The Organisation for Economic Co-operation and Development (OECD) has recently published further guidance on the impact of the coronavirus pandemic on tax treaty related issues, which seeks to clarify the tax position of individuals and businesses affected by ongoing travel restrictions.
The SDLT holiday has tempted many to purchase buy-to-let properties, but their new venture may not be as lucrative as it seems. Changes to tax relief for mortgage interest can easily affect the tax liability, but less known is the impact on Child Benefit and Student Loan repayments. Younger people and parents may be in for a surprise from their tax return and could be forced to increase rents to make their investment worthwhile.
So far, most government information and news reports have concentrated on the impact of Brexit on business, but how does the UK’s departure from the EU affect individuals moving their personal possessions cross border?
The Department for Culture, Media and Sport has announced how the first tranche of spending from the £1.57bn emergency recovery fund, launched in July, will be allocated. This relief package is a welcome boost to a sector. However, without further targeted measures we are in danger of retaining the country’s cultural architecture and trophy assets, but without the creative artists to put on the performances to fill them.
Could the government’s latest review of the UK’s alcohol duty system make it cheaper to drink in pubs than at home, and what could this mean for off licences, restaurants and supermarkets?
The Government has introduced several new measures to assist taxpayers in these financially difficult times. We review the approach to SA (Self-Assessment) tax and VAT payments.
The Corporate Criminal Offence (CCO) was introduced by the Criminal Finances Act in 2017 and places an obligation on companies and partnerships to prevent people associated with them, typically employees but including anyone acting on the entity’s behalf, from facilitating a third party’s tax evasion. The first a company or partnership may know of a CCO investigation is when HMRC arrives at the door with an arrest warrant for the suspected facilitator.
These days, even by Orwellian standards, the extent of the “data trail” which we all leave as we go about our daily lives is astonishing.
2018 has seen several high-profile businesses being rescued or left to fail; others are seeking to review their portfolios, funding position or to rationalise their structures; even previously “untouchable” businesses such as John Lewis are feeling the effects of an increasingly tough trading environment.
Domicile is a key tax concept which helps to establish the taxation of overseas assets and affects many taxpayers. Even with the recent changes to the rules introducing deemed UK domicile after fifteen out of twenty years of UK residence, domicile will continue to be relevant, especially for people returning to the UK with a previous UK domicile of origin, who are relatively harshly treated by the new rules.