What is the tax consequence of earning over £100,000?
Anyone with an annual income which exceeds £100,000 must file a tax return, even if you were taxed through PAYE. One of the biggest tax implications of earning over £100,000 is that you start losing your Personal Allowance, which is £12,500 for 2020/21 . For every £2 that you earn over £100,000, you lose £1 […]
Withholding tax on interest payments
The UK is generally thought to be a suitable jurisdiction in which to locate the holding or sub-holding company of an international group or sub-group in view of its reasonably generous and wide-ranging participation exemption in respect of inbound dividends, and its substantial shareholding exemption in respect of capital gains arising on share disposals. Additionally, […]
Interest withholding tax
Non-resident recipients Non-resident recipient corporations and individuals Interest WHT (%) Non-treaty territories 20 Treaty territories: Albania 6 Algeria 7 Antigua and Barbuda 20 Argentina 12 Armenia 5 Australia 0/10 (2) Austria 0 Azerbaijan 10 Bahrain 0/20 (7) Bangladesh 7.5/10 (2) Barbados 0 Belarus 5 Belgium 0/10 (5) Belize 20 Bolivia 15 Bosnia-Herzegovina 10 Botswana […]
Brexit: VAT on Goods between UK and EU consumers
Until 31 December 2020, UK business selling goods to consumers in other countries were facing an obligation to charge and collect local consumption taxes. The EU has created a special regime, known as Distance Selling, to simplify the administration and burden as far as possible to encourage free trade in the zone. The basic rules […]
UK VAT Mini One Stop Shop “MOSS” will stop end of December
If a UK company were to provide B2C supplies of digital services to EU, there has been the (Mini One Stop Shops) MOSS scheme in place. VAT MOSS meant that companies did not need to register for VAT, file VAT returns and make payments in every EU country that they operate in, and instead could […]
Working from Home – Tax issues to consider
Working from Home – Tax issues to consider Resulting from the Covid19 pandemic many employees have been and will continue to work from home. There are a range of tax issues which we consider in the below blog. Home as an office Normally an employee can only classify their home as what is defined “a […]
Extension to the Furlough Scheme
The Government has announced a further extension to the Coronavirus Job Retention Scheme as part of its financial support for businesses in light of the new lockdown restrictions. The CJRS (or the furlough scheme as it is often called) was due to close on 31 October 2020. This was then extended to 2 December 2020 […]
Furlough scheme extended and changed for new lockdown
The Coronavirus Job Retention Scheme (CJRS) has been extended until December, with furloughed employees set to receive 80% of their salary for hours not worked and businesses asked only to cover national insurance and employer pension contributions. On 31 October Prime Minister Boris Johnson announced a new national lockdown for England that will run from […]
Temporary stamp duty land tax changes
The Chancellor, Rishi Sunak, has announced that for those who complete the purchase of a house or flat between 8 July 2020 and 31 March 2021, the first £500,000 of your acquisition price is exempt from stamp duty land tax. This applies whether or not the property is your first property. This has therefore opened […]
New Job Support Scheme in place from November 2020
The Chancellor of the Exchequer has announced a new economic package to support jobs including a new Job Support Scheme which will apply from November. The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached […]