Current Capital Gains Tax rates
Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small capital gain, they may only be subject to a reduced rate of 10%. Once the total of taxable income and […]
OTS – making better use of third party data
The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a new report titled ‘Making better use of third-party data: a vision for the future’. The report sets out proposals for making better use of data held […]
Associated company rules
As announced in the Budget earlier this year there will be two rates of Corporation Tax from 1 April 2023. When the new rules take effect, taxable profits up £50,000 will continue to be taxed at 19% under the new Small Business Profits Rate. Taxable profits more than £250,000 will be taxed at 25%. The introduction […]
IHT – settled and excluded property
A trust is an obligation that binds a trustee, an individual or a company, to deal with the assets such as land, money and shares which form part of the trust. The person who places assets into a trust is known as a settlor and the trust is for the benefit of one or more 'beneficiaries'. […]
Tax and residential lease extensions
Mark Cawthron LLB CTA examines the tax implications of residential lease extensions and the changes to the tax reporting and payment rules for disposals of UK residential property One of the features of life over the last 12 months or more has been that many of us have had the opportunity, or have felt it […]
Tax credits renewal deadline reminder
The 31 July 2021 is the reporting deadline for families and individuals that receive tax credits. By this date they will need to tell HMRC about any changes to their circumstances or income and to renew their tax credit application. As in previous years, there is likely to be a last-minute rush and it may be […]
Changes to furlough scheme from 1 July 2021
The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme is open to all UK employers to access support to continue paying part of their employees’ salary for employees that would otherwise have been laid off during this crisis. The end date for CJRS has been extended multiple times since the scheme was […]
New EU VAT Import One Stop Shop (IOSS) rules
There have been significant changes to the EU VAT rules for the sale of goods for businesses selling goods to consumers (B2C) located in the EU from 1 July 2021. The changes mean that EU VAT must be applied on all goods that are sold online in the EU regardless of price including those through […]
VAT – which supplies does reverse charge apply to
The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT system by means of sophisticated fraud. The domestic reverse charge procedure applies to the supply and purchase of the certain specified goods and services. The specified goods that the reverse charge applies to are: mobile […]
Reporting foreign income for UK tax purposes
Income Tax is generally payable on taxable income received by individuals including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, rental income and trust income. The tax rules for foreign income can be complex. However, if you are resident in the UK you will need to pay UK Income Tax […]
