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UK Tax Reforms 2024

UK Tax Reforms 2024: What You Need to Know

The UK tax landscape is set for significant changes in 2024, impacting both individuals and businesses. With the new reforms, understanding how to effectively manage your taxes is more crucial than ever. Taxsteins Ltd., a leading tax advisory firm in

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Maximize Benefits: Green Tax Incentives in the UK Explained

The UK is progressively steering its tax policies towards fostering sustainable growth and encouraging environmentally-friendly business practices. Understanding and leveraging green tax incentives not only boosts your business’s financial health but also contributes to a healthier planet. For entities committed

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A Comprehensive Overview of Recent Tax Changes

In the ever-evolving landscape of fiscal policies, the recent tax changes have brought forth a multitude of changes. That significantly impacts both businesses and individuals. From permanent alterations to tax relief schemes for businesses to adjustments in income tax thresholds

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Tax Implications for Singaporean Companies in the UK

In today’s globalized economy, businesses are rapidly expanding globally in search of new markets and opportunities. Singaporean companies, recognized for its dynamic and inventive attitude, frequently consider expanding into the United Kingdom (UK). However, such expansions are subject to a

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Latest Amendments to UK Company Law

A major change has occurred in UK company law with the royal assent of the Economic Crime and Corporate Transparency Act on October 26, 2023. By enacting this legislation, Companies House is given the authority to actively fight against economic

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Taxation of Non-Resident Companies: An overview

Introduction Navigating tax regulations often proves complicated, particularly in distinguishing between resident and non-resident corporations. In this article, we will look at the key distinctions in the taxation of non-resident corporations vs their resident counterparts. Businesses can handle their tax

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Closing a Company with Bounce Back Loan (BBL)

Introduction Closing a business is a complicated process that necessitates great attention to detail. Especially when dealing with financial commitments such as bounce-back loans (BBLs). In the United Kingdom, insolvency practitioners are critical in helping businesses through the winding-up process.

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Tax Guide for New Entrants/deemed residents in the UK

Introduction Taxation is an essential component of modern society, supporting public services and infrastructure that contribute to residents’ general well-being. Individuals, corporations, and investors in the United Kingdom must comprehend the complexities of the tax system. This thorough book will

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How to Register for Self-Assessment with HMRC

Introduction If you’re a self-employed individual or have additional income that requires you to pay taxes directly to the UK government, you’ll need to register for Self-Assessment with HMRC (Her Majesty’s Revenue and Customs). This process might seem intimidating, but

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Owning an electric vehicle in the UK has tax benefits

Introduction Electric vehicles (EVs) are quickly gaining popularity as the globe works to lessen the negative consequences of climate change. Governments all around the world have implemented a variety of incentives to encourage the use of these eco-friendly automobiles. Owning

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A Layman’s Guide to How to Prepare Company Accounts

Introduction It might be difficult to keep track of your company’s financial operations and prepare records, especially if you are unfamiliar with the accounting industry. Small and medium-sized businesses (SMEs) must compile their financial statements in the UK in compliance

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The tax implications of e-commerce in the United Kingdom

Introduction During the last decade, e-commerce businesses have become increasingly prominent in the United Kingdom. With the increasing prevalence of online shopping, an increasing number of businesses have turned to e-commerce to reach customers. Nonetheless, as e-commerce expands, so does

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Tax planning for doctors in the UK

Introduction Tax planning for doctors in the UK can be complex, and it is important to ensure that you are taking advantage of all available tax reliefs and allowances while also complying with relevant tax laws and regulations. Here are

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How to file your tax return to HMRC?

Introduction Filing tax returns can be a daunting task for many individuals, but it is an essential responsibility that must be fulfilled. In the United Kingdom, HM Revenue and Customs (HMRC) is the authority responsible for collecting taxes, and it

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Autumn Statement 2022

Taxsteins Ltd’s Commentary on Autumn Statement 2022 According to the Chancellor, society’s strongest members should shoulder the heaviest responsibilities. These businesses are being featured. Spending on taxes has increased by 1% of GDP. Prior to the declaration, a thorough review

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What are the statutory accounting principles?

What are the statutory accounting principles and why their statutory interpretation is important? In this section, we’ll give you a high-level look at the five statutory accounting principles used in preparing statutory company accounts. Despite robust legal systems governing accounting

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Tax Advisor for Retirement Pension Planning

The following is a summary of the current pension contribution guidelines at a high level: Our number one concern is that your chosen investment strategy is consistent with your long-term financial and tax goals. If you require the services of

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When is Tax Avoidance Becomes Illegal?

Before explaining “When is Tax Avoidance Becomes Illegal?”. Let’s have a detailed explanation of the terms ‘Tax Evasion’ and ‘Tax avoidance’ Tax Avoidance or Evasion Generally, “tax avoidance” is acknowledged as legal methods to minimize taxable income, while “tax evasion”

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Should I Get a Tax Adviser?

Introduction By reading this article”Should I Get a Tax Adviser?”. You will learn when hiring an accountant or tax agent can help you get your return done correctly. When you are better off doing your own return. It is well

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Disclosing The Undisclosed Foreign Income

Disclosing The Undisclosed Foreign Income From 6th April 2017, the Requirement to Correct (RTC) (HMRC Ref CH123050) rule was established to encourage taxpayers to improve accuracy regarding foreign income reporting. All taxpayers with overseas interests and issues with their tax

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A Basic Understanding of Inheritance Tax

A Basic Understanding of Inheritance Tax (IHT)

Basic Understanding of Inheritance Tax An “inheritance tax” is a tax levied on the property and money. Other assets of a deceased individual (after inheritance tax allowances have been deducted). Most countries impose a tax on inheritances at a rate

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