A new and stricter tax landscape awaits ‘non doms’ in the UK from the coming year, as the Labour government hardens plans to dissolve the ‘outdated’ tax benefits and revamp the inheritance tax (IHT) accountability. These stringent transition rules with a fresh residence-based model for IHT are expected to roll out from the 6th of
During the State Opening of Parliament on Wednesday the 17th of July, the government’s priorities for the coming months were set out during The King’s Speech. The address, along with the related memorandum, featured 40 bills. Two of these were holdovers from the last parliamentary term. Notably, this represents the most substantial volume of bills
The Transfer of Assets Abroad (ToAA) legislation is undergoing significant changes with the introduction of new measures in the Spring Finance Bill 2024. The government is taking action to prevent individuals from exploiting companies to avoid taxes by transferring assets overseas. This move aims to close loopholes and combat tax avoidance practices that have been
In the Spring Statement which was announced on Wednesday the 6th of March 2024, Chancellor Jeremy Hunt has outlined the Conservative Party’s strategy to rejuvenate the party’s electoral fortunes in the wake of trailing Labour by 20 points in the polls. At the core of the statement is a focus on tax cuts to incentivise
The ‘non-dom ding dong’ between Prime Minister Rishi Sunak, whose wife is a non-dom, and Labour leader Sir Keir Starmer, who is proposing to scrap non-dom status, has helped to keep the issue in the headlines. Andrew Robinson of DSW Tax Advisory, who advises many high-net worth clients, explains which rules apply, who the non-doms
Welcome to the first installment of our in-depth analysis of the Autumn Statement 2023. In this two-part series, we delve into the significant policy shifts and fiscal measures unveiled by Chancellor Hunt. A stark contrast to last year’s predictions of tax increases, the Autumn Statement 2023 instead heralds an era of tax cuts and ambitious
In April 2025, HMRC will implement new rules regarding the disclosure of dividend payments, requiring business owners to provide specific information about their dividend earnings. This blog post aims to explore the key details of this upcoming change and its implications for owner-managed businesses. Read on to understand the importance of complying with HMRC’s dividend
The recent expose of businesses underpaying workers across the UK has highlighted a persistent issue: fair pay remains a key challenge for many organizations operating in the country. At the forefront of this scandal is WH Smith, a high street staple and reputed responsible employer that owes over 17,600 workers £1.01m in wages. This revelation
The Spring Budget 2023 announcements by the Chancellor of the Exchequer Jeremy Hunt are highly anticipated in terms of what they will mean for citizens and businesses alike. One of the main topics to be addressed is taxation, with reports suggesting that there may be a shift towards personal tax increases as well as potential
Last month, Chancellor of the exchequer Jeremy Hunt announced a wave of new updates regarding energy, the economy, and more in the autumn budget. Homeowners, business owners, and individuals tuned in to find out what news on energy, taxes, and other things will affect them. So, what was announced in the autumn budget? And more
HMRC have updated their guidance covering National Insurance Contributions (NICs) and Social Security Contributions (SSCs) for workers coming to the UK from the EU, Iceland, Liechtenstein, Norway, or Switzerland, and for UK workers going to those countries. In particular, the guidance has been updated to make it clearer which country’s contributions a person is liable
The last few weeks have been…interesting to say the least and as you may know, there was a change to the mini-budget. New chancellors, reversals on top of reversals and now a new PM have bombarded the headlines. If you’re thinking ‘hang on, isn’t there already a blog about the mini-budget?’ then don’t worry. You’re
*UPDATE* As you may be aware of, on the 3rd of October 2022 Kwasi Kwarteng (Chancellor of the Exchequer) retracted the planned abolition of the 45p tax rate. In the update announcement it states; “It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle
Interest rates increase for late tax bills HMRC has confirmed interest rates will rise by 0.25% on late tax bills. The decision comes after the Bank of England increased the base rate to 1% last week. From 24 May 2022, the late payment interest rate will increase to 3.5% from 3.25%, the highest rate since
