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The impact of post Brexit immigration considerations on a domicile position and the entitlement to b

Your tax residence status and your domicile status dictates your liability for UK tax on foreign income or gains on the sale of foreign assets. UK residents are taxed on all income and gains regardless of whether it originates from the UK or has already been taxed in another country and all income and gains must be declared yearly on the tax return. This does not necessarily apply to non-domiciled individuals. An individual who is resident but not domiciled in the UK, may have an annual choice in whether to use the arising basis of taxation or the remittance basis of taxation. If the remittance basis is chosen tax will be required to be paid on: all income and gains which originates in the

Year End Tax Planning 2020

It is always worth taking a moment to consider whether there is any action you should take before the end of the current tax year and take advice if required. Income Tax in general If your annual income is between £100,001 and £125,000, you will be paying a 60% effective rate of tax in 2020/21 and may wish to consider transferring income-producing assets to a spouse. Alternatively, you could speak to your employer about exchanging part of your salary for payments into an approved share scheme or additional pension contributions, to take you below the £100,000 threshold. Rental income For landlords, the mortgage interest restriction rules mean that from 6 April 2020 all finance costs will on

President Trump extends April 15 tax filing deadline due to Coronavirus

In light of the current coronavirus pandemic, President Donald Trump has directed the Treasury Department and the IRS to extend the federal income tax return filing deadline. On March 17, Treasury Secretary Steven Mnuchin confirmed that the filing deadline will be extended by 90 days. The change is being put in place for the 2019 tax year only, with the April 15, 2020 deadline is being delayed with President Trump instructing the treasury to “defer tax payments without interest or penalties for certain individuals and businesses negatively impacted.” Individual taxpayers who are typically required to file their annual tax returns by April 15, now have a three-month reprieve with the deadlin

COVID-19 Announcement

Dear All, With the growing concerns surrounding coronavirus (COVID-19), here at Everfair Tax we have implemented a Working from Home initiative for all staff, effective immediately. The safety and health of our Team Members and Clients is always of the utmost importance to us, and this will enable us to continue to provide services to our clients by reducing the chances of sickness in the team. Going forward, all correspondence with clients will be conducted over the phone or email where possible. With our remote working measures in place, we ask that you use email as your first point of contact, from there we will arrange for the appropriate colleague to return your email or call you to ass

2020 – Budget Day News

Set against the backdrop of the concerns regarding the impact of Covid-19, uncertainties regarding Brexit and a recent change in the Chancellor responsible for delivering it, yesterday saw the first Spring Budget announcement. A follow on from a period where main spending commitments and changes to legislation were announced in the Autumn, it is understandable that the announced changes focused largely on areas designed to provide appropriate support to the self-employed, employees and businesses during this challenging period. This included amends to the rules around statutory sick pay and relaxations in business rates, in addition to introducing measures which represented the largest spen

International Women’s Day 2020

Everfair Tax are delighted to celebrate International Women’s Day and recognise the women in the team, who make up over 50% of our practice. Owner and founder Gillian Everall commented that “As a company, I am proud to say that Everfair Tax provides equal training and progression opportunities for both our male and female colleagues. Historically, Tax has been a male dominated industry, and although there have been strong improvements in the opportunities for women within the tax industry, a recent survey has shown that there is still some way to go.” To read the full survey of women in tax published in October 2019, please click on the following link Thomson Reuters Survey of Women in Tax

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