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Tax Filing: from Fines to Points

11th September 2018

Amongst many other propositions, the draft UK Finance Bill published on 6th July 2018 details plans for a shake-up of the existing tax penalty system for late payments of tax. The proposed new system will consist of points-based penalties as opposed to just fining, with points accumulating to trigger... read more

Posted in: Tax

UK Tax Reform: A Breakdown

5th September 2018

April 2017 saw a barrage of UK tax rules take force, including a clamp-down on the number of years resident non-domicile status can be claimed, and harsher, more regulated treatment on selected offshore arrangements which were often used to avoid encountering Inheritance Tax (IHT). As you will see from... read more

Posted in: Inheritance Tax, Tax

Letting a UK property? An Update on Property Tax…

2nd September 2018

There have been a number of developments for those letting UK property with new approaches to deadlines when paying Capital Gains Tax, a proposed extension on the time limit for investigating those with offshore funds and restrictions on Rent-a-Room relief. Deadlines for Payment of Capital Gains Tax (CGT) From April... read more

Posted in: Capital Gains Tax, Tax

Income Tax and National Insurance Contributions Termination Payments

17th October 2017

As it currently stands, qualifying individuals are either completely exempted from Income Tax on their overseas employment termination payment or have the taxable amount reduced through foreign service relief. However, this is set to change from 6 April 2018. In short, if you are UK resident in the tax... read more

Posted in: News, Tax

Changes to the Tax Treatment of Non-Domiciles

30th January 2017

New Tax Rules for UK Non-Domiciles are to come into effect from 6 April 2017. Draft legislation on most of the changes has been included in the Finance Bill 2017 which was published on 5 December 2016. There have been some changes since the previous proposals, in particular the... read more

Posted in: Capital Gains Tax, News, Tax

Attention Anyone Living in Scotland

20th December 2016

Those living in Scotland face higher tax bills The Scottish Parliament announced their budget for the 2017/18 tax year on 15 December 2016. Rather surprisingly they have decided to subject Scottish taxpayers to a higher tax bill than those in the rest of the UK. For anyone living in... read more

Posted in: News, Tax

Understanding and Reducing Inheritance Tax

1st December 2016

£4.6 billion was paid in Inheritance Tax (IHT) revenues last year, and by 2020 one in 10 estates could be charged IHT. Inheritance Tax is charged on your estate when you die, at a flat rate of 40%. With the current threshold sitting at £325,000 a great many people... read more

Posted in: Inheritance Tax, Tax

Beware of fraudulent ‘HMRC’ telephone calls

4th October 2016

We have recently become aware of the evolution of a new fraud attempt whereby someone is calling and pretending to be from HMRC’s Debt Department, stating that they will shortly be commencing legal action and that you should ‘press 1’ to speak to a case worker.  This is a... read more

Posted in: News, Tax

Beware the tax trap on interest from April 2016

18th July 2016

From April 2016 UK banks stopped deducting basic rate tax on interest credited to your accounts. At the same time they introduced a savings allowance of £1,000 for basic rate taxpayers and £500 for higher rate taxpayers. For many taxpayers, this simply means that they will no longer need... read more

Posted in: News, Tax