The document discusses proposed changes to the rules around determining UK tax residence status. Currently, tax residence is complex and unclear, relying on legal cases rather than clear statutory rules. The UK government plans to introduce a new statutory residence test starting in April 2012. The proposed test uses objective factors like days spent in the UK and ties to the UK to determine residence status in a clearer three-part system. It aims to provide more certainty about residence for most individuals.
nd1cr-enabled nd.gov tax indincome forms 2008taxman taxman
This document is instructions for calculating a credit for income tax paid to another state on a North Dakota tax form. It provides details on who is eligible for the credit if they paid income tax to North Dakota and another state on the same income. It also provides specific instructions for filling out each line of the form, including entering the name of the other state, amounts of income sourced to the other state, the taxpayer's residency status, and the income tax paid to the other state.
This document discusses taxation in India. It covers key aspects like direct and indirect taxes, income tax act 1961, determining residency, tax rates for individuals, capital gains tax, and international taxation including source-based taxation, residence-based taxation, judicial and economic double taxation, and tax treaties. Tax treaties help bridge differences between the domestic tax laws of two countries and address issues like applicability, covered taxes, definitions of residence and permanent establishment, types of taxable income, tax credits, and jurisdictional issues. India currently has tax treaties with over 70 countries to help avoid double taxation and promote international trade and investment.
1) Foreign pension plans can potentially be transferred to a Canadian RRSP, allowing the pension income to be tax deferred in Canada. However, several issues must be considered regarding the rules and tax implications in both Canada and the original country.
2) It needs to be determined if the foreign pension plan is transferable under the rules of the original country. The tax consequences of transferring or keeping the plan in the original country also require examination.
3) Upon transfer to Canada, any foreign tax paid may be eligible for foreign tax credits to offset Canadian tax owing on the pension income. But the specific tax rules between Canada and the original country must be understood to determine the full tax impact. Independent tax and legal advice is
Indian Taxation of Partnerships & Triangular Treaty SituationsRao Law Chambers
This document provides an overview of partnerships and triangular cases from an international tax perspective. It discusses the key components of partnerships, different types of partnerships recognized in India and other jurisdictions, and the tax treatment of partnerships under domestic law. It also examines issues that arise from variances in how countries treat partnerships for tax purposes, and differences between treating partnerships as opaque versus transparent for tax. The document reviews the OECD's guidance on classifying partnerships and determining their tax treatment. It also outlines India's position on when partnerships and partners are entitled to benefits under tax treaties.
This document defines key concepts related to income tax in India. It discusses the difference between direct and indirect taxes. It defines important terms like assessee, previous year, assessment year, heads of income, and residential status. It explains the criteria for determining the residential status of individuals, HUFs, and companies as either resident, non-resident, or not ordinarily resident. It also provides an example to illustrate how to determine an individual's residential status.
This document discusses various aspects of income tax in India, including:
1. It provides an index and overview of topics like residential status, tax rates, income from different sources, deductions, and more.
2. It defines key terms like person, assessment year, previous year, gross total income, and total income.
3. It outlines the different types of residential statuses in India - resident, not ordinarily resident, and non-resident - and the conditions for each.
4. It discusses the tax treatment of different types of individuals and entities like HUF, companies, firms, etc. based on their residential status.
5. It provides the income tax rates for individuals, H
Double taxation avoidance agreement between india and canadarhejkrhfkBaivabiNayak
The document discusses the Double Taxation Avoidance Agreement (DTAA) between India and Canada. Some key points:
- The DTAA was signed in 1985 and came into effect in 1997 to help taxpayers avoid double taxation on the same income earned in both countries.
- It applies to taxes on income and capital imposed by India and Canada. This includes taxes on things like profits, dividends, interest, royalties.
- The DTAA defines terms like residence, permanent establishment, and outlines how different types of income like business profits, shipping/air transport income, capital gains, pensions are taxed under the agreement.
- The overall aim is to help residents of both countries avoid being tax
nd1cr-enabled nd.gov tax indincome forms 2008taxman taxman
This document is instructions for calculating a credit for income tax paid to another state on a North Dakota tax form. It provides details on who is eligible for the credit if they paid income tax to North Dakota and another state on the same income. It also provides specific instructions for filling out each line of the form, including entering the name of the other state, amounts of income sourced to the other state, the taxpayer's residency status, and the income tax paid to the other state.
This document discusses taxation in India. It covers key aspects like direct and indirect taxes, income tax act 1961, determining residency, tax rates for individuals, capital gains tax, and international taxation including source-based taxation, residence-based taxation, judicial and economic double taxation, and tax treaties. Tax treaties help bridge differences between the domestic tax laws of two countries and address issues like applicability, covered taxes, definitions of residence and permanent establishment, types of taxable income, tax credits, and jurisdictional issues. India currently has tax treaties with over 70 countries to help avoid double taxation and promote international trade and investment.
