Tax for Individuals / February 28th 2019

What Are the Main Factors Which Influence How Much Income Tax You Pay?

In the autumn budget in October last year, the government announced fresh changes to the UK tax system, making good on their campaign promises to cut income tax rates and increase the personal allowance. The new legislation means millions of UK households will be better off, with basic-rate taxpayers recouping, on average,

Announced in the spring budget of 2015, Making Tax Digital (or MTD) is the government’s pioneering initiative to modernise the UK tax system. By introducing digital record keeping across the board, the programme is set to revolutionise the way we do our taxes, making the entire process simpler and more efficient. In this

January 31st is a tax advisers worst nightmare when it comes to filing deadlines. Many will understand that as the end of January draws in, working hours get longer and most new year’s resolutions regarding ‘eating healthier’ and ‘hitting the gym more often to get into shape’ soon go out the window due to the extr

With the government at loggerheads over Theresa May’s withdrawal agreement, and whispers in Whitehall growing ever louder over the possibility of a no-deal Brexit, the UK, at least in the short term, is facing an uncertain future. Whether you’re an ardent Remainer or a die-hard Brexiteer, the fact remains that our immin

In April this year, the government introduced significant changes to income tax rates, allowing millions of UK taxpayers to keep more of their hard-earned cash. And, in 2018, the average taxpayer is shelling out approximately £1,000 less in tax than they were six or seven years ago. However, once you move into the higher-r

No one likes the idea of dealing with a HMRC inspection or investigation.  Whilst HMRC use the more ‘customer friendly’ term “check”, it comes down to the same process.  HMRC want to review and check all or parts of your tax records to ensure you are compliant and paying the correct amount of tax. Well in theor

Many individuals in the UK will naturally feel like they are paying far too much income tax and National Insurance Contributions. So much so that they believe that by moving offshore, they will be able to save a large amount of tax and therefore make themselves better off (this is not necessarily the case and will largely d

Inheritance Tax is a one of the taxes which many of us would rather not have to think about or even consider as it is a tax payable on an individual’s estate upon their death. Given the sensitivity of the subject, many individuals tend to put it to one side and sometimes it may be too late before any useful tax planning c

Many individuals who are non-UK domiciled (so called ‘non-doms’) are in a position where they have mixed funds.  A mixed fund is an offshore fund of money, which contains more than one type of income, gains and capital, or similar from more than one tax year. Historically, such accounts have caused great difficulty

Over the years there have been a number of tax amnesties, encouraging taxpayers to come forward to correct their tax affairs, declare their income and pay any tax due. These amnesties have come alongside greater information sharing between EU and international tax authorities, as well as greatly increased penalty powers for