US Tax Planning 2025
Having entered into 2025, we will soon see the Republicans form a new US government with the shy and retiring Mr D Trump at the...
All of our blog posts are shown below with the most recent shown first.
How does the abolition of the non-dom regime affect US citizens in the UK?
The 2024 Spring Budget introduced major changes to the taxation of non-UK domiciled individuals. The new Labour government’s...
Hidden Impact of Pensions becoming subject to Inheritance Tax
One of the biggest losers in the recent Autumn Budget was the personal pension pot left to the beneficiaries of an estate. But,...
ePrivateClient 2024
We are absolutely thrilled to receive the prestigious accolade of being listed in eprivateclient’s esteemed Top Accountancy Firms...
The Return of the Donald
It’s official, Donald Trump will return to office on 20 January when he will, again, be inaugurated as US President.
Autumn Budget 2024 - Business headlines
Earlier today the Chancellor Rachel Reeves delivered her first Autumn Budget 2024. Our Corporate tax team share their summary of...
Autumn Budget 2024 - Private Client
The Chancellor Rachel Reeves delivered the first Labour Budget for 14 years on Wednesday 30 October 2024. The Chancellor spoke of...
Tax Case Tests Dual Residency Tie-breaker Tests
We advise a lot of clients on their UK tax resident status and also, in cases where they are dual resident, we assist them in...
UK's Wealthy Taking Flight to Save Tax
It is being widely reported in the UK press that UK taxpayers are leaving the UK due to the tax changes coming into force from 6...
CIOT Response to Carried Interest Consultation
On 29 July His Majesty’s Treasury (HMT) made a request for stakeholders to provide evidence and comments on proposals to reform...
Selling goods via online platforms
This article is to make you aware of a new tax alert issued by HMRC which confirms they are targeting those who sell goods and...
HMRC Target Crypto Gains
If you own any crypto assets, it is important that you consider whether any gains realised have been reported correctly as these...
Policy statement on changes to non-dom tax regime
On Monday the new Labour Government published a short policy statement on the changes to non-dom tax regime. It was not...
Turning the page to the new Labour government
After 14 years of Conservative rule, Labour has taken the reins under Keir Starmer with a massive majority as the electoral map...
Fallout from proposed Non-Dom rule changes - Inheritance Tax
In their attempt to simplify and reduce the tax breaks currently available to non-UK domiciled individuals (Non-Doms), the...
Pandora Papers - Does this affect you?
Last year wrote about offshore income and gains letters being issued to taxpayers who were linked to the Pandora Papers. ...
Spring Budget 2024
The Chancellor Jeremy Hunt delivered his Spring Budget on Wednesday 6 March 2024. His focus was on updating the tax regime for...
Melton Mowbray pet food firm acquired by growing pet care business
Assisi Pet Care Ltd, the company behind Hollings, the suppliers of natural dog treats, has acquired family-owned Town & Country...
Selling UK Property While Living Abroad
Our private client Partner Jamie Favell recently caught up with Experts for Expats to discuss the tax issues faced by...
Yorkshire Rainmaker Awards - Shortlisted
Yorkshire Rainmaker Awards 2024We are delighted to have be shortlisted for the 'Tax Advisory Team' at the forthcoming Yorkshire...
R&D Autumn Statement Impact
We have been made aware by the Chartered Institute of Taxation that, the UK tax authorities, HM Revenue and Customs (“HMRC”)...
Are you an “Accidental American” who has or is considering expatriating? If so, relief from all US taxes and penalties could now be available!
US persons are required to file annual US tax returns regardless as to where they are living. Our blog below refers and explains...
Cryptocurrencies - HMRC crackdown on disclosures of transactions
Exchange of information between tax authorities and Crypto platforms will lead to a more focussed approach from HMRC on unpaid...
Dealmakers Awards 2023
Yorkshire Dealmaker Awards 2023It was truly a privilege to once again be invited to attend the Yorkshire Dealmaker Awards last...
Autumn Statement 2023
The Chancellor Jeremy Hunt delivered his Autumn Statement on Wednesday 22 November 2023. His focus was on encouraging investment...
What are the Main Political Parties’ Election Tax Policies
What are the Main Political Parties’ Election Tax Policies?As we move towards 2024 and closer to the next General Election,...
HMRC Success Against Bernie Ecclestone
HMRC Success Against Bernie Ecclestone : What does this mean for those of us that aren't billionaires?Its been widely publicised...
New Pension Lump Sum and Death Benefit Allowance
New Pension Lump Sum and Death Benefit Allowance- Draft legislation will impact beneficiaries of death benefits that choose income
HMRC Send 23,936 Offshore Nudge Letters re 2022/23
HMRC continue to become aware of taxpayers who may be in receipt of income/gains from overseas assets via automatic exchange of...
Post Pandemic Residency Review
It is being widely reported in the press that HMRC are targeting individuals that have claimed non-resident status for UK tax...
7.75% Late Payment Interest - A sting in the tail
[UPDATED TO REFLECT BASE INCREASE ON 3 AUGUST 2023]
Wealth Tax Threat Continues
Following the Covid-19 pandemic which blighted the UK economy the Wealth Tax Commission were tasked with finding ways in which...
National Insurance Gap Extension
The normal time limit for a person to fill gaps in their national insurance (NI) record is six years, but transitional...
Pandora Papers - What were they and what if you were named in them?
The Pandora papers involved the release of millions of documents from a number of different offshore financial service providers,...
2023/24 - The 23-month tax year?
The government announced in the Autumn Budget 2021 that it would reform the way that trading profits are allocated to tax years...
Stay ahead and protect your business in the face of winding-up petitions
With HMRC under pressure to collect more tax owed, it is moving away from the tolerance shown during the pandemic and back...
Apprenticeships with TAP
We interviewed our apprentice, James, who joined us in 2021, to get an idea of what it's like to learn with TAP and give any...
No more (paper) tax returns
More than 12 million taxpayers file self-assessment tax returns, but less than 3% do so using a paper return. HMRC stopped...
