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: You cannot claim for the […]
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 […]
Do I need to file a UK tax return?
You may be asking yourself: do I need to complete a UK tax return? You may be on UK payroll, so why do you need to file a tax return, as you pay tax directly to HMRC each month? You may not even live in the UK, but have UK income, so do you need […]
UK Budget 2021: Highlights.
The key tax measure announcements include: Personal tax thresholds are frozen until 2022. Increases are promised in 2022, with a further freeze until 2026. From 2023 the Corporation Tax rate will increase to 25%. The current rate of 19% will continue to apply to small businesses with profits of £50k or less. A tapered rate […]
Posponed VAT Accounting
Brexit brought many changes in the VAT treatment for trades between the UK and the rest of the world. One of them is the postponed VAT accounting scheme. From 1 January 2021, if your business is registered for VAT in the UK, you’ll be able to account for import VAT on your VAT Return for […]
Changes for Amazon traders from 1 January 2021
The UK is due to formally exit the EU’s Single Market and Customs Union on 1 January 2021. With Brexit, the UK is expected to introduce a new set of VAT rules (which are as yet unclear) which may change the way that VAT is accounted for on sales to UK customers. Amazon have issued […]
UK Pension changes affecting UK Expats
From April 6, 2020, any newly retiring state pensioners receive the flat rate payment of £175.20 a week. Living in Israel does not affect your eligibility to claim the UK state pension, whether you are already retired when you move or reach the state pension age after moving. You can also continue to build up […]