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The rules haven't changed for the supply of professional services outside the UK - these are still outside the scope of UK VAT. If the EC Sales List requirement for B2B EU supplies has gone then that...

I would treat this in the same way you'd treat providing any other kind of working space at home, whether that's in a spare room, a garden studio or a converted vehicle, which is:

* Treat all...

Don't get me wrong - if you have the reserves/cashflow to accommodate an s455 payment for however many years you agree to provide a loan, then you can absolutely do that.

Its not uncommon for...

I’m pretty certain this would not magically make it a “commercial loan”, certainly not one that would avoid a s455 charge. It’s still a directors loan.

Is the only correct answer. And if you’re selling it to yourself do make sure it’s at a reasonable market rate or it could be considered a BIK. You also need to account for VAT on the sale if you’re...

FWIW, company secretary does qualify you for ER/BADR (because it’s any company officer) but you’re right about the timescales. I think it’s at least 2 years, presumably to stop exactly this scenario.

LMGTFY



Capital Gains Tax: Work out if you need to pay - GOV.UK

You appear to have missed the part of that article where it also correctly states that you need to be a company officer or employee.

Some EU countries have very low VAT thresholds so its very uncommon for businesses to not be VAT registered so it might not even occur to them that you are not VAT registered. They just assume that...

Firstly, don’t use your business account to make personal purchases. Keep business and personal separate.

I too have an Amazon business account but it’s very unusual to be charged ex VAT. Amazon...

The profit you can make on the FRS is often overstated anyway. You need to deduct the cost of any input VAT you’ve incurred that you would have reclaimed on the standard scheme (this is what the FRS...

If what you’re really trying to ask is: can a service based contractor business avoid the limited cost trader rules, then the answer is almost certainly no.

Most of our costs are services (eg...

That is an option - its no different to doing the same thing as "renting" a room in your home to YourCo which is sometimes recommended if you work from home a lot because that is all you're doing -...

Just a bit of feedback on the article, as somebody who has researched and been through all of this myself...

1. Planning. The article makes a good point that a garden office meeting permitted...

I think you can give them to family members but they are treated as if the director received the gift so it counts towards their limit.

A very small one...:laugh

This. Always forget about it but remembered last year. Case of wine for me and posh chocolates for my wife.

Generally, any income you earn from the moment you arrive in Spain, if you're actually working there, should be taxable in Spain. As you say, your worldwide income, i.e. income not derived from work...

Place of supply for VAT purposes will be the Netherlands making the supply outside the scope of UK VAT.

The customer accounts for VAT under the reverse charge rules. It’s normal to include a...

Whether or not it is caught by the TAAR for company winding up depends on condition C and D. Condition D relates to whether or not the company winding up was mainly done to gain a tax advantage - you...

Company valuation isn't quite *that* simple, even for a "PSC". I'd recommend you have a proper valuation drawn up.

The original owner of the shares is liable to CGT when they dispose of them (by giving them away).

The new owner of the gifted shares is only liable to CGT when they subsequently dispose of them,...

You should check, but its very unlikely you will as long as you have permitted development rights (not everyone does, especially in conservation areas or if you live on a new build estate which might...

NowPermOutsideUK is right - the disposal of an asset to somebody other than your spouse or a charity is potentially taxable as a capital gain. This is based on the market value rather than the sale...

* Properly lined and insulated building (SIPS panels or similar)
* Probably 2.5m square minimum size if you have the space but 3m square even better.
* Hard-wired data cabling - you'll want to put...

Both - there are accounting and tax implications of owning shares or even share options from a client who is contracted via your Ltd company if those shares/options are effectively a form of...

Your company reserves would be whatever is on the bottom of your company balance sheet. Your bank balance is not going to tell the whole story. A company's assets can include retained profits from...

Shares or share options? Who owns the shares - you or your company? Did you own the shares already? Were they a form of remuneration and if so has this been accounted for in your company accounts? It...

It sounds like you're probably caught by IR35 so I wouldn't rock the boat too much on this one if you haven't been operating IR35 correctly. You don't have any employee rights, even if you had been...

Well I've just found out that apparently FreeAgent will now support the small pools allowances for all CT600s prepared for periods ending on our after 27 October.

No, because the place of supply is the USA which puts it outside the scope of both UK and EU VAT.

In your scenario the place of supply would be the client's location within the EU, putting it...

Best guess right now is that things will remain the same.

From your clients perspective, its no different for them receiving services from you in the UK as it would be from any other country...

Unfortunately the CT600 will forever remain inaccurate for me as long as FreeAgent continues to not support the small pools allowance - my main pool for assets introduced when I first started was...

A couple of posts conflating two different things here...there are two main issues with overdrawn DLAs - interest on beneficial loans and the s455 tax charge. The rules for each are distinct.
...

I know some people use a purchase price threshold for determining whether to treat something as an asset or an expense - IMO the logical approach is to base it on whether the item will have any...

It’s taxable income sure, but input VAT on the FRS also becomes tax deductible. For most people the FRS surplus on the limited cost trader rate will be wiped out entirely by the input VAT on their...

I would just register for standard VAT.

Even with the 1% discount in the first year, if you are planning to buy equipment in the first year the VAT savings on those assets plus the VAT savings on...

Have you confirmed with the umbrella that the advertised rate is before or after employer NIC? AFAIK the advertised rate is supposed to be net of any employer NIC but as we've seen on here it's...

I have also had a VAT enquiry - about 10 years ago now - relating to the flat-rate scheme and invoices to non-UK clients. The supplies were outside the scope of UK VAT but FreeAgent was at the time...

Nothing wrong with engaging with a client directly as a sole trader - lots of freelancers who don't work through agencies do this, even though it isn't necessarily the most tax efficient set up. Its...

I tried one out as it was the one I wanted based on the aesthetics but didn’t find it as comfortable as the Aeron or the Embody.

It’s a no brainer to invest money in a good chair especially if you mostly WFH.

Aerons are good but I recently got rid of my 12 year old Aeron for a new Herman Miller Embody. It’s not quite as...

I think the reality is that they want to treat their employees like employees, not independent consultants. That requires either setting up a permanent establishment or using a service like...

If I’m going down the contract route I’d just feel more comfortable doing it properly. I am generally quite risk averse.

Agree about the DPNI scheme but I guess from their perspective it’s not...

I have no plans to travel to the US to work so no worries there.

I’ve suggested we hold off on options until they can offer the perm role. It may affect the strike price but hey ho.

So, some positive news. They do intend to move all contractors to employment through an employer of record service (remote.com) but in the meantime I’d have to be on contract potentially up to 6...

As above it uses BT LE and it shouldn’t kill your battery. On mine it’s been using 1% every day and I’m on 84% battery health.

On the subject of SDC, it is true that I will have a lot of freedom, not just because I’m remote, but I will work my own hours, use my own equipment etc. No arguments there.

But there will be...

Bit of an unusual one for me - I recently decided to get out of contracting and return to full-time employment. After several months of looking I have an offer (and possibly a second one around the...