April Pay Increase

With April fast approaching, If you are in business and employee staff you need to be aware of the changes in statutory pay rates which are set to come into force.

National Minimum Wage and National Living Wage will increase on April 1st. Those aged over 25 on the National Living Wage will benefit from an increase of 4.4%, with hourly payments rising from £7.50 an hour to £7.83 an hour. Younger workers and apprentices will also benefit from similar improvements, with the new rates as follows: Read More

Zero Rated Exports

Q- My client is a UK VAT registered company that sells gym equipment and they have made a sale to another UK VAT registered business.  However, the customer has requested them to ship the goods directly to their customer based in Switzerland. Can my client zero-rate this sale as they are shipping to a Swiss business?

A. Direct exports can usually be treated as zero-rated provided the following conditions are met. These are that the supplier: Read More

VAT Registration Exception

Q- a client has recently finished a large one-off contract, and while this combined with my other work has taken me over the registration limit, my normal level of sales is well below. Do I have to register if I have reached the threshold but expect the value of my taxable supplies to reduce?

A- The present threshold for compulsory registration is £85,000 and the threshold for voluntary deregistration is £83,000.  As a rule, Read More

Shared Parental Leave

Q- A client has just seen news about a campaign for employees taking Shared Parental Leave. They’re not familiar with this type of leave so do you have some pointers I could pass on?

It is likely over the coming months more clients will begin to seek guidance on the issue of Shared Parental Leave (ShPL). Whilst the scheme itself is not new, having first been introduced in April 2015, the government are making a concerted effort to Read More

Divorce and Property

Q- A client moved out of the marital home a year ago into a rented property. As part of the divorce settlement, it has been agreed that I will transfer my share of the marital home to my wife once she has raised the finance to buy me out. I’m unsure how long this could take, or if we will have to put the house up for sale and therefore how this will affect my PPR claim?

A- Normal PPR relief would allow you to relieve the gain on the sale of this property, which Read More

Arguments Amongst Employees

Q- A client rang me after having an argument with a member of staff. Apparently, the employee walked out saying they weren’t going to come back. Has the employee resigned?

 

A-The workplace is often an emotive place and it is therefore not uncommon for employees to react angrily to certain situations. Employers should be advised to act with caution if a member of staff walks out of work angrily after an argument and Read More

Buy to Let Properties

Q- I have several clients with buy to let properties who have asked me about transferring their properties to a limited company. I am familiar with the capital gains tax issues, but what about the stamp duty land tax implications?

A- Holding a buy to let property via a limited company can be an attractive way of holding property.  Lower rates of corporation tax and full mortgage interest deductions apply following the changes to interest relief Read More

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