Tax articles

The government has announced a number of tax and financial measures to support businesses and individuals during the Coronavirus pandemic. Self-assessment tax payments scheduled for 31 July 2020 will be deferred until 31 January 2021. All self employed individuals are eligible and no applications are required. A VAT deferral will be in place for all […]

Text in Purple denotes an Update made on 26 March 2020 A few businesses will be thriving during the Coronavirus pandemic, as turnover is driven to them, but most will be experiencing a reduction in business and wondering how they will survive. This advice note is for them. The overriding principal, in this type of […]

Text in Purple denotes Updates made on 26 and 27 March 2020 Dixcart has prepared a summary of the assistance that the government has made available to businesses at this challenging time. It is split into several categories to make it as easy as possible to follow. Coronavirus Job Retention Scheme Available to any size […]

Background  Although the UK is no longer a member of the EU, a transition period is currently in place until at least 31 December 2020. During this period, most EU laws including EU free movement rules, continue to apply in the UK. It remains to be seen how negotiations between the UK and the EU […]

The new Chancellor delivered his first Budget on 11 March 2020 against a backdrop of uncertainty over Coronavirus and Brexit. Large scale spending was announced, to be funded by increased borrowing. We summarise below some of the key tax measures. Please see more Information here:

Post Brexit Implications The 31 of January 2020 has come and gone and we have now officially left the EU and find ourselves in a limbo called the “transition period”. Whether for or against Brexit we now need to look to the future and plan as best we can for what is to come. VAT […]

They say ‘nothing is certain but death and taxes’ and as the end of one tax year approaches the inevitability of the next one begins. To try an ensure that you make the most of the few opportunities that exist to maximise your reliefs, allowances or exemptions we have set out below some tips that […]

With effect from 6th April 2020, the payment and administration of capital gains tax (CGT) is changing. Where CGT is due on a residential property disposal a return will need to be filed, within 30 days of conveyancing. The notional CGT due will also be payable within 30 days. This applies to everyone, both UK and non-UK […]

UK tax resident, non-domiciled, individuals who are claiming the remittance basis of taxation, do not pay UK tax on foreign income and gains, as long as these are not remitted to the UK. It is, however, crucial to ensure that this tax benefit is properly planned for and claimed. Failure to plan properly, before arriving in the […]

The mirroring of the numbers (first and second half in a year) occurs only once a century – so the year 2020 is significant for many reasons.  It is recommended that when you’re writing down dates in official and legal documents, write the year in its full four-digit form (2020). It is best to avoid […]

Recent Changes Recent changes in terms of global tax regulations and increasing international tax transparency are vital to consider when implementing strategies to preserve family wealth and family business ownership structures. New global regulations include: Common Reporting Standard (‘CRS’), the US Foreign Accounting Tax Compliance Act (‘FATCA’), and several jurisdictions now operate ultimate beneficial ownership […]

From April 2020, non-UK tax resident companies with income from UK property will no longer be charged UK income tax and will instead be subject to the UK’s corporation tax regime.

EMI options are an effective way of retaining and incentivising key employees and are particularly helpful for growing companies.

Companies in a wide range of sectors can make a claim under the UK government’s R&D tax relief schemes which are valuable reliefs offered by the government to encourage companies based in the UK to conduct R&D.

Property in the UK can be owned by a company or by an individual and the method of ownership and the status of the company or individual involved will affect the tax treatment.

The past few years have seen dramatic changes to the taxation of UK residential property for both UK and non-UK residents. Detailed below is a summary of the current position (as of June 2019).