United Kingdom at a glance – October 2022

These emails are designed for those investing into the United Kingdom and those who have plans to do so. We aim to keep the points short and sweet, and to merely list snippets of relevant but easy to read information.

October 2022

  1. The VAT Flat Rate Scheme is very different to other schemes, in that the tax rate is based on the product or service you provide, instead of the standard rate of 20%.
  2. A company which owns patent licences in intellectual property (IP) rights (or exclusively licences the right to those patents) can qualify for the UK’s Patent Box Scheme. Your company (or another group company) must also have undertaken qualifying development for the patent to be eligible.
  3. The first fish and chips restaurant was opened in 1860 in London.
  4. The Annual Investment Allowance (AIA) is a tax allowance for capital expenditure in the form of the purchase of tools and machinery, which can reduce a company’s taxable profits subject to UK Corporation Tax.
  5. There have been a number of influential English authors but perhaps the most well-known is William Shakespeare, who wrote classics such as Romeo and Juliet, Macbeth and Hamlet.
  6. In the UK, companies are not specifically taxed on capital gains; instead, capital gains are taxed in the same way as normal income.
  7. Postponed VAT accounting enables customers to declare and recover import VAT on the same return, rather than paying import duties upfront and recovering this at a later date.
  8. In the UK, a company can claim staff related expenses in order to reduce its VAT payable to HMRC.
  9. In April 2022, the UK Government announced a rise of National Insurance contribution (NIC) rates by 1.25% for both employees and employers. Currently, this is due to be reversed as a result of the UK Government’s ‘mini-budget’ announcements.
  10. Chicken tikka masala is a curry dish that originated in the UK, which is unheard of in India itself.

This message is not given in the form of an opinion, legal opinion or tax advice. If any of the information provided is of interest or relevance to you or your company we would strongly recommend you contact us or another qualified professional for specific advice. 

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