Tax Planning

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

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
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