Apr 18 2024 Salaried Partners – Changes to HMRC guidance Categories: EQ AccountingTaxation In November we reminded you about the tax treatment of salaried partners following the case of Bluecrest Capital Management (UK) LLP v HMRC. Following that case HMRC have updated their published guidance. As a recap, rules came into force back in 2014 deeming certain members of a Limited Liability Partnership (LLP) as employees if the more
Mar 27 2024 Future tax changes affecting GPs Categories: HealthcareTaxation In the age of tighter margin, Scottish GP practices should make sure they are reviewing the partner current accounts regularly and project into the future to ensure they remain positive. This will be even more crucial with the basis period changes for tax as well as the normal retirement and changes in partners. Going forward, more
Mar 27 2024 A short-term win for GP parents Categories: HealthcareTaxation Where many GP’s income is above £60,000 and they therefore have not claimed child benefit or stopped payments, it may be time to re-start them. The chancellor announced in his budget recently that the threshold will increase to £60,000 for any claw back and the tapering will increase to £80,000. This means that as long more
Mar 20 2024 National Living Wage changes from 1 April 2024 Categories: Payroll The National Living Wage (NLW) and the National Minimum Wage (NMW) are increasing from 1 April 2024. This is the largest ever monetary increase in the minimum wage in the 25 years since the introduction of the NMW, increasing by more than £1. In addition, workers aged 21 and over will also now be entitled more
Mar 20 2024 Final opportunity – Urgent planning deadline for the transition to the ‘tax year basis’ Categories: Taxation Speed read Any individual who is a sole trader or partner in a trading or professional partnership will be taxed under the new ‘tax year basis’, which means that profits will be assessed in the tax year when they arise. The year 2023-24 is a ‘transitional year’, in which we switch over from the current more
Feb 16 2024 Construction Industry Scheme (CIS) changes from 6 April 2024 Categories: Property & ConstructionTaxation The CIS requires many businesses carrying out construction work to deduct tax (at either 20% or 30%) before paying subcontractors unless the supplier has gross payment status (GPS), which HMRC will grant to subcontractors who show a good record of tax compliance. From 6 April 2024, VAT obligations are added to the statutory compliance test more
Feb 14 2024 Is your FHL business exceeding the VAT threshold? Categories: LeisureTaxation It is crucial to ensure that your business is VAT registered once it breaches the VAT threshold of £85,000. The threshold should be monitored on a rolling 12-month period, and many business operators do not realise this. The supply of FHL accommodation is a standard rated supply with VAT chargeable at 20%. This can have more
Jan 31 2024 Tips to avoid costly mistakes within payroll Categories: Payroll We know that dealing with the payment of wages and salaries of staff is one of the most complex tasks of owning a business. However, without the right tools, training and resources, your payroll can be a littered with errors that can be more of an issue for your employees – and your organisation – more