ARTICLES
Finance Bill Amendments to Inheritance Tax Rate Impact on Trusts
On the 14th September 2015 the UK Government proposed amendments to the Finance Bill 2015 to clarify in relation to trusts following the introduction of a residence nil-rate tax band to the inheritance tax. The original amendment was to allow each individual an extra £100,000 nil-rate band rate to set off against the value of a [...]
EU Legislation Affects on Temporary Workers
Recent changes to legislation across the EU have created new restrictions on contracts with non-permanent employees. These changes are designed to encourage employers to give permanent positions to employees in a hope to reduce long-term employment and help with economic difficulties, but how do these affect our contractor workforce? Contractors are usually required to deliver specialist [...]
Changes to UK Taxation of NON-DOMS
Plans by the UK government to treat any individual who has been resident in the UK for at least fifteen of the past twenty years as UK domiciled for tax purposes will come into effect from April 2017. The intention is to put an end to permanent non-dom status and compel individuals who have chosen [...]
Polish Labour Code Amended
On the 21 August 2015 the following amendments in relation to contracts in the Polish labour code were adopted and came into force as of the 22 February 2016; Fixed term contracts. A maximum total of three contracts and a total duration of thirty three months must not be exceeded when concluding fixed-term contracts with the same [...]
Tax Considerations for Non-Resident Investors in UK Commercial Property
Investment in property in the UK has experienced a rapid growth by overseas investors in recent years due to increasing property values and a favorable tax regime. However, when investing in UK commercial property it is extremely important to consider the structure of the investment first in order to maximize benefit from this tax regime. There are various taxes and issues associated [...]
European Union Invest in Advanced Computing in the UK
It is a known fact that when competing in business it is extremely important to incorporate changes in technology. This is one of the reasons contractors provide such a vital role in industry. Permanent staff members can lead to stagnant internal procedures which can prevent development. This interest in development does not only apply at [...]
Changes to Tax Relief on Cost of Repairs on Rented Property
From April 2016 the rules have changed regarding tax relief on rental income against cost of repairs. Previously a fixed amount of 10% allowance could be claimed, known as the wear and tear allowance, even where landlords had not undertaken any work. However, now landlords will be able to only write off cost of repairs that they [...]
Cost of Living When Contracting Abroad
We have highlighted to contractors before that when being offered a well-paid position abroad you should always check the cost of living beforehand. What might seem like a good wage compared to what you are currently earning can quickly disappear through your fingers once rent and living expenses are paid out leaving you sometimes worse [...]
Guernsey Extends Access to EU under AIFMD
Further to our blog dated 5 November 2015 in which we reported that The European Securities and Markets Authority had now recommended that Guernsey and Jersey be granted a ‘third country’ passport under the Alternative Investment Fund Managers Directive (AIFMD). We can now report that Guernsey has amended its Investor Protection regulations for Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) that are [...]
Lawyers Opposed to charges on HMRC Challenges
The UK Government has put forward proposals to introduce fees for individuals challenging decisions to the tax tribunal. This has brought about strong opposition from trade bodies who represent lawyers and accountants across England and Wales. The law society has warned that this attempt by the government to claw back some of the costs of the [...]
Contractors Reaction to the UK’s Restriction on Travel and Subsistence Relief
In response to the government’s announcement of the restriction on tax relief for travel and subsistence expenses, an alarmingly large amount of contractors have let their feelings be known on the matter via surveys. The huge consensus is that these measures are indeed going to impact contractors negatively from a financial standpoint despite government assurances that this [...]
Indian Government Backs Down Regarding Tax on Foreign Funds
Further to our blog on the 30th October 2015 where we reported that the Indian government had suspended its decision to allow retrospective levy’s of minimum alternate tax (MAT) following objections pending a report from a special government committee on the tax’s applicability to foreign investors we can now report that India’s finance minister has confirmed that they will no longer [...]
The All Party Parliamentary Group for Self-Employment
The All Party Parliamentary Group for Self-Employment and Freelancing (the ‘APPG’) is a new group that has been set up to raise awareness within parliament about working independently. This new group is chaired by David Morris MP who was appointed as the UK’s first ‘self-employed ambassador’ in November 2014. The number of self-employed persons has been reducing for the last [...]
China Relaxes Restrictions on Foreign Property Ownership
The threshold for foreign capital in order to invest in the country’s property market has now been reduced in a decision by the State Council which has been jointly published by six government departments, meaning that foreign investment into real estate in China whether by an overseas company or individual is now a lot less restricted. Overseas companies with operations in China [...]
Contractors Opinion on Brexit
In 1975 Britain held a referendum in which it voted to remain in the Common Market as the European Union was then called. However, forty years later and the European Union has grown dramatically and so has its degree of control over its members sparking calls from all directions for another referendum to decide whether [...]
UK Autumn Statements Effects on Contracting
Whilst the exciting world of international contracting offers a variety of advantages and opportunities it also comes with its own specific hurdles. In recent years contractors have highlighted with government these hurdles in a hope that their unique circumstances can be taken into account and solutions offered. However, opinion on government amongst contractors is still reported as [...]
ATED Relief Forms
Further to our blog of the 2nd July 2015 where we reported on the HMRC’s plans to simplify claims for ATED relief we can now report that the HMRC has published the forms required to claim relief. The Annual Tax on Enveloped Dwellings was introduced on 1 April 2013 and is a tax charged on companies or partnerships that [...]
The Finance Bill 2016 Effects on Travel and Subsistence
From April 2016 contractors working under an umbrella company will not automatically be entitled to tax relief on travel and subsistence expenses. The umbrella company, which will be classed as the contractors employer will need to prove the contractors eligibility to HMRC. In certain circumstances International Contractors operating under a limited company will also not be effected by these changes. This means that for [...]
