Don’t get caught out – VAT reverse charge for construction
The VAT domestic reverse charge is more or less mandatory for commercial construction work undertaken in the UK. It requires that instead of the contractor charging 20% VAT to their customer, no VAT should be charged on the invoice and the customer has an obligation to self-account of the VAT using a reverse charge mechanism.…
READ MOREHow using total reward statements can improve your employee value proposition
In today’s fast paced and competitive job market, prospective candidates are more aware of their worth and so it is critical for employers to showcase the value of their compensation and benefits package to attract and retain. The best way to communicate the value of an employee’s overall benefits package is by utilising Total Reward…
READ MOREPayrolling benefits: Your helpful guide and how to register
On 16 January 2024, the British government announced that they intend to mandate the payrolling of benefits-in-kind from April 2026. While the government will further consult on these changes before implementation, this is certainly a significant development. Employers who are not already payrolling benefits will now need to familiarise themselves with the process, explore the…
READ MOREThe non-dom tax regime: changes ahead
In the Spring Budget on 6 March 2024, the Chancellor of the Exchequer announced that the existing UK tax regime that applies to UK tax resident individuals who are non-UK domiciled (“non-doms”) would be abolished from April 2025. What is domicile? Domicile is a common law concept which may impact on an individual’s UK tax…
READ MOREHMRC nudge letters: what is a nudge letter and how to respond
HMRC is now regularly issuing “nudge” letters (or “one-to-many letters”) to encourage taxpayers to review their tax affairs, identify whether there are any shortcomings, and if necessary, bring their tax positions up to date. If you’re unsure of what these nudge letters are and what your next steps should be, you’re not alone. Moore Kingston…
READ MOREWhat does the future hold for the world of payroll in the UK?
In an era of rapidly evolving technology and shifting workplace dynamics, the landscape of payroll in the UK is poised for transformative changes. As businesses seek to streamline operations, enhance efficiency and adapt to a dynamic regulatory environment, the future of payroll holds a vast array of possibilities. Automation, compliance evolution, remote work considerations and…
READ MOREHow to raise funds for nonprofits and charities
At Moore Kingston Smith Nonprofit Advisory, we often work with nonprofits and charities that are facing changing financial circumstances. This is the first in our series of articles that explore the seven different ways that you can respond in more detail. The first article looks at ideas on how to raise more funds outside of…
READ MOREThe US Corporate Transparency Act – compliance, exemptions and penalties
The Corporate Transparency Act came into effect in the US on 1 January 2024. Personal details, such as names and addresses, of those who exercise substantial control or are 25% beneficial owners of US entities and foreign entities that are registered to do business in the US, must be reported to the Financial Crimes Enforcement…
READ MOREFurnished holiday lets: what’s changing?
It was announced in the Spring Budget that the tax-advantageous regime for furnished holiday lets (FHLs) will be abolished from April 2025. The Chancellor is hoping that this change will encourage landlords to favour longer-term lettings over short-term vacation rentals. With the rise of Airbnb-style short lets for a main or second home, many more…
READ MOREReviving workplace morale: independent pay benchmarking after a discontented pay review
Ever feel a bit of a cloud over your business after a pay review? If your team’s enthusiasm has taken a hit and discontent is in the air, it’s time to brighten the outlook with the beacon of independent pay benchmarking. Moore Kingston Smith People Advisory delve into how this transformative process can turn discontent…
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