Tag Archives: UK Personal Taxes
What Is the Difference Between Residence and Domicile?
One thing that can be clearly seen amid all the arguments over the status of Lord Ashcroft is that neither the press nor the politicians really understand the difference between someone being resident in the UK or being domiciled in the UK. It is rather painful to listen to the claim and counterclaim of so [...]
Full StoryHow Much Can I Put In An ISA?
I’ve suddenly had a lot of people contact me to ask the above question regarding the tax free ISA (Individual Savings Account) products that are available to UK taxpayers.
This is probably due to changes that came in last month. If you don’t know what an ISA is then have a look at this earlier article.
Currently the [...]
Accountants Denied Privilege
When I trained as a tax accountant many years ago there was a clear understanding that my duty was to my client and whilst I should not collude in illegal tax evasion or financial irregularity I owed no duty to “rat” on clients to the authorities.
Indeed it was always accepted that anything told to me [...]
What Is Transfer Pricing?
“Transfer pricing” is an increasingly important and contentious area of international tax law. This is because so much of modern world trade involves the transfer of goods, intangibles or services within multinational enterprises (MNEs) – groups of companies or related businesses based in 2 or more countries.
Such international trade offers scope for an MNE to [...]
HMRC Threaten Self-employed Builders
Her Majesty’s Revenue & Customs (HMRC) are convinced that there is widespread tax avoidance in the construction industry and have recently issued a consultation paper outlining their proposals for tackling the problem – proposals which are likely to result in a substantially higher tax burden for many genuinely self-employed workers as well as more red [...]
Full StoryNew Penalty Regime for UK Taxpayers
Her Majesty’s Revenue & Customs (HMRC) recently published details of a new one penalty system for inaccurate tax documents and returns. This new system replaces the previous wide variety of penalties.
The new system relates to returns and documents for the period starting on or after 1st April 20098 which are due to be filed on [...]
Thousands Hit by Tax Refund Scam
Her Majesty’s Revenue & Customs (HMRC) has issued a warning that fraudsters are sending out fake e-mails promising rebates.
An estimated five million people filed their tax returns online last month and now many of them are receiving emails which purport to come from HMRC saying there has been an error in calculating their tax and [...]
