Non-Doms paying more tax
HMRC statistics show that individuals claiming non-domiciled taxpayer status paid a record £9.4bn in UK income tax, capital gains tax and National Insurance contributions last year, despite a 25% drop in their numbers.
HMRC statistics show that individuals claiming non-domiciled taxpayer status paid a record £9.4bn in UK income tax, capital gains tax and National Insurance contributions last year, despite a 25% drop in their numbers.
From 1 October new legislation called ‘Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax, or inheritance tax.
The Office of Tax Simplification (OTS) has made a series of recommendations in relation to the gig economy. Suggesting how to simplify and improve the tax experience of the increasing number of individuals who work on a self employed basis through online platforms.
With the rise of the gig economy the government has been reviewing relief arrangements for people who rent out a room in their house. This has largely been driven by changes in the private rented sector along with increased use of Airbnb in the UK.
From April 2019, this targeted legislation aims to prevent UK traders and professionals from avoiding UK tax by arranging for their UK-taxable business profits to accrue to entities resident in territories where significantly lower tax is paid than in the UK. The counteraction will be effected by adding those profits to the profits of the UK trade. It will also introduce a duty to notify HMRC of relevant arrangements meeting certain criteria.
This month has seen the publication of draft legislation, which implements tax policies announced in recent fiscal events and continues the government’s commitment to overhauling the UK tax system.
The Office for Tax Simplification (OTS) has published a paper exploring ways of simplifying the taxation of individuals’ savings income.
The consultation looks at improving the rules around ‘off-payroll’ working (IR35) so contractors who work through their own company pay the right amount of tax.
Businesses that produce or package liable drinks, and are not a small producer need to register for the Soft Drinks Industry Levy.
From William Pitt the Younger’s income tax to pay for weapons and equipment for the Napoleonic Wars through to increasing duties on cigarettes and alcohol and now a sugar tax to influence people’s behaviours, successive UK governments have frequently used taxation as a political tool.
Your privacy is guaranteed - learn more
Open Monday - Friday 9am - 5pm