1) Foreign pension plans can potentially be transferred to a Canadian RRSP, allowing the pension income to be tax deferred in Canada. However, several issues must be considered regarding the rules and tax implications in both Canada and the original country.
2) It needs to be determined if the foreign pension plan is transferable under the rules of the original country. The tax consequences of transferring or keeping the plan in the original country also require examination.
3) Upon transfer to Canada, any foreign tax paid may be eligible for foreign tax credits to offset Canadian tax owing on the pension income. But the specific tax rules between Canada and the original country must be understood to determine the full tax impact. Independent tax and legal advice is
Indian Taxation of Partnerships & Triangular Treaty SituationsRao Law Chambers
This document provides an overview of partnerships and triangular cases from an international tax perspective. It discusses the key components of partnerships, different types of partnerships recognized in India and other jurisdictions, and the tax treatment of partnerships under domestic law. It also examines issues that arise from variances in how countries treat partnerships for tax purposes, and differences between treating partnerships as opaque versus transparent for tax. The document reviews the OECD's guidance on classifying partnerships and determining their tax treatment. It also outlines India's position on when partnerships and partners are entitled to benefits under tax treaties.
This document defines key concepts related to income tax in India. It discusses the difference between direct and indirect taxes. It defines important terms like assessee, previous year, assessment year, heads of income, and residential status. It explains the criteria for determining the residential status of individuals, HUFs, and companies as either resident, non-resident, or not ordinarily resident. It also provides an example to illustrate how to determine an individual's residential status.
This document discusses various aspects of income tax in India, including:
1. It provides an index and overview of topics like residential status, tax rates, income from different sources, deductions, and more.
2. It defines key terms like person, assessment year, previous year, gross total income, and total income.
3. It outlines the different types of residential statuses in India - resident, not ordinarily resident, and non-resident - and the conditions for each.
4. It discusses the tax treatment of different types of individuals and entities like HUF, companies, firms, etc. based on their residential status.
5. It provides the income tax rates for individuals, H
Double taxation avoidance agreement between india and canadarhejkrhfkBaivabiNayak
The document discusses the Double Taxation Avoidance Agreement (DTAA) between India and Canada. Some key points:
- The DTAA was signed in 1985 and came into effect in 1997 to help taxpayers avoid double taxation on the same income earned in both countries.
- It applies to taxes on income and capital imposed by India and Canada. This includes taxes on things like profits, dividends, interest, royalties.
- The DTAA defines terms like residence, permanent establishment, and outlines how different types of income like business profits, shipping/air transport income, capital gains, pensions are taxed under the agreement.
- The overall aim is to help residents of both countries avoid being tax
Double Taxation Avoidance Agreement (DTAA) is a bilateral treaty between two countries to avoid double taxation of income earned by taxpayers of one country from sources in another country. DTAA divides taxing rights between the source and residence country to avoid double taxation. It provides relief to taxpayers through exemption and tax credit methods. India follows the OECD model convention for DTAA and has signed 88 agreements including with major trading partner China. DTAA promotes free flow of trade and investment by providing tax certainty and reducing tax burdens on multinational operations.
Overview of DTAA Provisions_WIRC_14.05.16 - Harshal BhutaHarshal Bhuta
This document provides an overview of the key provisions contained in Double Taxation Avoidance Agreements (DTAAs). It discusses the typical structure and categories covered in DTAAs such as scope, definitions, taxation of various types of income, methods to eliminate double taxation, and final provisions. For each article, it summarizes the United Nations (UN) Model Convention approach and provides some commentary on issues or differences compared to other models or in Indian DTAAs. The document analyzes important articles related to the taxation of business profits, dividends, interest, royalties, capital gains, independent and dependent personal services.
ICAI - Presentation on Triangular Cases under DTAA - 29.04.2012P P Shah & Associates
This document provides an overview of triangular cases under double taxation agreements. It defines triangular cases as situations involving three or more states in a transaction. There are two types of triangular cases: Type I involves a permanent establishment earning income in a third state, and Type II involves an enterprise being a resident of more than two states. The document analyzes various scenarios under the different types of triangular cases and provides examples to illustrate the application of tax treaties and availability of foreign tax credits in the residence, permanent establishment, and source states.
NJCPA Society Annual Tax Seminar - Residence and Domicile -Principles and Pra...Stephen Bercovitch
Earlier this month, I was invited to present on the topics of domicile and stock options to the New Jersey Society of CPAs. More than 100 representatives of small businesses, accounting firms, and law firms were in attendance. Stock options are increasingly used as a means of compensation. When income is realized by an individual related to past services, it may be taxable to a state whether or not the individual is currently a resident. For the individual, minimizing state income taxes, and properly reporting to the state where income was earned is important. Equally, from the standpoint of the company, state income tax withholding issues should be addressed.