Spring Budget 2023 - Time to invest
Earlier today the current Chancellor announced the Spring Budget 2023. Our Corporate tax team share their summary of the key...
Spring Budget 2023 - Personal tax
Earlier today the Chancellor of the Exchequer, Jeremy Hunt, presented the Spring Budget 2023. Our private client team summarise...
Autumn Statement - Summary
Earlier today the current Chancellor announced the latest Autumn Statement. Unlike the “fiscal event” announced 55 days ago by...
HMRC Target Offshore Companies
We have been made aware by the Chartered Institute of Taxation that, the UK tax authorities, HM Revenue and Customs (“HMRC”)...
Mini-budget key points
Today Kwasi Kwarteng presented his first budget and with a clear strategy, reduce taxes to stimulate growth! Some headline...
What is a Green Card?
Following on from the news surrounding Rishi Sunak’s wife non-domiciled UK tax status (read more about this here), it seems that...
Non-Domiciled - What is a Non-Dom and what is the Remittance Basis?
There has been a huge amount of press around the fact that Rishi Sunak’s wife, Akshata Murthy, is a “non-dom” and able to access...
Chancellor Announces additional R&D Tax Credit opportunities
In the Autumn Statement of 2021, the Government provided details on a series of measures to reform the R&D tax relief system....
Quid Game - Budget
The 2021 Autumn Budget was delivered today by The Host, the Chancellor of the Exchequer Rishi Sunak.
HMRC Target Crypto Owners
HMRC has warned taxpayers that hold crypto assets, that they should expect to be contacted to verify their tax affairs are in...
Political donations: an unexpected Inheritance Tax risk
An interesting recent case (known as Banks vs IRC) shows the need to take tax advice if you are considering making a political...
File online to avoid filing by 31st October
HMRC has reminded self-assessment taxpayers to ensure they have the correct information in order to complete their 2020/21 tax...
When is a house not a home?
Whether a property is residential or commercial for the purposes of Capital Gains Tax (CGT) has an impact on both the timing of...
TAP features again on eprivateclient's prestigious list
Today it has been announced that Tax Advisory Partnership (TAP) has again featured in eprivateclient’s prestigious Top...
A muted Budget?
The Chancellor’s forthcoming budget is only a few weeks away (27 October) and as usual there is plenty of speculation regarding...
CGT Hike Looming?
The Sword of Damocles hanging over UK investors is the continued threat of hikes in capital gains tax (“CGT”) rates. The rates of...
Biden's Big Tax Plan
In this blog from our US tax team, we look at President Biden’s plans for significant tax rises for both high net worth...
Overseas Workdays – What a Relief!
One of the most valuable tax reliefs available to expats working in the UK is Overseas Workdays Relief (“OWR”).Foreign national...
ATED Filing Obligations and Penalties…
Companies that own UK property are required to file annual ATED Returns (“Annual Tax on Enveloped Dwellings”) with HMRC.
HMRC issues damning impact statement on the new Health and Social Care taxes
Further to the government’s announcement on 7 September 2021 HMRC have now released their less than positive impact statement on...
Eclipse film partnerships landmark “tax amnesty” announced by HMRC
HMRC have announced a ground-breaking tax amnesty (known as a settlement opportunity) for current and former members of the...
Prime Minister announces dividend and NICs tax rate increase
Boris Johnson has today announced a 1.25% health and social care tax across the UK to help the NHS recover from the Covid...
TAP announce partnership promotions
We are delighted to announce the promotion of Helen Mallalieu and Sophia Passingham to Partnership within Tax Advisory...
Is Tax Evasion On The Rise?
A recent freedom of information request shows a slight drop in the number of reports of suspected tax evasion made by members of...
Footballers beware!
Football is currently providing rich pickings for HMRC as illustrated by a recent Freedom of Information request.
The “Super-deduction”: a valuable opportunity
We mentioned the new capital allowances “Super-deduction” briefly in our last Budget update but we thought it was worthwhile...
Self-employed tax consultation: a welcome development?
HMRC have launched a new consultation proposing changes to the tax treatment of the self-employed which will, if introduced, aim...
The deal of the century?
In previous blogs we have reported on the progress of proposals for a global minimum tax for very large multinationals. Things...
Progress of the global minimum corporate tax rate
In previous blogs we have reported on the progress of proposals for a global minimum tax for very large multinationals.
Chu-CHUNK!
Some of us remember the first time they scurried along to the dusty stamp office and hesitantly asked a gruff Inland Revenue...
Tax - in real time
The publication of the first consultation on the notification of uncertain tax treatments in advance of tax returns may have gone...
TAP shortlisted for Boutique Tax Accountant of the Year by eprivateclient
Today it has been announced that TAP have been shortlisted in the category of Boutique Tax Accountancy firm of the year in the...
A global minimum tax is on its way
In a recent blog we asked the question - is a global minimum tax for very large multinationals just pie in the sky? The answer...
Can you have your cake and eat it?
Recent press reports have focused on an Inheritance Tax (IHT) snare we commonly see arising in our practice; one which is costing...
A Global Minimum Tax Rate: is this just pie in the sky?
In a recent blog we reported that Amazon had won its fight against an EU judgement forcing it to pay about €250m in back taxes to...
It's end to end stuff Gary: IR35
A former England footballer so good he won the Golden Boot at the 1986 FIFA World Cup now finds himself mired in litigation with...
Why does Amazon’s gigantic tax case win matter to smaller firms?
Amazon has won its fight against an EU judgement forcing it to pay about €250m in back taxes to Luxembourg in a significant blow...
Are US personal tax rises on the way?
Are US personal tax rises on the way? It would be easy to become confused by the vast swathes of new legislation which have been...
Budget 2021 - Summary of key tax announcements
The Chancellor of the Exchequer has delivered a budget which contained little in the way of major surprises given that a lot of...
Budget 2021
The Budget will be held on Wednesday March 3, 2021.
The UK's Tax return deadline is fast approaching
The UK’s personal tax Self Assessment return deadline is on 31 January 2021. The return covers the period starting on 6 April...
