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 […]
Update on audio-visual tax relief regime
[ad_1] Following a consultation and the publication of draft legislation in July 2023, the Autumn Statement confirmed that film, TV and video games tax reliefs will be reformed into refundable expenditure credits. Overview The audio visual expenditure credit (AVEC) will cover the film and TV tax reliefs. The video games expenditure credit (VGEC) will cover […]
New VAT penalty regime guidance published
[ad_1] HMRC releases guidance on the new penalty regime for late submission and payment of VAT returns. Guidance on late payment and repayment interest has also been published. On 4 January 2023, HMRC published five guidance pages relating to the new penalty regime for late submission and payment of VAT returns, as well as late […]