The Government could be set to raise National Insurance contributions (NICs) by 1% for both employers and employees, a report has claimed. The Times claimed senior ministers have agreed to increase rates to raise an extra £10 billion a year for the National Insurance Fund. This would initially be used to reduce NHS waiting lists,… Continue reading National Insurance contributions rates ‘poised to increase’
Exactly a year later than planned, changes to the off-payroll rules – known as IR35 – will take effect in the private sector next month. The emergence of COVID-19 put paid to the changes affecting large and medium-sized private-sector organisations this time last year, but now it’s for real. They were originally introduced back in… Continue reading IR35 minefield …….
NEW IHT RULES RELATING TO LIABILITIES This will not only impact NON UK Domiciled individuals but also any other person subject to UK Inheritance Tax (IHT) on their worldwide assets. NON UK Domiciled Person: Were you intending to borrow monies against UK held property and invest these monies outside the UK, thereby converting these funds… Continue reading NEW IHT RULES RELATING TO LIABILITIES
LOANS FROM CLOSE COMPANIES TO THEIR PARTICIPATOR Changes to S455 CTA 2010 – Charge payable by Company. A S455 CTA 2010 charge arises when a company makes a loan to an individual who is a shareholder of the close company or to one of his associates. The charge is 25% of the loan and is… Continue reading LOANS FROM CLOSE COMPANIES TO THEIR PARTICIPATOR
CAP ON UNLIMITED INCOME TAX RELIEFS Do you have trading losses in the current year from your business (Sole Trade or Partnership)? Do you have losses arising in your property business as a result of claiming Capital Allowances? Have you paid interest on monies borrowed for a qualifying purpose, such as investing in a business,… Continue reading CAP ON UNLIMITED INCOME TAX RELIEFS
THE NEW STATUTORY RESIDENCE TEST The 2013 Finance Bill has introduced new Legislation to put the matter of UK Residence Status on a legal footing rather than having to rely on past practices, changes in interpretations and case law. This should provide more certainty to people moving in and out of the UK temporarily or… Continue reading THE NEW STATUTORY RESIDENCE TEST