News

19.03.2013 - Budget 2013

The Chancellor has delivered his Budget to Parliament

Major points

  • Changes in income taxation
  • Employment allowance
  • Corporation taxes
  • Changes in consumer and welfare taxation

Income Taxes PAYE and NIC

Tax free the allowance will reach £9,440 with the single largest cash increase in its history. From 6 April 2014 the government is planning to bring personal allowance to £ 10 000. 

At the same time lowered salary threshold for 40% income tax rate. Now everybody earning from 32,010 to 150 annually will pay taxes at higher rate. 

Employment Allowance

From April 2014 every business and charity in ...

13.03.2013 - Changes to Immigration Rules (2013)

The government has today laid before Parliament its Statement of Changes in the Immigration Rules (previously announced in outline) to come into force on 6th April, 2013.

Most changes are minor so we will list only the most significant here.

PhD students at a UK Higher Education Institution (HEI) will be able to stay in the UK on a Tier 4 visa, sponsored by the HEU, for 12 months after successfully completing their PhD.

The Codes of Practice will be revised from 6th April 2013 to simplify and update the ‘going rate’ in each occupation.  Overall salary thresholds will also be increased.  The li...

03.03.2013 - Amendments to Codes of Practice for Skilled Workers (Tier 2 migrants)

The Codes of Practice will be revised from 6th April 2013 to simplify  and update the ‘going rate’ in each occupation.  Overall salary thresholds will also be increased.  The lists of skilled occupations will also be updated.

The Resident Labour Market Test criteria will also be revised to provide a simple set of criteria in respect of appropriate advertising.

25.02.2013 - New Residence rules for individuals

As you are probably aware from 06/04/2013 UK government implements new tax rules which would regulate tax residency matter. We believe that these rules make a tax residency legislation more clear and easy to use in order to establish tax residency of a particular individual. It is worth to mention that under current legislation there is no statutory definition of "residence". Instead, it takes its normal, everyday meaning. That interpretation is quite subjective and caused many complications in the past. Tax advisers have been expecting below summarised news for quite a while. We would like to...

29.01.2013 - Changes to Entrepreneur rules

The government has announced changes to the Immigration Rules concerning Tier 1(Entrepreneurs) which come into force on 31st January, 2013.  The new rules will also apply to applications already made which are outstanding as of 31st January, 2013 (except for the requirement that there is confirmation that the money will remain available to the applicant until such time as it is transferred to the applicant or the applicant’s business).

The new rules will introduce a ‘genuine entrepreneur’ test and a requirement that the investment funds are held on an ongoing basis until their investment in th...

04.12.2012 - Autumn Statement (Pre Budget 2013)

The Chancellor George Osborne delivered his Autumn Statement to Parliament and we would like to highlight below main facts, which we believe would be interesting to our clients.

 Business Tax

In addition to the Budget 2012 announcement, the main Corporation Tax (CT) rate for Financial Year 2014 will be reduced by a further 1% to 21%.
As already announced, the main CT rate for Financial Year 2013 is 23% and the Small Profit rate is 20%.
Obviously the government wants to make UK more tax attractive jurisdiction for multinational corporations (MNC). Most of the UK neighbours have quite low CT rate...

21.11.2012 - Changes to the Immigration Rules (November, 2012)

The following changes will be made to the Immigration Rules from 13th December, 2012 (we have omitted many minor technical changes and mention only the significant changes.)

Investors

Initial applicants will need to provide evidence of the source of the funds.  

The rules will make clear investors cannot rely on loans raised against investments not in the UK nor rely on any investments not held in the UK.  The rules already precluded these types of investment but the rules are being made explicit in this regard.  Funds will be excluded against which a loan has been secured, where another party...

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