#GST on Penalties & Liquidated Damages Levied by Govt. or Local Authorities# ...SN Panigrahi, PMP
#GST on Penalties & Liquidated Damages Levied by Govt. or Local Authorities# By SN Panigrahi,
Essenpee Business Solutions,
GST,
Penalty,
Liquidated Damages,
Government,
Local Authority
This document provides an overview of income tax rates and rules in India for assessment years 2009-2010 and 2010-2011. It discusses key definitions related to residential status, types of income, deductions, and tax rates for individuals, HUFs, companies, firms and more. The tax rates vary from 0-30% depending on the type of assessee and amount of total income. Surcharge of 10% is applicable if total income exceeds Rs. 10 lakhs for some assessees.
Escuela y cultura de la Imagen: " Nuevos desafíos"ARGUELLOBAZAN
En el siguiente Power point la autora Ines Dussel plantea los nuevos desafios que debe afrentar la escuela al encontrarse dentro del contexto de la modernidad liquida
O documento descreve um impermeabilizante cimentoso à base de dispersão acrílica para misturar com cimento. Ele pode ser usado para impermeabilizar terraços, fachadas, piscinas e outros ambientes. Deve ser aplicado em pelo menos 3 camadas finas com intervalo de 6 horas entre elas. Fornece excelente impermeabilidade e flexibilidade, resistindo a temperaturas de -20°C a 90°C.
Windows XP es un sistema operativo de Microsoft lanzado en 2001 que ofrece mejoras en la estabilidad, rendimiento y facilidad de uso respecto a versiones anteriores. Incluye características como un ambiente gráfico más agradable, inicio y hibernación más rápidos, y la capacidad de desconectar dispositivos sin reiniciar. Microsoft lanzó inicialmente las versiones Windows XP Home para el mercado doméstico y Windows XP Professional para entornos empresariales.
The 10th grade students of Mallya Aditi International School visited Munnar, Kerala in August to interact with the Muthavan tribe and learn about their way of life. During their stay, the students realized the tribe's children lacked a proper shelter for classes. To help, the students spent their time building a classroom, learning construction skills like mixing cement and putting up a roof. The opening ceremony was an emotional event, as it was the students' last day with the tribe. The trip provided valuable lessons and a greater perspective for the students.
Este documento presenta un examen de matemáticas para el primer bimestre de primer año. El examen contiene cuatro secciones evaluando diferentes habilidades matemáticas como razonamiento y demostración, comunicación matemática y resolución de problemas. Cada sección contiene entre uno y cuatro problemas que el estudiante debe resolver. El puntaje total del examen es de 20 puntos.
Double Taxation Avoidance Agreement (DTAA) is a bilateral treaty between two countries to avoid double taxation of income earned by taxpayers of one country from sources in another country. DTAA divides taxing rights between the source and residence country to avoid double taxation. It provides relief to taxpayers through exemption and tax credit methods. India follows the OECD model convention for DTAA and has signed 88 agreements including with major trading partner China. DTAA promotes free flow of trade and investment by providing tax certainty and reducing tax burdens on multinational operations.
Overview of DTAA Provisions_WIRC_14.05.16 - Harshal BhutaHarshal Bhuta
This document provides an overview of the key provisions contained in Double Taxation Avoidance Agreements (DTAAs). It discusses the typical structure and categories covered in DTAAs such as scope, definitions, taxation of various types of income, methods to eliminate double taxation, and final provisions. For each article, it summarizes the United Nations (UN) Model Convention approach and provides some commentary on issues or differences compared to other models or in Indian DTAAs. The document analyzes important articles related to the taxation of business profits, dividends, interest, royalties, capital gains, independent and dependent personal services.
ICAI - Presentation on Triangular Cases under DTAA - 29.04.2012P P Shah & Associates
This document provides an overview of triangular cases under double taxation agreements. It defines triangular cases as situations involving three or more states in a transaction. There are two types of triangular cases: Type I involves a permanent establishment earning income in a third state, and Type II involves an enterprise being a resident of more than two states. The document analyzes various scenarios under the different types of triangular cases and provides examples to illustrate the application of tax treaties and availability of foreign tax credits in the residence, permanent establishment, and source states.
NJCPA Society Annual Tax Seminar - Residence and Domicile -Principles and Pra...Stephen Bercovitch
Earlier this month, I was invited to present on the topics of domicile and stock options to the New Jersey Society of CPAs. More than 100 representatives of small businesses, accounting firms, and law firms were in attendance. Stock options are increasingly used as a means of compensation. When income is realized by an individual related to past services, it may be taxable to a state whether or not the individual is currently a resident. For the individual, minimizing state income taxes, and properly reporting to the state where income was earned is important. Equally, from the standpoint of the company, state income tax withholding issues should be addressed.
