Pension Changes 2019-20 Tax Year
1. Auto-enrolment minimum contributions increase The auto-enrolment initiative to encourage more people to save for retirement has been hailed a success; with ten million more people saving into a pension. From April 6 2019, workers making the minimum contribution will see their pension contributions rise. This is the latest in a series that aimed to […]
A ‘no deal’ Brexit and VAT
The last few weeks in UK politics have been eventful, what with Theresa May’s resignation after repeated failures to pass her Withdrawal bill and the subsequent European elections, featuring most prominently the successful campaign of the newly formed Brexit Party. Whilst numerous individuals are busy launching their campaigns to be the new leader of the […]
Israeli court rules Bitcoin is not a currency. Are your crypto-gains taxable in the UK?
The Central District Court accepted the Israel Tax Authority’s position on 21/05/2019 that Bitcoin is an asset and not a currency, making profits on its sale liable to capital gains tax at 25%-30%. This is quite similar to the position of the UK who have released a policy paper in December 2018 that sets out […]
Internationally mobile employees – UK tax implications
Internationally mobile employees are those who work in different countries around the world. In this blog, we will focus on employees going to work in the UK. The taxation of these individuals varies depending on how they are paid and when and why they spend time in the UK. Cross-border employment Under UK law, three […]
Are you domiciled in the UK?
What does domicile mean? Your domicile status is decided under general law, which means it must be interpreted according to previous rulings of the courts. There are many things which affect your domicile. Types of domicile There are 3 types of domicile: 1. Domicile of origin You normally acquire a domicile of origin from your […]
IR35 – increased scrutiny from HMRC
IR35 – what is it? The Intermediaries Legislation, IR35, deals with disguised remuneration or “off payroll” work. Its core aim is to stop people setting up personal service companies to avoid paying income tax and NI (and rather pay tax on dividends) even though they are essentially an employee. This has been an area that […]
EMI share option schemes – now more or less attractive?
What is EMI? The Enterprise Management Incentive (EMI) is a tax-advantaged share option scheme designed for smaller companies. It not only helps to retain key staff, but also provides tax benefits for both the employer and employee – please see our article for full details here. One of the key tax advantages is that no […]
UK tax relief for overseas tax paid
Tax Relief can be applied in the UK where an individual or company is required to pay tax on the same income in another country. How is UK tax relief achieved? In the UK, this can be achieved in two ways: Relief under Double Taxation Agreements – this is where the Double Tax Treaty between […]
Non-Resident Capital Gains Tax on UK Commercial Property – what can be done?
From 6 April 2019, non-residents will be subject to UK Capital Gains Tax on the sale of UK commercial property. This came in to effect for UK residential property from 6 April 2015. The new regime also extends to indirect disposals through sales of interests in property-rich companies, property unit trusts and partnerships. A non-resident […]
Can overseas companies qualify for EIS/SEIS?
Very broadly, EIS/SEIS are approved UK tax advantaged schemes, which give investors a tax break for investing in early stage companies. Please see details in our article on SEIS/EIS investment here. These schemes have encouraged angels to invest around £1.5bn annually. It is a common misconception that only UK companies can qualify for SEIS and […]