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.
Chancellor Phillip Hammond’s release of the 2018 Autumn Budget revealed a number of changes for small business owners. Below is a brief summary of some of the changes small business owners should be aware of.
If you have stopped trading as a sole trade or you’re ending/leaving a business partnership then you must notify the HMRC. This will trigger the cancellation of your Class 2 National Insurance.
Currently there are over 2,200 families on the waiting list for Kensington and Chelsea social housing. Which compared to the 11,000 houses currently available, presents a huge issue for councils finding the families accommodation. The council has already spent its entire reserves of £230m on new housing for the Grenfell tower survivors, whom all fall into their borough.
Stamp duty is an area of much dispute and change in UK tax. Currently, you usually pay Stamp Duty Land Tax (SDLT) on increasing portions of your property’s price above £125,000 (for residential properties, like a house of flat).
The amount of Stamp Duty you owe can vary depending on whether or not the property is your first home and the purchase is £500,000.
Statutory accounts (commonly known as annual accounts) are financial reports that must be prepared and filed at the end of each financial year. For UK private limited companies statutory accounts are a compulsory part of the tax year.
As a business owner it is important to be aware of your companies tax obligations and liabilities. There are a number of taxes that small businesses are required to pay. Below is our breakdown of the taxes you should know about as a business owner:
The October 15th US tax deadline is just around the corner. Below we have put together a brief outline of how to get started and avoid the harsh penalties of the IRS’s long arm:
Inspired off of the Jean Royère’s furniture designs we went to see yesterday (pictured above) in the spirit of London Design Week, we have put together a brief guide for our clients on some of the expenses you can claim as a furniture designer.
There are generally much expenses incurred while working as a furniture designer than other freelance professionals. For instance, the cost of raw materials and machinery. Raw materials and any equipment required to assemble the furniture are all claimable against tax, assuming that you are buying both.
If you are based in the UK and your employees are working abroad there are slightly rule surrounding PAYE and NIC depending on where your employees are working and how long you expect them to work there.
A confirmation statement is a form that was introduced to replace the annual return (AR01) in June 2016. The purpose of a annual confirmation statement is to verify important company data registered on Companies House to ensure it is correct and up to date.