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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…
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A Landlord’s Guide to Taxation
When you let out your property there are certain tax obligations that you need to be aware of. Whether you are a new or experienced landlord, the tax implications can be complicated, and you may not know where to start. To help you understand your responsibilities, we have prepared a brief summary of the tax…
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VAT Flat Rate Scheme for Consultants
The VAT Flat Rate Scheme (FRS) is a simplified method whereby VAT Registered Traders with a turnover of less than £150,000 can use a pre-agreed flat rate % of sales to calculate VAT liabilities rather than using the traditional “Outputs minus Inputs” method for calculating the VAT due to HMRC. This has the significant advantage…
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Business Valuations: Valuation indices – help or hindrance?
There are several private company valuation indices which are often quoted by business owners, valuers, and advisers. While useful in highlighting trends, such reference tools should be used with caution and relying on them is likely to undermine the credibility of a business valuation. Take your pick Amongst the range of private company valuation indices…
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Business Valuations -Choosing a Valuer
The valuation of companies and shares in the UK is largely unregulated. With everyone from company sale brokers to the man down the pub offering valuation opinions how does a business owner or adviser make sure they choose the right expert valuer? A valuation may be required for a wide range of reasons, but the…
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How to Value a Business
Defining value The lack of precise valuation provisions in legal agreements is one of the main causes of valuation disputes. For shareholders and their legal advisers it is critical to understand the different valuation bases that exist and how these might affect the future pricing of the shares when drafting Articles of Association or shareholders’…
Last week, our trainees took part in an internal audit training session designed to strengthen their technical knowledge and support their professional development. While gaining practical skills was the key objective, we also wanted to make the learning experience engaging and enjoyable, so we incorporated some games. At Burgis & …
October 14, 2026
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