Bobby Lane, partner at Blick Rothenberg said, 'The offer of a famous name doing your accounting at an affordable price is understandably attractive. The problem comes when the 'one-size-fits-all technology approach' clashes with the individual demands and tailored advice needed by small companies.'
Source: The Times
Jim Brown, partner at Blick Rothenberg said, 'There is no reason to suggest that some changes and expectations of companies will alter significantly after Brexit, but these requirements need to be managed carefully. Enterprises used to expand on a gradual basis, one or two territories at a time. It is now much more common that companies will expand into six or 12 new territories at once and this could increase after Brexit.'
Source: Business Money
Antje Frobrich, director at Blick Rothenberg said, 'Banks and financial services firms can use VAT groups to make services like IT, that are supplied inter-group, VAT-exempt, but HMRC has recently clarified that it believes for an overseas member of a VAT group to qualify they must make supply rather than just recieve them.'
Source: Bureau of National Affairs
Nimesh Shah, partner at Blick Rothenberg said, 'It is a tax that is adminstered by solicitors who are not tax experts. When it was simple that was fine, but now it is complicated.'
Source: The Mail on Sunday
Susan Hutter, partner at Blick Rothenberg said, 'Scrutinise your practice overheads costs. Looking at the costs of running your practice is often pushed to the back of the queue in the life of a busy practice doctor.'
She added, 'But many practices, indeed many small businesses in general, tend to go on 'automatic' as far as the running costs are concerned. This includes IT support, stationery and office costs. If you have an assistant, it is worth asking them to obtain, say, two alternative quotes for the larger office overheads, as often as there are some cost savings to be made.'
Source: Independent Practitioner Today
Nimesh Shah, partner at Blick Rothenberg said, 'If a couple are not resident and not domiciled in the UK only their UK assets are within the scope of UK inheritance tax. UK assets would include the shares in the UK company and the monies in the UK bank account.'
Source: Investors Chronicle
Nimesh Shah, partner at Blick Rothenberg said, 'This will muddy the already complex area of stamp duty.'
He added, 'There appears to be a general naivety in the Government's part as to how complex the stamp duty regime has become, and adding this new provision will add to the difficulty.'
Source: The Daily Telegraph Online
Andy Timpson, a partner at Blick Rothenberg said, 'Press reports of a £24m severance to Mourinho, which may largely be made up of contractual pay to the end of his contract, will mean a significant tax bill close to 50% should be making its way to HMRC.'
Source: Business Leader
Alex Altmann, a partner at Blick Rothenberg said, 'The construction industry in the UK is dependent on foreign investment, overseas suppliers and European workers. Over 60% of all building materials used in the UK are imported from the EU. If the UK ceases its membership of the customs union, the cost of bringing building materials, machinery and other goods from the European mainland would significantly increase due to lengthy import procedures, potential duties and the administration of import VAT to be paid.'
He added, 'Not being a member of the single market could see free movement of workers being compromised and a shortage of the workforce would be the result, leading to higher costs for companies hiring workers on UK construction sites. Nationwide, European nationals account for around 10% of the UK construction industry's workforce. On building projects in London this figure stands at around 40%.'
Source: Building Services and Environmental Engineer