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 […]
Confused About Data Protection Letters From The ICO?
Have you received a letter from the Information Commissioners Office (ICO) and are rather confused? If the answer to the above is yes, you are not alone! Thousands of small business owners and landlords do not know if they need to pay the fee that the government letters are demanding – but there is no need to […]
VAT reverse charge for Building and Construction Services
The new domestic VAT reverse charge which is coming into effect from 1 March 2021 will have a huge impact on the way that VAT is collected and accounted for in the building and construction industry. This blog will outline the points to consider whilst preparing for the implementation of the changes which will apply […]
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
With Brexit occurring on 1 January 2021 those moving goods between the UK and EU should prepare for a variety of changes which will be introduced. This blog will address the main changes which includes: You will no longer need to add UK VAT on goods sent to the EU from the UK, Local VAT […]