When providing employees or a member of their family/household with non-cash benefits, it is important to understand the Income Tax and National Insurance Contributions (NIC) implications and you...
https://hwfisher.co.uk/employee-benefits-know-your-obligations-as-an-employer/
Financial Fair ‘Play’ Rules It is the end of the 2023/24 Premier League Season and for the first time in the history of the league we have seen points deductions for two teams (in one season)...
Our recent Property Tax Webinar from our Tax Partner team covered property tax and VAT issues relating to whether you’re a real estate investor or industry professional. If you missed it, you c...
https://hwfisher.co.uk/property-tax-webinar-commercial-property/
According to HMRC, nearly 300,000 people filed their self-assessment tax return in the first week of the new tax year. In fact, 70,000 of those customers completed their return on the first day o...
https://hwfisher.co.uk/why-it-pays-to-complete-your-tax-return-early/
Wondering about the tax ramifications of setting up your own business? Or confused by income and allowable expenses, authors averaging, capital items and allowances, or trading losses? HW Fisher,...
https://hwfisher.co.uk/professional-development-tax-talk-with-hw-fisher/
The Domestic Reverse Charge (DRC) for VAT on construction services came into effect in the UK on March 1st, 2021. In this article, Mike Block, Director of VAT at HW Fisher, explains how the charg...
https://hwfisher.co.uk/overseas-landlords-and-the-vat-domestic-reverse-charge/
The cost-of-living crisis and higher mortgage rates suppressed demand in the housing market last year; however, with interest rate cuts and one year until additional Stamp Duty Land Tax (SDLT) ch...
https://hwfisher.co.uk/less-than-a-year-until-higher-stamp-duty-comes-knocking-at-your-door/
As of 1st May 2024, Martin Smith, Mark Reveley and Tanya Craft are partners in their respective departments, bringing the firm’s total to 28. Martin Smith is Head of the Sports Department, mana...
https://hwfisher.co.uk/hw-fisher-strengthens-senior-team-with-three-partner-promotions/
Zoe Amar joined us at our latest Higher Education Chair of Audit Committee Roundtable where the topic of discussion was Artificial Intelligence. The topics covered were: What is AI v machine le...
https://hwfisher.co.uk/higher-education-chair-of-audit-roundtable-ai-the-risks-and-opportunities/
In the Spring Budget 2024, the Government announced its plan to abolish the concept of domicile for tax purposes, and with it the associated ‘remittance basis’ rules that were first introduce...
Last week the Scottish government ditched its target to reduce greenhouse gas emissions by 75% by 2030. The truth is that they are not the first — and they won’t be the last. Many businesses ...
https://hwfisher.co.uk/three-steps-to-start-your-sustainability-journey/
All corporate bodies, including companies, local associations, charities, must file a Corporation Tax return and pay Corporation Tax on their profits (if any), unless they are exempt from filing....
This month several changes have come into effect that will impact UK businesses across a wide variety of sectors. From VAT registration thresholds to changes to the R&D tax relief scheme, Andrew ...
https://hwfisher.co.uk/10-changes-that-will-impact-businesses-this-april/
For some time, the VAT registration turnover threshold for UK businesses was set at £85,000. In the Spring Statement, the VAT threshold for 2024 was increased to £90,000. In this article, Mike ...
https://hwfisher.co.uk/what-is-the-vat-registration-threshold-and-whats-included/
The UK tax year always ends on 5th April and starts on 6th April. With less than a week to go until the start of the new 2024/2025 tax year, Stevie Heafford, Tax Partner at HW Fisher, highlights ...
https://hwfisher.co.uk/hw-fishers-checklist-for-the-new-tax-year/
Following our recent property tax webinar and the changes announced in the Spring Statement, Stevie Heafford, Tax Partner at HW Fisher, outlines the key tax rules, reliefs, and changes homeowner...
https://hwfisher.co.uk/new-tax-year-four-changes-for-property-owners/
Recently I had the pleasure to present with Simon Warner (Head of Licencing and Ventures at Oxford University Innovation) and Carol Rudge (Head of Higher Education at HW Fisher LLP) as part of th...
