HMRC is increasing tax investigations. It’s time to consider the Worldwide Disclosure Facility
Written by Tax Partner, Dion Laycock The UK government has tasked HM Revenue and Customs (HMRC) with significantly expanding its tax investigations over the coming months. With greater resources and political backing from the Labour government to close tax gaps, HMRC is likely to intensify its scrutiny of taxpayers, particularly those with overseas assets or […]
Generous tax incentives for investors: S/EIS and reducing the risk of investing
Written by Tax Partner, Fiona Cross For small and medium sized businesses aiming to scale, securing investment can be a game-changer. SEIS (Seed Enterprise Investment Scheme) and EIS (Enterprise Investment Scheme) are government approved tax relief schemes to encourage early investment into early stage, unlisted companies (AIM companies are not excluded). Key differences between EIS and […]
Statutory residence test
Written by Tax Partner, Michaela Lamb Tax residency, which is not always the same as (legal) residency, has always been, and still is a highly complex and contested area of tax legislation. Often the stakes are very high – and arguably getting higher – and therefore the incentives to achieve Residency or Non Residency are […]
Spring Statement 2025: What to expect and what we’d like to see
Written by Tax Partner, Ian Timms Following on from the eventful Budget in the Autumn, Rachel Reeves will deliver her Spring Statement on 26th March 2025. The Autumn Budget introduced £40 billion in tax increases, so we are all hoping for less of a ‘splash’ this time and given the governments comments that there will […]
Short video: Family investment companies explained
Wealth planning is evolving. Trusts were once the go-to solution for passing on wealth, but today’s tax rules make them far less attractive. Taxes on the way in, high taxes on growth, and more taxes on the way out all reduce the value you’re trying to protect. Family investment companies (FICs) offer an alternative. […]
HMRC’s new Inheritance Tax Grossing Up calculator: what it means for you
Written by Private Client Associate Director, Liz Higgins Calculating Inheritance Tax (IHT) is rarely straightforward, and it becomes even more complex when gifts in a Will are left “free of tax.” In 2017, HMRC released a grossing up calculator in PDF format, which required a step-by-step manual approach. While effective, it wasn’t the most user-friendly […]
Received a discovery assessment? Here’s what you need to do next
Written by Tax Partner, Dion Laycock Receiving a discovery assessment from HM Revenue & Customs (HMRC) can be unsettling. It means HMRC believes you underpaid tax in a previous year, even if you filed and had your return accepted. However, this does not automatically mean you owe money. You have rights and the ability to […]
PAYE for employers: how it works and what you need to know
Written by Associate Director, Marc Taylor Running payroll is not just about paying employees. It involves compliance, keeping accurate payroll records, and ensuring the correct amount of tax is deducted. If you are an employer in the UK, you will likely need to register for PAYE with HMRC to collect income tax and National […]
Tax planning for the owner managed business
On Thursday, 20th February 2025, Tax Consultant, Tim Palmer, hosted a webinar on Tax planning for the owner managed business. During this session, Tim covered: Tax and NIC planning for the owner managed business Tax efficient extraction of funds from the business Benefits in kind update and planning Business succession Capital Allowances Update and Planning […]
DPNI schemes explained: what they are and why they matter
19/02/2025 Written by Associate Director, Marc Taylor If you work in the UK but your employer is based overseas, you might be responsible for handling your own tax and National Insurance. This is where a Direct Payment National Insurance (DPNI) scheme comes in. For UK-based employees of foreign companies, it’s an essential payroll arrangement to […]