Tax
Frozen tax thresholds pull more Britons into higher rates As the global recession rumbles on, the UK Government has effectively utilised stealth to increase the group subject to its highest rate of Income Tax, being 45%. The retention of the frozen tax thresholds has led to a 50% increase in…
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Tax Reform for all Unincorporated Businesses An HMRC tax reform that will change the basis period for all unincorporated businesses to 5th April is delayed but still due. The changes will mean that businesses will be taxed on the profit or loss for the year ended 5th April regardless of the…
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Making Tax Digital extended to all VAT-registered businesses HM Revenue & Customs (HMRC) has confirmed that Making Tax Digital (MTD) will be extended to all VAT-registered businesses from April 2022. Changes will apply to the approximately 1.1m VAT-registered businesses with taxable turnover below the current VAT threshold. The move comes…
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National Insurance Contributions for Employees Working Abroad UK businesses whose employees are working abroad may now apply to HMRC to find out if they need to continue paying National Insurance Contributions. The service was updated in January 2021 and applies if you’re sending one or more employees to work temporarily…
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Extended Loss Carry Back – help for businesses In an effort to provide further aid for businesses struggling with the coronavirus pandemic, the government has extended the period in which trading losses can be carried back for tax relief purposes. The Extended Loss Carry Back measure announced at Budget 2021…
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National Insurance contributions relief for employers who hire veterans From April 2022 onwards, employers will be able to apply for National Insurance contributions relief if they hire veterans. The relief will be available in real time through PAYE for 12 consecutive months from the veteran’s first day of civilian employment.…
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Deferred VAT Deadline Looms Businesses that deferred their VAT payments last year have less than a month left to join an online payment scheme. Payments deferred from the early stages of the pandemic which remain outstanding need to be paid by the end of June in order to avoid penalties. …
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Biden’s global business tax plan President Joe Biden’s plan for a 21 per cent minimum global business tax rate has been met with resistance from the UK chancellor Rishi Sunak. Though there is considerable opposition pressure on the chancellor to endorse the US plan, Sunak said he would consider a…
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Changes to off-payroll working (IR35) rules The new off-payroll working (IR35) rules came into force on the 6 April 2021. Though payments relating to work or payments made before 6 April 2021 are not affected, the new rules need to be considered for all payments made on or after 6…
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UK Budget 2021: A summary of key announcements Chancellor Rishi Sunak has announced his Spring 2021 Budget promising further support for Covid-hit businesses and workers. As well as supporting and boosting industries ravaged by the coronavirus pandemic, the announcement also looked ahead to the difficult process of repairing the public…
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Disrupting a disruptor: The implications of the Supreme Court’s Uber ruling The UK Supreme Court has ruled that Uber must classify its drivers as workers rather than self-employed contractors. The decision could threaten the position of an already unprofitable company and will have far-reaching HR and tax consequences for the…
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Tax relief for working from home Working from home has become the new normal for much of the UK workforce. During the first national lockdown in 2020, the Office for National Statistics recorded that nearly half of those in employment (46.6%[i]) performed some work at home. Not all of that…
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Global Mobility and UK Tax Global mobility remains restrained today. However, despite the current pandemic, some businesses are taking those first tentative steps to place key players overseas, driven by the need to ensure business survival. From the perspective of those on the move, what does this mean to employer…
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Filing US tax returns is a well-known responsibility of American ex-pats, but the Foreign Bank Account Report (FBAR) is often forgotten. This can be costly, as failing to file the FBAR can draw the attention of the IRS, and lead to some harsh penalties. A United States person that has…
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Chancellor's Summer statement A temporary cut in the sales tax from 20% to 5% has been announced by the UK government for attractions, meals and accommodation. Chancellor Rishi Sunak proposed the measure during his Summer Statement in order to provide relief for some of the sectors worst hit by the…
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In a single year, HM Revenue & Customs’ (HMRC) crackdown on overseas tax evasion has seen a massive increase in the number of people admitting to not paying tax. According to a Freedom of Information (FOI) request, 867 British expats declared they failed to pay the amount they owed in…
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You might have heard about IR35 changes planned for April 2023. However, in October 2022, Chancellor Jeremy Hunt announced he would scrap most of the unfunded tax cuts predicted in the mini-budget, which also affects IR35. As of July 2023, there have been no changes regarding the IR35 legislation, and…
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The planned changes to the UK’s Inland Revenue 35 (IR35) Laws are intended to create a clear distinction between independent contractors and full-time employees. By determining employment status, HMRC hopes to ensure that proper tax contributions are obtained. In order to achieve this, IR35 shifts the responsibility for determining the…
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Through a Time Window, Darkly In April 2020, new rules will be taking effect regarding Capital Gains Tax (CGT). The policy change from HMRC aims ‘to improve collection of CGT by reducing error and increasing compliance; customers will have 30 days following property disposal to file their return and make…
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MTD has landed We first examined Making Tax Digital (MTD), and the arguments surrounding it, back in 2017. Now that the dust has settled and MTD has come into force, it seems a good time for another look. From VAT periods commencing 1st April, MTD now applies for most companies…
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