Eight new Freeports will create hubs for trade and help “regenerate” communities across Britain, the Queen’s Speech 2021 has confirmed.
Monthly Archives: May 2021
IR35: Everything you need to know about the off-payroll working rules
New rules and regulations have been introduced around off-payroll working, also known as IR35, in the private sector.
Workplace pension re-enrolment – how does it work?
Almost all workers should now be enrolled into a workplace pension under the Automatic Enrolment scheme. But as the employer, your legal duties do not end there.
Effective approaches to pricing
Pricing a product or service can be a challenging task for any business, especially with the increased competition that many companies now face.
Furlough fraud warning after arrests
Employers have been warned that businesses abusing the furlough scheme will face action from fraud investigators.
New tax surcharges for late payments
In the 2021 Spring Budget, the Government announced a new penalty and interest regime to replace the VAT default surcharge.
HMRC publish new guidance on delayed customs import declarations
New Government advice will help traders submit customs import declarations for non-controlled goods imported from the EU, it has been announced.
Finding the right finance for your business
In an ideal world, the costs of doing business can be covered by the proceeds of work already undertaken or goods already sold.
How will Brexit affect your overseas property, pensions and investments?
Since leaving the European Union in December last year, much of the focus has been on how it will affect your business. But what about your personal assets?
In this blog, we will look at the key changes affecting property, investments and other personal assets based in the EU.
Your State Pension (if you moved to the EU before or by 31 December 2020)
If you were living in an EU country by 31 December 2020, you are covered by the EU Withdrawal Agreement. This means that you will continue to receive your State Pension and it will increase in line with rates in the UK. Private pensions should continue to be paid interrupted.
Your State Pension (if you move to the EU after 31 December 2020)
You can carry on receiving your UK State Pension if you move to live in the EU, EEA or Switzerland and you can still claim your UK State Pension from these countries. It will also be increased each year in the EU in line with the rate paid in the UK. Private pensions should continue to be paid interrupted.
Will and estate planning
Don’t panic – your existing Will continues to cover all of your overseas assets, even after Brexit. But creating multiple Wills could speed up the time it takes for those assets, such as property and investments, to be released after your death.
This is because your existing English Will may need to be translated and notarised in the foreign jurisdiction your assets belong to.
EU succession regulation
The EU succession regulation was introduced in 2015 to make it easier to administer estates across the single market. Simply, the regulation provides that where EU citizens have assets in two or more countries, a single law of succession will apply to their estate on death – usually the law of the state in which the deceased was habitually resident at the time of death.
However, the landowner can choose the law of the state of their nationality instead. This can be used to side step forced heirship rules in countries such as France.
Inheritance Tax
As a UK-domiciled individual, Inheritance Tax will apply to your worldwide estate. Non-UK domiciled individuals, however, will only be taxed on the part of the estate that is based in the UK.
Get expert advice today
For help and advice on any related matters, please get in touch with our expert Brexit advisory team today.
Workers can continue to claim home working tax allowance in the new tax year
One unexpected bonus for staff forced to work from home because of the pandemic has been a £6 per week tax break.