As large numbers of people now find themselves unable to work, and large numbers of employers struggle to meet their Payroll commitments, in this report we examine the Government’s measures aimed at assisting staff retention.

As a result of Covid 19, all businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time to Pay service. In this report we examine what this means in practice.

In this second of our reports in respect of the Government’s response to Covid 19, we look at the automatic deferral of tax payments to HMRC which will be of interest to all taxpayers.

Expected changes to have a significant impact for UK resident taxpayers!

Significant changes to capital gains tax for UK resident tax payers on the disposal of UK residential property have been announced.  They take effect from 6 April 2020 and will have a substantial impact for:

With the UK Government and HMRC continuing to take a robust approach to tax investigation, with a view to collecting significant additional tax revenue, HMRC’s powers to inspect and request information and documents about your personal financial affairs and business interests have never been greater.

As the UK tax year draws to a close, as a resident foreigner, it’s a good time to review your tax residence status to ensure you’ve met and will continue to meet the requirements of the Statutory Residence Test (SRT) as part of your tax planning.  In this post, we consider the main provisions of the SRT as well as reviewing whether the ‘deemed domicile’ and ‘remittance basis’ provisions apply to you.

As part of your tax planning, your business may be able to take advantage of a number of tax reliefs and allowances. In this latest post in our series on end of year tax planning, we look at some of the main schemes that you may wish to consider. 

As the end of the tax year creeps ever nearer, it’s a good time for entrepreneurs and businesses to review your approach to profit extraction. As the next blog in our end of year tax planning series, we review some of the main points for your consideration.