n essence if you live and work in the UK and have sufficient income you will automatically pay National Insurance contributions. However, if you have moved abroad, your National Insurance contributions will cease. Why are National Insurance contributions important? Ultimately your National Insurance contributions pay towards things. Any benefits you may receive when you live […]
Stamp Duty Land Tax history Stamp Duty Land Tax (SDLT) – or Stamp Duty as it is more commonly known – is a tax which was introduced in 2003 and is generally payable on the purchase of land or property in the UK. In the UK, all property transactions with a value of £40,000 or more […]
It is essential to know the tax return deadlines set by the HMRC’s for filing your tax returns to ensure that you avoid incurring late filing penalties. Tax return deadlines to remember 31st October Paper Tax Returns deadline 31st January Tax return deadline if submitting online Balancing Tax Payment due for both paper and online submissions First Payment on […]
Being a dual citizen of the UK/US can bring about some exceptional benefits, such as easy access to both countries and ease of access to work in either countries. However, being a dual citizen of the UK and the US can also have significant tax implications, including any investments that you hold (including ISAs), any […]
US expats tax obligations can be a highly complex, often a controversial affair and for those US expats living in the UK, it is no different. Failure to correctly file your taxes in the US and the UK can result in significant penalties (sometimes totally tens of thousands of dollars). However, it might also be […]
Changes to the UK tax system introduced by the HMRC on 6th April 2017 mean that if you are a non-dom that has previously taken advantage of the remittance basis of taxation, you have until April 2019 to be able to separate your funds to ensure favourable tax rates. The process of mixed fund cleansing enables […]
To be a non-dom tax (or non-domiciled) resident in the UK, you will typically be a foreign national living in the UK. While you may be considered a tax resident, your domicile will typically remain as your country of birth. If you are considered as a “non-dom” you will not be able to live in the UK […]
One of the first questions that is asked when someone moves abroad is “what is the difference between domicile and residence?“. Understanding the differences between the two and knowing your resulting obligations is vital for tax purposes, both in the UK and in your country of residence. Making an assumption or about your residency status […]
Originally agreed in 2014 between 47 countries, the Common Reporting Standard (CRS) is a global initiative launched by the OECD that was originally based on FATCA (the US Foreign Account Tax Compliance Act) with the intention of preventing tax evasion through the use of Automatic Exchange of Information Agreements between countries’ tax authorities. Now, over […]
Double tax treaties (also known as double tax agreements) are created between two countries which define the tax rules when it comes to a tax resident of both countries. Double tax treaties can be complex and often will require professional assistance, but they are created to try to ensure that an individual is able to […]