Hillier Hopkins Frequently Asked Questions (FAQs)

The Government extended the corporation loss carry back scheme to enable companies to claim back losses against profits going back three years rather than just one.Read more

Employers are required to keep comprehensive payroll records of salary paid and deductions – income tax, national insurance and any student loans, payments made to the HMRC, employee leave / sickness absences, tax code notices. Read more

The need to register for with HMRC for PAYE will depend on two key pointsRead more

The Coronavirus Job Retention Scheme results in cash payments from government for part of the wages, associated national insurance contributions and employer pension contributions for employees who have been placed on furlough.Read more

We thought it would be helpful to provide a list of some of the FAQs we have received, along with our responses. We will update these as and when new details emerge.Read more

Robust accounting procedures will give you the information you need, when you need it.Read more

Many entrepreneurs use spread sheets to record their transactions. These can work in the simplest of situations...Read more

The Apprenticeship Levy will be imposed on certain UK employers to fund new apprenticeships.Read more

From April 2016, legislation was introduced providing clarity as to what small benefits are deemed to be trivial and therefore exempt from tax and reporting obligations.Read more

Setting up a UK company could not be easier. The cost of setting up a company with a default Memorandum and Articles of Association (the “constitution” for a UK company) is nominal.Read more

By taking some simple measures throughout the year, you can ensure that your annual audit is as seamless and effortless as possible.Read more

Choosing the correct business vehicle can make a lot of difference in a variety of ways. The choice of vehicle is usually between a limited company and an LLP. Read more

Having a roadmap is always useful. We can set ourselves as much as we like, but we will never, any of us, remain in business forever.Read more

It all really depends on how prepared you are. The key to selling your business is preparing to sell your business. Have a story to tell.Read more

Experience and research has demonstrated that, in the modern environment not only do staff respond to incentives but, they actually attach a value to the way they are treated.Read more

This is the question we are commonly asked, and we have held a series of seminars concerning the subject. Every business is unique. There is no magic formula which can be applied to every business, rendering it more valuable.Read more

Enterprise Investment Scheme (EIS) is a government scheme to attract investment into smaller companies. The main benefits of EIS are:Read more

The right investment for you will depend entirely on the type of business that you have, your own ambitions and intentions, the reasons for raising the finance, and the sources of finance currently in use.Read more

Robust accounting procedures will give you the information you need, when you need it.Read more

Many entrepreneurs use spread sheets to record their transactions. These can work in the simplest of situations...Read more

Despite the increase in company car tax rates in recent years, there are now many incentives for business owners to run low emission vehicles through their companies and take advantage of the reduced tax rates on offer.Read more

The remuneration of many directors and employees is made up of more than just a basic salary. This factsheet gives guidance on some of the main types of benefits and expenses which may have taxation implications.Read more

SEIS is designed to help small, early-stage trading companies to raise finance by offering a range of tax reliefs to investors purchasing new shares in those companies.Read more

EMI has been designed to be particularly attractive to small and medium sized companies to enable them to reward and motivate key employees in the form of share options.Read more

EIS is designed to help smaller trading companies to raise finance by offering a range of tax reliefs to investors purchasing new shares in those companies.Read more

The general rule is that you should be cautious about buying capital assets inside a company. Read more

We would hope that all audits carried out by all registered auditors are as reliable as each other. Generally, experience confirms this. The question might therefore be rephrased as: “Do some audits offer better value for money than others?”Read more

By taking some simple measures throughout the year, you can ensure that your annual audit is as seamless and effortless as possible.Read more

The truthful answer is, maybe. An auditor is there as an independent person to give a statutory report. In doing so, it has been said that an auditor has many roles:Read more

Our audit teams, led always by a Principal called a “Senior Statutory Auditor”, delve into all the dirty and clean linen of a company.Read more

As an audit is a statutory process, it involves us carrying out some work you may think has limited benefit to you, but is actually a legal requirement.Read more

Certainly you can. In fact, we actively encourage clients which are exempt from audit to seek assurance from us on the areas that matter to them. Read more

At Hillier Hopkins we think that an audit is also that moment when an independent expert has the chance to look at your company, its performance, and to discuss the accounts with you.Read more