UK Budget Date Announced
For those who might have missed it, the Chancellor, Rishi Sunak has announced that the date for the next UK Budget will be 3...
A UK wealth tax?
The fact that the possibility, however remote, of a Conservative government introducing a one-off wealth tax is being discussed...
New Crown preference for tax debts
Despite fierce opposition to the measure, on 1 December 2020, the Crown (for which read HMRC - the UK tax authority), was...
The Annual Investment Allowance: a one-off opportunity
You can currently deduct the full value of an item that qualifies for annual investment allowance (AIA) from your profits before...
Autumn Budget Cancelled
It was announced yesterday evening (23 September 2020) that the Chancellor, Rishi Sunak has cancelled plans for a Budget this...
Remuneration Trusts Targeted by HMRC
HMRC have published Spotlight 56 entitled Disguised remuneration: tax avoidance by owner managed companies using Remuneration...
Capital gains tax hikes and pension saving changes anticipated in Autumn Budget 2020
The date for the forthcoming Autumn Budget has not yet been set, but all signs are pointing towards tax increases being announced...
HMRC sets its sights on individuals with overseas assets / income
In recent weeks HMRC have recommenced a campaign which targets taxpayers that have overseas assets, income and gains, which may...
Mini-Budget Introduces Immediate Measures to Boost the UK’s “Post-Covid 19 Economy”
The Chancellor has today introduced new financial measures in a mini-budget aimed squarely at creating job placements for the...
Coronavirus extension granted to claim 3% SDLT relief on replacement of main home
When purchasing a second home, owners are compelled to pay an additional 3% stamp duty land tax (SDLT) on top of the normal SDLT...
HMRC win case on in specie contributions to a SIPP
HMRC have won the latest stage on a long running case into the availability of tax relief for contributions made in specie to...
Coronavirus is a “reasonable excuse” for failing to meet tax obligations
HMRC has updated their guidance to include Coronavirus in the list what constitutes a “reasonable excuse” for failing to meet...
Streamlined Filing Compliance Procedures
The US is one of the few countries in the world to tax their citizens not on their US residency status but on their citizenship....
Jamie Favell - Podcast
Jamie Favell, our Private Client Tax Partner talks to Mark Zoril on a Plan Vision podcast discussing the tax issues facing UK...
COVID-19 and Foreign Earned Income Exclusion
Many US taxpayers residing overseas make use of the Foreign Earned Income Exclusion (FEIE) when filing their US tax returns. To...
IRS relief non US citizens stranded in the United States
With the rapid spread of Covid-19 many countries including the United States responded by restricting travel and imposing...
Changes to paying Capital Gains Tax on UK Property Disposals
From 6th April 2020 payment deadlines for Capital Gains Tax when disposing of a UK residential property are changing. Currently,...
IRS Economic impact payments
As a part of the US response to the ongoing Covid-19 pandemic, the Treasury Department and the Internal Revenue Service has...
Tax Day is now July 15
The Treasury Department and Internal Revenue Service have announced that the federal income tax filing due date is automatically...
Some practical tips for business leaders reacting to Covid-19
I think it is fair to say that we are in unprecedented times. Today’s business and economic environment has a very different feel...
UK Tax Residency and the Impact of Covid-19
The world is seeing unprecedented disruption as we try and cope with the outbreak of the latest coronavirus.
Budget update 2020-21
Today the UK government announced its Budget for 2020-21.
Accidental Americans - Are UK Banks next?!
US persons holding bank accounts outside of the US are ordinarily required to disclose such bank/financial accounts to the...
HMRC’s Offshore Investment Fund Letters
It has become evident that HMRC are acting on information received under the Common Reporting Standards (“CRS”) and other...
HMRC Requesting Offshore Income & Gains information
As previously discussed here HMRC have been targeting taxpayers who they believe have overseas income and gains, which may not...
IRS and HMRC targeting crypto investors
We are finding increasing number of clients are investing in cryptoassets and we are aware that for past tax years there has been...
Significant changes to taxation of gains on sale of UK property
Finance Bill 2019-20 confirms expected changes to Private Residence Relief and lettings relief
IRS to publish guidance on taxation of cryptocurrencies
The IRS has announced that it will soon publish new detailed guidance on how the cryptocurrencies should be treated for US tax...
TAP features in Top Accountancy Firms 2019 list
We are delighted to have learnt today that Tax Advisory Partnership has been officially recognised as a Top Accountancy firm for...
Non-Dom’s Targeted by HMRC Policy Paper
While the 2019 Spring Budget was a fairly benign event for private clients, HMRC published a policy paper which is worthy of...
HMRC's "Offshore Income or Gains” Letters
HMRC are currently sending out letters to taxpayers requesting more information on overseas income and gains, which may not have...
Dual In The Crown: Considering UK and Swiss Dual Resident Status
Our Private Client Tax Partner Jamie Favell was recently featured in the ePrivate Client annual feature on Switzerland discussing...
Mixed Fund Cleansing: Action Required
To recap, if you are a non-dom living in the UK, certain tax residency milestones can impact your tax status. A £30,000 charge...
HMRC publishes guidance on cryptoasset investments
HMRC has recently published guidance for UK resident individuals on the potential liability to UK taxes that may arise on receipt...
Update on Tier 1 (Investor) visa program
On Friday 7 December 2018 the UK Government suspended the UK Tier 1 (investor) Visa regime at very short notice. These visas...
UK Investor visa regime suddenly suspended
This article has been superseded by a government U-turn, follow this link for further information.
Budget 2018 – summary of key tax announcements
The Chancellor of the Exchequer today announced his final post-Brexit budget. From a personal tax perspective, the Budget...
Complexities of divorce involving a US Citizen and a non-US Citizen
Divorce is a very stressful time but the complexities of the US tax rules when a non-US spouse is involved add an additional...
Sick as a Parrott
Former Rangers players and staff paid through an offshore trust have been told they have weeks to approach HMRC over a...
