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Changes to Non-Domicile Tax Rules – part 1
Introduction On 19 August 2016 HMRC published documents on their proposed changes to the taxation of non-UK domiciled individuals (“non-doms”) which are due to take effect from 6 April 2017. There are some complex changes to the UK taxation of non-doms and careful deliberation needs to be taken to understand the full effect of the changes…
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New and improved Business Watch Alert System for Businesses in Warwickshire
The Police Warwickshire Business Watch email alert system has now been updated from VC Relay to the Community Messaging Service (CMS), and it brings with it a host of new features to enable you to tailor the messages you want to receive. Warwickshire County Council’s Business Crime Advisor along with colleagues in Warwickshire Police are…
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Company purchase of own shares – getting it right
Share buy-backs are a useful and potentially tax efficient method to restructure the shareholdings of a private company. However, it is all too easy to get the procedure wrong meaning the transaction could be void or adverse tax consequences arise. The two most common situations we encounter where a share buy-back is used are the…
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SMEs losing out on ‘unfair’ contracts
That’s the conclusion of a report recently produces by the Federation of Small Business (FSB) which suggests that half (52%) of small firms have been stung by unfair contract terms with suppliers, costing them almost £4 billion over the past three years. 42% of FSB members raised concerns about utility firms, but there were also concerns…
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Business valuations post-Brexit
For any company, business owner, lender or investor looking at an M&A deal one of the main questions thrown up by the EU referendum vote is how this affects business valuations. After initial plunges, all of the main listed company indices – the FTSE 100, FTSE 250, and FT All Share Index – are now…
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Making Tax Digital: What’s the story?
Following the initial announcement in December 2015, this week HMRC has finally launched a consultation process on the Making Tax Digital (MTD) initiative. The MTD Roadmap, sets out the government’s plans to deliver a fully digital tax service by 2020. It is widely recognised that the reforms are ambitious and radical and will impact significantly…
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Small firms spend up to 10% of their time chasing debts
This was the conclusion of research recently carried out recently by Xero whilst also revealing that they have to wait an average of 14 days for payment following due date. Our experience is that these figures are, if anything, underestimating the true scale of late payments especially within the SME sector. The research also revealed that…
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UK Trust Reporting – Part 2. Is the Trust a Financial Institution?
Is the trust a Financial Institution or a NFFE (non-financial foreign entity)? The rules surrounding the classification of an FI are complex. Broadly speaking, for family trusts, the trust will be classified as an FI if it meets the criteria for an ‘Investment Entity’. If the trust is not an FI it is a NFFE.…
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UK Trust Reporting – Part 1. FATCA Consideration
FATCA – what is it? The Foreign Account Tax Compliance Act provisions (commonly known as ‘FATCA’) form part of US legislation aimed at reducing tax evasion by US citizens. FATCA requires Financial Institutions outside the US to pass information about their US customers to the US tax authorities. In September 2012 the UK and…
Understanding your business finances is about far more than meeting your statutory obligations. While many business owners focus on sales and turnover, a deeper understanding of profitability, cash flow and overall financial performance can lead to better decision-making and long-term business success. The financial statements produced by your accountant can …
August 14, 2026
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