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At HW Fisher, we frequently advise authors on the most tax efficient way to treat works of copyright, especially when operating with a service company. We often advise how to approach the question of taxability on assignments of copyright. Careful consideration needs to be given to whether copyright has been “created” before assigning to a […]
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. […]
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, […]
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, […]
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 […]
Senior business and charity leader Simon Johnson joined HW Fisher as part of our leadership team in early September. Simon brings a wealth of experience from both senior executive and non-executive positions including the Jewish Leadership Council and Rugby Football League. We sat down with Simon to hear his best advice for business from his extensive […]
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 […]
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 […]
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.
The official insolvency figures for the fourth quarter of 2018 were released on 28th January 2019. Brian Johnson, business recovery and insolvency partner here at HW Fisher comments.
If you’ve woken up in the middle of the night in a cold sweat worrying about how you are going to pay the wages for your loyal staff then read on.
Brian Johnson, business recovery and insolvency partner at HW Fisher assesses the impact of the Chancellor’s announcement that HMRC will become a preferred creditor in insolvency cases from 2020.
Ahead of the Budget next week, two of our partners here at HW Fisher, Tim Walford-Fitzgerald and Toby Ryland consider what the Budget might hold.
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.
The first stage of the Government’s Making Tax Digital (MTD) programme is being introduced in April 2019.
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.
Pension fraud is on the rise. So what can you do to protect yourself and others from falling victim to a scammer?
When a large company like Carillion becomes insolvent the impact on its supply chain can be devastating, and will leave many suppliers wondering what to do if a major customer becomes insolvent.
It’s nearly that time of year again: the dreaded self-assessment tax deadline falls in little over a month and more than 10 million of us need to file a return.
Chancellor Phillip Hammond takes to the Despatch Box in November to deliver his second Budget of 2017.
It’s the stuff of economic nightmares, but this week’s interest rate rise brought it a step closer to reality.
A clear majority of business leaders are worried – but increasingly fatalistic – about Brexit, according to our new analysis.
Like it or not, Brexit is beginning and the effects are impacting businesses in the UK. But, while we are starting to see the fallout, many questions remain unanswered. And one of these questions involves corporation tax.
You’ve decided to branch out on your own. Your business plan is solid and you’ve chosen how to trade. You’ve sorted your bank account, insurance is covered and you’ve registered with HMRC.
Ross Fabian, partner at accountancy firm HW Fisher, explains why we shouldn’t worry about Brexit – the UK tech industry is strong enough to stand on its own two feet.
If you’re ready to go it alone in the financial services sector, you’ll understand the need for a comprehensive business plan backed up by incisive and diligent accounting. The ultimate goal is to pursue opportunity while balancing the demands of process and regulation. And wherever possible you’ll want to make the rules work for you.
Financial firms are outsourcing an increasing variety of tasks, from IT and fintech to lead generation and customer relationship management, back-office functions, and accounting.
These days, you don’t have to be hugely wealthy to be affected by Inheritance Tax (IHT). House prices have risen steadily over the years, meaning that more and more families are finding themselves drawn into the net.
For the average person, the sums reported in the annual publication of the Sunday Times Rich List are beyond imagination.
Now that Theresa May has triggered Article 50, the UK looks set to enter a lengthy period of debate and speculation as to what the future might hold for the economy and international trade.
In the wake of some very public third sector scandals there have understandably been calls for reforms in the way charities operate and the information they publish.
Short answer: no one really knows. Brexit remains a moving feast and we won’t have all the answers for some time. But the financial sector is used to dealing with complexities – it’s all about asking the right questions in order to prepare for (and even profit from) any eventuality.
The City is no stranger to legislation. The financial sector is one of the most heavily regulated in the world. And it never stands still.
Is your financial firm missing out on margin opportunities? Following our previous quick guide to meeting your tax obligations, we highlight some of the key tax and accounting considerations to prepare for and manage plus tips to maximise efficiencies.
From April 6th 2017 a host of tax-free employee benefits are to be restricted.
Most people are aware of their general tax obligations. Especially those who work in financial services. But good intentions don’t file returns. Equally, conscientiousness alone can easily miss out on margin efficiencies.
Thousands of UK households around the UK are now made up of blended families, often comprising children belonging to different partners, grown-up offspring, new babies, aunties, uncles and multiple sets of grandparents.