To combat the cost-of-living crisis, more adults across the UK are turning to side hustles to bring in extra income. However, to ensure that people are paying the correct amount of tax based on t...
https://hwfisher.co.uk/side-hustles-when-do-you-need-to-report-them/
At our recent charity trustee roundtable, we were joined by Joe Saxton, Chair of the Association of Chairs, who led the discussion. The key points are below. At the Association of Chairs, one are...
Our recent Property Tax Webinar from our Tax Partner team covered property tax and VAT issues relating to whether you’re a homeowner, real estate investor, or industry professional. If you mi...
International Women’s Day (IWD) is a celebration honoured worldwide of the social, economic, cultural, and political achievements of women. It’s a day to raise awareness about gender equality...
https://hwfisher.co.uk/what-international-womens-day-means-to-the-women-at-hw-fisher/
In this week’s Spring Statement, likely the last major fiscal event before the impending general election, all eyes were on the potential introduction of voter-friendly measures. It was good ne...
Understanding group relief can be helpful in optimising your company’s tax position. The long-standing Corporation Tax relief allows companies within the same group to surrender losses to anoth...
https://hwfisher.co.uk/how-to-optimise-your-companys-tax-position-through-group-relief/
According to HMRC, a record 11.5 million people submitted their tax return in time for the 31 January deadline. However, it is estimated that 1.1 million individuals still need to complete their ...
https://hwfisher.co.uk/late-to-file-navigating-the-self-assessment-tax-return-penalties/
With less than two weeks to go until the Chancellor delivers the Spring Statement, the team at HW Fisher share their thoughts on what the Government should be prioritising when it comes to UK tax...
The 31st of January 2024 marked one year since overseas entities owning UK property were mandated to register with Companies House. By creating the register, the UK aims to increase transparency ...
https://hwfisher.co.uk/the-register-of-overseas-entities-one-year-on/
In a much-needed intervention for struggling retailers, the Office of Budget Responsibility recently announced that it will undertake a cost versus benefit review of tax-free shopping and publish...
https://hwfisher.co.uk/the-return-of-vat-free-shopping-for-tourists/
Today is Valentine’s Day and for many around the world, it is a special time to show their love and affection for others. Some might even be planning on getting down on one knee to propose to t...
This article was first published on Accountancy Today. The accountancy profession is evolving rapidly, with several changes that demand the attention and strategic response from leaders. The co...
https://hwfisher.co.uk/what-accountants-should-be-thinking-about-in-2024/
It’s been four years since the UK officially left the European Union (EU), yet the much spoken of demise of UK PLC has not materialised. Exports of goods to the EU have fallen by circa 12% whil...
To celebrate this year’s National Apprenticeship Week, we caught up with Leyla Murtagh, an AAT Apprentice in the Not-for-Profit team at HW Fisher, on what a typical day as an apprentice looks l...
https://hwfisher.co.uk/national-apprenticeship-week-a-day-in-the-life-of-leyla-murtagh/
Since 1 January 2024, platforms like Airbnb specialising in short-term rentals have been required to send data on their clients’ earnings to HM Revenue and Customs (HMRC). The new rules by HMRC...
https://hwfisher.co.uk/self-assessment-tips-for-airbnb-and-short-term-let-hosts/
At our recent Chair of Audit Committee Roundtable, we were joined by Nick Hillman, Director of the Higher Education Policy Institute (HEPI), who led us through a discussion of the higher educatio...
Is there a better feeling than finding out that you have paid too much tax? Stevie Heafford, Tax Partner at HW Fisher explains who could be eligible for a tax rebate, how to receive any funds tha...