Spring Statement 2022 Chancellor Rishi Sunak announced his Spring Statement in the Commons today (Wednesday 23rd March). There have been calls for the Chancellor to scrap the health and social care levy, over the past few months, in response to the cost of living squeeze. Pressure was also being applied to introduce a fuel duty
Chancellor Rishi Sunak delivered his Autumn Budget announcement in parliament today to outline government spending and plans for the future. In the Budget, Rishi Sunak set out measures to support the recovery of the UK economy following what has been a difficult year for many families and businesses. Although it was announced prior to the
The Chancellor is due to announce his Autumn Budget to Parliament tomorrow. The Autumn Budget will be the second financial statement, following the Spring Budget earlier this year. Any tax changes announced will be in addition to the recent 1.25% National Insurance social care levy and the £20bn freeze in income tax allowances. What could be
The Chancellor is set to announce an increase to the national living wage from £8.91 to £9.50 per hour. The national living wage is predicted to rise for workers aged 23 and over. Those below the age of 23 are paid the national minimum wage, which varies depending on age. The current rates are £4.62
The Prime Minister has announced a 1.25% National Insurance increase to fund the health and social care system, after it has been hit hard by Covid over the past 18 months. The National Insurance increase will take effect from April 2022. Employees, companies, and freelancers will pay the new 1.25% tax, which will be
The UK government are in the final stages of implementing a new notice in the 2021 Finance Bill, which will allow HMRC to issue Financial Institution Notices (FIN’s). This notice will give HMRC the power to request information from financial institutions for the purposes of checking the position of a taxpayer, without the need for approval
Yesterday (23rd March) the government published a series of consultations which outlined the plans to modernise Britain’s tax system, whilst rectifying flaws that cost £31bn every year. Here are some of the key announcements: Freelancers/self-employed to be taxed like employees The government will review the ‘pay-as-you-go’ system to start taxing self-employed workers in the same
Following the Chancellor’s Budget announcement earlier this month, HM Treasury will reveal documentation on future tax policies on 23rd March. HM Treasury are expected to announce information regarding technical administration of the tax system, such as moving online. However, Rishi Sunak could potentially announce a number of possible tax changes. In the Budget, Chancellor Rishi
As the government announced an emergency extension to the ‘loss carry back’ rules in the Budget earlier this month, thousands of small business owners who have lost money, due to the coronavirus pandemic, can claim more than £1bn in tax rebates. Businesses now have the option to claim back profit and income taxes paid over
Earlier this week the Chancellor outlined his plans to get the economy going again, following the impact of the coronavirus pandemic. On Wednesday, Rishi Sunak announced the following: Furlough scheme extended until the end of September Self-Employment Income Support Scheme 4th and 5th grants confirmed Income tax thresholds frozen until 2026 Stamp duty holiday extended
This years highly anticipated Budget will be watched closely by many as Chancellor Rishi Sunak sets out the UK’s economic recovery, following the coronavirus pandemic. The Chancellor will outline the state of the economy and the government’s plan to either raise or lower taxes. The Budget will also forecast how the UK economy could perform
Ahead of the Budget announcement next week, there has been a lot of speculation surrounding what the Chancellor is set to announce. According to media sources, Rishi Sunak is planning to extend the Stamp Duty holiday until the end of June. The current deadline for the holiday extension is 31st March. The Chancellor has been
Earlier this week, the government announced a new £20 million Brexit Support Fund to help small and medium sized businesses (SMEs) adjusting to the new customs and VAT rules, when trading with the EU. The Fund will comprise of grants of up to £2,000 per business. The grant is intended to cover: Training on managing
High streets have undoubtably struggled throughout the pandemic over the past year. Since the first lockdown in March, the government has provided support for businesses to try and prevent as many closures and job losses as possible. To support businesses during these challenging times, the government introduced a business rates holiday. Business rates were temporarily
Ahead of the March Budget, rumours have been circulating regarding what tax changes Chancellor Rishi Sunak plans to make. Reportedly, the Treasury may be planning to freeze personal income tax allowances for the two lower tax thresholds. This would mean that the thresholds £12,500 and £50,000 would not rise in line with inflation. Currently, basic
