My Blog of 31 August ran through the recent history of property taxation in the UK. It identified that ATED (the Annual Tax on Enveloped Dwellings) was introduced a number of years ago with a consequential impact for Capital Gains Tax and Stamp Duty Land Tax. ATED is a tax charged on non-natural persons (for[…]
Automatic Exchange of Information arrangements between tax authorities are gathering pace and over 100 countries have signed up to a global system which is known as the Common Reporting Standard (CRS). This will come into force over the next two years. Under the CRS tax authorities in the participating countries will automatically exchange information. This[…]
One of the consequences of Brexit has been the fall in the value of the Pound. This has had the knock on effect of making the UK more competitive and, whilst we are seen to be good value, overseas customers are visiting our shores to conclude contracts. This could lead to an increase in UK businesses[…]
The long awaited further consultation document from HMRC has been released for individuals who are resident but not domiciled in the UK. This document provides further detail on the reforms but also importantly seeks responses on certain aspects of the proposed changes. The main points to note are as follows: UK Inheritance tax (IHT) on UK[…]
Compared to today, property investment taxation before 2013 was relatively straightforward with one of the more complex discussions being convincing non-residents that they really could realise profits on investment sites without UK Capital Gains Tax. Changes were made in 2013 which proved to be the start of a wholesale reform to various aspects of property[…]
Now that property finance has become more readily available, our developer clients have significantly increased their activities. Naturally this is leading to discussions about tax reliefs on contaminated or derelict land remediation expenditure. Land remediation expenditure can be subject to an enhanced deduction of 150% of the qualifying trading costs incurred by a company. Qualifying[…]
Key to every successful medium-sized and large business is a successful finance team. They go together. The idea that you can have a successful business that grows and thrives without having a good finance team is nonsense. And that comes down to people. In the finance team, the value that your people can bring goes[…]
All businesses need to be well loved from a financial point of view, or they won’t succeed. They might have a strong growth curve and good profits, perhaps many hundreds of thousands a year, but without a good finance team when they hit a problem – and all businesses face challenges – the problem can[…]
Overseas Groups Overseas groups can be frustrated when UK subsidiaries are holding large sums in cash but do not hold sufficient distributable reserves to declare a dividend back to the parent company. Take this example; a company has cash reserves of £100K but a negative retained profit and loss reserve of £50K and a share[…]
Goodman Jones partner, Philip Woodgate quoted in the ICAEW publication Economia on handling the issues that FRS102 raises for more complex entities such as LLPs and international businesses, page 81. Key lesson for all though is not to underestimate the time needed to prepare the new accounts.