Latest Preparing for Brexit

Brexit – What does it mean for Farming?

Britain’s withdrawal from the EU’s Common Agricultural Policy (CAP) means British farmers will no longer be able to receive EU subsidies and will not have to comply with a number of regulations. Agriculture is a small sector in the UK economy, contributing less than 1% to GDP and employing around 1.2% of the workforce. But…

Businesses urged to prepare for post-Brexit Customs

HMRC is urging VAT-registered UK businesses which trade exclusively with the EU to be prepared for a no deal Brexit.   In a letter sent to 145,000 affected businesses, HMRC explains changes to Customs, Excise and VAT procedures in the ‘unlikely event’ that the UK leaves the EU without a Brexit deal.   HMRC’s letter…

Draft Brexit Agreement: What’s all the fuss about?

So now that we can finally see what Brexit might mean in reality, with the publication of the Draft Brexit Agreement, everyone is still unhappy. After much talk about what we wanted, which was leaving the EU club, whilst cherry-picking retention of access to the Single Market and a borderless border in Ireland, it has…

Corporation tax rates set to fall

Following the Autumn Budget on 29th October 2018, it was confirmed that Corporation Tax rates will fall to 17% from 1st April 2020. Currently, the Corporation Tax rate is 19% and this will remain until the 17% rate comes into force. Presumably the reason for introducing lower rates is to make the UK more competitive,…

Further contingency planning guidance on a ‘No deal Brexit’

HMRC has issued a Partnership Pack to help businesses carry out contingency planning and to help their customers, members and clients to: think about how they will need to adapt their business to comply with new systems, processes and controls assess the impact of the increased demand for customs declarations on their business consider whether…

Preserve your wealth

Discover how to manage your wealth effectively at our annual event led by our wealth management and tax experts. There will be three presentations followed by a light lunch – a great networking opportunity. Tax planning tips & traps Barbara Nicholas, Tax Partner at Whiting & Partners  Passing on Wealth – How hard can it…

EMI Share Options: EU waives opportunity to ‘be difficult’.

Tech companies that have a business plan of developing a new product, with the aim of an eventual trade sale or IPO exit, will be very familiar with EMI share options. These options give generous personal tax breaks, to help recruit, retain and reward middle management and key workers. Under generic EU principles, such tax…

VAT Update – Out with the old and in with the new

  The current system for processing customs declarations for imports and exports with non-EU countries is changing. The current CHIEF system is to be replaced with the new CDS (Customs Declaration Service) to be phased in from August 2018 into early 2019.   The old system is nearly 25 years old and has become inflexible…

Brexit: Practical SME preparations.

  As we approach the end of the first quarter in the run-up to Brexit D-day, we are now beginning to see what practical steps SME businesses are taking in preparation: Businesses with a significant production source or market presence within the rest of the EU are strengthening their presence there. Creating a subsidiary based…

Brexit: The end of UK audits?

Audit thresholds are linked to the small company limits, which are currently set by the EU. The UK can choose to impose a lower threshold than the small company limits, but not a higher one. As a result of Brexit, power will return to the UK, and as a result the cap on audit thresholds…