Technical Updates

The Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget. With the UK now projected to avoid a recession, the Chancellor focused on delivering the Government’s growth plans. As expected, there were no changes to headline tax rates or allowances but there were targeted measures on childcare and pensions to attract people back to work. PERSONAL TAXES AND BENEFITS…

BACKGROUND In October 2022, the government announced changes to the Corporation Tax rate from 1 April 2023, increasing the main rate of Corporation Tax to 25%. In addition, the standard small profits rate is reintroduced to ensure that companies with small profits pay corporation tax at a lower rate. In determining the rate of corporation tax for a company, its augmented profits…

Please click the download PDF button to view the UK Tax Data Card 2023/24. There is also a version of the tax data card which should be easier to read on a mobile device here.

The Chancellor has presented his Autumn Statement which addresses the significant economic challenges faced by the UK and the rest of the world, coming after the increase in government debt following the COVID-19 pandemic. The Statement focused on spending plans, but there are a number of tax and benefit measures which are set out below.

Please click the download PDF button to view our latest UK Tax Data Card. There is also a version of the tax data card which should be easier to read on a mobile device here. This UK Tax Data Card outlines key UK tax considerations for…

Since 6 April 2013, an individual’s residence status in the in the United Kingdom for each tax year has been determined by the The Statutory Residence Test (“SRT”). The objective of the SRT is to alleviate uncertainty surrounding an individual’s tax residency. Extensive guidance and examples as to how the rules operate have been published by HM Revenue & Customs. The test…

The Chancellor presented his spring statement on 23 March 2022. The statement was overshadowed by increasing inflation which is being described as the “cost of living crisis”. There were limited changes to business taxation and some changes to NICs intended to mitigate the effect of the Social Care Levy (which comes into effect on 6 April 2022) on lower earners. EMPLOYMENT ALLOWANCE…

On 30 November 2021, the Government published a paper containing technical updates and responses to consultations covering a range of topics, in a similar format to its “Tax Day” update on 23 March 2021. It is part of a larger ten-year roadmap set out by the Government and is aimed at simplifying tax administration and keeping the UK’s tax laws fit for purpose, as well as taking…

Please download the pdf to view the French Tax Data Card for 2022.

This document highlights the more important tax changes and announcements from the 2021 Budget.

Please click the download PDF button to view the UK Tax Data Card 2022/23. There is also a version of the tax data card which should be easier to read on a mobile device here.

Cryptoassets are cryptographically secured digital representations of value or contractual rights that use some sort of distributed ledger/blockchain technology and can be transferred, stored or traded electronically. HMRC have identified three types of cryptoasset, exchange tokens, utility tokens and security tokens. However, they have only considered the tax implications of…