Tax Planning

Sick as a Parrott

Former Rangers players and staff paid through an offshore trust have been told they have weeks to approach HMRC over a settlement or face an even larger tax liability. Last year, the Supreme Court upheld a Court of Session ruling that £47m paid to Rangers employees between 2001-2010 from an Employee Benefit Trust (EBT) was taxable employment income. Now beneficiaries of the EBT, many of whom were led to believe these were loans that would not have to be repaid, are being warned ... Read More

Game, Set & Tax

This year’s Wimbledon winner will net a cool £2.25M in prize money. Not bad for spending a few weeks in the London sun and playing some tennis! But that’s just the cream on the strawberry as they say in SW19… The games stars could be earning endorsement income and bonuses ranging from $5-$30M a year too. Those deals could be in place for endorsing racquets, apparel, watches (usually Swiss!) or for wearing logo'd patches of brands all of who want TV and print ... Read More

Overseas workdays relief – Expat Tax Back

Overseas Workdays Relief (OWDR) is a valuable tax relief available to non-UK domiciled taxpayers, which exempts employment earnings relating to duties performed overseas from a charge to UK tax provided certain conditions are met. If implemented correctly and in the right circumstances the relief can generate very big UK tax repayments. To be eligible for this relief, an individual is required to: • Be UK tax resident in the tax year following three consecutive tax years of non-UK tax residence; • be domiciled outside the ... Read More

Tax Dual Resident : being tax resident in two places at the same time

It is becoming more and more common for expat workers to commute from their home country to another country where they spend their working week. This blog post focuses on how to manage this dual resident situation where the two countries in question have a Double Tax Agreement (‘DTA’) in place. We have a lot of clients, for example, who are resident in the UK and Switzerland, Spain, Germany or the Netherlands. All of whom have a comprehensive DTA in place with the ... 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

UK – UAE Double Tax Treaty

We have many clients who have moved to the UAE and specifically Dubai in recent years, many of whom are pleased to know that the UK and United Arab Emirates ("UAE") Double Taxation Agreement ("DTA") was signed on 12 April 2016 and entered into force on 25 December 2016. Given a large part of the world consider the UAE to be a tax haven by virtue of it not imposing any form of direct taxation on most businesses and individuals, this is ... Read More

2017 Year End Tax Tips

With another filing deadline now behind us, it is time to turn our attention to identifying opportunities which can help reduce your tax exposure. Our year end tax tips are a must read for all tax payers looking to mitigate their tax exposure before 5 April 2017, they can he found here: 2017-year-end-tax-tips If you would like to arrange a consultation to discuss your personal circumstances please contact us.     Read More

The Art of Tax : Averaging for Creators of Literary or Artistic Works

If you are an author or artists, managing your cash flow and keeping your tax liabilities down is crucial. As you focus on creating your literary, dramatic, musical or artistic works you may have little or no income in a tax year. This could be followed by a tax year when royalties are earned or you sell a piece of work and profits are good, meaning a large amount of tax is due. Some might say "that's life". However with the right tax advice it ... Read More

Keep FIC in the Family

If you have fully utilised your pension saving allowances, exhausted your trust planning opportunities but still want to be able to plan for the future in a tax efficient manner what else can be done? A family investment company (FIC) is a corporate structure that enables wealth to be passed on to future generations in a tax efficient way, while providing the “founders” with total control over investment decisions. FICs are taxed in the same way as other UK companies and pay corporation tax on ... Read More

Expat Tax Break : Overseas Workdays Relief

If you are an expat coming to the UK to work there is one UK tax break which should not be ignored... Overseas Workdays Relief ("OWR") OWR offers a great opportunity for expats working in the UK who will travel overseas on business. As an example, an individual who spends (say) 25% of his working time outside the UK should be able to use OWR to reduce the UK tax bill on his earnings by 25%. Careful structuring is required as the rules ... Read More
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