Making gifts throughout your lifetime is an effective way to ensure that you are leaving as much behind to your loved ones as possible whilst also helping to mitigate your exposure to Inheritance...
https://hwfisher.co.uk/gifts-out-of-surplus-income-three-rules-to-remember/
A self-assessment tax return can look daunting; however, with the right information and a little insider know-how, it can become a lot simpler. In this article, Sam Dewes, Private Client Partner,...
https://hwfisher.co.uk/tips-for-self-employed-individuals-when-preparing-their-tax-return/
According to data published by HMRC this week, nearly 5.7 million customers still need to file their self-assessment tax returns for the tax year ending 5 April 2024. The deadline to complete the...
2023 was a landmark year for HW Fisher, celebrating 90 years in business and five years post-management buyout. This year, we honoured our history and embraced our future. With the end of 2023 ap...
https://hwfisher.co.uk/2023-at-hw-fisher-celebrating-milestones-and-embracing-change/
Tanya Craft commenced her journey at HW Fisher in 2011 as an Accountant through the ACA programme. Over thirteen years, she ascended to a director in the audit team, leading her team in deliverin...
At our recent Charity Trustee Roundtable, we were joined by Kai Adams, Managing Partner of Green Park who led us through a discussion around board skills v experience. The key points are below. G...
https://hwfisher.co.uk/charity-trustee-roundtable-skills-vs-experience-building-the-right-board/
This article was first published on FT Adviser. During the Autumn Statement the Chancellor announced the first ever cuts to National Insurance payments. In his Autumn Statement on November 22nd 2...
https://hwfisher.co.uk/who-will-benefit-from-the-chancellors-ni-cuts/
Over 20 years ago, the UK government introduced self-assessment for individual taxpayers. The concept was that individuals would prepare their own tax returns and HMRC would have the ability to c...
https://hwfisher.co.uk/the-future-of-self-assessment-will-digital-platform-reporting-take-over/
It is understood that the baby boomer generation, those born between 1946 and 1964, have over 50% of Britain’s wealth and many are on the path to having a comfortable retirement. Baby boomers...
https://hwfisher.co.uk/inheritance-for-the-baby-boomer-generation-when-to-use-a-deed-of-variation/
We recently held a webinar discussing VAT, tax and employment tax issues affecting the Not for Profit sector and what finance teams should be considering as part of their roles. We covered a n...
https://hwfisher.co.uk/specialist-webinar-on-tax-issues-affecting-the-not-for-profit-sector/
Immigration and taxes are key to understanding whether a move to the UK is feasible and these rules can also change from time to time. In this joint article written by Alexei Zuyev, an immigratio...
https://hwfisher.co.uk/moving-to-the-uk-5-key-tax-and-visa-considerations/
Immigration and taxes are key to understanding whether a move to the UK is viable, or indeed even possible. Immigration and tax rules change from time to time, sometimes as a direct result of the...
https://hwfisher.co.uk/moving-to-the-uk-key-tax-and-visa-considerations/
Today the Chancellor announced the Autumn Statement and there are some milestone tax changes to be aware of. Overall, there is some good news for individuals and businesses alike. However, the ...
https://hwfisher.co.uk/the-autumn-statement-2023-tax-changes-to-be-aware-of/
As the UK’s Chancellor of the Exchequer prepares to announce tax cuts in his Autumn Statement this week, our tax experts outline five changes to watch out for. 1. Make full expensing permanent ...
https://hwfisher.co.uk/five-changes-to-watch-out-for-in-this-weeks-autumn-statement/
HW Fisher, a UK top 30 audit and advisory firm, announces Sam Dewes’ promotion to Partner to support the firm’s continued growth. As part of the latest round of promotions, Sam Dewes is now P...
From 13th November, businesses and agents must register for VAT online as part of HMRC’s Making Tax Digital strategy. In this article, Mike Block, VAT Director at HW Fisher explains who needs t...
