Under the construction industry scheme (CIS), contractors and deemed contractors must withhold deductions from payments made to subcontractors who do not hold gross payment status (GPS), at either: 20% (the standard rate); or 30% (if the recipient is not registered for CIS or cannot be verified). To obtain GPS and therefore receive payments without any […]
CIS: More Compliance Needed! Read More »
The United Kingdom’s Government Gateway ID is a pioneering initiative in digital government. Transforming the way citizens and businesses interact with public services. In an era where technology is revolutionising every aspect of life, the Government Gateway ID has emerged as a crucial tool. As the UK continues to navigate the complexities of the digital
What is Government Gateway ID and Where to Find It? Read More »
Are tips taxable? Tips are a common practice in many industries, particularly in the service sector, where customers show their appreciation for good service by leaving a little extra money. However, have you ever wondered if tips are taxable? The answer is yes, tips are indeed taxable in the UK, and both employees and employers
What is marginal tax rate? As we delve into the intricacies of the UK tax system, it becomes clear that marginal tax rates are a crucial component. Influencing the amount of tax owed on each additional pound earned. For the self-employed, entrepreneurs, and high-income earners. Understanding marginal tax rates is essential to navigating the tax
What is Marginal Tax Rates in the UK? Read More »
Is statutory maternity pay taxable? Statutory Maternity Pay (SMP) in the UK is a vital support system for expectant mothers. Navigating the challenges of pregnancy, childbirth, and parenthood while balancing their careers. As a critical aspect of employee benefits, SMP provides financial assistance to eligible employees during a period of up to 39 weeks. Enabling
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What is a CS01 form? The CS01 form serves as a snapshot of a company’s current status, providing a comprehensive overview of its structure, ownership, and control. By filing this form annually, companies confirm their details, update any changes, and demonstrate their commitment to transparency and good corporate governance. The CS01 form is a critical
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Share loss relief (SLR) applies to ‘qualifying shares’; shares to which income tax relief under the enterprise investment scheme (EIS) is ‘attributable’ are automatically qualifying shares. Otherwise, the shares must be in a ‘qualifying trading company’ for which a specific regime of requirements applies for this purpose. Restriction for Income Tax Relief Income tax
The ‘Basics’ of Share Loss Relief? you Must Be Kidding! Read More »
I t is quite common for building projects to attract more than one rate of VAT on different elements of the development. For example, a three-story property in London is purchased and consists of a retail unit on the ground floor and four residential apartments on the two floors above, two on each floor. The
Simplified Accounting: Using Composite VAT Rates Read More »
Is maternity allowance taxable? As you prepare for the arrival of your little one, navigating the complexities of financial planning can be overwhelming. That’s where Maternity Allowance comes in a government-funded benefit. That is associated with this significant life event. In this discussion, we’ll also examine the importance of reporting changes in circumstances and how
Is Maternity Allowance Taxable in the UK? Read More »
What is CHAPS payment? CHAPS facilitates the transfer of high-value funds between banks and financial institutions. Processing millions of transactions every year. From property purchases to tax payments and financial settlements, CHAPS plays a critical role in supporting the UK’s economic activity. Its reputation for speed, security, and efficiency has made it an indispensable tool
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