#GST on Penalties & Liquidated Damages Levied by Govt. or Local Authorities# ...SN Panigrahi, PMP
#GST on Penalties & Liquidated Damages Levied by Govt. or Local Authorities# By SN Panigrahi,
Essenpee Business Solutions,
GST,
Penalty,
Liquidated Damages,
Government,
Local Authority
This document provides an overview of income tax rates and rules in India for assessment years 2009-2010 and 2010-2011. It discusses key definitions related to residential status, types of income, deductions, and tax rates for individuals, HUFs, companies, firms and more. The tax rates vary from 0-30% depending on the type of assessee and amount of total income. Surcharge of 10% is applicable if total income exceeds Rs. 10 lakhs for some assessees.
Escuela y cultura de la Imagen: " Nuevos desafíos"ARGUELLOBAZAN
En el siguiente Power point la autora Ines Dussel plantea los nuevos desafios que debe afrentar la escuela al encontrarse dentro del contexto de la modernidad liquida
O documento descreve um impermeabilizante cimentoso à base de dispersão acrílica para misturar com cimento. Ele pode ser usado para impermeabilizar terraços, fachadas, piscinas e outros ambientes. Deve ser aplicado em pelo menos 3 camadas finas com intervalo de 6 horas entre elas. Fornece excelente impermeabilidade e flexibilidade, resistindo a temperaturas de -20°C a 90°C.
Windows XP es un sistema operativo de Microsoft lanzado en 2001 que ofrece mejoras en la estabilidad, rendimiento y facilidad de uso respecto a versiones anteriores. Incluye características como un ambiente gráfico más agradable, inicio y hibernación más rápidos, y la capacidad de desconectar dispositivos sin reiniciar. Microsoft lanzó inicialmente las versiones Windows XP Home para el mercado doméstico y Windows XP Professional para entornos empresariales.
The 10th grade students of Mallya Aditi International School visited Munnar, Kerala in August to interact with the Muthavan tribe and learn about their way of life. During their stay, the students realized the tribe's children lacked a proper shelter for classes. To help, the students spent their time building a classroom, learning construction skills like mixing cement and putting up a roof. The opening ceremony was an emotional event, as it was the students' last day with the tribe. The trip provided valuable lessons and a greater perspective for the students.
Este documento presenta un examen de matemáticas para el primer bimestre de primer año. El examen contiene cuatro secciones evaluando diferentes habilidades matemáticas como razonamiento y demostración, comunicación matemática y resolución de problemas. Cada sección contiene entre uno y cuatro problemas que el estudiante debe resolver. El puntaje total del examen es de 20 puntos.
O documento apresenta exercícios resolvidos sobre fluidoestática, incluindo lei de Stevin, vasos comunicantes, princípio de Pascal, empuxo e princípio de Arquimedes. Dois exercícios são resolvidos em detalhe, um sobre vasos comunicantes e diferença de nível de líquidos imiscíveis, e outro sobre aplicação do princípio de Pascal para calcular o peso de um elefante.
The UK tax system uses concepts like residence, domicile, and ordinary residence to determine tax liabilities, but there is no statutory residence test currently. In response to recent tax cases, the government is proposing a statutory residence definition. The proposal splits definitions into three areas: those clearly resident, those clearly not resident, and those in between to be determined by other factors like family ties, available UK accommodation, substantive UK employment, and time spent in the UK. While clarifying some issues, the other determining factors still create uncertainty, and some individuals may want to revisit their arrangements based on the new statutory rules.
The document discusses how changes to the UK tax system impact American expats. The UK now taxes worldwide income, which affects international earners and US citizens living in the UK. UK residency is based on length of stay - staying less than 2 years bases it on number of midnight stays, while over 2-3 years could make one a resident. Domicile status depends on one's father's domicile and legal steps to change it. Expats need to pay UK taxes on worldwide income or pay an annual fee to use the remittance basis. Seeing a tax advisor can help avoid double taxation and ensure proper tax filings.
CROSS-BORDER TAXATION OF ESTATES
Indian Property held by Foreigners / UK Residents
UK Property held by Foreigners / Indian Residents
Indian Property held by Foreigners / US Residents
US Property held by Foreigners / Indian Residents
Tools of Tax efficiency
Inheritance Tax Treaties
This document summarizes considerations for international relocation and taxation in the UK. It discusses the tax treatment of relocation expenses for permanent and temporary moves, including a £8,000 limit for tax-free relocation reimbursements. It also outlines deductions available for temporary assignments under 24 months and requirements for individuals on UK payroll if residing there for over 30 days. The document provides an overview of common international assignment package types and considerations for companies related to double taxation treaties and updating dispensations.
Uk business immigration, employment and ip update tom redfern, fitzgerald a...Jessica Roch
Tom Redfern from Fitzgerald & Law and Rachel Lockwood from Oury Clark presented on the legal aspects of setting up a business in the UK. They discussed incorporating a limited company versus establishing a permanent establishment, and the registration process and timeline for setting up either structure. They also reviewed recent changes to UK work permits, including the different tiers for sole representatives, investors, entrepreneurs and general/intra-company transfers. The presentation provided an overview of the key legal considerations for international companies looking to expand into the UK market.
