Many professionals that migrate to the UK to study, work or do both are unaware of the country’s tax legislations. You may not need to be thorough with the UK tax policies, however, it will be beneficial to know the details for areas such as PAYE. In July 2018, the UK government issued a draft […]
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Tax Contribution of UK Financial Services
An interesting factor to note in the UK tax system for the year 2017 was that the Financial Services (FS) sector had made a Total Tax Contribution (TTC) of £72.1 billion for the period under review. This amounted to 11 per cent of all government receipts, an increase from the 10 per cent of the […]
read moreEIS Provisions – Required for CGT Relief
There have been instances when the HMRC’s decisions with regard to UK tax have come under judicial review. One was the recent case, Ames v HMRC [2018] UKUT 0190 TCC which was taken up in the Upper Tribunal (UT) about HMRC’s decision not to accept a late claim for Enterprise Investment Scheme (EIS) income tax […]
read moreWhat you should know about Making Tax Digital UK (MTD)
Major changes are expected in the UK tax structure with Making Tax Digital UK (MTD), the system which intends to digitise tax collection in the country, coming into effect for businesses, commencing with VAT, from 1st April 2019. Here is What you should know about Making Tax Digital UK (MTD) MDT was announced in the April […]
read moreUpdate on UK Land and Buildings Transactions Taxes
Recent changes made with regard to the UK tax system include developments in relation to the UK Land and Buildings Transactions Taxes (LBTT). Some of them are quite helpful to taxpayers, but let’s look at these in a little more detail… Here is an Update on Land and Buildings Transactions Taxes Many legislative changes have been […]
read moreUK Tax structure – Areas of Interest for Companies
Most of the FTSE100 companies have published their public tax strategies from December 2017 in line with regulations that require large companies to produce their tax strategies for accounting periods starting from September 15, 2016, coming into effect. How large companies UK tax structure and strategies can influence your business… Most companies are interested in […]
read moreSpousal tax breaks for unmarried couples
Until now, under the UK tax system, spousal tax breaks for unmarried couples were not available. According to a recent landmark decision by the Supreme Court, these benefits will now be available to unmarried couples too. The Supreme Court ruled on the basis that it’s a breach of human rights to discriminate based on sexual […]
read moreTop Tax Saving Tips for Jointly Owned Properties
Been looking for top tax saving tips for jointly owned properties? Well look no further, here is everything you need to know along with our top tax saving tips. Reap the Best Benefits There are considerable savings to be made on UK tax, in the case of jointly owned properties. Civil partners, couples and cohabitees […]
read moreTax advice on property losses and car benefits for employees
Corporation tax relief for property losses and P11D car benefit employee contributions are two areas of the UK tax system which concern many across the country. Here, we have simplified them for you. Corporation tax relief for property losses Major changes to the corporation tax relief loss rules were affected by Her Majesty’s Revenue and […]
read morePension Tax Relief – Is It Too Good to be True?
HMRC (Her Majesty’s Revenue and Customs) published their latest pension tax relief figures (personal and occupational pensions), at the end of February. Accordingly, tax relief cost the Treasury £41.4 billion in 2016/17 from £40.9 billion in 2015/16. The slight increase from the previous year could be due to a higher rate of auto enrolment contributions […]
read moreBitcoin and the UK tax system
Bitcoin has been a serious topic of conversation in most circles lately. With increasing values, it has been in the news a lot. How does Bitcoin affect a country’s tax system? here is what you can learn about Bitcoin and the UK Tax System. Taxing Bitcoin Bitcoin investors have been requested to account for any […]
read moreTaxation of digital activity – Some areas of concern
The proposed taxation on the digital economy has been a matter for discussion, debate and consultation across the world including in the UK. How the UX tax structure should be redrawn for these requirements and how businesses should prepare themselves have been the focus of these debates. UK’s reaction The position paper issued by the […]
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