Who has a requirement to correct?
It has been well publicised by ourselves, the press and HMRC that the ‘requirement to correct tax due on offshore assets’...
Playing a Let
Rent-a-room is a tax relief available individuals who let out a room/s in their home whilst occupying the property at the same...
Visa Go Go!
It has been reported in the papers that there has been a sharp rise in applications for the UK’s £2M Tier 1 (Investor) Visa.
Overseas workdays relief – Expat Tax Back
Overseas Workdays Relief (OWDR) is a valuable tax relief available to non-UK domiciled taxpayers, which exempts employment...
IRS issues draft form 1040 for 2018 Returns
The IRS recently released a draft of its new Form 1040 that every American taxpayer will use to file their 2018 tax returns...
EBTs, Contractor Loans and HMRCs Settlement Offer
Freelance workers must declare any tax-avoidance schemes they have used by 30 September or face punitive penalties.
Tax Dual Resident : being tax resident in two places at the same time
It is becoming more and more common for expat workers to commute from their home country to another country where they spend...
Transition Tax
Section 965 Transition Tax
TAP Year-End Tax Tips
Please click here for our 2017/18 year end personal tax planning tips.
Non-Dom Tax Planning Update
If you are a non-dom living in the UK, certain tax residency milestones can impact your tax status.
Requirement to Correct : Cleaning up any offshore tax issues
Finance (No. 2) Act 2017 introduced new Requirement to Correct (RTC) legislation which is targeted at non-complicance in respect...
TAP Advise on Feel Good Group Private Equity Deal
Russ Cahill our Corporate Tax Partner advised on the recent Feel Good Group / Perwyn private equity deal providing providing tax...
Mixed Fund Cleansing
We have assisted several clients with mixed fund cleansing already and now outline here how we have helped one particular client.
Non-Dom Changes and Opportunities
This year’s General Election resulted in a period of uncertainty for non-UK domiciled ("non-dom") taxpayers as anticipated tax...
Cryptocurrency, Bitcoins and Tax
The press often includes articles about cryptocurrency and bitcoin's – perhaps discussing their future, fluctuating values and...
No more offshore
We anticipate that the Finance (No.2) Bill will be passed through to Parliament early this Autumn. Much of the Bill is concerned...
Welcome relief?
We have seen various Press articles of late highlighting the plight of those drawing on their pensions, and suffering...
"Stat's Entertainment!" : Creative Industry Tax Relief
HMRC released the latest statistics on the number of productions made in the UK claiming tax relief and the amounts of UK and...
Mixed Fund Cleansing and Rebasing for Non-Doms - Effective from 6 April 2017
A written statement from the treasury has today confirmed that new tax laws withdrawn from Finance Bill 2017 will be legislated...
Non-dom paralysis
Uncertainty continues to abound regarding the status of the changes to the taxation of non-domiciled taxpayers, originally...
Non-Resident Capital Gains Tax Penalties
Since April 2015, non-UK residents selling a UK residential property have been required to report the disposal to HMRC within 30...
FEU Tax at Edfringe is no joke!
"This blog considers the tax position for foreign entertainers in the UK and the special rules we have, often known as FEU Tax."
UK - UAE Double Tax Treaty
We have many clients who have moved to the UAE and specifically Dubai in recent years, many of whom are pleased to know that the...
Offshore penalties and Tax Evasion
HMRC are continuing to increase the number of tools available to tackle offshore evasion and are taking an increasingly...
Discrimination Settlements and Tax
You work hard for your employer, however throughout your employment you are discriminated against, due to your age and...
White House Reveals Tax Plans
Yesterday President Trump revealed plans to significantly cut the tax rates for both individuals and businesses. There are few...
UK Property and Non-Resident Capital Gain Tax
We advise non-resident clients on how to manage their UK capital gains tax (CGT) position. Individuals who are not resident in...
D Day is here for non-domiciled taxpayers..
The 2016/17 tax year has ended and the key elements of HMRC's Non-Dom reform are now in force.
Non-Dom Reforms
Many changes to the taxation of Non-Domiciled ("Non-Doms") taxpayers will take effect from 6 April 2017.
ATED - File from 1 April to avoid penalty charges and claim relief...
The annual tax on enveloped dwellings (ATED) has been in place since 2013.
Rebasing and Cleansing Mixed Funds
From 6 April 2017, a non-domiciled individual who has been UK tax resident in at least 15 of the previous 20 UK tax years will...
2017 Year End Tax Tips
With another filing deadline now behind us, it is time to turn our attention to identifying opportunities which can help reduce...
The Art of Tax : Averaging for Creators of Literary or Artistic Works
If you are an author or artists, managing your cash flow and keeping your tax liabilities down is crucial.
TAP Advise on Private Equity Deal
Russ Cahill our Corporate Tax Partner advised on the recent Business Growth Fund (BGF) / Ultra Finishing private equity deal...
IHT on UK residential property – look through to the future
Changes to the inheritance tax (‘IHT’) treatment of UK residential property were originally proposed in the Summer Budget 2015,...
(the last) Autumn Statement
The new Chancellor of the Exchequer, Philip Hammond, today delivered his first, and last, Autumn statement.
President Donald J. Trump - What tax changes can we expect?
This morning, Donald J. Trump won the US Presidential Election.
US Election Results : Are you now considering expatriation?
Prior to the US Presidential election we heard comments first hand and in the press from US citizens and green card holders that...
Non-Dom Reform : Cleansing Offshore Mixed Funds
From 6 April 2017 any individual who has been resident in the UK for at least 15 of the past 20 tax years will be deemed UK...
Non-Dom Reform : Rebasing of Assets
From 6 April 2017 any individual who has been resident in the UK for at least 15 of the past 20 tax years will be deemed UK...
Keep FIC in the Family
If you have fully utilised your pension saving allowances, exhausted your trust planning opportunities but still want to be able...
TAP Advise on Private Equity Deal
Russ Cahill our Corporate Tax Partner advised on the recent WHP Facilities private equity deal providing providing tax advice to
Exchange Rate Fluctuations for US Persons
Carmen Lee from our US tax team has had a article published in The American magazine, covering the issues faced by US Persons...
