Non-dom regime replaced by foreign income and gains regime
[ad_1] In the Spring Budget, the Chancellor announced that the current remittance basis of taxation will be abolished for UK resident non-domiciled individuals from 6 April 2025 and replaced by a new four-year foreign income and gains (FIG) regime. The new FIG regime will apply to individuals who become UK tax resident after a period […]
Significant changes to high income child benefit charge
[ad_1] Child benefit will be recovered based on household income, the Chancellor has announced. This will challenge HMRC’s limited resources as it will have to collect additional data and change its systems and processes. At Spring Budget 2024, the Chancellor addressed a significant anomaly inherent in how child benefit is recovered through the high income […]
HMRC prompts disclosure of dividend income
[ad_1] HMRC has written to company owners who it believes may have failed to declare dividend income. If this article is supporting your professional development, it can count towards your verifiable CPD hours. Use the pop up at the bottom right corner of your screen to add reading this article as an activity to your […]
Will income tax be extended to beneficiaries of all pensions?
[ad_1] Policy documents regarding changes to the taxation of pensions were published as part of Legislation Day 2023. This included a suggestion that certain beneficiaries of pensions of members who died under age 75 may become subject to income tax as part of future tax changes. Currently where an individual pension holder dies before age […]
ICAEW responds on simplifying income tax administration
[ad_1] HMRC’s discussion document on simplifying income tax administration covers several disparate topics. ICAEW’s response agrees that improvements are possible if HMRC has the resources to develop its digital services and the needs of agents are considered. HMRC’s tax administration framework review (TAFR) is one element of HMRC’s 10-year Tax Administration Strategy, launched in 2020. […]
HMRC campaign targets income from online marketplaces
[ad_1] Letters are being sent out to taxpayers from the week commencing 16 January that invite recipients to correct their tax affairs, where necessary, by making a digital disclosure. This HMRC campaign is being aimed at two specific population sets; namely those who have earned income from: online marketplace sales; or creating content on digital […]
9 pensioner perks and benefits to boost your income
[ad_1] If you’re a pensioner in the UK, make sure you are getting all the help you’re entitled to this winter – especially since the government has announced additional cost of living payments due to be made later in 2023 and in 2024. The £900 cash boost will be paid over three instalments to more […]