Last year, the government automatically deferred VAT payments for businesses between 20th March 2020 and 30th June 2020, during the coronavirus pandemic. The VAT payments were deferred until 31st March 2021 however, businesses do not need to pay the full amount by the end of March, instead they can opt into a new payment scheme
Supermarket retail giants have asked the Chancellor to introduce a sales tax for online competitors, to create a level playing field. They have said that the current tax system puts retailers with large estates at a disadvantage compared to online retailers. Property based business rates have been temporarily paused since the start of the coronavirus
In a recent announcement, the government has stated that it will allow greater flexibility for businesses that took out Bounce Back Loans, as a means to get through the coronavirus pandemic. Those businesses now have the option to tailor their payments according to their individual needs. The Chancellor’s Pay as You Grow repayment plan will
With less than a month to go until the Chancellor announces his March Budget, Rishi Sunak is reportedly considering a number of tax rises. The Chancellor is now facing the task of repaying the £400billion deficit, caused by the coronavirus pandemic. Rumours have been circulating in parliament regarding how the Chancellor plans to deal with
Chancellor Rishi Sunak is under pressure from MP’s to end stamp duty and council tax. Under the proposal, homeowners would no longer pay council tax and stamp duty would be abolished for primary residences. The proposal is expected to benefit 19 million households. Instead of paying council tax, households would pay a proportional property tax
Chancellor Rishi Sunak is set to announce the latest details for the fourth Self-Employment Income Support Scheme (SEISS) grant, in the upcoming Budget on 3rd March 2021. The grant will take into account self-employed worker’s earnings from February to April 2021. The government has spent £13.7billion on SEISS grants since the pandemic began in March
HMRC has recently published a list of employers who have made a claim under the Coronavirus Job Retention Scheme. The list represents those employers who have claimed for periods in December 2020. As of February 2021, HMRC will publish a list of employers claiming under the scheme along with an indication of the value being
Following the result of over 100,000 signatures on an online petition to extend the stamp duty land tax holiday, parliament announced that MP’s will debate extending the holiday on 1st February 2021. The stamp duty land tax holiday was introduced last year to try and keep the housing market stable during the coronavirus pandemic. The
Chancellor Rishi Sunak is said to be considering increasing corporation tax in the March Budget. Following the devastating impact from the coronavirus pandemic, the government now has an estimated £400bn deficit to pay off. The government has spent billions trying to support businesses and prevent job losses by introducing the Furlough Scheme and Business Support Grants.
Last week, Chancellor Rishi Sunak announced the government spending plans for 2021/22 in the latest Spending Review. The Spending Review sets out the departmental budgets and devolved administrations’ block grants for 2021/22. The coronavirus has had a huge impact on the UK economy this year, causing hardship for families and businesses across the UK. The
During the coronavirus pandemic the government introduced the Stamp Duty Land Tax (SDLT) holiday in England and Northern Ireland for residential properties purchased from 8th July 2020 to 31st March 2021. The reduced rates allow for people to purchase property under the value of £500,000 and pay no SDLT. With SDLT reduced rates set to
HMRC have updated their ‘How to contact HMRC to discuss a time to pay arrangement’ section on their website. New information includes how it may be possible to set up a payment plan online, for a self-assessment tax bill, without contacting HMRC. A payment plan, for a self-assessment bill, can be set up to spread
Stamp Duty Land Tax rates are potentially set to change from 1st April 2021, for non-UK residents. The new rates will see a rise of 2% points higher than applications to purchase made by UK residents. This change will apply to both purchases made on freehold and leasehold property as well as being payable on
Today in his speech to the House of Commons the Chancellor, Rishi Sunak announced his latest plans to help protect jobs amidst the ongoing coronavirus pandemic. Whilst the primary goal to protect people’s jobs remains unchanged, Mr. Sunak has confirmed that the way to approach this must change. Mr. Sunak has confirmed that the furlough