Session1 f&l uk business immigration, employment and ip update tom redfern ...Jessica Roch
The document summarizes changes to UK work permits, including different visa categories. It discusses the Tier 1 visa categories of Investor, Entrepreneur, and Exceptional Talent. It also discusses the Tier 2 categories of Sponsor Licence, General, and Intra-Company Transfer. Requirements are provided for each category, including minimum investment amounts, salary thresholds, and eligibility for settlement. The document aims to help international businesses and individuals understand the UK's points-based work permit system and visa options.
The statutory residence test determines UK tax residence from April 2013 replacing old rules. It has three tests: automatic overseas tests, automatic UK tests, and sufficient ties test. For the employees: Anna meets the second automatic overseas test and is not UK resident. Ben likely meets this test excluding exceptional days in the UK. Carl meets this test but Davinia's train journey may take her over the 31-day work limit so more details are needed to examine her position fully.
The document summarizes the UK tax rules regarding the remittance basis for taxation of foreign income and gains for non-UK domiciled individuals. It discusses who qualifies for the remittance basis, what constitutes a taxable remittance, and recent cases related to residency and domicile status. It also provides an overview of how the remittance basis rules are applied in practice and considerations around segregating different types of income and gains.
Tax Treatment of Non-UK Domiciled PersonsNaddir Muthu
Reforms to the tax treatment of non-UK domiciled persons
The use of overseas Trusts for non-UK domiciled persons
The use of non-Trust solutions for former UK domiciles and UK persons
Reforms to IHT on UK residential property held through overseas companies
This is a short presentation for beginners wanting to learn a bit about the Indian Income-tax Act. It gives a snapshot of some of the basic terms in the Indian income-tax law. Hard core tax practitioners may kindly stay away! It's only the common man.
CONFLICT OF SOURCE AND RESIDENCE PRINCIPLES OF TAXATIONksanu
This document discusses various types of conflicts that can arise in international taxation between the principles of residence and source. Residence/source conflicts occur when the same income is taxed by both the country of residence under residence principles and the country of source under source principles. Source/source conflicts happen when multiple countries claim income was sourced from their territory. Residence/residence conflicts arise when two countries consider a taxpayer resident under their domestic laws. Double tax agreements aim to resolve these conflicts through provisions regarding sole residence or source taxation, or tiebreaker rules to determine sole residency.
On Top of Tax - preparing for the upturn: debt restructuring, anti-avoidance ...BDO
The document summarizes strategies for companies and individuals to mitigate the impact of the upcoming increase in the UK tax rate to 50% for those earning over £150,000.
It discusses advancing salary and bonus payments before April 2010 to avoid the higher tax rate. It also covers salary sacrifice arrangements, emigration, expatriate assignments, bonus deferral with loans, clawing back bonuses, accelerating share option vesting, approved share option plans, partly paid shares, growth shares, and growth shares in a subsidiary. Key issues addressed include employment law, cash flow, accounting impacts, and tax authority approval for some strategies.
CANADIAN EMPLOYMENT LAW 101 FOR US LEGAL & HUMAN RESOURCES Kristin Taylor
This document provides an overview of key differences between U.S. and Canadian employment law. It discusses statutory requirements in Canada such as minimum wage, leaves of absence, public holidays, overtime pay and termination obligations. It also covers differences in human rights protections related to disability, age and family status. Additionally, it addresses employment contracts, privacy laws, and differences in defining disability and accommodating family obligations. The document is intended as a primer for U.S. legal and HR professionals on major aspects of Canadian employment law.
Similar to Plummer Parsons Chartered Accountants UK Residence November 2011 (14)
RTI is a new payroll reporting system being introduced by HMRC in April 2013 that will require employers to report payroll information in real time every time an employee is paid, replacing the current year-end reporting. It will impact how payroll information is collected and communicated with HMRC. Employers must ensure employee data passes validation checks and is reported to HMRC before paying staff. Forms like P14 and P35 will no longer be needed as payroll information will be reported monthly. Employers must prepare for these significant changes to avoid penalties.
Minimising Your Personal Tax Liability - November 2012nevillebeckhurst
Active practice updates its clients on personal tax planning strategies in November 2012. Some key strategies discussed include: (1) allocating income and savings between family members to maximize personal tax allowances; (2) investing in tax-free vehicles like ISAs and some National Savings products; and (3) considering tax implications when selling shares or rental properties. The document provides an overview of various tax allowances and incentives and encourages reaching out for a full review of available options to minimize personal tax liability.
This document is a newsletter from Plummer & Parsons, an accounting firm located in Eastbourne, UK. It discusses preparations businesses need to make for upcoming Real Time Information reporting requirements to HMRC, tax reliefs available for Christmas expenses, a new HMRC campaign targeting "direct sellers," and the end of mandatory retirement ages in the UK. It provides contact information for assistance with RTI preparations, tax planning for Christmas, and retirement planning.
