The domestic reverse charge is a major change to the way VAT is collected in the building and construction industry and will affect both suppliers and customers that are both VAT and CIS registered. The changes come into effect on…
Ownership of property should be considered carefully, whether it is the family home, a holiday home, a furnished holiday let, a buy-to-let portfolio, commercial units or a property rental business. The solution is entirely dependent on your particular circumstances and ultimate…
HMRC has set out its new policy on the VAT treatment of compensation and similar payments. Historically HMRC took the view that compensation payments were outside the scope of VAT because no supply had been made between the parties involved.…
Losing Construction Industry Scheme Gross Payment Status can be extremely costly for a business, warns Paul Bray, partner in our Property & Construction Team. But how likely are you to win it back on appeal? As many will know, subcontractors…
What is DeFi? DeFi stands for “Decentralised Finance”. To break this down, we need to understand the term decentralised, and how this differs from the current way that financial services operate. There are currently a number of different financial institutions…
How relief is obtained and recent changes Property is often purchased by way of a loan or mortgage. Historically, in calculating taxable property profits, a landlord could deduct the interest paid in respect of a loan or mortgage over let…
When talking about investments, it is easy to get confused between the terms ‘returns’ and ‘performance’. The two measures are important in assessing investment strategy but should not be confused. Returns are the percentage growth, or loss, an investment has…
Mike Butler, agricultural partner at PKF Francis Clark, warns there could be a sting in the tail for farm businesses that have enjoyed tax relief when buying machinery – especially if tax rates rise. For many businesses the purchase of…
Last week (11 February) saw the government announce a £20m SME Brexit Support Fund to support small and medium sized businesses (SMEs) adjust to new customs, rules of origin, and VAT rules when trading with the EU. SME Brexit Support…
Andrew Allen looks at how the debt profile of many law firms has changed since the start of the COVID-19 pandemic, how this has affected the relationship between law firms and banks, and what firms can do to address their…
