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Many authors channel their income through limited companies but they have to be operated correctly and it is usually best to seek professional advice. Sometimes the author will be better off not using a limited company. The main advantages are: The ability to shelter income from the ravages of higher rates of tax. Corporation tax […]
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 […]
In light of the Booker-prize shortlist this week, we put together some top advice for authors when it comes to tax on prizes, grants and awards. Below is some guidance on the rules that might apply – Educational grants In general, these are not taxable. Prizes and awards Any prize or award that is unsolicited […]
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 […]
Q: What are the most common mistakes on tax returns?
The most common error is to show income after the deduction of agent’s commission and VAT. You should always show your gross income, before deductions, and make a separate claim for commission and VAT costs.
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.
UK writers have to cope with income tax, national insurance, sometimes VAT, and record-keeping. This may seem overwhelming at times and professional advice can be invaluable. The key points of importance are below.
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.
Capital allowances let you claim tax relief on capital expenditure. Relief is available on items such as computers, office furniture and equipment, reference library, vehicles and other physical assets you may use in your professional activities.They represent HMRC’s version of depreciation, which cannot be claimed in any other way.
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.
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.
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.
We speak to our client, publisher Kate Lyall Grant of Severn House Publishers.
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.
The recent demise of BHS and the issues surrounding the potential sale of Tata Steel UK both served to highlight the significance of pension liabilities for UK companies operating underfunded Defined Benefit pension schemes
A good film has the power to transport the viewer to another place, with the spell only breaking when the end credits appear.
The prospect of tax cuts – or at the very least, the freedom to cut taxes unfettered by EU rules – was one of the Brexit campaign’s trump cards.
In the end, there was no eleventh hour reprieve. 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, next April.
The announcement of July’s inflation figure spells further bad news for rail commuters.
Auto-enrolment is arguably one of the most fundamental changes to UK working practices to be introduced in the last few decades.
When the result of the EU referendum was announced in the early hours of Friday 24th June it was undeniably a tremendous shock to many people, both here and abroad.
Getting into debt was once viewed as a shameful state of affairs, with faintly Dickensian overtones of penury followed by the prospect of life in the workhouse.
When it comes to seriously engaging with savings, it had been widely assumed that it was the older generation who were best at making provision for the future.
There was a time, not so long ago, when many people’s lives fell neatly into three distinct stages – they were educated, embarked upon a career and then retired.
The new pension rules introduced a little over a year ago were rightly heralded as a revolution. Gone are the days when, on reaching 65, retirees automatically swapped their pension pots for lump sums and an annuity provided by their insurers, cleared their desks and embarked on their retirement.
ATED was first introduced in 2013 on high-value UK residential properties worth over £2 million which are owned by companies, partnerships with corporate members and certain investment vehicles. ATED has created a new filing obligation with penalties charged for late filing.
The government’s long-running drive to limit the ability of individuals to avoid tax by working through personal service companies has stepped up a gear.
Debt finance is the lifeblood of many companies, and arguably the banking system’s greatest contribution to the continued functioning of UK Plc.
The decision to penalise a business for making an error on its VAT return is supposedly at HMRC’s discretion.
Media coverage of the recent tax changes affecting buy-to-let landlords has talked breathlessly of the Exchequer “declaring war” on the estimated two million people who receive income by investing in British bricks and mortar.
China’s progress over the past few decades has transformed the economic might of hundreds of millions of Chinese households.
Licensing can be a complex process, and misinterpretation or miscalculation can cost businesses alarming sums.In the past, the receipt of royalties was largely confined to authors, screenwriters and musicians, keen to protect their artistic product.
A gradual tightening of the rules on shadow directors has imposed greater transparency and responsibility on those who inﬂuence companies but are not appointed directors.
In the midst of several high proﬁle funding disputes, cases of vulnerable individuals being targeted by aggressive cold callers and increasing press criticism of ‘telephone chugging’, charities are subject to greater scrutiny than ever before.
Many small companies choose to place only “abbreviated” accounts on the public record. This option has now been replaced by a new regime which has a broadly similar effect but there are changes in the detail.