• LOSS OF PERSONAL ALLOWANCES - INCOME THAT EXCEEDS £100,000 ANNUALLY

    The UK media don’t really understand tax, unsurprisingly. Thus, whenever the personal allowance is mentioned, its restriction for incomes exceeding £100,000 is often poorly explained. Haggards Crowther will try to correct this.

    For the employed, income taxes are collected via your annual tax coding. Data is poorly maintained by HMRC due to technical, and resource, issues. Incorrect income tax codes are often issued. Salaries can easily rise from £90,000 per annum to over £100,000 either via a pay rise in mid-year, or via a one-off incentive or year-end bonus. If you believe your aggregate income now ...

  • Haggards Crowther unravel some of the mystery surrounding Inheritance Tax (IHT)

    Let us take a quick look at inheritance tax, through some family lifestyle transactions:

    1. Everyone is tempted to ignore inheritance tax (IHT) because it centres on one’s death. The first issue for all parents (especially if the children are now adults) is to write a Will. Just grasp this nettle and do it, soon, as this might save a lot of family ructions; you can always amend it a year or two later. Make sure you clearly deal with emotional issues such as executors, valuable chattels and family jewellery!

    2. The best IHT tactic is to spend annually ...

  • UK Property Taxation Summer 2017 – Still a sound investment?

    Stamp duty surcharges have undoubtedly made some of those investing into the SE England property market think twice. The 3% SDLT surcharge, which applies to second properties, was introduced in 2015. This new tax must be added to the new restrictions on loan interest write-offs, and wear and tear expenses, both of which have begun to affect UK higher-rate taxpayers now.

    Whilst these amendments undoubtedly affect future landlords’ profits, the property price rises of the last decade have enticed many to enter the London and SE England region’s market. Those with high borrowings have not been shaken out by ...

  • BREXIT AND THE LOSS OF EU DIRECT TAX DIRECTIVES

    The following article was published by Richard on LinkedIn on 30 June:

    Many commentators have looked at the VAT and Customs impact of a BREXIT, but there would also be direct tax implications.

    Assuming two variables

    - The UK will actually leave the European Union following the referendum
    - No agreement will be reached on EU tax directives continuing to apply post-BREXIT

    then the EU Parent/Subsidiary Directive and the Interest and Royalties Directive will cease to apply on exit.

    Above all this will impact upon multi-national groups headquartered in the UK and could make the UK a far less attractive holding ...

  • BREXIT and social security contributions for internationally mobile employees

    The following was published by Richard in LinkedIn on 24 June:

    The UK belongs to the EU social security contributions system which is governed by the locus labori principle. The result of this is that UK workers employed in another EU member state are only required to pay social security contributions in that member state.

    As a result of BREXIT UK workers employed in an EU state could face double social security contributions - in both the UK and the EU member state in which they are working.

    Looking at Switzerland which is not an EU member as an example, there ...

  • Welcome to Richard

    As you would expect, we have lined up a high quality replacement Peter and I would like to take this opportunity of introducing you to Richard Wernick, CTA, TEP.

    Richard, who has joined the Private Clients Tax team as a Senior Tax Manager, has a wealth of experience in dealing with HM Revenue & Customs investigations and inquiries, and advising High Net Worth Individuals and non-UK domiciled individuals on UK tax planning and compliance. Richard is also well versed in the tax implications of setting up of trusts, foundations and companies.

    Richard has joined us from HMRC, where he recently completed ...

  • A fond farewell to Peter

    As you may already know, Peter Crowther is leaving Haggards Crowther to start a well-earned retirement in which golf and regular holidays are certain to figure prominently (to the extent that they weren't already).

    That said, Peter is not disappearing altogether, and he remains available to ensure a smooth transition of his clients so that we can continue to look after them to accustomed high standards for many years to come.

    Andrew and I joined forces with Pete in 1 September 2005. The merger united our corporate skills with Pete's private client tax skills, and the business has ...

  • Office Christmas - HMRC's

    Office Christmas - HMRC's

    Office Christmas parties - HMRC's view
    With the Christmas season upon us, it is a good time to look at the tax treatments for staff entertaining.

    Whilst the cost of entertaining customers and business contacts is not an allowable expense for tax purposes, entertaining staff is allowed so long as the entertaining is for business purposes, and not incidental to other entertainment. So your office Christmas party is an allowable expense for tax purposes, however the devil lurks in the detail:

    VAT

    As long as the entertainment is for business purposes, any VAT suffered can be reclaimed, but it may ...

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