Tax
Case – Implications of dual tax residence for a company
Introduction Our client owns three UK companies and has recently moved overseas for the foreseeable future. Our client intends to run their business from another country and would like to understand the tax implications of doing business in the UK. Issue It is possible for a company to be resident in more than one country […]
Crypto Self-Assessment Tax Returns
Things to consider… Cryptocurrency has quickly grown in popularity, and as more people invest in Bitcoin, Ethereum, and other digital currencies, it is important to understand the tax implications. In the UK, HMRC considers cryptocurrency to be property and not currency, meaning gains and losses from crypto transactions may be subject to capital gains tax […]
Why family investment companies are better than trust structures for UK tax
Choosing the right vehicle is crucial when considering how best to manage and protect family assets, particularly in the UK. Traditionally, family trusts have been the preferred option, but in recent years, family investment companies (FICs) have become a more beneficial structure for many families. This article will explore why FICs are increasingly preferred over […]
Capital gains tax and autumn 24 budget
Introduction With the Labor government pledging not to increase income tax, national insurance or VAT rates in its election manifesto, speculation is growing over whether further Taxes (such as capital gains tax) could be subject to adjustments in the coming months. Fall budget on October 30. Possible tax increases! Chancellor Rachel Reeves has highlighted the […]
Tax Partner Pro – Answer to your question on September 24
Q I have a question regarding our client, who sporadically exports physical and digital goods to the EU and US. In the past, he sent a package to Poland without charging VAT, because it was a B2B sale. By the time the package arrived in Poland, it was stopped by customs, resulting in our customer […]
Successful application for income tax overpayment relief
Case of the month Introduction Our client is the beneficiary of a discretionary trust. With a discretionary trust, all distributions received by beneficiaries are treated as if they had already been taxed at 45%. Therefore, beneficiaries who are not additional rate taxpayers should claim the additional trust tax refund from HMRC. Issue Our client lives […]
Labor plans to tighten tax rules for non-UK domiciled individuals
Tax rules for non-UK domiciled individuals Introduction From next year, non-doms in the UK will face a tougher tax regime, as Labor aims to scrap what it sees as an outdated tax benefit and reform Inheritance tax (IHT) obligations. Work projects… Labor plans to improve on the Conservative proposals in the March Budget by implementing […]
Tax Partner Pro – Answer to your question on August 24
Q I have a client who is a supervisor and paid on PAYE. When I do the self-assessment checker, the last question asks if they are proctoring and then says they need to do a self-assessment. I don’t understand why because they are on PAYE. Can you please clarify? It also appears that supervisors can […]
Complex self-assessment tax return
Case of the month – Complex self-assessment tax return Introduction Our client contacted ETC Tax for some fairly complex tax matters after being laid off throughout the year and making a significant sale of stock in his ex-employer. Issue Our client had to take into account various factors, such as:• Various gift aid payments;• A […]
Examination of tax charges on pensions
Introduction In preparing a tax return for our client, we found that in previous years he had not taken into account his pension contributions and the impact this might have on his tax liability. The problem The issue was that our client could have been required to pay the annual retirement allowance due to his […]