Today is National Authors Day, an opportunity to celebrate talented writers across the country that have helped to shape our lives with the stories that they write. At HW Fisher, we’re proud to...
https://hwfisher.co.uk/national-authors-day-your-top-ten-tax-questions-answered/
In the 2021-22 financial year, UK taxpayers paid a record £16.7bn in Capital Gains Tax (CGT) to HMRC, a tax on the profit when you sell an asset that’s increased in value. This marks a 15% yea...
The deadline for individuals choosing to complete their self-assessment via post means you have until the 31st October (aka Halloween) for HMRC to receive all the necessary paperwork. With only s...
2023 marks the 90th year since HW Fisher’s foundation. I am so proud of where we are today with the knowledge that our future is shaped by our past, our values, and our people. Please join me i...
https://hwfisher.co.uk/our-90-year-anniversary-celebrating-our-past-present-and-future/
It has been a year since the increases in the Stamp Duty Land Tax (SDLT) thresholds for residential property took effect. As a result of these changes, buyers are able to purchase property at a h...
https://hwfisher.co.uk/buying-a-property-make-sure-you-pay-the-correct-stamp-duty-land-tax/
The Institute for Fiscal Studies estimated that the average cost of private school fees across the UK in 2022/2023 was £15,200. This marks an increase of nearly 6% over the previous year. Most p...
https://hwfisher.co.uk/learn-the-value-of-school-fees-planning/
Since April 2013 tax residency in the UK has been determined by a number of tests collectively known as the Statutory Residence Test (‘SRT’). Prior to this, residency was based on case law an...
https://hwfisher.co.uk/common-tax-residency-pitfalls-to-avoid/
The deadline for individuals to register themselves for Self-Assessment is October 5th. With only a week to go, Trusha Shah, Tax Manager at HW Fisher outlines who needs to register for the self-a...
https://hwfisher.co.uk/one-week-left-to-register-for-self-assessment-tax-return/
When it comes to buying or selling a business, you want to know how much it is worth. There are three primary approaches used when valuing a business, these include a cost based approach, an in...
https://hwfisher.co.uk/how-to-value-your-business-a-guide-to-valuation-techniques/
Today HMRC announced that it has collected £3.2 billion in Inheritance Tax (IHT) between April and August 2023, which represents a £0.3 billion year on year rise. Commenting on the figures, Ste...
https://hwfisher.co.uk/hmrc-reveals-inheritance-tax-receipts-are-on-the-rise/
As a sportsperson, travelling the world and competing from different global locations is an exciting endeavour. If you’re a non-UK resident sportsperson, you should be aware of the tax implicat...
https://hwfisher.co.uk/tax-implications-that-non-resident-sportspeople-need-to-know/
You might wonder why you would ever need to value your business, but the circumstances arise more often than you might think. Exit strategy/selling your business If you are thinking of selling yo...
https://hwfisher.co.uk/why-might-i-need-a-business-valuation/
At our recent Higher Education Chair of Audit Committee Roundtable, we were fortunate to be joined by Nolan Smith from the Office for Students (OfS) to discuss the following areas: Teaching quali...
Buying a business is a big decision, whether it’s a first-time acquisition or part of an existing growth strategy. However, the journey from finding a target to closing the deal can be long and...
https://hwfisher.co.uk/buying-a-business-why-seek-advice-early/
When someone offers to buy a business, they will usually value it based on an enterprise value, which assumes the acquisition will be on a cash-free and debt-free basis and subject to having a no...
https://hwfisher.co.uk/normalised-working-capital-and-completion-mechanisms/
Leaving the UK to retire abroad? Perhaps sunny Marbella is on your bucket list or somewhere a little further afield? Whatever you decide, it is important to remember that leaving the UK doesn’t...
https://hwfisher.co.uk/retiring-abroad-dont-trip-up-on-your-taxes/
Data published by HMRC today reveals that Inheritance Tax (IHT) receipts for April 2023 to July 2023 totalled £270.2 billion, representing a £17.3 billion increase compared to the same period t...
