RESOURCES

Income Tax

Did you stay in Italy because of Covid?

Letter from Agenzia delle Entrate saying you need to pay Italian tax? A number of our clients have received a letter similar to the one attached from the Agenzia delle Entrate saying that if they stayed in Italy because of COVID then they are Italian Tax Resident and need to pay tax in Italy. This […]

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UK Tax Rates & Budget Update

Budget update From a tax perspective, not much new was announced. The main items that are likely to impact our clients are: confirmation of the increase in dividend taxes by 1.25% (See below and our note 8/9/21) confirmation of the 1.25% increase in National Insurance from April 2022 (See our note 8/9/21) extension of Capital […]

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What are the Tax Benefits of a Pension?

Pensions provide a number of tax benefits that, when combined, can give a considerable boost to your final retirement fund. In this article, we explore these benefits and look at how you can make the most of your pension pot. Pension tax relief – what is it? One of the best reasons to save for […]

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Self-Assessment 2021/22 – Deadlines & Penalties

This is the time of year when key tax deadlines start to loom large. Miss these, and the result is almost certainly heavy penalties. These dates apply for the tax year 2020/21, which ended on April 5th this year. You can read about deadlines and penalties here. 5th October 2021 – register for self-assessment Is […]

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Increases in National Insurance and Dividend Tax

Proposed increases in National Insurance and Dividend Tax Yesterday (7/9/21) the UK Government announced its plans for a 1.25 percentage point increase in National Insurance Contributions (normally considered as a tax to fund pensions) and Income tax on dividends. The aim of the increases are to raise about £36 billion over three years, which is […]

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Penalties and fines for undisclosed foreign income

Overview If you are resident in the UK and you get foreign income or capital gains you must declare them on your UK tax return. This applies even if you never bring the income or gain into the UK.  Penalties can be up to 200% of unpaid tax and HMRC can ask you to go […]

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31 July Tax Payment – What happens if your late?

Overview  If you are late in paying your income tax payment on account, due 31/07/2021 – don’t worry. There’s no penalty or fine – instead, normally, HMRC only charge you interest at 2.6%.  Tax returns for individuals  If your reading this, its probably because you have completed your tax return and your 31st July Income […]

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Tax Credit – Renewal by 31 July

Overview  Many people with have received a “tax credit renewal pack” which needs to be completed by 31 July 2021. If you have received this pack you may find this note interesting.  When to renew tax credit  If you are waiting for tax credits, you will have received a renewal pack, where you’ll find all information […]

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