Do other countries operate a domicile system similar to the UK?
Those domiciled in a country tend to pay tax on their worldwide income, while those with a non-domicile status are often shielded from tax on their overseas income/wealth.
Those domiciled in a country tend to pay tax on their worldwide income, while those with a non-domicile status are often shielded from tax on their overseas income/wealth.
The UK government is pushing "Make Tax Digital" to simplify VAT returns for businesses and capture "missing" VAT funds. A report by the EU in 2018 suggested there was a VAT gap in the UK of €23.4 billion.
In this article we explain why is your domicile so essential, and what are the implications with regards to taxation?
When you mention tax and the property market, people automatically assume you are talking about SDLT (stamp duty land tax). However, many people are unaware that value-added tax (VAT) is a factor in many property transactions.
Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022.
As the term suggests, an LLP is a type of partnership where the liability of each member is limited. In this case, to the investment/obligations made by each member.
The Residential Property Development Tax (RPDT) origins can be traced back to the horrific Grenfell Tower fire of 14 June 2017. Issues found with the cladding and the building led to a UK wide review, highlighting many more buildings with similar problems. Consequently, after protracted legal wrangling, the UK government eventually agreed to cover the cost of remediating cladding issues.
The subject of Director’s Loan Accounts (DLAs) has recently been in the news with concerns regarding the potential misuse of Bounce Back Loans. In theory, DLAs are relatively straightforward, but they can become quite complicated when you dig a little deeper.
There are strict deadlines, whether you are filing your company accounts, corporation, or personal tax return. While there are situations where you can apply for an extension, it is important to be aware of the deadlines and the potential penalties. Repeat offenders may see their options reduced in the future and increased penalty charges.
It is an understatement to suggest that ongoing changes to the IR35 system, including legal challenges, appeals and counter appeals, could be costly for those employing contractors. We are in a rather bizarre situation where the Check Employment Status for Tax (CEST) tool introduced by HMRC is constantly questioned by HMRC.