In this podcast we discuss at length the rules the UK Statutory Residence Test (SRT), the comprehensive legal framework used to determine whether an individual is a UK resident for tax purposes. In particular we cover the three main components of the SRT: automatic non-residence tests, automatic UK residence tests (such as the 183-day rule), and the complex sufficient ties test, which balances the number of days spent in the UK against five defined connections. We also talk about the specific rules when you arrive or leave the UK: the "split year" rules, which allow individuals arriving in or leaving the UK mid-year to be treated as resident for only part of the tax year, detailing the eight specific cases and stressing the strict conditions and potential pitfalls related to day counts, work commitments, and accommodation ties. Both articles emphasize the critical importance of careful planning and meticulous record-keeping for mobile individuals to manage their tax status accurately.
This deepdive explores the UK taxation system for foreign performers and sportspersons, outlining when income from UK appearances is liable for tax. It explains the withholding tax mechanism, where the UK payer deducts a standard 20% from earnings exceeding the personal allowance, and the required HMRC forms (FEU1, FEU2, FEU8) for reporting and applying for reduced rates. The document also clarifies exemptions from withholding tax, such as cancellation fees or payments below the annual threshold, and addresses crucial VAT implications for both performers and UK agents, including the reverse charge mechanism. Ultimately, the guide ensures that all parties understand their obligations to HMRC's Foreign Entertainers Unit (FEU) for compliant financial management.
This comprehensive guide outlines various strategies available in the United Kingdom for reducing childcare and education expenses. It details government-backed schemes like Child Benefit and Tax-Free Childcare, explaining eligibility criteria and potential savings. It further explores free childcare provisions, local authority support, employer benefits, and charitable aid, offering a holistic view of available resources. Finally, it summarises how families can strategically combine these options to significantly lower their overall costs.
This show provides a comprehensive guide to reducing Capital Gains Tax (CGT) in the UK. It details various strategies, including utilising the annual exemption, transferring assets between spouses, and exploiting exemptions for chattels and cars. We also cover tax-advantaged investments such as ISAs and UK government gilts, as well as the use of spread betting and offsetting gains with losses. Finally, it emphasises the importance of strategic timing of asset disposals and charitable gifting to minimise CGT liability.
In this episode we discuss the key changes announced in the 2024 Autumn Budget, focusing on how these changes impact businesses, personal investments, and estate planning. The article outlines significant increases in taxes, including Capital Gains Tax, Inheritance Tax, and Stamp Duty Land Tax, highlighting the need for professional financial advice to navigate these changes. It also discusses the impact of changes to pension schemes, non-dom status, and income tax, offering guidance for individuals and businesses seeking to optimise their financial planning strategies in the new fiscal landscape.
This episode is a bit different from the previous ones as we don't discuss UK tax but instead analyse the latest Michael Saylor interview with Madison Reidey where he delivers a finance masterclass and explains how he has been able to create innovative financial products that deliver some the Bitcoin upside without its volatility and risk.
The original interview can be found at: https://www.youtube.com/watch?v=eThjo9wYoF0&list=FL4Ei54At2-7yK_x4j1SpvSA and our article on the subject from 4 years ago at: https://www.taxtrends.co.uk/gb/how-to-put-bitcoin-in-your-isa-or-in-your-sipp/
This episode discusses how to withdraw money from offshore bonds in a tax-efficient way in the UK. It provides a detailed explanation of the different withdrawal methods available, including partial surrenders and full surrenders of policy segments.
We outline the tax implications of each method and provides examples to illustrate how different options can affect the amount of income tax payable. It also explains how top-slicing relief works when multiple bond gains arise in the same tax year, providing a step-by-step guide to calculating the relief. The guide is aimed at individuals who are considering withdrawing funds from offshore bonds and want to understand the tax consequences of different options.
Also refer to our full-length article on the subject.
Have you received a letter from HMRC regarding your overseas assets? Don't panic! This is likely a "nudge letter", HMRC's way of prompting taxpayers to review their financial affairs and ensure they are compliant with UK tax laws.
In this episode, we unpack the reasons behind these letters, the potential consequences of ignoring them, and the steps you can take to rectify any discrepancies in your tax declarations.
We'll examine:
Join us as we demystify the world of offshore assets and HMRC compliance, providing you with the knowledge and resources to ensure you meet your tax obligations and avoid potential pitfalls.
For more details, please head to our full article.
A comprehensive discussion of tax-saving opportunities for UK residents, offering insights into income tax strategies, pension contributions, ISAs, capital gains tax planning, inheritance tax planning, and various tax-efficient investments.
This episode also covers tax-saving opportunities specific to property, businesses, and the self-employed. The guide emphasizes the importance of individualised financial planning and encourages readers to seek professional advice when necessary.
For the full guide please head to our article.
