This is our Autumn 2019 Tax Briefing
HM Revenue & Customs announced on Friday, 6 September 2019 that the new reverse charge rules for VAT for the building industry have been postponed for a year until 1st October 2020.
Can the builders’ merchant zero-rate the supply of the steel for the construction of this ‘new build’?
Are you a VAT registered building contractor – perhaps working on various construction projects, including new build housing developments and new build commercial developments?
A limited company runs an interior design company. The company rents a small unit for storing stock, but this space is not really suitable for use as an office. The sole director is exploring the possibility of having a home-office erected in her garden.
A sole proprietor hand makes bespoke furniture and has taken a large order from a Norwegian individual for some solid oak furniture
A Limited Company runs a swim school, teaching children. The company’s turnover is close to £85,000. Is the company making exempt supplies of education and therefore does not need to register for VAT?
As the VAT registration threshold is to be frozen at £85,000 until at least April 2022, more businesses will be drawn into the VAT net simply by increasing their prices by inflation every year.
If you have stopped trading through your own personal company and have no further use for it you could sell the shares or wind it up taking out any value as cash.
The IR35 rules are designed to discourage avoidance of payroll taxes by organisations who engage workers through personal service companies (PSC)s or other intermediaries rather than taking them on to the payroll.
If you believe the adverts, accounting software is really easy to operate – but that depends on it being set-up correctly
This is our Summer 2019 Tax Briefing