Expat Tax Break : Overseas Workdays Relief
If you are an expat coming to the UK to work there is one UK tax break which should not be ignored...
HMRC's Worldwide Disclosure Facility (WDF)
(Updated 18th June 2019) HMRC are busy collecting data from over 100 countries and their financial institutions on UK resident...
TAP Advise On Propercorn Private Equity Deal
Russ Cahill our Corporate Tax Partner advised on the recent Propercorn Private Equity Deal providing providing tax due...
Oil & Gas Workers
We have many client’s who leave the UK to work in the Oil and Gas Industry.
The UK beneficiaries of an Offshore Trust
Our client is an offshore trust which holds a 100% shareholding in an offshore investment company, which held reserves of income...
The MBA Graduate
Our client, a non-domciled expat, had recently started a new role with a UK employer following completion of his MBA at a...
It was good to know EU
So as we all now know, in a historic referendum the UK has voted with its feet and decided to leave the EU.
Annual Tax on Enveloped Dwellings
Act now in order to meet this month’s filing deadline We are assisting our clients in making their ATED declarations for the...
Mortgage Interest Relief Restricted for Landlords
The Chancellor confirmed in the Autumn 2015 budget that with effect from 6 April 2017, tax relief on interest relating to...
2016 Budget Summary
Yesterday, George Osborne delivered what we consider to be a positive 2016 Budget.
Will the IRS Audit my return?
Will my returns be audited by the IRS? It is a question asked of us many times throughout tax season.
April – A Taxing Month
In our latest article for The American magazine we discuss some tax tips ahead of the end of the UK tax year and the first...
TAP Tax Tips
With another filing deadline now behind us, it is time to turn our attention to identifying opportunities which can help reduce...
Employment Tax – Year End Compliance and Planning Opportunities 2015/16
Click here to download our 2015/16 Year End Compliance and Planning note
US expatriation on the BBC
You may have seen an article on the BBC website reporting on the record number of Americans relinquishing their US Citizenship...
Important tax changes to members’ voluntary liquidations
From 6 April 2016 the Government is making major changes to the way in which certain distributions from companies in members’...
Non-US Funds and “Stocks and Shares” ISAs
In our latest article for The American magazine we discuss non-US funds and “Stocks and Shares” ISAs.
Scottish Rate of Income Tax (“SRIT”)
The Scottish Rate of Income Tax (“SRIT”) will commence on 6 April 2016 and applies to individuals who reside in Scotland. The...
Autumn Statement 2015
The Chancellor of the Exchequer, George Osborne, delivered his first Autumn statement as the Chancellor of a Conservative...
Let property campaign
HMRC continue to invest in measures to prevent tax avoidance and evasion and are running campaigns to encourage individuals to...
Year-end tax planning for US taxpayers
In our latest article for The American magazine we highlight some great year-end tax planning opportunities for US taxpayers.
Pension Contributions – there’s still time!
The amount of an individual’s pension contributions which will qualify for higher-rate tax relief is essentially restricted by:
Non-dom story goes on...
As expected, the has Treasury released its consultation document on the forthcoming changes to the taxation of non-domiciled...
Penalty Suspensions
Careless inaccuracies The recent case of a self-employed locum pharmacist Mr Bharat Patel TC04617: BHARAT PATEL [2015] UKFTT 445...
Non-Residents, Non-Doms, UK Property
UK Government “ATED” those tax reliefs The UK and in particular London has enjoyed phenomenal increases in property values in...
EIS Relief – No income, no exemption
The FTT dismissed the tax payer’s appeal against HMRC’s decision not to allow a capital gains tax exemption claimed in respect...
HMRC Target Taxpayers with ‘Badges of Wealth’
HMRC have set up a task force focused on collecting tax from Scottish taxpayers who appear to be living beyond their means. They...
Out of time rebate claims - Higgs v HMRC
A taxpayer wins case to claim a repayment exceeding the 4 year limit Mr Higgs made payments on account for the tax year 2006/07...
Budget 2015: TAP Private Client Update
The Chancellor of the Exchequer, George Osborne, delivered the first Conservative Budget since 1996 today.
A long time in the making
Taxpayer wins landmark LLC case The Supreme Court has allowed the taxpayer's appeal in Anson (formerly Swift) v HMRC, which has...
Capital Gains Tax Charge on Non-Residents
Individuals who are not resident in the UK are generally exempt from capital gains tax (CGT) on gains made on the disposal of...
UAE and US Sign FACTA Agreement
The UAE and US have signed an agreement to implement America’s Foreign Account Tax Compliance Act (FATCA). Under this agreement...
Are you an American?
And why you might not want to read this blog if you think you may be. Holding a US passport means enjoying the benefits of...
The French Musician
Our client, a successful French recording artist, is a US resident taxpayer. In 2022 she performed on a short tour of the UK...
The Overseas Investor
Our client, a non-UK domiciled individual, has lived in the UK for a number of years. Initially, his “non-dom” status allowed...
The Non-Domiciled Private Equity Advisor
Our recent work for a client provides some good examples of planning which can be considered for a UK resident but non-UK...
The Private Practice Surgeon
A number of our clients work in the medical profession, and self-employed consultants in particular, will invariably require...
The Investor Visa
We often advise individuals who are moving to the UK on how to structure their financial and business affairs in a tax efficient...
TAP advises on MBO
MBO AT £15M-TURNOVER CCTV FIRM
TAP Client Survey 2014
The TAP ethos is to provide efficient and exceptional client service.
TAP Year End Tax Tips
With another filing deadline now behind us, it is time to turn our attention to identifying opportunities which can help reduce...
UK property and mortgage exchange rate gains
The nasty smell at the back of your mortgage The London housing market is booming again and inevitably this results in homes...
Employment Taxes
Year End Compliance and Planning Opportunities – 2014/15 Listed below are some of the key compliance areas and opportunities...