If you are looking to sell your business, or to exit an existing investment, have you ever considered undertaking a financial health check? In our experience across a range of M&A transactions, o...
If you are a director of a limited company, you usually have the option of paying yourself a salary or dividends. Until recently generally there was a clear answer: pay yourself a salary up to th...
https://hwfisher.co.uk/should-you-pay-yourself-a-salary-or-dividends/
From April 2023 until the end of March 2026, companies can claim 100% capital allowances on qualifying investments through the full expensing relief. Andrew Tall, Corporate Tax Partner explains: ...
https://hwfisher.co.uk/capital-allowances-exploring-new-incentives/
The UK’s response to the Russia-Ukraine War has seen a significant increase in additions to the UK’s Sanctions List. Tamara Howe, Director of Financial Crime Prevention, explains why it is ...
From the 8 August 2023, all businesses claiming R&D tax relief or expenditure credit will be required to submit an additional information form through HMRC’s new online portal before they submi...
https://hwfisher.co.uk/introducing-the-new-rd-additional-information-form/
HW Fisher, a UK top 30 audit and advisory firm, today announces the appointment of Andrew Tall as Corporate Tax Partner. Andrew is ACA and CTA qualified and has more than 25 years’ experience m...
https://hwfisher.co.uk/hw-fisher-bolsters-team-with-new-corporate-tax-partner/
With effect from 1 August 2023, significant changes to UK alcohol duty will be introduced in an effort to standardise the tax by removing the different rates that exist between types of alcohol. ...
https://hwfisher.co.uk/why-next-weeks-changes-to-alcohol-duty-could-dampen-spirits/
The second ‘payments on account’ deadline is on July 31st. With only one week to go, Stevie Heafford, Tax Partner outlines what ‘payments on account’ are and who needs to complete this ta...
Debra Allcock Tyler, a formidable force in the charity sector, joined us at our recent Charity Trustee Roundtable. Read on for a summary of her insights on boards and good governance. Expectation...
https://hwfisher.co.uk/debra-allcock-tyler-insights-from-a-formidable-force-in-the-charity-sector/
Over the past three years, the Covid-19 pandemic resulted in significant disturbances to the world economy, with the aftershocks resulting in supply chain issues, inflation, and rising interest r...
Despite the recent increase, the UK’s Corporation Tax rates remain competitive when compared to other jurisdictions. As a result, this is helping the UK to continue fostering a favourable tradi...
https://hwfisher.co.uk/corporation-tax-incentives-reasons-to-invest-in-the-uk/
The latest data from the Office for National Statistics (ONS) shows that the UK surpassed £2 trillion in foreign investment for the first time in 2021, resulting in a record-breaking 85,000 jobs...
https://hwfisher.co.uk/why-the-uk-leads-the-investment-table-for-overseas-companies/
HMRC’s Trust Registration Service (TRS) is an online register of the beneficial ownership of assets held in trusts. Since the 6th October 2020, all expressly created UK trusts have an obligatio...
https://hwfisher.co.uk/need-to-register-for-hmrcs-trust-registration-service-join-the-club/
The cost of living pinch in the UK is in full swing. There is no sign of inflation coming down and interest rates have hit a 15-year high. Data from the property portal Zoopla reveals that people...
HMRC has announced that taxpayers now have until 5 April 2025 to fill gaps in their National Insurance record that may increase their State Pension. This marks an extension of nearly 2 years. An ...
https://hwfisher.co.uk/hmrc-extends-the-deadline-for-voluntary-national-insurance-contributions/
In March, HMRC announced a change to the transfer of assets rule which will impact spouses and civil partners who are in the process of separating. The aim is to make the Capital Gains Tax (CGT) ...
