Capital Gains tax on Non-UK resident owned UK property
Since April 2015, gains made by non-UK resident individuals on the disposal of residential properties have been subject to Capital Gains Tax (CGT). Non-UK resident individuals are subject to CGT at 18% or 28% depending on whether the individual has any basic rate band remaining (after the calculation of their income for income tax purposes). […]
The High-Income Child Benefit Charge (HICBC)
You may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’, if you have an individual income over £50,000 and either: you or your partner get Child Benefit someone else gets Child Benefit for a child living with you and they contribute at least an equal amount towards the child’s […]
Benefit in kind tax (BIK) on electric cars
If you work for a business or company, you may be given a company car by your employee for your private use. ‘Private use’ includes employees’ journeys between home and work unless they’re travelling to a temporary place of work. This extra benefit is known as a benefit in kind tax (BIK). The cash value […]
Claiming self-employed expenses
If you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit if they’re allowable expenses. Costs you can claim as allowable expenses Here is a general list of allowable expenses – office costs, for example stationery or phone bills travel costs, for example […]
National Insurance Contributions Price Hike
The UK government has announced that NI payments are set to rise by 1.25% from April 2022 as a part pledge to fund health and social reforms. The UK-wide tax increase is designed to raise 36bn for NHS services over the next 3 years, in what is being called the “biggest catch up in NHS […]
UK Personal Allowance
You’ll get a Personal Allowance of tax-free UK income each year if any of the following apply: UK resident regardless of nationality you hold a British passport you’re a citizen of a European Economic Area (EEA) country you’ve worked for the UK government at any time during that tax year You might also get it if it’s included in […]
Tax free gifts to employees
Whilst everyone enjoys receiving presents, employees are unlikely to appreciate gifts from their employer with a tax charge attached. Fortunately, a statutory exemption from income tax and national insurance for employees and employers exists. The current form of these rules took effect from 6 April 2016, and the key conditions are: The cost of the […]
Foreign income tax for non-UK domiciled individuals
If an individual is defined as a non-UK domiciled, they do not pay UK tax on foreign income or gains if they do not remit this income into the UK. How much do I have to pay to claim remittance? it is free of charge for the first six years of residency. £30,000 if you […]
Working from home tax relief
You may be able to claim tax relief for additional household costs if you must work at home on a regular basis, either for all or part of the week. This includes if you must work from home because of coronavirus. You may be able to claim tax relief for: gas and electricity water business […]
Super-deduction capital allowance
As announced in the Budget on 3rd March 2021, for the next two tax years starting 1 April 2021, companies will benefit from a 130% “super-deduction” on qualifying plant and machinery investments. At the current Corporation Tax rate of 19%, this means that for every pound invested a company’s taxes are cut by up to […]