Missing something?
Bigger and better Despite initial concerns that Research and Development Tax Reliefs might only survive as long as the Labour...
Patent Box
Where are we after the Autumn Statement? With newspaper headlines variously describing Patent Box as dead, alive or in a state...
Improvements to the UK's R&D Tax Relief regime
Several improvements to the UK's R&D Tax Relief regime were announced in yesterday's Autumn Statement.
Capital Gains Tax for Non-Resident Owners of UK Residential Property
It is widely known that from 6 April 2015 a new capital gains tax (“CGT”) regime will apply to non-resident owners of UK...
Deoffshorisation
Changes in Russian Tax Law to Force Migration to UK The Russian government has passed new tax legislation that will force...
Patent Box Changes – don’t miss out!
Launched with much fanfare in 2013, Patent Box is a flagship Government policy to promote innovation in the UK economy. Patent...
Nowhere to Hide
UK and 51 jurisdictions to share financial account details of resident taxpayers The UK has signed up to a new automatic...
Renewals Basis Runs Out
It may have escaped landlords' attention that, as from 6 April 2013, HM Revenue & Customs have withdrawn the ‘renewals basis’,...
Business Property Relief on AIM Listed Shares
Investing in companies listed on the Alternative Investment Market (AIM) is often seen as an attractive prospect from an...
Thinking inside the Patent Box?
A tax policy for innovation Research and development involves significant risk and cost and even a successful technical outcome...
Negative Earnings
It is not unusual for an employee to receive a valuable signing on bonus, often referred to as a ‘golden handshake’ in exchange...
TAP Grows Corporate Tax Team
Tax Advisory Partnership (“TAP”), the specialist tax services firm with offices in Leeds and London, is set for further...
Non-Dom Campaign Reaps Rewards for HMRC
A report in this weekend’s Financial Times highlighted that HMRC have collected £154M following investigations into ‘high-income...
International tax developments
Embracing the global economy In an increasingly global marketplace, governments around the world are focussing on where profits...
Property Taskforce
A new property taskforce has been launched by HMRC to tackle “taxpayers” who are not declaring property income in North West...
I didn’t EXPAT that...
If you are a British Expat or a non-resident UK tax payer you will have no doubt seen the news headlines in recent months:
LDF Update
Liechtenstein and the UK have signed a fourth joint statement updating the Liechtenstein Disclosure Facility (LDF). Our previous...
On Borrowed Time
HMRC have withdrawn an important concession regarding the use of loans in the UK which are backed by non-UK assets.
Off-target
HMRC’s Let property campaign, overseas bank accounts and low effective tax rates HMRC are stepping up their campaign trail to...
Foreign mortgage exchange rate gain
The nasty smell at the back of your mortgage
The housing market is moving again and this will inevitably result in an increase...
Know your options
HMRC are set to make a small but important change to the taxation of share options awarded to internationally mobile employees...
Unstable home? CGT for non-residents update...
It has been interesting to keep abreast of various responses to the proposed capital gains tax charge on non-UK residents over...
Accelerated Payments & Follower Notices
Overview of the proposals Whilst most in the tax profession may have viewed as inevitable from early this year when the...
Nothing to Declare
The Liechtenstein Disclosure Facility (LDF) is an agreement entered into between the governments of Liechtenstein and the UK...
Exercising options: Expats beware!
HMRC are set to make a small but important change to the taxation of share options awarded to internationally mobile employees...
The April 15 Tax Deadline
With April 15 looming, the initial deadline for US people to pay their taxes, we take a look at why so many Americans are saying...
TAP continues expansion
The fast growing Tax Advisory Partnership has made a hat-trick of announcements in the space of less than a week.
Accelerated payment of tax
Whilst these changes were announced in the Autumn Statement and subsequent consultation document, it was hoped the proposals...
Budget 2014 – #Makers-Doers-Savers
The Chancellors’ 2014 Budget speech focused on delivering a message of a UK economy growing at a faster rate than any other...
Using pension arrangements in your business
It is often forgotten that pension funds can offer an alternative and tax efficient solution to buying commercial property.
Employers: no time to rest
As employers face their first year of filing under RTI we look at what needs to be done and highlight some of the other actions...
TAP Tax Policy
The 2014 Budget is now less than a week away, and with increasing messages of improvement in the British economy and the General...
TAP Year End Tax Tips
It is time to turn our attention to maximising the efficiency of your tax affairs in the lead up to 5 April 2014. Below are a...
Budget Day is coming...
It has been announced by the Treasury that, following The Chancellor’s Budget Statement on Wednesday 19 March, the 2014 Finance...
Net investment income tax
The net investment income tax is a new tax charged at a flat rate of 3.8% which will apply for the first time on Federal income...
Non-doms not deterred
As recently reported in the FT, the levy on non-domiciled individuals raised £178m for the UK exchequer for the 2011-12 tax...
Cayman Get It: HMRC target taxpayers with financial assets on the Island
Following the automatic tax information exchange agreement between the UK and the Cayman Islands, signed on 5 November 2013,...
What a Relief – Tax Mitigation for Expats
UK tax rules applying to UK non-dom’s and expatriates have been subject to significant change since 6 April 2008. These changes...
Partnership Profit Allocations: All Mixed Up
It was announced in the 2013 Budget that a consultation document would be published, which focused on two main aspects of...
Autumn Blues
With the festive season behind us, we have had time now to reflect on the Chancellor's Autumn Statement, which now seems to fall...
London Property Market On The Up
It has been reported in today’s press that London now surpasses New York as the leading city for property investment for foreign...
ATTENTION / ACHTUNG / ATENCIÓN / UPPMÄRKSAMHET / Помните / ATTENZIONE / ATENÇÃO !!!!
2012/13 UK TAX RETURNS & LATE FILING PENALTIES This article centres around 2 key questions:
Tax Implications on Redundancy/Termination Pay: foreign service relief
It is always disappointing to hear news of redundancies, but sadly the likes of Reuters and Barclays have announced some fairly...