The document summarizes recent and upcoming changes to UK business regulations that took effect on October 1, 2012. Key points include:
1) As part of reducing red tape, the UK government is reviewing over 6,500 regulations with the goal of abolishing or simplifying 3,000 by the end of 2013.
2) Changes to vetting and barring schemes place more responsibility on employers and introduce two tiers of enhanced criminal record checks.
3) Pension auto-enrollment is being phased in for all eligible employees starting with the largest employers on October 1, 2012 and completing by April 2017.
This document provides an HR update with information on preparing for Christmas parties, considerations for employing disabled individuals after the Paralympics, and upcoming changes to the National Minimum Wage and pension system. Key points include guidelines for holding appropriate Christmas parties to avoid legal issues, tips for making reasonable adjustments to accommodate disabled employees, and details on increases to the National Minimum Wage and moves toward a flat-rate pension system in the UK.
This document summarizes several financial and employment topics relevant for UK businesses and individuals in October 2012. It discusses the beginning of auto-enrollment pension requirements for large employers, a small increase to the national minimum wage, plans for a new government-backed business bank, and upcoming changes to state pensions and child benefits that may prompt individuals to review their retirement plans.
This newsletter provides information on business opportunities from the Olympic legacy, the importance of keeping business records up to date, and a new Seed Enterprise Investment Scheme. It also discusses the increase in university tuition fees and considering personal finances. The Olympic legacy may bring £13 billion to the UK economy through overseas business, tourism, and transforming the Olympic Village into an area with office, retail, and housing space creating thousands of jobs. Business owners are reminded to inform their accountant of any changes to their business to avoid tax penalties, as failing to update records led to fines for one owner. A new Seed Enterprise Investment Scheme offers tax incentives for investing in small businesses.
Active Business Series - Estate Planning - September 2012nevillebeckhurst
Estate planning is important to minimize inheritance taxes and ensure your assets pass to intended beneficiaries. Key considerations include identifying beneficiaries, determining when and how to transfer assets, and using tools like trusts and life insurance. Professional advice is recommended when substantial assets or complex family situations are involved to properly structure transfers and take advantage of exemptions that can reduce taxes owed.
Active Business Series - Tax and your Business - September 2012nevillebeckhurst
This document provides a summary of tax considerations for unincorporated businesses. It covers:
- Sole traders and partners pay income tax on profits at rates from 20-50% plus class 4 national insurance contributions from 9-2%.
- Employing family members can be tax efficient if salaries are commercially justified. Other options include partnering with family.
- Expenses incurred before the end of the accounting year allow earlier tax relief claims. Certain capital expenditures qualify for 100% tax allowances.
- Working from home allows claims for a portion of home utility, mortgage, and other costs depending on usage and space. Records must justify any claims.
- Providing childcare vouchers or company cars can reward staff tax-
Business Tax Planning August 2012 - Factsheet 13nevillebeckhurst
The document provides an overview of key tax issues related to buying and selling a business as a sole trader, partnership, or company. It discusses capital gains tax implications for the seller and options for structuring an acquisition, such as offering cash, shares, or loan stock. The document also provides useful questions for clients related to tax planning, capital gains, losses, incorporation, and expansion opportunities.
Employee share schemes can offer tax benefits for employees when they buy or are given shares in their employer. Two common types are Share Incentive Plans which provide tax relief for free or matching shares, and Save As You Earn share option schemes which allow employees to save towards discounted share options. Small businesses can take steps to protect themselves during economic downturns such as monitoring cash flow, checking the financial status of business partners, and using management accounts to analyze performance. When planning summer holidays, consider purchasing travel insurance and being aware of new EU mobile phone roaming charge caps to help budget costs.
Active Business Series - Exiting Your Business Aug 2012nevillebeckhurst
- Every business owner should have an exit strategy in place to plan for retirement from the business through options like passing it to family/employees, selling to a third party, or winding up operations.
- When planning an exit, owners should consider maximizing the business's profitability and value through updated financial projections and professional valuation. They should also minimize their capital gains tax liability through available reliefs.
- The business climate and owner's personal circumstances will impact the optimal timing for an exit. An economic growth period with many buyers could secure the best sale price.
This document is a newsletter from Plummer & Parsons discussing various business and tax topics. It weighs the pros and cons of hiring contractor staff versus permanent employees. It also discusses HMRC's advisory fuel rates for company cars and the records needed to reclaim VAT on fuel costs. Additionally, it outlines some signs of impending insolvency and recommends implementing preventative financial controls and management reviews. Finally, it notes that HMRC's annual tax reconciliation process has started earlier than usual, which could result in tax rebates or bills for some individuals.
The newsletter provides information on upcoming changes to tax allowances and thresholds, including:
- Employee earnings thresholds for automatic pension enrollment will be aligned with tax thresholds between £5,564 and £8,105.
