Client News

Dual In The Crown: Considering UK and Swiss Dual Resident Status

Our Private Client Tax Partner Jamie Favell was recently featured in the ePrivate Client annual feature on Switzerland discussing the tax implications of being dual resident in the UK and Switzerland. The full content of his article can be viewed here.  [click here to go to the PDF]   For ease we have also copied the full text into this article as follows: Many high net worth individuals have mobile lives which require their advisors to consider the implications of them spending significant time in more than ... Read More

Mixed Fund Cleansing: Action Required

  To recap, if you are a non-dom living in the UK, certain tax residency milestones can impact your tax status. A £30,000 charge applies to access the remittance basis for those who have been resident in the UK for some part of at least 7 out of the previous 9 tax years.  This ‘remittance basis charge’ increases to £60,000 for individuals who have been UK resident in at least 12 of the previous 14 tax years. Since 6 April 2017, a non-dom who ... Read More

HMRC publishes guidance on cryptoasset investments

HMRC has recently published guidance for UK resident individuals on the potential liability to UK taxes that may arise on receipt or disposal of cryptoassets. The guidance is mainly concerned with cryptoassets held as investments. It is expected that HMRC will publish separate guidance for those trading cryptoassets and for companies but traders can expect to be chargeable to income tax or corporation tax (if a UK taxable company) on profits. Other taxes may apply if an individual receives cryptoassets as ... Read More

HMRC’s Crypto Guidance – New guidance for individuals to be published soon

  THIS ARTICLE HAS BEEN UPDATED ON 21/12/18 - PLEASE FOLLOW THIS LINK   TAP’s governing body the Chartered Institute of Taxation recently attended a meeting of HMRC’s crypto assets roundtable to continue the discussions around the tax treatment of crypto assets. Matters discussed included the current state of the crypto asset market, the Crypto asset Taskforce Report and the new guidance HMRC is preparing. It was confirmed that guidance aimed at individuals will be published shortly, with guidance for businesses following in early 2019. We ... Read More

Update on Tier 1 (Investor) visa program

On Friday 7 December 2018 the UK Government suspended the UK Tier 1 (investor) Visa regime at very short notice. These visas allow the right to live in the UK in exchange for investing at least £2m into the UK for a period of 5 years, after which the individual may be eligible for indefinite leave to remain in the UK. The visas have been popular with wealthy individuals from outside the EU and have brought significant funds into the UK ... Read More

UK Investor visa regime suddenly suspended

This article has been superseded by a government U-turn, follow this link for further information.     The UK’s Tier 1 (Investor) Visa scheme which allows foreign investors to live in the UK is to be suddenly suspended from midnight on Friday 7 December 2018, with the UK Government saying they have concerns that the Visa route has been used for money laundering. Tier 1 (Investor) Visas were introduced in 2008 with some reforms made in 2014. Broadly, they require the holder to invest a ... Read More

House of Lords criticises HMRC powers

Yesterday, the House of Lords’ Economic Affairs Committee has published a highly critical report on HMRC powers, describing some as “broad, disproportionate powers without effective taxpayer safeguards”. The report concludes that whilst the Committee is fully supportive of the aim to prevent deliberate evasion and aggressive tax avoidance, some recent powers given to HMRC within legislation “undermine the rule of law” and hinder taxpayers’ access to justice. In recent years HMRC have been given a number of new powers by Government to ... Read More

Budget 2018 – summary of key tax announcements

The Chancellor of the Exchequer today announced his final post-Brexit budget. From a personal tax perspective, the Budget contained a number of small changes to existing rules and confirmation of policies already announced but not much new of major significance. As expected, the key announcement in terms of business taxation is the introduction of a Digital Services Tax on very large businesses and partial relief from business rates at the other end of the scale. The key issues are summarised as follows: Rates and ... Read More

TAP advises on MBO

MBO AT £15M-TURNOVER CCTV FIRM Eyes on the prize as CCTV firm completes MBO Read More

TAP Client Survey 2014

The TAP ethos is to provide efficient and exceptional client service. The name of our business was deliberately chosen to represent the relationship we want to have with each of our clients. We work in partnership with every client to help them comply fully with their tax filing responsibilities, and ensure they pay the right tax, at the right time. In addition we will consider each client’s circumstances and advise on any opportunities there might be to legitimately reduce exposure to tax ... Read More