Actors and entertainers – profession or employment
There is a particular section of internal HMRC’s manuals that deals specifically with how to view the rules for measuring profits of specific trades. The list includes over 50 different trades as diverse as actors, athletes, barristers, bookmakers, motor dealers, care providers, doctors and dentists, financial traders, marine pilots, missionaries, pawnbrokers and subcontractors.
The section on actors and other entertainers states these people may be engaged under either a contract for services,
Check if a company is being liquidated
There are a number of ways you can check if a company is in liquidation. This can include searching the Companies House register. Companies House is responsible for maintaining a register of company information such as annual returns and annual accounts. This information also includes insolvency details although this can take some time to be updated and made available to the public.
When a company enters administration, liquidation or receivership, the appointed Insolvency Practitioner is
Registering as an overseas company
An overseas company must register with Companies House if they want to set up a place of business in the UK. This would mean that the overseas company has some sort of physical presence in the UK through which it carries on business.
If an overseas company does not have a physical presence in the UK, then they are not usually required to register with Companies House. For example, an independent agent who conducts business on behalf of an overseas company is not seen as the overseas company
PAYE and overseas employees
There are a multitude of rules and regulations that you must be aware of when you employ someone from abroad who is coming to work in the UK.
HMRC’s guidance (entitled New employee coming to work from abroad) sets out some important issues to be aware of when taking on a new employee from abroad.
This includes the following:
Check an employee’s right to work in the UK
Paying tax and National Insurance contributions
National Insurance contributions
Modified PAYE
Scottish Child Payment
The Scottish Child Payment increased to £25 per week from 14 November 2022. The payment is available to qualifying applicants living in Scotland for children under the age of 16. The Scottish Child Payment was launched in February 2021, initially for children under the age of 6. It is estimated that some 400,000 children in Scotland are now eligible for the payment.
In order to qualify, the applicant or their partner must meet the necessary conditions.
The Scottish government website states
Exempt transfers between siblings
Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can be passed on free of IHT as a tax-free threshold.
In most cases, an exemption from IHT is available on assets that are passed on death to a surviving spouse or civil partner. Unlike some countries, there is no similar provisions in the UK
Tax Diary February/March 2023
1 February 2023 – Due date for corporation tax payable for the year ended 30 April 2022.
19 February 2023 – PAYE and NIC deductions due for month ended 5 February 2023. (If you pay your tax electronically the due date is 22 February 2023)
19 February 2023 – Filing deadline for the CIS300 monthly return for the month ended 5 February 2023.
19 February 2023 – CIS tax deducted for the month ended 5 February 2023 is payable by today.
1 March 2023 – Due date for Corporation Tax due for the year