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  • Abroad bank account

    Hello, Can UK registered company open bank account in EU country? Is there any obligations to inform HMRC about bank accounts abroad? Thank you.
  • Cost reimbursement inside of VAT group

    Hello, Company "A PLC" and Company "Holdco Ltd "are in the same VAT group. Company "Holdco Ltd" is a passive holding company that does not provide VAT applicable services to subsidiaries or third parties, and is considered a non-trading company. On the other hand, Company " A PLC" is active and provides services to subsidiaries located in the EU. Recently, Company "A PLC" received an invoice for financial audit services that were conducted for both companies, amounting to £10,000 + £2,000 VAT. As 50% of the audit services were related to Holdco Ltd, Holdco Ltd should cover this expense and reimburse part of the financial audit expenses to PLC. Questions: 1. What type of document should "A PLC" issue to "Holdco Ltd" to reimburse part of the financial audit expense related to Holdco? Should it include VAT and be declared in VAT return? 2. Can "A PLC" reclaim 100% of the VAT from the e.g. £10,000 +£2000 VAT invoice, even if 50% of the amount relates to Holdco Ltd, which is a non-trading company with no VAT sales? Thank you!
  • RE: Empoyee's tax code change 2022-2023

    Hello, I have called to HMRC and consultant confirmed that new tax code must be used for the final payment of tax year 2022-2023. I did changes: -> Manage employees -> employee name-> on left Menu Tax code change -> entered new tax code K1044 and saved this change. When I check this employee PAYEE details 2022-2023, I see correct tax code K1044. Then I add employee payment for tax year 2022-2023. Payment date 03/04/2023, enter amount for income tax purposes, once again check tax code in PAYE details, run calculation and in pay-slip see previous tax code K4459 and wrong dedicted PIT. Please help to solve the problem to get correct calculations in BPT. Thank you very much.
  • Empoyee's tax code change 2022-2023

    On July 2022 we received a notice to employer regarding tax code change of an employee to K4459. Salary to director is paid out on biannual basis. For the first half year 2022-2023 payment we used K4459 tax codde. On 1st of February we received new tax code notice with the tax code K1044 (effective date 01/02/2023, tax year 2023). Do we understand correctly that for the second HY payment (final 2022-2023 tax year payment) should be used tax code K1044? We changed tax code in Basic PAYE tool for tax yaer 2022-2023, but despite that BPT calculates PIT based on K4459 and in payslip indicates K4459 code. How to solve the problem and deduct correct PIT from directors salary? Thank you.