Can you Claim Foreign Tax Credits
If you’re a UK resident who has paid taxes on your overseas income, you may be eligible for a foreign tax credit. This credit can help reduce your UK tax liability by offsetting the foreign taxes you’ve already paid. Which is nice. A foreign tax credit is a tax deduction that allows you to reduce […]
Keeping it in the Family: Inheritance Tax Mitigation for Non-UK Domiciled Individuals
For non-UK domiciled individuals (non-doms) with significant assets, inheritance tax (IHT) planning becomes a crucial aspect of wealth preservation. Inheritance tax has always been a hot topic politically, so keep an eye out for proposals to change IHT in an election year. Right now, the UK has an IHT rate of 40% on estates exceeding […]
Navigating Tax Matters: A Guide for Actors and Actresses in the UK
Being in the spotlight as an actor or actress comes with its own set of challenges and opportunities, including the intricate world of taxes. Understanding the tax landscape is crucial to ensure your financial well-being and compliance with the law. In this blog, we’ll walk you through the essentials of taxes in the UK, tailored […]
Who Needs to Submit a Self-Assessment Tax Return
While this might not be much consolation, HMRC have projected that there will be 32.3 million of us in the UK expected to pay tax in 2020/2021 (based on their Survey of Personal Incomes statistics published by June 2020). However, think about our friends in the US, a summary of the latest IRS data provided by the Tax Foundation […]
5 Benefits to Filing your Tax Return Early
You may not know but a whopping 11.1 million people submitted a tax return in January 2020! 10.4 million of those were online, now that’s a lot of self-assessments to get through. I appreciate that the massive curve ball we’ve been served this year has meant that tax returns might not be at the forefront […]
Tax Overview
“There’s one for you, nineteen for me, ‘cos I’m the taxman” The Beatles, Taxman Developing a Habit of Putting Money Aside to Pay your Taxes The Beatle’s song, ‘Taxman’, might suggest that they were paying 95% tax but fortunately, I don’t think you’ll need to worry about that! However, if you’re newly self-employed or new […]
The Dangers of a Personal Service Company
In a well-publicised case, actor Robert Glenister recently found himself at the end of a lengthy battle with the taxman. In March, after nine years of legal wrangling, an Appeal court upheld a tax tribunal ruling and Robert lost the case. As a result, he’s been presented with a hefty bill for £147,000 plus interest […]
Do Child Actors Pay Taxes
Working with Children and Animals The old adage says that actors should never work with children or animals. I disagree – how else would we get the Home Alone movies and Babe? Not to mention Babe 2, Pig In The City. I have a family friend whose son, Adam, has recently been going into auditions […]
The Autumn Budget 2018 – What it Means for You
Will it be ‘Here comes the sun’ or ‘Ain’t no sunshine’? In his Autumn Budget, Chancellor Philip Hammond said that the recent (seemingly endless) period of austerity is drawing to a close and that the measures he will be introducing herald a brighter future. Hmm. The jury’s out at the moment. And everything could change […]
