It is January 2025 and two people are sitting at the departure gate at Heathrow waiting for their (inevitably) delayed flight to the Bahamas. They start a conversation and talk about why they are flying to this Caribbean island. Person A, Mrs Sunseeker, explains to Person B, that she had lived in the UK for a long time as a resident “non-dom,” but that expected changes to the tax rules…
It is January 2025 and two people are sitting at the departure gate at Heathrow waiting for their (inevitably) delayed flight to the Bahamas. They start a conversation and talk about why they are flying to this Caribbean island. Person A, Mrs Sunseeker, explains to Person B, that she had lived in the UK for a long time as a resident “non-dom,” but that expected changes to the tax rules…
With the festive TV adverts appearing on our screens, thoughts inevitably turn to staff Christmas parties and gifts. In this this article we look at the often misunderstood tax and VAT consequences of functions and staff gifts. Entertainment In general, the cost of business entertainment, e.g. treating a client to lunch or tickets to a football match, is not deductible for tax purposes. However, there is an exception for staff…
Under Section 177 of the Companies Act 2006 any director who is in any way, directly or indirectly, interested in a proposed transaction or arrangement with a company, has a duty to declare the nature and extent of that interest to the other directors (unless it cannot reasonably be regarded as likely to give rise to a conflict of interest). Purpose of the director’s duty to declare an interest The…
This article covers some of the key issues which need to be considered when selling a company or a business. People often say they are selling but do not know how the transaction is to be structured, e.g. by selling the shares in the company (a share sale) or by the company selling the business and assets of the business (an asset sale). From a due diligence viewpoint the issues…
The objective is to tax profits based on the tax year instead of the profits for the 12 months to the accounting date in the tax year. The changes will take effect from the 2024/25 tax year, with transitional rules applying in 2023/24. The reform affects individuals who are self-employed, including partners in trading partnerships, if their accounting periods are not aligned to the tax year (dates from 31 March…
Starting a new business is very time consuming, especially if the UK is new to you, with different rules and regulations. Dixcart Legal Limited (Dixcart Legal) can assist with your legal requirements in a seamless way (as well as providing access to tax, IT, and payroll teams if required) so that you can focus your time on building your business. Set out in this brief note are issues to consider…
Starting a new business is very time-consuming, especially if the UK is new to you, with different rules and regulations. Dixcart UK can assist with your accounting, tax, legal and immigration requirements as one offering so that you can focus your time on building your business and not having the same conversations twice with different professional advisors. In this note, we consider the tax considerations when setting up a business…
A prospective purchaser of property in the UK will ask what taxes they will encounter. One of the taxes is Stamp Duty Land Tax or shortly known as “SDLT” . You must pay SDLT if you buy a property or land over a certain price in England and Northern Ireland. The tax is different if the property or land is in Scotland or Wales. In July 2020 the UK government…
CAN ANYONE INVEST IN UK REAL ESTATE EVEN WITHOUT A UK PASSPORT? Yes. Foreign individuals (over the age of 18) and corporate entities (subject to being registered at Companies House) may purchase or invest in UK real estate. WHAT TYPES OF INVESTMENTS CAN BE MADE? There are many ways to invest in UK real estate. Some of the more conventional routes in England and Wales include: Ownership of a legal…
Mr Smith has been a client of Dixcart’s for many years and he wants to explore the options available to provide financial help to his children, as they get older and start their careers. The children are all in their teens, with the eldest just about to start university. Mr Smith wants to ensure that they make considered future decisions financially and do not take the opportunity to have a…