The end of the Brexit transition period on 31 December 2020 means that UK businesses are now obliged to comply with the new rules. Although the majority of UK regulations have remained the same as before Brexit, companies should be aware of certain changes. We will consider some of the rule changes and what they…
The government has been consulting on corporate transparency and reform of the Companies Register for the past couple of years. The broad aim is to enhance the role of Companies House, increase the transparency of UK corporate entities and help combat economic crime. We will examine both the original consultation which was published in May…
Want to know how to resign as a director of a limited company? This blog explains how to do just that, including the steps a company must take when a director resigns. We also walk you through what is displayed at Companies House and the level of liability that exists after a resignation. What a…
Many jobs for contractors require security clearance. In this blog we will consider the different types of security clearance and how a contractor can obtain them. What is a contractor? A contractor is essentially someone who performs work for a business or organisation on a contractual basis. Contractors often work on a self-employed basis, either…
Is it possible for a sole trader to take on employees? In this blog we are going to discuss this question, and also cover employment law, contractors, freelancers and limited companies. When a business expands, it is often necessary to take on members of staff to cope with the additional workload. Although limited companies routinely…
If a business charges more VAT to customers than it pays on its own purchases, the difference must be paid to HMRC. Conversely, if a business pays more VAT than it charges, the difference can be reclaimed from HMRC. However, the VAT Flat Rate Scheme works differently – and this is what we will look…
In certain circumstances, larger companies and those with a progressive outlook will issue shares to employees as part of a benefits package. Setting up employee share schemes can be mutually beneficial to both companies and employees in terms of tax savings opportunities, attracting and retaining the very best talent, and creating a happy and productive…
Various taxes need to be paid in respect of company shares. Shareholders should be aware of the tax liabilities that may arise when they buy, sell, or make any money from their shareholdings. We will consider the specific forms of tax on shares below. 1. Stamp Duty – buying shares Stamp Duty is most commonly…
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 tax on income made abroad. Below, will…
Company directors are officially classed as office holders. Even if you’re a sole director of a small company and you run the business all by yourself, you are not automatically an employee of the company. The status of ‘employee’ is only afforded to directors under certain conditions, which we will discuss below. When is a…
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 business surveys for the Office for National Statistics. 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?…
