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Tax-efficient profit extraction tactics for directors

Extracting profits from a limited company has traditionally been done using a combination of salary and dividends. A director would pay themselves slightly less than the tax-free personal allowance and take the rest in dividends. Big tax savings were available for...

Capital gains tax: likely changes for 2020/21

Three potential changes to capital gains tax could have a significant impact on people who make profits from selling homes in 2020/21. This triple whammy will affect those who have a main residence and let it out, perhaps while working away or going through separation...

Requirement to correct offshore income and assets

It’s almost a year to the day since HMRC published a set of rules on income generated from overseas assets. The requirement to correct legislation required UK taxpayers to declare any foreign income or assets to the Revenue before 30 September 2018. From that point...

First MTD for VAT deadline goes without a hitch

The first main submission deadline for filing VAT returns through Making Tax Digital (MTD) came and went on 7 August 2019. It affected around 490,000 of the UK’s 1.2 million VAT-registered businesses with annual taxable turnover of more than £85,000. But, according to...

Self-assessment: sources of taxable income

It may seem like a long time until January with the summer holidays in full swing, but our thoughts are already turning towards self-assessment. The next batch of tax returns relate to the 2018/19 tax year, which ended on 5 April 2019, and are due for submission by...

Residence for tax purposes UK

A number of our clients swap the UK for warmer climes, but their domestic tax liabilities do not end there. While it is accurate to say calculating tax affairs for these individuals is more complex, our residency service covers all the bases. If you are unsure of your...

Corporation tax in Scotland

Companies in Scotland pay one of the lowest rates of corporation tax in the world. The 2019/20 main rate remains at 19% throughout the UK, aside from the Isle of Man and Guernsey, At 19%, Scotland - and the UK as a whole - have the lowest corporation tax rate of any...

Auto-enrolment for employers

Auto-enrolment is in the news this month, after the final rise in minimum contributions kicked in for both employees and employers on 6 April 2019. It marks the end of the line for the first phase of auto-enrolment, which has seen more than 10 million people saving...

Tax changes for 2019/20

The winds of change are blowing through this spring, although they are nowhere near as strong as those that saw two new income tax bands introduced last year. That’s when the starter and intermediate rates were brought in as Derek Mackay exercised his right to alter...

First businesses poised for Making Tax Digital

We are on the home straight as far as Making Tax Digital (MTD) for VAT is concerned, with little over a month to go until the first group of businesses are mandated into the regime. This affects around a quarter of the UK’s 2.67 million VAT-registered businesses,...

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