Audits were invented to protect the reader of accounts so that they could be confident that an independent expert had looked at the accounts and confirmed that they give a true and fair view of the financial position and profits and losses of a company. Read more

Every company is required to produce a set of accounts each year that complies with the requirements of the Companies Act 2006.Read more

The prospect of going from receiving a monthly payslip to becoming a fully-fledged company director and shareholder can seem daunting. Many of our clients told us that they felt the same way when they began.Read more

Deciding whether to begin limited company contracting is a decision which often involves weighing up the pros and cons.Read more

The VAT Flat Rate Scheme (FRS) is designed to reduce the time that small companies, such as your limited company, spend on accounting for and calculating VAT.Read more

Knowing what constitutes a legitimate business expense can be key to minimising your tax liabilities with very little effort.Read more

A limited company can be a very tax efficient trading vehicle. However, it is an option that is only intended for bona fide contractorsRead more

We have put together a handy glossary with the customs keywords and their definitions to help you familiarise yourself with the customs language.Read more

All UK VAT registered companies are entitled to recover VAT they have suffered in each of the other 27 member states.Read more

Doing business overseas is invariably complicated. It is necessary to consider completely different cultural issues, markets, regulations, laws, and tax regimes.Read more

Gifts to charity can be very tax efficient. Lifetime gifts can benefit from income tax relief and are free of inheritance tax.Read more

How expensive a trust is to run depends on how active the trust is and how it is invested. Read more

Trusts have a long history of use in planning, not just tax planning. They underpin many structures such as charities and pension schemes which have no tax planning motives. Read more

Many lifetime gifts escape inheritance tax, especially if you make the gift more than seven years before you die. However, there are pitfalls...Read more

Organisations operating within the financial services arena are under increased pressure to ensure that their internal control operations and procedures are efficient, effective, robust and satisfy their control objectives.Read more

For many FCA regulated firms, a statutory audit is required even though they would normally have a small company exemption under the Companies Act 2006.Read more

Irrespective of whether your firm needs a statutory audit you may require a CASS audit. CASS stands for Client Assets Sourcebook and the rules around this are in place to safeguard client assets.Read more

Every business owner is eligible to claim legitimate business expenses, and partners in GP practices are no different. But unlike many other businesses, the extent and the nature of what can be claimed by GPs is very different.Read more

The new rules now state that gains on all UK land and property, both residential and non-residential, and direct as well as indirect disposals, will be liable for CGT from non-residents.Read more

You no longer need to notify HMRC of your arrival unless you are an employee, in which case your employer will do so.Read more

The UK has introduced a series of tests to determine whether you are resident here for tax purposes. These are based on the number of days you spend in the UK and your relationship with the country.Read more

Setting up a UK company could not be easier. The cost of setting up a company with a default Memorandum and Articles of Association (the “constitution” for a UK company) is nominal.Read more

Doing business overseas is invariably complicated. It is necessary to consider completely different cultural issues, markets, regulations, laws, and tax regimes.Read more

The new rules now state that gains on all UK land and property, both residential and non-residential, and direct as well as indirect disposals, will be liable for CGT from non-residents.Read more

You no longer need to notify HMRC of your arrival unless you are an employee, in which case your employer will do so.Read more

The UK has introduced a series of tests to determine whether you are resident here for tax purposes. These are based on the number of days you spend in the UK and your relationship with the country.Read more

As of the 6th of April 2019, HMRC has extended their Non-Resident Capital Gains Tax (NRCGT) regime to include both direct as well as indirect sales of all UK property and land.Read more

Employers are required to keep comprehensive payroll records of salary paid and deductions – income tax, national insurance and any student loans, payments made to the HMRC, employee leave / sickness absences, tax code notices. Read more

Depending on your level of self-employed earnings you may also need to pay Class 2 and 4 national insurance contributions through your self-assessment tax return but this is also after taking into consideration the contributions already paid on your salary.Read more

Furnished Holiday Lettings (“FHL”) are becoming increasingly popular as a holiday home can be turned into a profitable business attracting various tax reliefs.Read more

