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

Streamlined Filing Compliance Procedures

The US is one of the few countries in the world to tax their citizens not on their US residency status but on their citizenship. This means that US citizens (and Green Card holders) living outside of the US are still required to file an annual US tax return with the IRS. There are many individuals residing outside of the US that have been unaware of this. Some may even be considered to be “Accidental Americans” where they acquired US citizenship at ... Read More

Using pension arrangements in your business

It is often forgotten that pension funds can offer an alternative and tax efficient solution to buying commercial property. A Self-Invested Personal Pension (SIPP) or Small Self-Administered Scheme (SSAS) offer flexible arrangements that permit investment in commercial property.  A SIPP is an arrangement established by an individual, whereas a SSAS is established by the employing company.  It is possible for the schemes to borrow money to part fund the acquisition of the commercial property, although there are restrictions on the amount that ... Read More

TAP Tax Policy

The 2014 Budget is now less than a week away, and with increasing messages of improvement in the British economy and the General Election looming next year, will the Chancellor jump early to offer tax cuts.  We think there is a strong chance he will indeed want to make such a big political statement. This got us thinking.  If we were Chancellor, what tax policies would we adopt in the forthcoming budget ?  We think some fundamental changes need to be made. True ... Read More

Employers: no time to rest

As employers face their first year of filing under RTI we look at what needs to be done and highlight some of the other actions that employers need to consider to finalise the 2014 tax year. Real Time Information (“RTI”) Employers will no longer have to send a form P35 and forms P14 for each employee. Instead this will be done on an electronic submission to HMRC. There are three stages: Identify – An employer needs to identify when it proposes to file its ... Read More

TAP Year End Tax Tips

It is time to turn our attention to maximising the efficiency of your tax affairs in the lead up to 5 April 2014. Below are a just a few ideas on how the right tax planning at the right time can help mitigate your overall exposure in the 2013/14 tax year and beyond. The following table summarises the main tax allowances available, in most cases they are wasted if they are not used before the end of the tax year: Type of relief Allowance ... Read More

Partnership Profit Allocations: All Mixed Up

It was announced in the 2013 Budget that a consultation document would be published, which focused on two main aspects of partnership tax.  The areas under consultation were profit and loss allocations in mixed partnerships and the automatic assumption that LLP members are self-employed for tax and national insurance purposes. Following the consultation period and Decembers “Autumn” Statement, draft legislation has now been published which targets these arrangements and our comments are provided below.  In your review it is also worth noting ... Read More

What a Relief – Tax Mitigation for Expats

UK tax rules applying to UK non-dom’s and expatriates have been subject to significant change since 6 April 2008. These changes have resulted in key pieces of legislation being introduced namely the remittance basis charge and more recently a formal test to determine residence. The aim of such changes was to increase the tax take of HMRC by making it easier to enter the UK tax ‘net’ and crucially for non-UK domiciled individuals, to be taxed in a ... Read More

Autumn Blues

With the festive season behind us, we have had time now to reflect on the Chancellor's Autumn Statement, which now seems to fall traditionally in early December! There were relatively few changes in the world of tax, but the limited announcements that were made do carry some significance. We have outlined the main areas of focus for ourselves and our clients below. We would be happy for those potentially affected to contact us to discuss their circumstances and how we can help ... Read More

A Sting in the Tail

HMRC took a light-hearted approach to the New Year by releasing a run down of the most "bizarre and flimsy" excuses they have seen for sending in late tax returns. Some of the more colourful entries included a builder who was mourning the death of his pet goldfish and a woman who claimed she could not concentrate after seeing a story about a volcanic eruption on the news! Outside of these more spurious explanations, it is fair to say that most ... Read More
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