Michael Pawley is the founder of Proficio Solutions which provides outsourced Finance Director/Chief Financial Officer services to a number of entrepreneurs and ambitious businesses, partnerships and LLPs who operate mainly in the professional service and legal sector, across the UK as well as in Europe, Hong Kong, USA and South America.
Welcome to our May instalment, we’re approaching the summer months and lockdown measures have eased some more. In this month’s newsletter, we’re going to be looking at winding down your company with retirement in mind, maximising health and fitness sector profits, managing organisational changes and more.
As we reported back in July 2020, plans for the VAT reverse charge in the construction sector were postponed for the second time and will now come into force in March 2021. Despite having fair warning of the changes, there will still be many companies in the sector that are unprepared for this significant alteration.
Recent changes to the taxation of UK property held by non-UK residents have meant a fundamental reshuffle of tax planning in the lettings market. The changes include the taxation of rental income received by non-resident corporate landlords under corporation tax instead of income tax, with effect from 6 April 2020.