COVID-19 HMRC Statutory Residence Test "Exceptional Circumstances"

Tax Residence in the UK, and therefore by definition, UK tax exposure on worldwide income and gains, is largely determined by days of presence in the UK. The impact of the COVID-19 pandemic on worldwide travel has been significant, leading to many being unable to travel to or from the UK, which inevitably affects their day count when applying HMRC’s Statutory Residence Tests (SRT).

IR35 off payroll working reform - education is key

As we edge closer to April 2021 when the private sector will be hit with new IR35 legislation, pushing responsibilities for contractor assessments and deduction of tax up the contractual chain, it is now time for businesses to dust off their IR35 plans from earlier this year for the original implementation date of April 2020.  

Sold UK property in 2018/19? You could be next on HMRC's 'hit list'

HMRC have confirmed they will be issuing over 14,000 letters before 30th November to individuals who have sold a UK property in 2018/19, that didn’t appear to be their main home and which could therefore potentially be subject to UK Capital Gains Tax rules.

Postponed import VAT accounting – A Brexit plus point

*Updated 4 March 2021*

A balanced energy transition: our responsibilities as leaders in the energy sector

The Scottish Government’s announcement in the early summer of a £62million support package to help deliver a net zero future was warmly welcomed across the Energy sector. Not only does this respond to and show real commitment and support to meeting Scotland’s ambitious climate change targets, it also demonstrates the importance of investing in the Energy sector at a time where a more traditional oil & gas industry faces the reality of longer term challenges. 

HMRC have undeclared holiday letting income in their sights...

The 2019 financial statements for Airbnb have recently been published and include a note confirming that it will share data with HM Revenue & Customs (“HMRC”) about the letting income earned by its hosts in the 2018 and 2019 tax years.

How to be seen to be green, without just a lick of paint

The global focus and dependency on fossil fuels and shift towards low carbon energy has been building for many years, but it has only in the last 18 to 24 months become a leading agenda item in national and international political arenas. It has been projected into our public conscious and government policies to such an extent that it is now inconceivable that it can be ignored or pushed aside any further.    

Should you set up a family investment company to protect your family wealth?

There is no 'one size fits all' approach when it comes to protecting family wealth, passing this to future generations in an appropriate way, and at the ‘right time’. Setting up a Family Investment Company (“FIC”) is increasingly a popular choice for successful family business owners as part of their broader succession and tax planning strategy. Planning with trusts has a significant role in protecting family wealth for future generations, however with limitations placed on the value which can be settled into trust this typically forms only part of a plan in which FICs increasingly feature.  

Coronavirus Employment Support Measures – An Update

On Friday afternoon the government issued some updates to the guidance on the Coronavirus Job Retention Scheme (CJRS) and published new guidance for the Job Retention Bonus (JRB) alongside how it will interact with the new Job Support Scheme (JSS). The following information is a summary of the most important points to be aware of.

Corporate Tax Considerations to Maximise Cash and Retain Employees

The past few months have been very challenging for the majority of businesses, large and small.  Not just locally or nationally, but on an international basis, requiring owners, managers and directors to juggle various important factors such as staffing levels, financing options and cashflow implications, let alone the issues and changes arising in everyone’s personal lives.    

Relocating from or to the US? Here are the key tax situations to be aware of

Individuals relocating from, or to the US can face particularly challenging tax situations when compared to other jurisdictions, not least dual reporting requirements and very conflicting approaches to taxing the same sources of income or gains.

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