Date: 21 May 2024 Labour have made a brief announcement in response to Chancellor Jeremy Hunt’s plans to abolish the non-dom regime. There is even less information to go on than the Budget documents. Where information is lacking, speculation takes its place and so we will keep this update brief: Labour appear to be proposing […]
Date: 12 March 2024 In his Budget of 6 March 2024, Chancellor Jeremy Hunt announced significant changes to the non-dom regime – effectively abolishing the need to reference domicile in tax law by replacing it with a residence based test for those who have not been UK tax resident in the last ten years (the […]
Basis period reform explained In 2021, HMRC announced reforms to the basis period rules that will be relevant to the following businesses: Sole traders Partners of an unincorporated partnership or LLP Trading trusts and estates Non-resident companies with profits charged to income tax For short hand, we hereinafter refer to these businesses as “non-corporate businesses”. […]
HMRC are now receiving lots of data from overseas jurisdictions via the Common Reporting Standard (CRS), from the Land Registry and from Companies House and are seeking to use this data to check that UK taxpayers have correctly reported their income and gains. Without the manpower to check all of the data themselves, they are […]
Here is a link to an article written by Ray McCann for Tax Journal 24 September 2021 Disclaimer The information provided by Charter Tax Consulting Limited is general in nature and does not constitute specific tax advice. Professional advice should be sought before deciding on a course of action, or refraining from a certain action, […]
Today, Boris Johnson announced the long anticipated new levy to help the crisis in the healthcare service. The aim is to raise an additional £12bn per year and this will be done by two separate taxes. Dividend tax rates are set to increase by 1.25% and will be legislated for in the upcoming finance bill. […]
The fifth Self-Employment Income Support Scheme (SEISS) grant is opening for claims and available to those who believe their business profit has been impacted by Covid-19 between 1 May 2021 and 30 September 2021 (and meet the eligibility criteria). The final day that claims can be made is 30 September 2021. While we can’t make […]
According to the latest ICAEW Business Confidence Monitor (BCM) published recently, business confidence has hit its highest level since the survey was launched 17 years ago. Sentiment tracked by the BCM found optimism at 38.5 on the quarterly index. The record reading for the second quarter of 2021 signals that a large majority of companies […]
At the beginning of June, the OTS (Office of Tax Simplification) published a document setting out the scope of a new high-level exploration of the benefits, costs and wider implications of changing the date of the end of the tax year for individuals. The review will focus on the implications of moving the tax year […]
While our team is traditionally busy supporting clients with submitting their Self Assessment returns ahead of the 31 January deadline, we always encourage them to get their information to us in good time. This gives us the opportunity to ask any additional questions and make sure we have all the information we need. We are […]