Setting up a UK company – Employment Liability Insurance
Is ELI Compulsory? Under the Employers’ Liability (Compulsory Insurance) Act 1969, virtually every employer carrying on a business in the UK (excluding Northern Ireland) must obtain Employment Liability Insurance (“ELI”). Therefore obtaining ELI should be considered before setting up a trading presence in the UK. What is it for? All employers must maintain this insurance […]
Thousands of businesses are struggling to get to grips with Making Tax Digital (MTD).
According to the latest industry research, thousands of businesses are struggling to get to grips with Making Tax Digital (MTD). More than 3,800 businesses have struggled with the changes and have missed the first deadline to file VAT returns for April, May and June. Whilst almost 600,000 businesses still need to sign up to MTD. […]
Reduction in Stamp Duty receipts
On Tuesday HMRC released figures which showed a 10% decrease in stamp duty receipts from residential property over the last year. The tax collected fell by more than £900m in 2018-19 to £8.4bn which marks the largest drop since 2008 when the financial crisis drove down house prices and follows almost 10 years of steady […]
Collecting tax due should be HMRC’s number one priority, but it has failed to issue some taxpayers with payments on account (POA) demands for 2018/19.
HMRC failed to issue some taxpayers with payments on account (POA) demands for 2018/19. Any taxpayer that have an outstanding amount of £1,000 or more for the year of 2018/19 needs to make two payments, by 31 January 2019 and 31 July 2019. The amount of tax calculated as payable for the year of 2017/18, […]
Non-resident landlord scheme – HMRC crack down
We have written previous blogs regarding the non-resident landlord scheme which applies to any landlords who live abroad for more than 6 months a year, even if you are a UK resident for tax purposes. If you rent out a property in the UK you need to pay tax on your income, and if you […]
Changes to Capital Gains Tax on UK Property for Non-Residents
Under existing legislation, non-resident individuals are required to complete a Non-Resident Capital Gains Tax Return within 30 days of the sale of any UK residential property. They are also required to calculate the CGT liability arising and make a payment on account of the full amount of the calculated liability, within that 30 day period.These […]
IR35 – HMRC court cases and impending changes
We have written a few blogs recently about the forthcoming changes to IR35 which will come into effect in April 2020, affecting contractors and freelancers who want to work as a limited company. Creative and tech freelancer platform, YunoJuno, has produced research showing that more than two thirds of freelancers are unaware of the changes […]
Boris Johnson steps in as Prime Minister: What may this change mean for your financial situation?
Boris Johnson has been elected as the Leader of the Conservative Party and will become the Prime Minister of the UK today, 24/07/2019. During the race to succeed Theresa May, Johnson announced at various occasions taxation and spending changes. So, what are the details of these plans and how will they affect you? Increasing the […]
Let Property Disclosure Campaign and how it affects Israeli UK residential property owners
The Let Property Campaign gives an amnesty to landlords who owe tax on undisclosed income through letting out residential property in the UK or abroad. This is an opportunity for residential landlords to put their tax affairs in order in a simple, straightforward way and to take advantage of the best possible terms. HM Revenue […]
Capital Gains Tax Payment Window for Residential Property Gains
Currently, where a CGT liability arises for UK residents on the sale of a residential property, the liability is declared through self-assessment tax returns and payable by 31 January following the tax year in which the gain arises. From April 2020, where there is a disposal of a residential property by UK resident individuals as […]