- ISA annual allowances have increased to £11,280 total, with £5,640 allowed for cash ISAs.
- New mobile apps allow small businesses to access accounting records remotely.
- Businesses have flexibility over their accounting year end date between April 6, 2012 and April 5, 2013 for tax purposes.
Saving With A Tax Advantage - May 2012 - Active Business Seriesnevillebeckhurst
The document discusses various tax-advantaged savings opportunities in the UK, including pensions, Individual Savings Accounts (ISAs), Junior ISAs, Enterprise Investment Schemes (EIS), Seed Enterprise Investment Schemes (SEIS), Venture Capital Trusts (VCTs), and investment bonds. It notes that pensions provide income tax relief on contributions and tax-free growth. ISAs allow tax-free investment income and gains up to an annual limit. EIS and SEIS provide income tax relief and capital gains tax exemptions for investing in small companies. VCTs also provide tax reliefs for investing in small businesses. Investment bonds can defer capital gains tax until withdrawals are made.
Active Business Series - Red Tape Regulation April 2012nevillebeckhurst
The document summarizes new UK business regulations taking effect on April 6, 2012. Key changes include an increase to the personal income tax allowance and statutory pay rates for maternity, paternity, adoption and sick pay. National Insurance Contribution thresholds will also increase. The unfair dismissal qualifying period increases to two years and employment tribunal fees are introduced. Requirements for reporting workplace injuries are extended to over seven days. Contracting out of defined contribution pensions ends and pension lifetime allowances are reduced. Luncheon vouchers are no longer tax exempt and company car tax rules are amended. Tobacco displays in shops will also be prohibited.
Active Business Series - HR Spring Quarterly Updatenevillebeckhurst
The document provides tips for effectively preparing for and conducting employee appraisals, including reviewing past performance, advising employees in advance of discussion topics, choosing an appropriate environment, and anticipating challenges or issues that may arise. It also discusses how to evaluate an employee's potential for development and future skills needs. Employers are advised to think about training, coaching, or mentoring opportunities to help employees improve performance or prepare for future roles.
The newsletter summarizes key points from Budget 2012 that could affect businesses and individuals. For businesses, measures include reducing the main corporation tax rate, simplifying accounting for small businesses, and increasing flexibility for enterprise investment schemes. HMRC also launched 30 new taskforces targeting various industries like textiles and motor trades. For individuals, the personal allowance will increase in 2013 and the 50% income tax rate will decrease, though some controversial changes were made to age-related allowances.
This document provides a summary of the UK Budget Report 2012. It highlights several key points:
- The UK economy remains fragile as it recovers slowly from the financial crisis and public spending cuts. Inflation is slowing but remains above target.
- The Budget aims to balance reducing the budget deficit with promoting business growth. The main corporate tax rate will be reduced to encourage hiring and investment.
- Measures were announced to support small businesses, including a new cash basis tax system and increased tax relief for research and development.
- Capital allowance rates were adjusted and some tax reliefs expanded to incentivize energy efficiency, low emissions vehicles, and investment in enterprise zones.
- Limits for
This newsletter from Plummer Parsons provides information about upcoming events like the upcoming UK budget and the transition to real time payroll reporting requirements. It also offers guidance on dividend vs salary payments for business owners and weighs factors to consider for retirement planning to avoid needing to work into one's 70s. The firm is available to help clients with any of these issues or with payroll processing and can provide a report on the budget after it is delivered.
Plummer Parsons Chartered Accountants UK Residence November 2011
1. Active PrActice UPDATEs NOveMBer 2011
plummerparsons
ap-r-nov2011
UK Residence – new
statutory test proposed
from April 2012
It surprises many people arriving in the UK, or leaving to go abroad,
that UK tax residence status is not currently defined by legislation,
but hinges on the interpretations of various legal cases, most of Personal Planning UPDATE
which happened decades ago when life was very different.
There is also H M Revenue and Customs Considering the difference that being non- 4. Come to the UK for purposes such as
(HMRC) published advice which has no resident often makes to the amount of tax employment which means they will
legal status. Indeed, HMRC has even payable, this means that for an unacceptable remain in the UK for at least 2 years (
argued against a taxpayer, who relied on number of people, their UK tax position can whether or not they exceed 183 days)
their published advice, and won! According be very uncertain, despite best professional 5. Usually live in the UK and go abroad
to a recent Treasury report, residence is advice. for short periods such as business trips
‘vague, complicated and perceived to be or holidays.
subjective’. It is not the same as the definition The Government plans to introduce a new
of residence for immigration or national statutory residence test from April 2012, Some words above are in italics which
insurance or other parts of UK law. which has recently been published for indicate there is no agreed or objective
consultation, with a view to implementing definition of what these terms mean.
