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Mar
30
IR35
Understanding the Changes to IR35 Off-Payroll Rules applicable from April 2021
Understanding the Changes to IR35 Off-Payroll Rules applicable from April 2021 Are you working as a contractor or intermediary functioning through a Personal Service Company in the UK? Do you have workers who cater to the service requirements of different clientele through your entity? If yes, brace for the regulatory changes HMRC has in
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Mar
15
VAT
UK VAT Regulations for Overseas Goods sold to Online Customers
UK VAT Regulations for Overseas Goods sold to Online Customers BUY NOW! Sale! Discounts! These are some of the most familiar terms for a Brit surfing on the internet, but there’s a reason why these terms have become ubiquitous to consumers online. The United Kingdom (UK) has a population of 66.76 million people (as
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
UK job retention scheme extended till 30 April 2021: Initor explains the detailed rules by the government
Coronavirus 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 the
Feb
04
accounting
An overview of the Tax and NIC thresholds for 2021-22 in the UK
An overview of the Tax and NIC 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 Reimbursement of 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
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
Dec
22
tax
Increased penalties from the HMRC for taxpayers in the UK
It’s every taxpayer’s concern to avoid fines and to understand how the HMRC penalties work to realize how they can avoid them. Each country has rules on penalties for late payment or filing. A penalty can be due if an entity does not report with the HMRC about its tax liability at the correct time
Dec
15
tax
Self-Assessment Customers in the UK to get the advantage of Enhanced Payment Plans
Another ray of light amidst the darkness that persists in the UK and across the world due to COVID-19 was the declaration of Enhanced Payment Plans for Self-Assessment Customers. The Chancellor, Mr. Sunak, had made a declaration for taxpayers’ payment plans in the country in September as part of his speech. Avail of the benefit