Ideas and insights

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Is HMRC changing how it engages with taxpayers?
Matt Taylor

02 December 2022

During recent weeks and months, a small number of wealthy taxpayers have received invitations to have a conversation with HMRC. The letter does not request a discussion concerning the accuracy of the entries contained on a tax return already submitted, but instead offers the opportunity to discuss entries that may not yet have been made on a self-assessment return that is not required to be submitted until 31 January 2023.

Onward gifting rules – offshore trust distributions

02 December 2022

As a general rule, UK resident beneficiaries can expect to pay UK tax when they receive a benefit from an offshore trust. The rules are complicated, but generally capital payments or benefits (trust distributions) received from an offshore trust will be subject to either income tax or capital gains tax (CGT), and income distributions will be subject to income tax. However, non-UK residents are not subject to UK tax on distributions received from offshore trusts.

Non-doms face inheritance tax threat and crypto conundrum
Chris Etherington

02 December 2022

There was a lot of focus on the preferential tax treatment for non-UK domiciled individuals (non-doms) ahead of the recent Autumn Statement and whether these tax advantages may be restricted in the future. Whilst the chancellor steered away from any significant changes this time, it is likely that opposition cries to remove, or at least reform, the preferential tax regime for non-doms will remain on the political agenda for some time.

Offshore messenger – December 2022
Rachel de Souza

02 December 2022

Offshore messenger continues to highlight the key areas to assist offshore trustees, company directors and related professionals whose clients have UK connections.

Bridging the GAAP | November 2022
Lee Marshall

30 November 2022

In this Autumn edition of Bridging the GAAP, we look at the macro-economic conditions and its impact on financial reporting. We also explore the latest Annual Review of Corporate Reporting by the Financial Reporting Council (FRC) and provide insight on the proposed major changes to Companies House.

Extracting an income from an owner-managed business: salary or dividends?
Andrew Robins

29 November 2022

After recent tax announcements regarding income tax and corporation tax rate changes, it is worth revisiting the perennial question of how an individual should extract an income from an owner-managed company in the most cost-effective way.

Hotel occupancy in London continues to rise, overtaking the rest of the UK for the first time since 2020
Chris Tate

29 November 2022

Occupancy rates of London hotels increased again in October, suggesting weak consumer confidence hasn’t yet hit the sector in the UK’s capital, according to the RSM Hotels Tracker.

New penalty regime for late submission and payment of VAT returns
Ian Carpenter

29 November 2022

HMRC’s new penalty regime for the late submission and payment of VAT returns will come into force for VAT return periods beginning on or after 1 January 2023, bringing VAT penalties more closely in line with existing penalties for direct tax returns.

Could abolishing tax benefits for non-domiciled individuals raise £3.2bn?
Andrew Robins

29 November 2022

In these turbulent financial times, politicians of all stripes are scrambling to find ways to fund electoral promises. As an example, Labour’s shadow chancellor Rachel Reeves has proposed the abolition of the remittance basis of taxation for non-domiciled individuals to pay for increased numbers of doctors and nurses, as well as breakfast clubs for all primary school children, relying on figures taken from a report by Warwick University and the London School of Economics. But do the numbers add up?