It seems it’s never too early to start introducing children to the concept of money management, helping them develop good financial habits that will stand them in good stead for the rest of their lives. Although learning about money is now part of the National Curriculum for secondary schools in England, it isn’t specifically included […]
Disputes may be seen as an inevitable part of doing business, but many small firms are struggling as they don’t have the time or resources needed to deal with them effectively.
Over the last decade, huge strides have been made in reforming apprenticeships and making them fit for purpose. The government sees them as a vital tool in tackling the growing skills gap that has been increasingly apparent in many sectors of the economy for some time.
With international trade firmly at the centre of the UK’s exit negotiations with the EU, the old slogan “export or die” is taking on renewed meaning and greater urgency.
For SMEs, this is the perfect time of the year to set some best-practice objectives that will help make 2017 prosperous and profitable.
As many small and medium-sized businesses know only too well, large companies can often take far longer than they should to pay them for goods or services supplied, causing continual cashflow headaches.
It’s that time of the year again. The post-Christmas period can be a good opportunity to take stock of your finances and make some simple and achievable resolutions with a view to making them a reality in 2017.
With house prices rising steadily over the last few years and interest rates remaining low, many investors opted to put their money into property and become buy-to-let landlords. The generous mortgage tax relief on offer made the proposition even more attractive.
With worldwide cybercrime continuing to make the news headlines, and a recent spate of allegations levelled at countries like Russia and China, the government has pledged £1.9 billion over the next five years in a new cyber defence plan, called the National Cyber Security Strategy.
With so many of our daily tasks routinely conducted over the internet, it’s hardly surprising that statistics from HM Revenue & Customs (HMRC) show that nine out of every ten tax returns are now submitted online, and that for the 2015 tax year, only 11% of the 10.39 million tax returns filed were made in paper form.
In what was to be his first and last Autumn Statement the Chancellor, Philip Hammond, began by striking an upbeat note, announcing that the UK’s economy will be the fastest-growing major economy in the world.
The High Court ruling that MPs must give their go-ahead before Article 50 of the Lisbon Treaty can be triggered has thrown an enormous spanner in the works.
In August the Treasury confirmed that the UK inheritance tax (IHT) advantages enjoyed by non-UK domiciled owners of UK residential property will end, as planned, in April 2017.
By 2020, the government plans to introduce a digital tax system for all UK taxpayers.
The process of Brexit will be neither quick nor easy, with even the Chancellor warning that British businesses face a “rollercoaster.” Corporate tax partner Toby Ryland charts the potential ups and downs that lie ahead.
The announcement that Donald Trump would be taking up residence in the White House from January was met with loud gasps of disbelief from around the world, in a scenario reminiscent of the morning after the UK voted to leave the EU.
At the Conservative Party Conference, Theresa May pledged her government to improve the state of the UK’s broadband remarking that “half of people living in rural areas, and so many small businesses can’t get a decent broadband connection”.
In June, figures from the Office for National Statistics showed that unemployment had dropped to its lowest rate since 2005, and the employment rate was at a record high of 74.2%.
The US election is intriguing on many levels. On the one hand, you have Democrat Hillary Clinton, a long-serving and high-ranking politician with a working knowledge of US government administration, on the other, Republican Donald Trump, a larger-than-life billionaire businessman who has little or no political experience, but talks tough and makes extravagant promises.
In June, Switzerland became the first country to hold a referendum on the potential introduction of a universal basic income. Although it was defeated by 77 per cent of voters on this occasion, it has succeeded in starting a lively debate about the merits of such a proposal.
When will you reach your peak earning potential? Many people assume it will be towards the end of their careers, perhaps at some point in their 50s, giving them more time to plan their finances before they approach their retirement years.
It’s a familiar scenario faced by many parents: their children want to spread their wings, move out of the family home and buy a property, but they can’t make the sums add up without help from that well-known and often-used financial institution, the ‘Bank of Mum and Dad’.
It’s long been acknowledged that small to medium-sized businesses (SMEs) are the engine room of the economy, employing more than half of all private sector workers and contributing 50 per cent of UK GDP. They have a combined turnover of £1.8 trillion and hire 60 per cent of all private sector employees.
The Purchasing Managers’ Index (PMI), long regarded as a barometer of the health of various key sectors of the UK economy, has produced more good news this time about the state of the services sector.
Before the passing of the Bribery Act 2010, offering prospects or clients lavish corporate hospitality ahead of an important deal or contract might not have raised too many corporate eyebrows in some quarters.