Autumn Blues
Today saw the Chancellors Autumn Statement, which now seems to fall traditionally in early December!
Breaking news: Capital Gains Tax Charges for Non-Resident Owners of UK Real Estate
Following the introduction of new laws in Finance Act 2013 regarding the ownership of UK real estate in a corporate vehicle, it...
EIS Planning: From the Cradle to the Grave
As you may know the landscape for personal tax planning has changed significantly since the introduction of the General Anti...
A BIR’d in the Hand
Or how to remit and make free investments The difference in the way the UK taxes its own citizens and non-UK domiciles...
Eurobonds; what’s all the fuss about?
A national newspaper has recently run a series of articles that highlight the perceived abuse of a tax exemption involving many...
UK Income Tax Reliefs ‘For the Class of 2013’
If you have recently started a new role with a UK employer following completion of your under graduate, and/or post graduate...
File on time and avoid penalties!
It was reported in today’s FT that HMRC issued 915,000 penalties for late filed 2011/12 Tax Returns. This is likely to have...
Eurobonds; what’s all the fuss about
A national newspaper has this week run a series of articles that highlight the perceived abuse of a tax exemption involving many...
Let Property (Rental Income) HMRC Amnesty
What is it Some readers may be aware of recent press announcements by HMRC in connection with the up and coming buy to-let...
Do your taxes need a health check?
HMRC have launched a tax amnesty for health professionals to disclose undeclared income.
Net investment income tax
The net investment income tax, which applies for the first time from Jan 1 2013, imposes a rate of 3.8 percent to certain net...
Changing Attitudes towards DOMA
In June the Supreme Court heralded the way for change. The Defense of Marriage Act (DOMA) was deemed unconstitutional;...
Finance Act round-up
The Finance Act passed into law as expected on 17 July 2013, and is perhaps best summed up as an anti-avoidance bill. There are...
Partnership Condoc: Breaking up is hard to do
As announced in the 2013 Budget, the Government is consulting on changes to two aspects of the partnership tax rules.
Taxing by citizenship - a much needed break by the IRS?
The IRS has recently introduced the Streamline Voluntary Disclosure programme. This scheme has been offered as something akin to...
Home is Where the Charge is
The Annual Tax on Enveloped Dwellings or “ATED” regime is now upon us, and could end up being a first step towards a so-called...
US citizens and green card holders renouncing citizenship
As reported in the Wall street Journal last week, figures show the number of US citizens renouncing their citizenship is on the...
Non-doms in the spotlight
As recently reported in the FT*, those claiming non-domicile status in the UK may well receive a letter from HMRC gently...
A Gift Horse...
HMRC have again intimated that they are comfortable with the concept of so-called "Discounted Gift Trusts" which can be used as...
Foreign Account Tax Compliance Act (“FATCA”) Update
Draft forms received The IRS has received for public comment, draft versions of three forms which will be required in the...
Filing your Report of Foreign Bank Accounts
Form TD 90-22.1 FBAR This is a reminder that, the deadline for filing the 2012 Report of Foreign Bank Accounts (FBAR) is 28 June...
June 17 - Time for those abroad to file their taxes!
For US citizens and resident aliens residing overseas the due date for tax filing is fast approaching.
Overseas Workdays Relief – HMRC updated guidance
HMRC have issued revised guidance on the Statutory Residence Test and the operation of Overseas Workdays Relief (OWR) in this...
Close companies - loans to participators
Background The headlines are full of new and extended tax reliefs for SMEs and employee owned businesses, but one area that...
Property Sales Campaign
A new disclosure facility has been launched by HMRC, the Property Sales campaign.
Budget 2013: No alarms and no surprises?
There was little in this year’s Budget which had not already been leaked in the press it would seem. However, the devil as always...
Isle of Man to share information with HMRC
Isle of Man / UK Tax Agreement and Disclosure Opportunity As anticipated the Isle of Man (IOM) has signed a tax agreement with...
Can I have my tax back please?
If you believe you have overpaid tax or missed claiming some relief in an earlier year then you should reclaim this from HMRC...
Oh no... I haven’t filed my US tax returns
A guide to coming clean to the IRS and getting up to date with your taxes Fix it, fix it quickly, and don’t do it again. That’s...
Is there Devil in the Detail?
Further to our previous article we now have the full draft legislation which will apply the new Annual Residential Property Tax...
American Taxpayer Relief Act of 2012 signed by President Obama
The largely anticipated “American Taxpayer Relief Act of 2012” was signed in to Law by President Obama on 2 January 2013.
Taxing Problem for High-Value Property
As expected, the Finance Bill released yesterday revealed details of the new Annual Residential Property Tax which is to apply...
Isle of Man to share clients bank information with the UK
A deal has been made with the Isle of Man which will see details of bank accounts held on the Island revealed to HMRC, under the...
Much Ado About Nothing
This year’s Autumn Statement turned out to be particularly non-eventful from a tax perspective.
HMRC turn up the heat
HMRC are busy reminding taxpayers with Swiss accounts that they only have until 1 January to make a full disclosure of their...
JP Morgan EBT - settlement with HMRC draws closer...
As has long been suspected, JP Morgan have been in talks with HMRC to settle their protracted dispute concerning the bank's EBT...
Whistleblower reveals offshore HSBC accounts
According to a report in the Daily Telegraph, HM Revenue and Customs (HMRC), the UK tax authorities, have obtained details of...
Tap in the Press!
Heather considers how the abolition of Extra Statutory Concession C16 (which allowed certain business owners to wind up their...
Avoid late filing and payment penalties
It was well publicised that HMRC expected a windfall of up to £600 million as a result new late filing rules introduced last...
Pension annual allowance charge
The annual allowance rules which took effect from 6 April 2011 lowered the maximum annual amount that an individual can...
A Harsh Climate - HMRC windfall from new penalties
HMRC have announced a massive £600million windfall from individual taxpayers failing to submit their 2010-11 tax returns on...
Reform of UK anti-avoidance rules
It is often said that the UK’s current anti-avoidance rules for “offshore” structures are inconsistent with EU law, and it comes...
