Tax
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From next year, non-doms in the UK will face a tougher tax regime, as Labor aims to scrap what it sees as an outdated tax benefit and reform Inheritance tax (IHT) obligations.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 […]
Case: Non-domiciled investment banker loses appeal against £675,000 tax bill over director loans
Non-domiciled investment banker loses appeal against £675,000 tax bill over director loans Mr The investment was intended to qualify for business investment relief, making it exempt from tax. Business Investment Relief (BIR) is a potentially valuable tax relief for UK taxpayers, particularly non-doms, who have used or are currently using the remittance basis. The BIR […]
Watch out for the gaps: small businesses bear the brunt of the tax deficit
Introduction It appears that small businesses may be causing a tax deficit, with a recent problem of Age of Accounting highlighting that around 60% of the UK’s tax gap for 2022-23 was attributed to small businesses. The tax gap, for those who don’t know, is the difference between the taxes actually collected by HMRC and […]
Tax Partner Pro – Answer to your question on June 24
We support our Tax Partner Pro members through our email and reminder service. Here’s a look at some of the most recent questions we answered in June 2024. Q The client has the following income – UK State Pension / UK Self-Employment / UK Rental Income All this will continue – but he plans to […]