The Treasury have announced that the autumn budget, which was planned for October, has now been scrapped. This coincides with the recent announcements made by the Prime Minister, introducing stricter restrictions on England. The autumn budget, which would have laid forth a plan to potentially start recouping the costs of the pandemic, has been scrapped
This afternoon the Chancellor, Rishi Sunak announced a raft of new measures in his summer economic update. In a bid to restart the economy and save jobs Mr. Sunak announced the following measures; VAT Cuts The rate of VAT for the hospitality and tourism industries is set to drop from the standard 20% rate to
During today’s coronavirus (COVID-19) briefing, Rishi Sunak, the Chancellor of the Exchequer, announced unprecedented funding designed to protect businesses and save lives during the ongoing pandemic. The government will step in to cover 80% of salaries, up to £2,500 pcm, for staff who cannot work because of the virus. The grant is intended to cover
After his announcement in the budget last week, where Mr Sunak declared that he would do whatever it takes to support the economy through the disruption caused by coronavirus (COVID-19). On Tuesday he announced further measures to help support businesses affected by the global coronavirus pandemic. With an announcement of up to £350 billion of
Budget 2020 Rishi Sunak has delivered his first Budget speech as Chancellor and the first one for about 17 months. Amid the backdrop of a growing threat to the economy from the global outbreak of Coronavirus, here are the main tax changes announced. Personal Tax As we already knew, the personal allowance and basic rate
According to research, from April households in England face further council tax increases. The County Councils Network said the majority of councils that run social care services would be raising council tax by the full amount allowed – 3.99%. But it said councils faced a funding shortfall of £19bn over the next five years and
Nearly three million workers are set to benefit from the increases in National Living Wage (NLW) and minimum wage rates for young workers. Since its introduction in 1999, the NLW is a compulsory national rate set for people aged 25 and over. The NLW is enforced by HMRC alongside the national minimum wage (NMW). Generally,
With yesterday’s announcement from the Chancellor Sajid Javid we take a look at what we can potentially expect to see. Manifesto Pledges One of the main pledges from the Conservative’s manifesto was an increase in the NI threshold from its’ current level at 8,632 to 9,500 and this could potentially be confirmed in this budget.
Christmas has come early for some of those with 2018/19 loan charge! Following the review of the loan charge, the Treasury has issued the government’s response. But how are the rules changing? Summary The loan charge applies where a taxpayer has previously been paid for services with a loan that is unlikely to be repaid.
With voting for the General Election taking place on Thursday, what are the tax policies that have been pledged? We have outlined those proposed by the main parties that could affect you and your business. Conservatives. Having previously planned to reduce corporation tax to 17% from April 2020, the Conservatives’ have pledged to keep it
Following draft legislation published by the government, the NI Employment Allowance for businesses will be restricted from April 2020. The legislation was subject to consultation in August however, this is not expected to have changed the main features. What is Employment Allowance? Employment Allowance has entitled businesses, charities and amateur sports clubs to a deduction
The government has announced it will publish draft clauses on 11 July 2019 for the next Finance Bill to follow the Budget in the Autumn. These draft clauses will principally cover pre-announced policy changes. Accompanying the draft legislation will be explanatory notes, impact notes and tax information, responses to consultations and other supporting documents. As
The new assessment period for ‘careless’ offshore tax non-compliance will come into force from April 2019. Following the Requirement to Correct deadline passing on the 30th September, any non-compliance in offshore matters now face hefty penalties over 12 years. The IR35 rules are also being extended out to private sector and there will be corporation
The Chancellor’s key announcement was the introduction of a new Digital Service Tax, aimed at technology giants with a global revenue above £500m. A 2% tax will be payable on the revenue generated from the UK and is designed to make digital platform business pay a more appropriate amount of tax. There was also a
