Category Archives: Tax

A Picture of Aidan Roberson - Tax Manager

What happens if you withdraw valuable euros now? Back on 5 April 2012 the law said that you had to pay capital gains tax on the foreign exchange gains in bank accounts. Thankfully, the following day new rules came in which exempted gains (and losses) on bank accounts holding foreign currency.

Capital gains tax on foreign exchange gains and losses for individuals

Aidan Roberson - Tax Manager - aroberson@goodmanjones.com

Updated on 5th December 2019

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Businesses which employ intermediaries should review the supply chain and analyse the extent that payments to the intermediaries need to attract PAYE and National Insurance. They should be doing that review now to ensure that all details required to operate payroll.

Is your business ready for the 2020 off-payroll working regulations?

Graeme Blair - Partner - gblair@goodmanjones.com

Updated on 19th November 2019

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HMRC have told us that employers should not wait to receive confirmation of their PSA calculations. Instead, you should pay over the tax and NIC liability that you have calculated using the usual payment methods.

Where’s my PAYE settlement agreement letter?

Aidan Roberson - Tax Manager - aroberson@goodmanjones.com

Updated on 10th October 2019

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News
Tax

A Picture of Richard Verge - Tax Director

It’s important to understand the new rules, and their implications for your portfolio strategies. And it’s vital that your ownership structures take account of the risks, while being as tax efficient as possible.

Foreign ownership of UK property: What do the new rules mean for your investment structures?

Richard Verge - Tax Director - rverge@goodmanjones.com

Updated on 24th September 2019

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A Picture of Cetin Suleyman - Managing Partner

I believe the key impact to be possibly one of cash-flow, rather than tweaks to accounting systems and administrative processes, the extension can help businesses have a bit more certainty on their own cash positions.

Construction Industry and the VAT Reverse Charge – Is this a welcome extension of time?

Cetin Suleyman - Managing Partner - csuleyman@goodmanjones.com

Updated on 10th September 2019

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A Picture of Hazel Johnson - Tax Director

There is likely to be some pressure on IHT reliefs in the future, perhaps seeing some restrictions being brought in

What is the Report into simplifying Inheritance Tax (IHT) from the Office of Tax Simplification (OTS) and what should you do?

Hazel Johnson - Tax Director - hjohnson@goodmanjones.com

Updated on 26th July 2019

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Previously only residential property had been within the charge to NRCGT, but from 6 April 2019 onwards the sale of any UK land and property by a non-resident will be subject to capital gains tax.

UK Commercial Property owned by non-residents

Richard Verge - Tax Director - rverge@goodmanjones.com

Updated on 25th June 2019

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Philip Hammond was only prepared to make a modest number of spending commitments in his Spring Statement

The 2019 Spring Statement – Summary

Richard Verge - Tax Director - rverge@goodmanjones.com

Updated on 26th April 2019

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What happens if you withdraw valuable euros now? Back on 5 April 2012 the law said that you had to pay capital gains tax on the foreign exchange gains in bank accounts. Thankfully, the following day new rules came in which exempted gains (and losses) on bank accounts holding foreign currency.

Businesses which employ intermediaries should review the supply chain and analyse the extent that payments to the intermediaries need to attract PAYE and National Insurance. They should be doing that review now to ensure that all details required to operate payroll.

HMRC have told us that employers should not wait to receive confirmation of their PSA calculations. Instead, you should pay over the tax and NIC liability that you have calculated using the usual payment methods.

It’s important to understand the new rules, and their implications for your portfolio strategies. And it’s vital that your ownership structures take account of the risks, while being as tax efficient as possible.

I believe the key impact to be possibly one of cash-flow, rather than tweaks to accounting systems and administrative processes, the extension can help businesses have a bit more certainty on their own cash positions.

There is likely to be some pressure on IHT reliefs in the future, perhaps seeing some restrictions being brought in

SITR means that individuals can claim 30% of the cost of investing in a qualifying social enterprise

Previously only residential property had been within the charge to NRCGT, but from 6 April 2019 onwards the sale of any UK land and property by a non-resident will be subject to capital gains tax.

The new tax limits affect charities' small trading exemptions, Gift Aid Small Donations Scheme and Gift Aid Donor Benefits. Check you know the new limits.

Philip Hammond was only prepared to make a modest number of spending commitments in his Spring Statement