Articles in "Tax"

From April 2023, there have been year on year reductions to the annual exemption for Capital Gains Tax (CGT), increasing the exposure of individuals to CGT and consequently those required to report the disposal of UK residential property to HMRC within 60-days of completion. The Chancellor did provide a silver lining in the 2024 Spring Budget, announcing the reduction in the higher rate of CGT payable on disposals of residential properties, which applies from April 2024.

One in ten highly skilled freelancers are currently out of work due to the impact of reforms to IR35 tax legislation, according to research published by the Association of Independent Professionals and the Self-Employed (IPSE).

As the number of companies benefiting from the Research and Development (R&D) Tax Credit system has grown, so have HMRC's efforts to prevent erroneous claims.

For many companies the idea of paying tax is unpleasant let alone paying tax before it is due, however doing so could mean that you actually receive a payment from the Government by way of interest.

As part of the Autumn budget the Chancellor, Rachel Reeves announced that the government would “abolish the non-dom tax regime and remove the outdated concept of domicile from the tax system”.

I’ll start by putting a myth to bed – the term ‘non-dom’ remains because the concept originates from a taxpayers (and their parents) place of birth. Whilst a Chancellor has many powers he can’t change the origin of somebody’s birth!

This was a nasty surprise in the Budget announcement – the removal of MDR. The announcement concluded it didn’t benefit the intended taxpayer and has been subject to frequent abusive claims.

Changes to capital allowances rules have for many years been a prominent feature of the annual announcements from the Chancellor, generating endless rate changes and transitional measures. These yoyoing rules and thresholds have made it particularly difficult for businesses to plan tax efficiently for capital expenditure.