Value Added Tax (VAT) is charged by certain businesses on taxable supplies – such as the sales of goods and services. VAT registered businesses must account for VAT on the full value of what they sell, and they can also reclaim any VAT they have paid on business related goods and services. Figures for VAT…
Occasionally employees will receive company shares as part of their overall package of benefits. This blog outlines the main types of employee share schemes and considers some of the associated tax advantages. Types of employee share schemes and tax advantages There are different types of employee share schemes available, which we will look at below.…
There are various different taxes which need to be paid in respect of shares. Shareholders should be aware of the tax liabilities which may arise when they buy, sell or make any money from their shareholdings. We will consider the specific forms of tax on shares below. A. Stamp Duty – buying shares Stamp duty…
If a UK limited company carries out business operations overseas (e.g. runs an international office, shop or factory) any profits made abroad will generally need to be added to the overall company profit for the purposes of corporation tax. However, the company may also be subject to foreign taxes. We will explore how they can…
All limited companies must have at least one director at all times. In small companies with a sole director, just because they do all the work does not mean they will automatically be classed as employees. Instead, company directors are known as office holders. The status of ‘employee’ will only be afforded to them under…
The vast majority of companies in the UK are limited by shares. However, some organisations choose to be limited by guarantee. At some point during the life of a company, as a result of a change in direction or policy, it may become preferable to operate under the alternative setup. But can you convert a…
Each year thousands of businesses are asked to complete ONS business surveys. Similar to jury service, being selected to take part in a survey is relatively random and complying with the request is a legal requirement. So what is the ONS and what is the purpose of their business surveys? What is the ONS? The…
There are two methods of removing a company from the register maintained by Companies House: compulsory or voluntary strike off. These are mutually exclusive and their use depends on the particular circumstances of a limited company. We will take a look below at the differences of having a company struck off the register compulsorily or…
What is share capital? All companies limited by shares must assign a nominal value to each of its shares upon incorporation, e.g. £1 or £0.01. This nominal value represents the ‘limited liability’ of company members; it denotes the sum that shareholders must pay in respect of each share if the company is wound up. The…
Setting up an online business in the UK is an increasingly popular option for both start-ups and established ‘bricks-and-mortar’ retailers. With more consumers than ever before now choosing to shop online, the UK has the largest e-commerce market in Europe and the third largest in the world. The Coronavirus crisis has further accelerated the shift…
There is a wealth of information available online which can help people who are considering forming a limited company. Whether it’s a start-up or an established business which wants to move from a sole trader or partnership model to an incorporated entity, troves of government information and well written business blogs can provide valuable guidance…
Electronic signatures have been around for a number of years and have been applied to a variety of documents which previously required a physical or ‘wet ink’ signature. But can an electronic signature alone be relied upon to process all corporate documentation? We will take a look below at some of the legalities and practicalities…