Article written by Marc Brinklow, Trust Manager The Chancellor has brought in a number of changes for trusts and estates with the aim of simplifying the reporting and taxing of small amounts of i...
https://hwfisher.co.uk/simplifications-for-trusts-and-estates/
We were delighted to join some of our clients and friends at a recent Byte the Book panel event, organised by the wonderful Justine Solomons, to discuss: The Economics of Publishing – how do yo...
https://hwfisher.co.uk/byte-the-book-and-the-economics-of-publishing-our-top-5-takeaways/
We have all experienced the impact that financial technology (fintech) has had upon the delivery of financial services. The UK has emerged as one of the leading global fintech hubs, with a thrivi...
https://hwfisher.co.uk/navigating-vat-guidance-for-fintech-companies/
When it comes to Inheritance Tax (IHT), did you know that there isn’t any tax due on outright gifts if you survive for 7 years after giving them? This is a well-known tax exemption called the 7...
https://hwfisher.co.uk/inheritance-tax-hmrc-and-the-7-year-rule/
We recently joined an expert webinar with The WealthiHer Network, focusing on the topic of property investment and securing your financial future. A line-up of remarkable women joined us to share...
https://hwfisher.co.uk/property-investing-and-securing-your-financial-future/
The Higher Education Policy Institute has published the first holistic picture of small and special-focus universities in Size is Everything: What small, specialist and practice-based providers t...
An individual’s eligibility for the UK State Pension is based on the number of ‘qualifying years’ they have on their national insurance records. However, sometimes there can be gaps which l...
https://hwfisher.co.uk/reminder-act-now-to-ensure-state-pension-eligibility-before-july-deadline/
UK has been accepted into an Indo-Pacific trade bloc in what the government says is its biggest trade deal since Brexit. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership ...
https://hwfisher.co.uk/britain-to-join-indo-pacific-trade-bloc-in-biggest-trade-deal-since-brexit/
As a new tax year beckons, it is once again important to make internationally mobile employees aware of a highly valuable tax relief known as Overseas Workday Relief. Such employees should arrang...
https://hwfisher.co.uk/overseas-workdays-relief-considerations-for-a-new-tax-year/
Many taxpayers who receive income gross (without the deduction of tax) are required to make payments on account towards their following year tax liabilities e.g. self-employed individuals. Two pa...
https://hwfisher.co.uk/payments-on-account-should-you-make-a-claim-to-reduce/
In the Spring Statement, the Chancellor confirmed that Corporation Tax will increase to 25% from 1 April 2023. This will raise around £18 billion a year and is seen as a down payment on the Gove...
https://hwfisher.co.uk/prepare-for-upcoming-corporation-tax-changes-in-april/
This month, HMRC has written to thousands of influencers who it suspects have not paid the right taxes for money earned online – this is part of its latest attempts to keep pace with the growin...
https://hwfisher.co.uk/hmrc-nudge-letters-advice-to-influencers/
Jeremy Hunt delivered his first Spring Statement yesterday as Chancellor. As part of his ‘Budget for Growth’, he announced a number of key changes to pensions and taxes to encourage people ba...
The Chancellor, Jeremy Hunt, is preparing to deliver his spring budget next week, his second statement since taking the job. While few significant tax changes are expected following the turbulent...
https://hwfisher.co.uk/spring-statement-5-things-the-chancellor-should-prioritise/
The aim of this year’s International Women’s Day #EmbraceEquity campaign theme is to get the world talking about why equal opportunities aren’t enough. At HW Fisher we will be marking the...
https://hwfisher.co.uk/international-womens-day-striving-to-continue-to-grow-and-be-better/
Following the Prime Minister’s newly announced trade deal with Northern Ireland, Gerry Myton, Head of Indirect Tax at accountancy firm HW Fisher, shares a summary of the key changes you should ...
https://hwfisher.co.uk/northern-ireland-trade-deal-10-key-changes-to-be-aware-of/