Complicated legislation. Although the proposals are still
draft they have generally been well received Proposed new tax
A person may be resident in another country, by the tax profession and are therefore likely
but this does not affect their UK residence to become law in a similar form, subject to residence status test
position. only a few amendments. from April 2012
Assuming they are domiciled here, UK
residents are liable to UK tax on all their
Current rules The proposed new rules look at days in
the UK, and a number of objective factors,
worldwide income and gains, wherever they Currently you will be considered UK resident which link an individual to the UK, to decide
arise. Non-residents may only be liable for if you: a person’s residence status. The test is in
UK tax on UK based investment or property 1. Spend 183 days in the UK in any tax 3 parts. Parts A and B are designed to
income. Most non-residents are not liable to year definitively decide the status for the majority
capital gains tax even on UK assets although of people whose cases are relatively
2. Come to the UK with the intention of
some individuals who are only temporarily straightforward. Only those with more
living here permanently or to work for an
non-resident for less than 5 complete tax complicated situations will need to work
extended period with no end date
years may be liable. There are exceptions to through part C.
these general rules so it is vital that you seek 3. Come to the UK temporarily and spend
individual advice to your own situation. 91 days or more in the UK on average
over four tax years
18 Hyde Gardens www.plummer-parsons.co.uk
Eastbourne BN21 4PT
01323 431 200 eastbourne@plummer-parsons.co.uk
2. Part A: Are you non-resident? An 3. They have accessible accommodation Days spent in Impact of factors
individual is definitely non-resident in the in the UK UK on residence
UK for a tax year if they qualify under any 4. They spent 90 days or more in the UK status
of the following conditions: in either of the previous two tax years Fewer than 45 Always non-resident
• They were not resident in the UK in 5. They spend more days in the UK than days
all of the previous three tax years and any other single country. 45 – 89 days Resident if individual
they are present in the UK for fewer
has 4 factors
than 45 days in the current tax year; The way these factors are combined with
(otherwise not
or days spent in the UK to determine residence
resident)
• They were resident in the UK in one or status is as follows:
90 – 119 days Resident if individual
more of the previous three tax years,
Days spent in Impact of factors has 3 factors or
and they are present in the UK for
UK on residence more (otherwise not
fewer than 10 days in the current tax
status resident)
year; or
Fewer than 10 Always non-resident 120 – 182 days Resident if individual
• They leave the UK to carry out full-time
days has 2 factors or
work abroad, provided they are
10 - 44 days Resident if individual more (otherwise not
present in the UK for fewer than 90
has 4 factors resident)
days in the tax year and no more than
(otherwise not 183 days or more Always resident
20 days are spent working in the UK
in the tax year. resident)
It is proposed that, unlike the current situation,
45-89 days Resident if individual
Part B: If not, are you resident? important definitions, eg ‘resident family’ will
has 3 factors or
An individual is definitely resident in the UK all be set out in the legislation. There will
more (otherwise not
for a tax year if they qualify under any of also be the possibility to split a tax year on
resident)
the following conditions: arriving or leaving.
90 – 119 days Resident if individual
• They are present in the UK for 183 has 2 factors or It has also been proposed that a new
days or more in a tax year; or more (otherwise not anti-income tax avoidance rule should be
• They have only one home and that resident) introduced that will prevent individuals
home is in the UK (or have two or 120 – 182 days Resident if individual from avoiding income tax by being non-UK
more homes and all of these are in has 1 factor or resident for only a short period (less than five
the UK); or more (otherwise not complete tax years). It is expected to work in
• They carry out full-time work in the UK. resident) a similar way to the existing capital gains tax
anti-avoidance rule.
183 days or more Always resident
If A and B both apply, the person is not
resident. (This could happen in very few The current rules will continue to apply for
For those not resident in the UK in the
cases) the assessment of tax liability in tax years
previous three years (arrivers) the test
prior to the introduction of the statutory test,
considers 4 relevant factors:
Part C: If neither A nor B is conclusive including 2011/12. It is not proposed to
there are tests under part C for those 1. They have a UK resident family; allow individuals to apply the new definition
arriving and leaving the UK. The tests 2. They have substantive UK employment retrospectively to calculate tax for prior years.
are different for those arriving from those (including self-employment);
leaving because it is felt that it should be 3. They have accessible accommodation
harder for current residents to become
non-resident whereas individuals coming to
in the UK Areas where we can
the UK should not be deemed to acquire
4. They spent 90 days or more in the UK
in either of the previous two tax years.
help
residence so easily.
Residence is a complex subject where
The way these factors are combined with
For those who are resident in the UK in individuals need professional guidance
days spent in the UK to determine residence
one or more of the previous three years to ensure they arrange their affairs
status is as follows:
(leavers) the test considers 5 relevant to avoid paying more UK tax than
factors: necessary. Those who are not UK
domiciled (not covered in this leaflet)
1. They have a UK resident family
face even more complexity.
2. They have substantive UK employment
(including self-employment)
If you might be affected please contact us
to discuss your specific circumstances.