confidence among small to medium sized enterprises (SME) was at its lowest level since 2011.
In times of political and economic uncertainty, it is more important than ever for businesses to consider the scope for tax savings in order to help their cash-flow.
Here are our top tips if you’re considering selling your business and what you can expect from the sale process.