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| Importing goods into the UK - potential changes ahead | |
Post Brexit procedural changes to import of goods from the EU, postponed several times, are now likely to be introduced in the next year, as follows: - Health certificates needed for certain foods and plant products from 31 October 2023
- Risk based physical checks performed by Border Force staff in the UK from 31 January 2024
- Safety & Security declarations needed for imports from 31 October 2024
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VAT treatment of entry fees to sporting events | |
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By default the entry fee to compete in a sporting event is VAT standard rate, but there is a VAT exemption in two circumstances. A sporting event excludes animal shows such as a dog show, where there is no physical competition, and prizes are based on appearance only: - The entry fee income is wholly given out as prizes (monetary or goods/services) in that event. The exemption fails if monies are held by the provider for prizes at subsequent events
- The provider of the event is an eligible body for VAT purposes, so cannot and does not distribute profit and they are established for the purpose of sport or physical recreation. Examples include a Not-For-Profit golf club, horse riding school, sports club or a leisure centre
The exempt entry fees will have a potential negative impact upon VAT recovery of costs. If you wish to obtain further details, please speak to the Indirect Tax Services team at James Cowper Kreston. | |
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| Capital Gains Tax receipts hit record levels | |
New data from HMRC has shown that an ever-growing number of Brits have paid a record amount of capital gains tax (CGT) for the tax year 2021-22. Driven by rising house prices during that period and asset values, more than 394,000 people were drawn into the CGT net paying an eye-watering £16.7 billion in the tax year ending April 2022. The amount of CGT collected by the Government is increasing by, on average, 15% a year. | | | |
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Combating the Surge in Visa Costs: Practical Advice for Employers
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Sourcing employees from overseas is already expensive and the recently announced 15 – 20% price increases will see a typical 5-year skilled worker visa cost close to £12,000, an expense that can significantly impact the bottom line.
There are, however, various strategies to protect the investment and potentially recover some costs in the not terribly uncommon event of an employee choosing to move on immediately after their visa ends.
This article by JCHR aims to explore some practical suggestions that can be integrated into employment contracts for sponsored workers. | | | |
To read this article in full, please click below.
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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