If HMRC have issued a return you will normally need to complete and submit it. If you make a gain on the sale of a property you will need to pay capital gains tax on your profit...Read more

If you run your own business as a sole trader (rather than through a company) you should register for self-assessment so that HMRC can issue you with an annual tax return. Read more

Gifts to charity can be very tax efficient. Lifetime gifts can benefit from income tax relief and are free of inheritance tax.Read more

How expensive a trust is to run depends on how active the trust is and how it is invested. Read more

Trusts have a long history of use in planning, not just tax planning. They underpin many structures such as charities and pension schemes which have no tax planning motives. Read more

Many lifetime gifts escape inheritance tax, especially if you make the gift more than seven years before you die. However, there are pitfalls...Read more

As of the 6th of April 2019, HMRC has extended their Non-Resident Capital Gains Tax (NRCGT) regime to include both direct as well as indirect sales of all UK property and land.Read more

Buy-to-let landlords have been affected by a series of legislative changes in recent years, from Stamp Duty Land Tax (SDLT) rate hikes to restrictions on mortgage tax relief.Read more

The following is a summary of key actual and proposed changes that are due to take place within wear and tear from April 2016.Read more

Choosing the correct business vehicle can make a lot of difference in a variety of ways. The choice of vehicle is usually between a limited company and an LLP. Read more

The Construction Industry Training Board (CITB) impose a levy on employers in the construction industry.Read more

Companies that carry out research and development (R&D) can often reduce their tax bills by claiming relief for some of their R&D expenditure.Read more

The questions below relate to the purchase of residential properties by individuals and are ones we answer on a daily basis.Read more

The question you need to ask yourself is, “would you live there?” If the answer is no then you may have an opportunity to claim overpaid SDLT.Read more

On 13 November 2020 HMRC changed their view to confirm that the 3% surcharge will not apply to a transaction which includes dwellings and non-residential property where Multiple Dwellings Relief (“MDR”) is claimed.Read more

Buy-to-let landlords have been affected by a series of legislative changes in recent years, from Stamp Duty Land Tax (SDLT) rate hikes to restrictions on mortgage tax relief.Read more

The following is a summary of key actual and proposed changes that are due to take place within wear and tear from April 2016.Read more

Land Remediation Relief enables businesses to claim corporation tax relief of 150% of the cost of cleaning up contaminated land or buildings.Read more

Software may qualify for enhanced research and development (R&D) relief in two respects:Read more

For the purpose of tax reliefs, Research and Development (R&D) takes place when a project seeks to achieve an advance in science or technology.Read more

Companies that carry out research and development (R&D) can often reduce their tax bills by claiming relief for some of their R&D expenditure.Read more

If you own a commercial property or furnished holiday let, capital allowances are a valuable form of tax relief.Read more

ATED is an annual tax payable mainly by companies that own UK residential property valued at more than £500,000.Read more

Companies that carry out research and development (R&D) can often reduce their tax bills by claiming relief for some of their R&D expenditure.Read more

Software may qualify for enhanced research and development (R&D) relief in two respects:Read more

For the purpose of tax reliefs, Research and Development (R&D) takes place when a project seeks to achieve an advance in science or technology.Read more

Companies that carry out research and development (R&D) can often reduce their tax bills by claiming relief for some of their R&D expenditure.Read more

It is important to know what you should be able to claim tax relief on within your business.Read more

Businesses that employ staff have an obligation to collect and pay taxes to HMRC in relation to that employment.Read more

Companies and self-employed individuals in the UK have a number of obligations in relation to the taxes they may have to pay to HMRC.Read more

The Construction Industry Training Board (CITB) impose a levy on employers in the construction industry.Read more

Here are some of the most common frequently asked questions answered by our VAT & Indirect Tax expert Ruth Corkin:Read more

A cautionary tale for how it can go so wrong.Read more

Our helpful guide on how you could make savings on Stamp Duty Land Tax. We have seen a number of clients overpaying their SDLT liability as they were unaware that their recent property purchase qualified for a relief.Read more

We believe that this is the first stage in building a system by which almost everyone will effectively provide the information so-far provided on a tax return but sooner. Read more