When the Trust Registration Service (TRS) was created back in 2017, there was criticism that it needed to go further. The original regulations were introduced as a consequence of the EU Anti-Money Laundering Directive. Even after Brexit, the UK authorities have agreed to maintain the TRS, which can be used with EU partners to identify potential issues.
All companies (whether UK or not) holding UK residential property valued at over £500,000 are subject to the Annual Tax on Enveloped Dwellings (ATED). This could mean more properties are likely to breech the £500,000 limit and fall into the ATED regime for the first time.
We are all taught that controlled inflation is critical to long-term economic growth, while out-of-control inflation can decimate spending power. But, as inflation impacts businesses and households, government spending and personal income, this prompts the question, is inflation a form of tax?
The most common type of benefit in kind is a company car which, under a limited company structure, can attract significant tax liabilities. We will now look at the benefit in kind tax calculation under a limited company and consider ways to mitigate this.
As an outsider looking in, surely the taxation of property gains is relatively straightforward? Understandably, maybe there are different rates for companies and individuals, but how much more complicated can it be?
Business Asset Disposal Relief is a means by which individuals (not companies) can reduce their capital gains tax liability on the disposal of material business assets.
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.