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EMI Scheme Renewed

On 15 May 2018, the EU reinstated State Aid Approval for the Enterprise Management Incentive (EMI) Scheme, which had lapsed on 6 April 2018. This means that EMI options granted to employees will once again receive a beneficial tax treatment.

UK Self Assessment Tax Return Filing and Penalties

The end of the UK tax year for 2017/18 was 5 April 2018 and taxpayers need to consider completing and filing their Tax Returns for this year.

Tax Returns usually need to be filed with HM Revenue and Customs (HMRC) by 31 January following the end of the tax year if you file online (or by 31 October following the end of the tax year if you file a hard copy paper Tax Return).

New Offshore Bank Accounts for Expat Employees

Non-domiciled individuals that have come to work in the UK need to open offshore bank accounts outside the UK to take advantage of rules which exclude earnings from non-UK duties from being taxable in the UK.  This relief is known as Overseas Workday Relief – or OWR – and in broad terms applies for up to three years providing employment earnings are paid outside the UK – offshore – and not remitted/brought to the UK.

Finance Act 2018 Enacted

On the 15th March 2018, the Finance Act 2018 received Royal Assent, bringing the third Finance Act of the 2017/18 period into force. We discuss the main items brought into force from the 6th April 2018.

EMI Scheme On Hold?

The Enterprise Management Incentive (EMI) Scheme is a popular scheme for smaller companies to provide their key employees with tax-advantaged share options, but delays in obtaining renewal of EU State Aid approval for the EMI scheme means that the benefits will be switched off for an unknown period.

2018 Spring Statement Update

As had been expected, the 2018 Spring Statement update did not include any major tax policy announcements; rather it provided a number of consultations that suggest potential legislative changes in the future. Read more about the areas set for exploration here.

Overseas Tax Disclosure Deadline Approaching

Taxpayers you should be aware of the overseas tax disclosure deadline approaching.  Taxpayers who know or suspect that they have unpaid income tax, capital gains tax and inheritance tax relating to overseas assets, income or activities need to act before the deadline of 30 September 2018 to avoid incurring much higher penalties for non-compliance.

Time for 2017/18 Company Remuneration Planning

Now that the deadline for submission of tax returns for the 2016/17 tax year has passed, it is time for this financial year’s company remuneration planning. You need to consider the level of salary and dividends you may require from your limited company in the 2017/18 tax year, as this needs to be in place by 5 April 2018.

Tax Relief For Residential Mortgages

HMRC have introduced a restriction to the amount of mortgage interest relief that is available for property businesses. Even so, if you have a property letting business you may find that restructuring your borrowing between properties could still have substantial tax benefits.

Expanding into the UK Market: Tax Advice and Assistance

If you have started your business outside the UK and are looking to expand into the UK market, there are a variety of structural and regulatory issues facing you. Read more to discover how Tax Innovations can help.