Residence The receipt of income by an Irish resident individual from a source in the UK will have implications under both Irish and UK tax law. The source could, for example, be rent from a UK property, dividends form a UK company, UK savings income, UK employment income etc. Under Irish Tax Law, a person […]
General UK VAT is broadly similar to Irish VAT. This is because VAT is a European Union based tax and derives from European Union rules. Accordingly most the principles are similar throughout the European Union. However, there are significant differences not least in rates, turnover, registration requirements and the details of certain schemes and rules. […]
Registration for VAT The thresholds for VAT registration are significantly higher to those applying in Ireland. There is a single rate for goods and services. The obligation to register for VAT arises if taxable goods and services of more than £85,000 have been supplied in the last 12 month period or if it is anticipated […]
As in Ireland, there are a number of VAT simplification schemes for businesses with turnovers below a certain amount. Annual Accounting Smaller businesses may be able to avail of annual accounting. Under the annual accounting scheme, VAT can be paid by monthly or quarterly instalments during the year based on a estimate of total VAT […]
VAT Rates VAT applies to the sale of goods and services in the United Kingdom and to the import of goods and services into the United Kingdom. There are three rates of VAT – 0% rates, 20% (standard) and the reduced rate applicable to certain domestic and charitable use products. The 20% residual rate applies to […]
A company resident in the UK is subject to Corporation Tax on its worldwide income. An overseas branch is an extension of the UK business. A branch is where a company has a presence in another jurisdiction. There must be some minimal element of an establishment to the other jurisdiction in order to constitute a […]
General A company is a subsidiary of another company (the holding company) if the holding company holds more than half the shares or controls the subsidiary company. A holding company and all its subsidiaries and the subsidiaries of its subsidiaries constitute a group. Each company in a group is a separate entity for Corporation Tax […]
What is a Trade? The profits of an individual who undertakes a trade or business personally (as opposed to through company or some other vehicle) is subject to special income tax rules. Tax law calls business activity the carrying on of a “trade”. Whether or not an activity is a “trade” is a question of […]
Residence An individual who is UK resident or ordinarily resident and is UK domiciled is assessed to CGT on his worldwide gains. Individuals who are not resident in the UK are not usually assessed on CGT even if the assets are UK assets. Non-residents usually qualify for full tax allowances. They may also qualify for allowances […]
Moving excise goods as freight under the Northern Ireland Protocol from 1 January 2021 Updated 18 December 2020 Contents Background Excise movements within Northern Ireland Excise movements from Northern Ireland to Great Britain Excise movements from Great Britain to Northern Ireland Domestic movements of motor and heating fuels Excise imports and exports between Northern Ireland […]