What Is Intrastat And What Should You Know About It?
What is Intrastat? Intrastat is a system that collects statistics on the trade in goods between European Union (EU) member states. Please note that supply of services is excluded from intrastat. Which businesses should submit Intrastat? All VAT-registered business trading goods with other EU member states are supposed to make certain declarations and submit intrastat. What determines the amount of information […]
How to Respond to Money Laundering Allegations
Anyone facing a money laundering investigation needs to seek expert legal representation immediately. Such an investigation has to be handled by those with the experience and expertise to robustly challenge the authorities on points of law and evidence. That is the only way to secure the outcome that you are entitled to. Money laundering investigations […]
How to Ensure AML Compliance
AML fundamentals As each jurisdiction has specific AML requirements, let’s examine best practices that will serve you well, no matter what country you’re doing business in. Written policies Don’t try to wing it. AML compliance is not something you want to improvise. Think policies through carefully, state them clearly and have it written out for […]
The Advantages of Voluntary VAT Registration for Small Business
Value Added Tax (VAT) is the sales tax levied against goods and services within the UK. Businesses with a turnover in excess of the VAT Registration Threshold (currently £77,000 P.A. 2011-2012) are required by law to complete a VAT Registration with HM Revenue & Customs. Businesses that fail to do so within 30 days of […]
Limited Company Closure; Why, When and How?
The Why And When Of Closing A Limited Company Starting a business is tough. But closing up shop can be even tougher. But knowing when to throw in the towel will save further damage. Here are six signs that point to the end. You Are Not Meeting Yearly Targets After two to three years, it’s time to […]
How To Decipher HMRC’s Legal Letter?
HMRC may send a legal letter in case it observes any suspicious activity in a person’s tax return. For instance, if you have not made a declaration in your tax return. As a result, it may send a letter to the person soliciting the reason for making an incorrect declaration. To make sense of the […]
What are allowable expenses for the self-employed?
A business has various running costs – some of which are allowable expenses that can be deducted to work out your taxable profit. For instance, if your turnover is £100,000 and you claim £30,000 in allowable expenses, you will only pay tax on the remaining £70,000. This is known as your taxable profit. What allowable expenses […]
Here Are All The Changes In VAT After Brexit!
In this section, we will look at how the VAT will be changing and learning about VAT on imports and exports. How Will VAT Change After Brexit? While the Domestic VAT rules remain the same following the end of the transition period, VAT rules for imports and exports to and from EU will change. The […]
Importing from the EU to the UK? Read this first!
If you wish to import from the EU after the end of the transition period, you need to know or setup the following: Delay Customs Import Declarations For Up To Six Months There will be no need to make immediate import declarations for goods at the UK border or get authorization in advance for most […]
Should You Buy a Car Through Your Limited Company?
Once you decide to buy a car, the question arises as to how you should buy it. You could either buy a car through your limited company or reclaim fixed mileage costs from your company while using the vehicle for business purposes. Whatever decision you take, you need some information on your available options beforehand. […]
