Changes to the tax rules for non-domiciled individual (effect from 6 April 2017)

Changes to the tax rules for non-domiciled individual (effect from 6 April 2017)

An abbreviated version of this article is featured in the CityWire’s Tax Matters column. Definition and types of domicile Domicile is an old English Law concept which has a bearing on how your clients are taxed. There are four basic types of domicile: Domicile of Origin Everyone has a domicile of origin; it normally comes from your father and his father, back up the male Read more…

HMRC publishes long-awaited responses to Making Tax Digital consultations

HMRC publishes long-awaited responses to Making Tax Digital consultations

The Government’s long-awaited responses to six consultations about Making Tax Digital (MTD) which were originally opened in August 2016 were published at the end of January. Despite ongoing criticisms regarding the proposed short MTD timescale, HM Revenue & Customs (HMRC) confirmed that the project will not be delayed. This means that mandatory quarterly digital reporting will be phased in for self-employed individuals and landlords in Read more…

UK-based Retirement Accounts for US Taxpayers webinar

UK-based Retirement Accounts for US Taxpayers webinar

We are pleased to announce that Tax Partner, Tim Cook,  will be speaking in an upcoming Strafford live webinar, “U.K.-Based Retirement Accounts for U.S. Taxpayers: Mastering Reporting, Maximizing Planning Opportunities” scheduled for Wednesday, September 7, 1:00pm-2:50pm EDT. Because of your affiliation with Wilder Coe Ltd, you are eligible to attend this program at half off. As long as you use the links above, the offer Read more…

New requirements to declare PPI Compensation to HMRC

New requirements to declare PPI Compensation to HMRC

HMRC have now brought into a force a new measure for all Financial institutions who are making PPI compensation payments, whereby they are now required to declare the Interest element of any such payments. PPI repayments are divided into two parts: The first is the repayment of the actual capital paid out for the unwanted policy; the second is the interest that is due to Read more…

New Pension and Property Inheritance Rules

New Pension and Property Inheritance Rules

Passing on your pension If you have a pension pot that you would ultimately like to pass on to those you love, you’ll be pleased to hear that it is now possible to pass your pension pot on to your children and grandchildren at either no tax or at the beneficiaries income tax rate. As of April 2015, the 55 per cent tax rate that Read more…

Is your business subject to the new ATED Tax?

Is your business subject to the new ATED Tax?

The Annual Tax on Enveloped Dwellings (ATED) tax, announced by HMRC earlier this year, is applicable to all UK or non-UK companies owning UK residential or mixed-use property valued above £2 million on 1 April 2012 (or when purchased, if after this date). You’ll need to complete an ATED Tax Return for your property if all of the following apply: it’s a residential or mixed Read more…