There are 2 main type of contract workers – An independent contractor, controls their work schedule, utilizes their own tools and equipment, and bears the financial risk for their work. Dependent contractors retain a level of economic dependence on a single “principal” (the company that hires them). Independent contractors do not have any employment rights. […]

If you have recently moved to the UK on a temporary basis, you need to check if you are considered a UK tax resident. All UK tax residents are required to declare their foreign income and you will need to process a UK tax return. Also, if you have left the UK mid-tax year, you […]

To receive the highest possible state pension in the UK an individual must have accumulated a minimum of 35 years of qualifying NI contributions. If you have fewer than 35 years but more than 10 (which is the minimum requirement), your pension will be adjusted proportionally based on the number of years you have contributed. […]

Changes in the Capital Gain rates were announced at the 2024 Autumn Budget; these changes will be relevant for any gains after October 30th, 2024. Capital Gain Rates from April 6th, 2024 – October 30th, 2024 General Capital Gains Two higher rates apply to residential property disposals. These are: Two higher rates apply to carried […]

When a taxpayer disputes a decision made by HM Revenue & Customs (HMRC) and takes the case to a tax tribunal, the process involves several stages. Here’s a breakdown of the process: Step 1 – Internal Review with HMRC (Optional but Recommended) – Before going to a tribunal, the taxpayer can ask HMRC to conduct […]

Introduction to CSOP CSOP options are the most similar UK structure to EMI options. They are another form of share option that, like EMI options, benefit from particular tax advantages set down in legislation. A CSOP option potentially offers an exemption from all income tax and National Insurance Contributions liabilities that would otherwise arise on […]

Introduction For companies with UK employees, Enterprise Management Incentives, more commonly known as EMI options, can often be their first choice when it comes to offering a share plan to employees. EMI options are one of the most attractive forms of share option from a tax perspective anywhere in the world, with qualifying employee gains […]

If you’re an entrepreneur or an established foreign entity considering expansion, the United Kingdom presents a highly attractive and substantial market. With a population estimated at 68.3 million as of mid-2023 (Source: ons.gov.uk), the UK offers a wealth of opportunities for business growth. Its business-friendly regulations, tax advantages, and global credibility make registering a company […]

Proper record keeping is essential for businesses to comply with legal and tax obligations. For limited companies, partnerships, and VAT-registered businesses, maintaining accurate records helps prevent penalties, aids in tax calculations, and supports compliance with the Companies Act and HMRC requirements. Here’s a breakdown of key record-keeping requirements for various business entities in the UK. […]

The Economic Crime and Corporate Transparency Act introduces significant UK company law reforms, focusing on corporate transparency, data accuracy, and economic crime prevention. Below is an overview of the most critical changes and their implementation timeline. Enhanced Data Quality on Registers Effective from 4 March 2024, Companies House will have expanded authority to scrutinize and […]