The UK’s decision to withdraw from the European Union will have ramifications for all people and organizations in one form or another; whether that be through the cost of material or shipping tariffs.
One industry that is likely to be massively affected by Brexit is the creative industry.
As one of the UK’s fastest growing sectors, the creative industry is generally more anti-Brexit than the rest of the country. Reasons for this include the concerns surrounding the free movement of talent, funding and Britain’s reputation throughout the world.
The likely limits to free-movement that will result from Brexit could cause problems for travelling creative professionals i.e. performers touring Europe. Visas may be required in the future which can be expensive and timely.
Already-established acts are likely to feel the brunt of the changes less, however, there are fears it will be counterproductive for up-and-coming creative professionals.
Michael Dugher, former Labor MP, has called on the government to introduce a ‘touring passport’ to get around any limitations to travel.
Foreign studios spent £1.7billion in the UK in 2017- almost double the amount spent four years previously. The majority of this money was sourced from the U.S.A., spurred on by the fall in the value of the pound after the vote to leave the EU, which made it more attractive for U.S. studios of film in the UK. If a wide-ranging free trade deal is established with the US, this trend would be likely to continue.
Following Sibos 2019 this week, Innovative Finance has released a report that shows the high attraction investors are having to UK fintech companies.
The government and HMRC have introduced a number of tax reliefs to work as an incentive to entrepreneurs to keep their business’s growing and thriving. As a business owner or self-employed professional, you can experience huge benefits from understanding the different reliefs and credits you are entitled to.
There are a number of reasons why as a self-employed professional and tax filer you may not be able to pay your tax owed on time; from a miscalculation to an unexpected emergency. If you have realised you are not going to be able to make your tax payment on time, don’t panic. It is important to let the HMRC know that you are going to be unable to pay on time as soon as possible.
The Streamlined Filing Procedure is a tax amnesty scheme introduced by the IRS to help taxpayers get in line with their filing obligations. The Certification by US Person Residing outside of the United States for Streamlined Foreign Offshore Procedures, otherwise known as the Form 14653, is a requirement to anyone filing under the Streamlined Filing Procedure. The form is used to certify that your tax delinquency was non-wilful. The Streamlined Filing Procedure is only available to those who have not wilfully been behind on their tax filing obligations.
On the most part, tax credit has been replaced by the Universal credit. The only reason to make a new claim on tax credit is currently if you receive severe disability premium or if you have received the credit in the past and are still eligible.
Over 50,000 contract workers have been subjected to backdated tax demands of hundreds of thousands pounds. This is after a pursuit put in place by a controversial loan charge aimed to claim back-unpaid taxes from as far back as 1999.
The IR35 is a combined of legislation that is designed to asses whether a contractor is a genuine contractor or an employee for tax purposes. Contractors that work through their limited company enjoy many tax perks, such as claiming expenses against tax, which cannot be enjoyed as an exclusive employee to a company. Contractors also do not have access to many of the perks of employment, such as holiday and sick pay.
The HS2 project is one of the most demanding and exciting transport currently active in Europe. The project has set out to build a railway that will form the new backbone of Britain’s transport network.
The HMRC has continued its crackdown on tax avoidance this tax year, with a record amount of investigations into British taxpayers offshore assets and income; which have been followed by the HMRC’s record net income of £560million.