Going global
The majority of businesses now have an international context to their operations. This may comprise simply of having suppliers...
A long time coming... changes to IHT for trusts?
In a welcome move, HMRC have entered into a consultation process concerning the inheritance tax (IHT) regime for trusts. This is...
U-Turn on French Wealth Tax
As was widely expected, the change in government in France has led to various changes to the French tax system, not least to the...
Rental fun and (Olympic) games!
So you’ve secured your tenant, renewed your Gas Safety Certificate (I hope!) and organised your alternative accommodation as of...
UK Tax Residence, any clearer?
At present, an individual’s UK tax residence position is based on some limited statutory rules and a wealth of case law,...
Is a single European tax regime inevitable?
Tax authorities across Europe continue to press ahead with the integration of tax regulations. A recent announcement by the EU...
File your old tax returns now to avoid large penalties
HMRC's latest campaign the 'Tax Return Initiative', was launched on 3 July, aimed specifically at higher-rate taxpayers who have...
TAP in the Press!
Heather Miller has been published again in Taxation magazine – Click here to read her double feature on buying and selling a...
SEIS - tax incentives for seed capital
In a welcome move from the Treasury, the Seed Enterprise Investment Scheme (SEIS) came into force on 6 April 2012. In essence,...
Budget 2012 – How does it affect you?
While there were some surprises in the Chancellor’s speech, a lot was widely predicted in advance and the usual story of...
Pensions - Make your fixed protection pension claim by 5 April 2012?
The lifetime allowance is the maximum value a pension fund can be at your nominated retirement date without the excess being...
Budget Day is coming - time to top up your pension?
In the absence of a crystal ball, there is no way of knowing for sure how tax relief will be affected by the upcoming Budget on...
TAP Year End Tax Tips (2011/12)
As the 5th April approaches it is time to review your affairs and explore some of the opportunities available to reduce your UK...
TAP in the Press!
Heather Miller, our new tax consultant, has been published this week in Taxation magazine – click here to read her article on...
2010/11 TAP TAX SURGERIES!
Changes to HMRC’s penalty regime mean that taxpayers who submit their 2010/11 Tax Return late, face far heftier fines than ever...
Autumn Statement - New "Seed Enterprise Investment Scheme" (SEIS)
Inevitably, the main focus of the Chancellor's Autumn Statement was the state of the UK's finances and the outlook for future...
Pensions - Don't waste unused tax relief!
Contribute more than £50,000 to your pension in 2011/12 AND get higher rate tax relief As of 6th April 2011, the government...
It's Tax Return time, again...
2010/11 Self Assessment Tax Return Filing The economic climate of recent years and austerity measures introduced by the...
EIS - EC Approval set to boost UK business and entrepreneurship!
Generous enhancements to the Enterprise Investment Scheme (EIS) were announced in this year’s Budget, however they were subject...
HMRC's Tax Catch Up Plan – Make your disclosure by 6th January 2012!
HMRC have launched their second tax amnesty of 2011, this time focusing on the undeclared taxes of tutors and coaches.
Swiss tax agreement announced
Swiss tax agreement announced The long-awaited agreement with Switzerland over bank accounts held by UK taxpayers has now been...
Business Structuring
TAP INTO TAX Iss. 3 The purpose of this series of blogs is to highlight innovative tax planning ideas, which you can ‘TAP’ into;...
E-marketplace trading (or not...)
HMRC have recently announced they will be focusing a new disclosure opportunity at people who use e-marketplaces such as eBay to...
Meat on the bones
Treasury reports on Non-Dom consultation Further to the Chancellor’s comments in his March Budget, the Treasury has released its...
Crystal clear?
Treasury releases details of new Statutory Residence Test We now have a first look at the long-awaited statutory test for...
Tax breaks for ex-pats working in the UK
TAP INTO TAX Iss. 2 The purpose of this series of blogs is to highlight innovative tax planning ideas, which you can ‘TAP’ into;...
University Fees Planning
TAP INTO TAX Iss. 1 The purpose of this series of blogs is to highlight innovative tax planning ideas, which you can ‘TAP’ into;...
HMRC 'Tax Dodge Task Force'
HMRC has announced the launch of new task forces to tackle ‘tax dodgers’ (their words not ours!). This announcement comes a...
HMRC Clampdown on Swiss Bank Accounts
As part of their ongoing efforts to tackle tax evasion, HMRC have announced a new strategy targeting individuals with Swiss bank...
French Tax Reforms
Trouble ahead for non-residents owning property in France? The Sarkozy government in France has announced various tax reforms...
Taxpayers Encouraged by HMRC to File Tax Returns On Time...
To mark the start of a new tax year HMRC have presented taxpayers with a new incentive to file their tax returns on time! New...
Non-residence and "Full-time" employment overseas
HMRC show their hand... It has been reported that HMRC have outlined proposals regarding their view on the meaning of...
Budget 2011 - style but no substance?
Many readers will have taken a keen interest in the Chancellor’s much vaunted “Budget for Growth” on 23 March. From a tax...
New Tax Amnesty - Not just for plumbers!
HM Revenue & Customs (HMRC) have announced a new tax disclosure facility, the Plumbers Tax Safe Plan (PTSP).
GAAR: A Step Too FAAR?
One of first taxation related announcements of the new Conservative/Liberal coalition government was that they would start an...
To Avoid Tax, Or Not To Avoid Tax, That Is The Question
“Spotlights” is an HM Revenue & Customs’ initiative to warn the public about what they perceive the be questionable tax planning...
When you can have your cake but can't eat it
A number of tax avoidance case decisions have made interesting reading, mainly for the wrong reasons. They all focus on Tax...
No Tax Reality but a silver lining?
This tax case involves a tax avoidance strategy at its heart, one of the first marketed tax strategies to come before the First...
Grays Timber Products Limited vs HMRC
The UK Supreme Court handed down its first unanimous Tax Decision in favour of HMRC in Grays Timber Products Limited v Her...
