Blog « Tax Advisory Partnership

Cryptocurrency, Bitcoins and Tax

The press often includes articles about cryptocurrency and bitcoin's – perhaps discussing their future, fluctuating values and countless speculation on the types of individual that use the currency. Therefore most of us by now have some level of understanding of these types of virtual currency, however these articles never mention the UK tax treatment. Whether the treatment of income and losses made in connection with, activities involving Bitcoin and other similar cryptocurrencies will be subject to UK tax will ... Read More

No more offshore

We anticipate that the Finance (No.2) Bill will be passed through to Parliament early this Autumn. Much of the Bill is concerned with anti-avoidance measures, and one potentially punitive provision is the requirement on taxpayers to correct any historic 'offshore' tax evasion and non-compliance. The draft legislation in the Bill introduces a final deadline of 30 September 2018 for those with undisclosed tax liabilities relating to income/gains or assets outside the UK to make a report to HMRC. Thereafter, those ... Read More

The New VAT Flat Rate & Limited Cost Traders

The Autumn Statement in 2016 brought about a change to the VAT Flat Rate Scheme, which has taken effect rom 1st April 2017 onwards. Brief summary of the Flat Rate Scheme The Flat Rate Scheme (“FRS”) is a simple and cost effective way of minimising VAT record keeping requirements. The Government introduced the scheme as an incentive to help simplify taxes. How does it work? Quite simple. If you are VAT registered, then you charge 20% VAT on your sales invoices but ... Read More

Common Reporting Standards, Offshore Income and HMRC’s Certificate of Tax Position

Following the introduction of Common Reporting Standards (“CRS”) we are seeing an increasing number of taxpayers with overseas financial assets being contacted by HMRC. The contact from HMRC is usually in the form of a letter and offer the taxpayer a ‘final opportunity to bring your worldwide tax affairs up to date’ these are being issued as HMRC have received information from overseas that the taxpayer has an overseas financial asset, probably a bank account or investment portfolio, and they believe this ... Read More

Welcome relief?

We have seen various Press articles of late highlighting the plight of those drawing on their pensions, and suffering overpayment of tax in the process. Sadly, this is no more than a natural limitation of the PAYE system which can cause problems where income is 'lumpy'. This is almost inevitable where 'one-off' withdrawals are made from pension plans, as is now possible under the new pension freedoms. Thankfully, the answer is relatively simple and a repayment from the tax office should be ... Read More

“Stat’s Entertainment!” : Creative Industry Tax Relief

HMRC released the latest statistics on the number of productions made in the UK claiming tax relief and the amounts of UK and total expenditure for Film, High-end TV (“HETV”), Animation, Video Games, Children’s TV and Theatre tax relief for the years up to 2016-17. Film Tax Relief • There were 175 films completed in the UK in 2016-17 which claimed FTR, with UK expenditure reaching the £1b mark. Of this, £415m of tax relief was paid back to production companies. HETV Tax Relief • There ... Read More

Mixed Fund Cleansing and Rebasing for Non-Doms – Effective from 6 April 2017

A written statement from the treasury has today confirmed that new tax laws withdrawn from Finance Bill 2017 will be legislated for in the Summer Finance Bill. All tax legislation intended to apply from the start of the 2017-18 tax year will still be effective from that date. What Does This Mean for Non-Doms? Legislation aimed at reforming the taxation of non-doms will be effective from 6 April 2017. See our earlier update for more details. The new legislation contains valuable transitional rules ... Read More

Non-dom paralysis

Uncertainty continues to abound regarding the status of the changes to the taxation of non-domiciled taxpayers, originally scheduled to take effect from 6th April this year. By way of a recap, the changes as intended were in summary to: automatically treat those born in the UK with a UK domicile as origin as 'deemed domiciled' in the UK whilst UK resident; also treat as 'deemed domiciled' any non-dom individual who has been resident in the UK for at least 15 of the preceding 20 ... Read More

Non-Resident Capital Gains Tax Penalties

Since April 2015, non-UK residents selling a UK residential property have been required to report the disposal to HMRC within 30 days of completion and pay capital gains tax on this as appropriate, or run the risk of incurring substantial penalties. These new rules are usually refered to as Non-Resident Capital Gains Tax and this blogs looks at penalties which are imposed by HMRC for non-compliance. See our full article on Non-Resident Capital Gains Tax here. What are the consequences if you ... Read More

FEU Tax at Edfringe is no joke!

"This blog considers the tax position for foreign entertainers in the UK and the special rules we have, often known as FEU Tax." Edinburgh Fringe is celebrating its 70th anniversary between 4th-28th August 2017. That’s quite a long time to have been the single biggest celebration of arts and culture on the planet! It’s well known that Edfringe can make or break an act, with a successful run leading to bigger and better things and it there welcomes an array of talent many ... Read More
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