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How to avoid or reduce Income tax
If you're a higher rate taxpayer nearly half of your earned income above the higher rate band will go the taxman. In this section we include articles and reports that look at how to avoid or reduce income tax. You may also want to have a look at our Income Tax Consultancy Questions which looks at numerous income tax planning questions in detail. Establishing non UK resident status is a very effective method of avoid UK income tax on overseas income. You can also avoid UK income tax on some UK income as well. Look at our emigration section for more details of this.
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Holding a website offshore to reduce UK tax
03/02/2012
If you're looking to set up a website and want to reduce UK tax on the profits generated by that site, one option to avoid tax on the profits is by operating the site from overseas. This article looks at the offshore options to avoid tax on the profits of a website including non residency and using an offshore company. . . .
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Structuring a share sale to avoid income tax for directors
30/01/2012
If you're an employee or director in a company, any enhanced rights to payments on a share sale are usually subject to income tax. This could potentially mean income tax and NIC at 50%. If you can structure this as within the charge to capital gains tax you'd be looking at a tax charge up to 28%. In this article we'll look at the facts of a case where the directors undertook some planning to avoid the income tax charge. . . .
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Tax treatment of dividends in a recent case
25/01/2012
There's been an interesting example of how HMRC and the Courts approach the tax treatment of dividends in a recent case. In this article we look in particular at how the approach taken by the appeal courts has led to some strange decisions being taken . . .
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Tracing and valuing remittances for non doms
23/01/2012
The new rules that govern when income and gains are classed as remitted to the UK are very wide. In particular the tracing provisions can apply to trace the 'original' income and gains through any number of subsequent investments or transactions and there are provisions to trace income and gains through other individuals. This article looks at how to identify and value taxable remittances to the UK . . .
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How to generate a tax loss on properties without actually selling
06/01/2012
As you'd expect, property traders and investors can get tax relief for property losses when they sell. If they're traders they'd incur a trading loss and if investors they'd incur a capital loss. These losses can be offset against other income or capital gains dependent on the type of loss incurred. But what about if the property isn't sold? Is there any way that tax relief can be obtained for an 'unrealised' loss? . . .
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Court of appeal decision on extracting remuneration as dividends
21/12/2011
There are clear benefits to many workers from extracting cash as dividends as opposed to salary/bonus. Not only does it avoid national insurance, but in most cases the lower rates of income tax on dividends will outweigh the benefit of the corporation tax deduction for salary/bonus. It's therefore no surprise that structuring is often implemented to take advantage of this. This article summarises the results of a recent court of appeal decision . . .
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How non residents can eliminate income tax on UK rental income
28/11/2011
If you're non UK resident and rent out UK property you'll be subject to UK income tax on the rental income. This will fall within the non residents landlord scheme and would initially be subject to basic rate income tax at source for most landlords. In this article we look at the techniques non residents can apply to reduce UK income tax on the rental profits to nil . . .
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Collecting tax from non residents trading in the UK
21/11/2011
This is an issue that is commonly raised. Just because a non resident is trading in the UK does this necessarily mean that HMRC can collect the tax? If there are no or only limited provisions to collect the tax this would in practice restrict the actual UK liability. In this article we look at how HMRC can collect tax from non residents and when the provisions won't apply . . .
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Maximising tax relief with Business Premises Renovation Allowances (BPRA)
24/10/2011
Business premises renovation allowance (BPRA) is a very generous tax relief that is intended to bring derelict or unused buildings in certain areas back into use. It provides for full tax relief for all qualifying capital expenditure. This frequently generates a loss which can often be offset against other income of the individual. . . .
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Tax planning for partners and the 50% rate of income tax
05/10/2011
The top rate of income tax for anyone earning over £150,000 is 50%. Partners in particular will be keen to reduce the tax burden as they will be taxed personally on the business profits. The 50% tax rate will therefore hit them particularly hard. In this article we look at some of the main ways that Partnerships could look to reduce income tax. . . .
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Reducing tax on property development by using a trust
23/09/2011
One possibility to reduce tax on property trading is by using a trust. The general idea would be that you could save the 40% or 50% income tax charge you'd be subject to if you did the development in your own name by using a trust. The trust could be subject to income tax at the basic rate of 20%. There could therefore be a significant tax saving. . . .
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Offshore Tax Book
Non Dom Tax Book
Tax Havens Book
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