Proposed increases in National Insurance and Dividend Tax Yesterday (7/9/21) the UK Government announced its plans for a 1.25 percentage point increase in National Insurance Contributions (normally considered as a tax to fund pensions) and Income tax on dividends. The aim of the increases are to raise about £36 billion over three years, which is […]
Find out moreOverview If you are resident in the UK and you get foreign income or capital gains you must declare them on your UK tax return. This applies even if you never bring the income or gain into the UK. Penalties can be up to 200% of unpaid tax and HMRC can ask you to go […]
Find out moreOverview If you are late in paying your income tax payment on account, due 31/07/2021 – don’t worry. There’s no penalty or fine – instead, normally, HMRC only charge you interest at 2.6%. Tax returns for individuals If your reading this, its probably because you have completed your tax return and your 31st July Income […]
Find out moreOverview Many people with have received a “tax credit renewal pack” which needs to be completed by 31 July 2021. If you have received this pack you may find this note interesting. When to renew tax credit If you are waiting for tax credits, you will have received a renewal pack, where you’ll find all information […]
Find out moreAim 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 […]
Find out moreOverview 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 […]
Find out moreWhy 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 […]
Find out morePurpose 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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