Key Summary The recent Spring Budget brought forth several significant tax reforms, particularly affecting individuals. Among these reforms, notable changes concern the taxation of non-UK domiciled individuals and property. Here’s a concise breakdown of the key Budget measures: 1. Non-domiciled status: The current ‘remittance basis’ tax system for non-UK domiciled individuals will be replaced with […]
HMRC is consulting on updated draft legislation to amend the scope of the VAT relief for the installation of energy-saving materials (ESMs) in residential accommodation. The proposed amendments will: reduced installations rate of ESMs in residential accommodation for recipients who are 60+ or receiving certain benefits, & for housing associations; remove the reduced rate for the installation […]
Stamp Duty Land Tax (SDLT) is a tax imposed by the UK government on purchasing properties and land in England and Northern Ireland. You will only have to pay Stamp Duty Land Tax if your purchase is over a certain price. SDLT was introduced by the Finance Act 2003; it replaced stamp duty with effect […]
Employee Ownership Trusts (EOTs) EOT were promoted by the government to promote employee ownership by giving business owners the opportunity to avoid capital gains tax from selling their shares to an employee-owned trust. EOTs do not involve direct share ownership by employees, rather a controlling interest in company is transferred to an all-employee trust […]
The only constant that remains in anyone’s life is change and the situation with the tax regime in the UK is similar. Every year the finance budget is introduced by the chancellor of the exchequer in March. The UK fiscal year begins on 6 April and ends on 5 April the following year while the […]
CGT is a tax on the proceeds of the sale of anything you own. For an asset owned for more than a year, it is calculated from the profit generated, which is the rise in value of the sale price compared to the purchase cost. Typically it’s applicable to: • Shares • Investment funds • […]
Workers must be paid at least the statutory minimum pay for their age under minimum wage legislation. The National Living Wage (NLW) and the National Minimum Wage (NMW) are the two forms of minimum wages. The age threshold for the National Living Wage is dropped beginning April 1, 2021, in addition to the typical annual […]
Bringing vacant properties back into use may be expensive, especially if extensive renovations are necessary. Domestic building work, including repair, maintenance, and upgrades, is often taxed at the regular vat rate of 20%. In some cases, VAT on construction works is taxed at a lower or even zero-rated rate. It is critical essential you understand […]
A tax break, or tax relief, is a way for you to reduce your tax liability by considering things you spend money on or invest in for your business. It’s the Government’s way of helping to stimulate the economy by ensuring you have more money to spend on your business. It’s also a way to […]
When starting, a new business must select a business structure, which will have both legal and tax implications, and the choice of business structure is a monumental step for a new company. It can affect ongoing costs, liability and how your business team can be configured. This topic becomes particularly timely during tax season, as […]
What is Investors Relief Investors relief is a government scheme implemented to reduce the capital gains tax on the disposal of shares in a private trading company that is not listed on the stock exchange. It applies to shares that are issued on or after 17 March 2016 that are disposed of on or after […]
Key points • The procedure for a company to purchase its own shares is strict and complex, and legal advice should always be obtained. • Buy-backs are useful to return cash to shareholders or to restructure the balance sheet of a company. • Companies Act 2006, s 694 permits private limited companies to buy back […]
