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Latest Tax Articles
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2,814 tax consultancy questions answered as at 1 May 2012 - Free for members
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Latest Resources For Gold Members |
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The new income tax cap will apply only to reliefs which are currently unlimited. For anyone seeking to claim more than £50,000 in reliefs, a cap will be set at 25 per cent of income (or £50,000, which
It's well known that non resident landlord who let UK property are subject to basic rate tax at source (currently 20%). They have a choice either to accept this or file to receive the rents gros
If you have between £2,000 and £10,104 in overseas income and capital gains you should consider keeping £1,999 overseas where it will be tax free. This applies no matter how long you've lived in
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10 Golden Rules To Avoid A Tax Investigation
16/05/2012
The HMRC of today is a very different animal to the Inland Revenue of old in ways that we can use to our advantage despite its increased powers. Unlike the Inland Revenue, HMRC is set monetary targets and is under increased pressure to meet these targets in the shortest possible time. In this article from our tax investigations specialist we look at 10 Golden rules to survive an HMRC enquiry . . . keep reading
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Be careful with termination agreements!
14/05/2012
A recent case of the tax tribunal is a useful reminder of ensuring that you take care over the drafting of any termination agreements. By not expressly defining terms in the agreement, this gives the opportunity to HMRC to argue that tax free payments are actually taxable . . . keep reading
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The latest on the associated company provisions
07/05/2012
The tax implications of having companies that are classed as "associated" are well known, with the reduction in the various corporation tax bands usually being the key disdadvantage. In this article we look at changes to the associated company rules over the last couple of years and the impact of the new "substantial commercial interdependence" requirement . . . keep reading
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Working Overseas - The Complete Tax Guide
If you're working overseas either as a permanent move or under a short term secondment you should carefully consider the tax planning opportunities available to you. In this guide we look in detail at the tax planning issues that everyone should be considering when they move overseas.|Image1| . . . keep reading
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Who should claim the remittance basis in 2012/2013?
04/05/2012
Whether you should claim the remittance basis for 2012/2013 depends on a number of different factors including how long you've lived in the UK, the amount of money in question, whether it's income or capital gains and what you intend to do with the money. In this article we look at when you should claim the remittance basis for 2012/2013 . . . keep reading
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Qualifying for an IHT exemption on a Farmhouse
30/04/2012
It's well-known that a farmhouse attracts relief from Inheritance Tax as "agricultural property". However, its also difficult to be sure exactly what counts as a farmhouse. In this article we look at recent cases in this area. . . . keep reading
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103% tax relief with the new SEIS
25/04/2012
The new "Seed Enterprise Investment Scheme" gives some very attractive tax reliefs for anyone investing in the smallest companies. In this article we look at how an SEIS investment can actually give you 103% tax relief if the investment fails. . . . keep reading
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How the new 25%/£50,000 income tax cap will apply
23/04/2012
HMRC have produced some guidance on how the new £25,000/£50,000 income tax cap will apply from April 2013. Although it's still under consultation, it makes interesting reading. This article runs through the key points on how the new income tax cap will apply . . . keep reading
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In which countries can you still benefit from the UK personal allowance if you're non UK resident?
16/04/2012
The UK personal allowance (currently £8,105 for most people) exempts a specific amount of income from the charge to income tax. However, just because you're a UK citizen doesn't mean you can automatically claim the UK personal allowance once you leave the UK and establish non UK residence. In this article we look at in which countries you can still claim the personal allowance and the conditions that need to be satisfied . . . keep reading
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Changes to migrating a company overseas?
09/04/2012
Migrating a company overseas can have a number of UK tax benefits. The main benefits are that profits from an overseas trade are outside the scope of UK tax and that most capital gains are also free of corporation tax. Are changes on the way? . . . keep reading
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Latest guidance on split contracts for non doms
04/04/2012
Split (or dual) contracts are a popular tax planning strategy for non doms who carry out an overseas employment. HMRC has recently published some further guidance on how they treat certain cases. In this article we look at the impact of the latest guidance . . . keep reading
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Latest case on UK residence
26/03/2012
Establishing non UK residence is always a popular topic with our members. In this article we take a look at the latest Tribunal decision on UK residence and consider how it will affect anyone looking to establish non residence. . . . keep reading
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New limit on income tax reliefs
23/03/2012
One of the new proposals is to apply a cap on income tax reliefs claimed by individuals. The cap will apply only to reliefs which are currently unlimited. For anyone seeking to claim more than £50,000 in reliefs, a cap will be set at 25 per cent of income (or £50,000, whichever is greater). This article looks at this in a bit more detail . . . keep reading
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Revealed - QC approved scheme to avoid CGT on the sale of UK investment property whilst UK resident/domiciled
Tax Book - Tax Planning Techniques Of The Rich & Famous
How UK residents can use a Mauritian company to avoid UK capital gains tax
