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Mar
01
VAT
How VAT on Food is charged in the UK & Upcoming Changes in Future
How VAT on Food is charged in the UK & Upcoming Changes in Future VAT or Value Added Tax is a form of indirect consumption tax applicable to a given product or service on which value gets added at each stage of the supply chain. More than 160 countries around the globe use the
Feb
15
COVID19
New job retention scheme extended till 30 April 2021: Initor explains the detailed rules by the government
Coronavirus New Job Retention Scheme in the UK guide by Initor Global UK The fight against the COVID-19 pandemic intensified yet again with the UK having to persist with extended nation-wide lockdown recently, as the discovery of more infectious Coronavirus strains in the country has tested the willpower of the nation. This has led to
Feb
04
accounting
An overview of the Tax and NI thresholds for 2021/22 in the UK
An overview of the Tax and NI thresholds for 2021/22 in the UK Usually, an Autumn Budget outlining the necessary details the following year would get delivered by the chancellor stating the rates and thresholds for National Insurance Contributions (NIC). Still, due to the pandemic spread worldwide, this did not happen in 2020. There was
Feb
01
COVID19
HMRC declares Tax & NI Exemption to Employer for Reimbursement of Corona Virus Antigen Test Fees in UK
HMRC declares Tax & NI Exemption to Employer for Corona Virus Antigen Test Fees in UK Earlier, many authorities in the UK, such as the ICAEW, had shared concerns with the government authorities regarding the matter of tax treatment in the cases where the employers reimburse their workers for the costs of Coronavirus test
Jan
18
accounting
Changes to UK’s Corporate Reporting Regime with Brexit
Changes to UK’s Corporate Reporting Regime with Brexit With Brexit finally a reality, it has changed the UK’s legal framework for accounting and corporate reporting, which is set to operate independently of EU law from January 1st 2021. Companies will now need to focus on the ramification for their year-end reporting. Initor Global UK
