• BREXIT AND THE LOSS OF EU DIRECT TAX DIRECTIVES

    The following article was published by Richard on LinkedIn on 30 June:

    Many commentators have looked at the VAT and Customs impact of a BREXIT, but there would also be direct tax implications.

    Assuming two variables

    - The UK will actually leave the European Union following the referendum
    - No agreement will be reached on EU tax directives continuing to apply post-BREXIT

    then the EU Parent/Subsidiary Directive and the Interest and Royalties Directive will cease to apply on exit.

    Above all this will impact upon multi-national groups headquartered in the UK and could make the UK a far less attractive holding ...

  • BREXIT and social security contributions for internationally mobile employees

    The following was published by Richard in LinkedIn on 24 June:

    The UK belongs to the EU social security contributions system which is governed by the locus labori principle. The result of this is that UK workers employed in another EU member state are only required to pay social security contributions in that member state.

    As a result of BREXIT UK workers employed in an EU state could face double social security contributions - in both the UK and the EU member state in which they are working.

    Looking at Switzerland which is not an EU member as an example, there ...

  • Welcome to Richard

    As you would expect, we have lined up a high quality replacement Peter and I would like to take this opportunity of introducing you to Richard Wernick, CTA, TEP.

    Richard, who has joined the Private Clients Tax team as a Senior Tax Manager, has a wealth of experience in dealing with HM Revenue & Customs investigations and inquiries, and advising High Net Worth Individuals and non-UK domiciled individuals on UK tax planning and compliance. Richard is also well versed in the tax implications of setting up of trusts, foundations and companies.

    Richard has joined us from HMRC, where he recently completed ...

  • A fond farewell to Peter

    As you may already know, Peter Crowther is leaving Haggards Crowther to start a well-earned retirement in which golf and regular holidays are certain to figure prominently (to the extent that they weren't already).

    That said, Peter is not disappearing altogether, and he remains available to ensure a smooth transition of his clients so that we can continue to look after them to accustomed high standards for many years to come.

    Andrew and I joined forces with Pete in 1 September 2005. The merger united our corporate skills with Pete's private client tax skills, and the business has ...

  • Office Christmas - HMRC's

    Office Christmas - HMRC's

    Office Christmas parties - HMRC's view
    With the Christmas season upon us, it is a good time to look at the tax treatments for staff entertaining.

    Whilst the cost of entertaining customers and business contacts is not an allowable expense for tax purposes, entertaining staff is allowed so long as the entertaining is for business purposes, and not incidental to other entertainment. So your office Christmas party is an allowable expense for tax purposes, however the devil lurks in the detail:

    VAT

    As long as the entertainment is for business purposes, any VAT suffered can be reclaimed, but it may ...

  • There are better things to be doing in the run up to January 31st...

    There are better things to be doing in the run up to January 31st...

    Our brand new adverts are now up at Parsons Green and Putney Tube stations... Have you seen them?

    If you would like help with your personal tax return this winter then please do not hesitate to contact us on 020 7384 0920 or email us at enquiries@haggards.co.uk

  • Supply of Digital Services and VAT Mini One Stop Shop (MOSS) Guidance

    Supply of Digital Services and VAT Mini One Stop Shop (MOSS) Guidance

    If your business has supplied digital services to consumers in the EU, you can register for HM Revenue and Customs’ (HMRC’s) VAT MOSS scheme if your business is:

    • based in the UK (union VAT MOSS scheme)

    • a non-EU businesses (non-union VAT MOSS scheme)

    You can submit a single calendar quarterly return and VAT payment to HMRC, who will send the appropriate information and payment to each relevant member state’s tax authority.

    THE PLACE OF SUPPLY TO CONSUMERS

    Currently, the place of taxation for digital services [e.g. Video on demand, Downloaded applications (or ‘apps’), Music downloads, Gaming, E-books ...

  • IR35 Update

    IR35 is a piece of tax legislation announced in 1999, which took effect from April 2000. The legislation means that the Revenue can tax some contractors as though they are employees of their clients. Contractors caught by IR35 pay significantly more tax reducing their take home pay by up to 25%.

    Earlier this week HMRC announced that it is to withdraw the business entity tests (BETs) intended to help taxpayers assess whether they might be caught by the IR35 legislation, after a review conducted by the IR35 Forum found that the tests were used 'very little' and were not fulfilling ...

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