UK Taxation-Deduction of VAT on costs (comparison of residual costs and overheads)

May 18
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VAT for partially exempt businesses, such as those in the finance, insurance, health and welfare and land sectors, does not come without its complexities. One of these is the distinction between overhead costs and residual costs when it comes to deduction of VAT. In this article, we share the details of the Royal Opera House Covent Garden Foundation case, which provides welcomed guidance on this issue and helps those grappling with the thorny question of deduction of VAT on costs, to understand the tests to apply when considering entitlement to VAT deduction.
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What does employers’ pension obligations during COVID-19?

Apr 22
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As businesses are significantly impacted by COVID-19, we review here what employers should consider in relation to pension benefits to ensure that they are not in breach of regulations. We also answer some frequent queries received from our clients as we support them.

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On 5th March 2019, the Chinese government announced that the current Value Added Tax (VAT) rates will be reduced

Mar 08
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The actual implementation date will be 1st April 2019.  When the new VAT rates are implemented, they shall be changed to 13%, 9%, 6% and 0% accordingly.
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Hong Kong 2019/20 Financial Budget Summary

Feb 27
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The Financial Secretary of Hong Kong government has presented his third budget for the year 2019/20 to the Legislative Council on 27 February 2019. The budget proposals will need approval by the Legislative Council before taking effect. The proposals do not become law until their enactment.

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