Transfers of assets abroad
A new rule aimed at preventing individuals from using companies to avoid taxes through the Transfer of Assets Abroad (ToAA) provisions applies to income arising to persons abroad on and after 6 April 2024.
This change affects UK residents who own or have a financial interest in UK resident close
Protect your land and property from fraud
It is important to take the necessary steps to protect your land and property from fraud.
You are at a higher risk if:
Your identity has been stolen
You rent out your property
You live abroad
The property is empty
The property is not mortgaged
The property is not registered with HM Land
Tax if you live abroad and sell UK home
One of the most commonly used and valuable exemptions from Capital Gains Tax (CGT) is for the sale of a family home. Generally, there is no CGT on a property that has been used as your main family residence. However, an investment property that has never been used as your main home will not qualify.
When it comes to pensions, it is of paramount importance to Re-DOC on time!
A tribunal recently ruled on the failure of a private limited company, El Recruitment Ltd., to submit its Re-DOC before the statutory deadline as required under the ‘Employer Duties’ of the Pensions Act 2008. The Pensions Regulator had sent two prior letters, although the company failed to do so and
Tax Diary January/February 2025
1 January 2025 – Due date for Corporation Tax due for the year ended 31 March 2024
19 January 2025 – PAYE and NIC deductions due for month ended 5 January 2025. (If you pay your tax electronically the due date is 22 January 2025).
19 January 2025 – Filing deadline for the CIS300 monthly return for
Fuel prices report by Competition and Markets Authority (CMA)
Fuel margins of retailers – the difference between what a retailer pays for its fuel and what it sells at – remain around the high levels seen during the CMA’s road fuel market study.
Supermarket fuel margins increased over the May to August 2024 period, up from 7.0% in April to 8.1% in August.
The Likely Effects of Employers’ NIC Increases in 2025
The upcoming increase in Employers’ National Insurance Contributions (NICs) is set to have significant repercussions for UK businesses. Employers’ NICs are essentially a tax on wages, paid by businesses as a percentage of their employees’ earnings above a certain threshold. Any increase to this rate
Approaching the VAT registration threshold
When approaching the VAT registration threshold there are important matters to consider. The VAT registration threshold is the point at which businesses must register for VAT with HMRC.
A business must register for VAT if:
their total VAT taxable turnover for the previous 12 months is more than
Landlords with undeclared Income
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding the tax rules or because of deliberate tax evasion.
Seven year rule still applies – IHT PETs
There are specific rules regarding the liability to Inheritance Tax (IHT) on gifts made during a person’s lifetime. In most cases, gifts made during a person’s life are not taxed at the time they are given.
These lifetime gifts are referred to as "potentially exempt transfers" (PETs). The