RESOURCES

Income Tax

2021 Budget Update

Aim of note The aim of this note is to summarise some of the policies announced in yesterday’s budget. I have selected the points that are most likely to be relevant to our clients. The list is not meant to be comprehensive. You can see a summary of the points here and the full budget […]

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Taxation of offshore funds

Overview The aim of the offshore funds rules is to make sure that income earned by the fund is taxed as income, ideally in the year the income is earned. If it wasn’t for these rules the investor would not pay tax on income retained or reinvested by the fund but would instead pay capital […]

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Personal Tax – Reduce your second payment on account

Why you might need to reduce your second payment on account Many people will have deferred their personal tax second payment on account because of COVID and wont now need to make the payment (initially due 31/7/20) to 31/1/21. However, because of reduced income, it may be that the size of this second payment account […]

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An overview of UK PAYE

Purpose of this note This note provides an overview of the UK Pay as You Earn (PAYE) system and discusses how it is applied to non-UK employees and nationals. Overview Pay as You Earn Pay as You Earn (PAYE) is the method by which UK companies deduct Income Tax and social security tax (called National […]

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