clifford frank | TaxConnections

22 Dec 2021

Tax Professionals Who Kept On Giving… All Year Long. Meet Tax Bloggers Who Made Mighty Contributions During 2021!

Although this is the first year we have ever done this, I want to personally thank the tax professionals who have been giving, giving, and giving through their research and writing of their blogs all year long. We know tax bloggers put considerable time and effort into their blog posts as we have distributed blogs millions of time to our readers over the years. Our loyal site visitors arrive from all over the world; they follow our bloggers and this is how trust is built between our tax professional bloggers and the taxpayers who retain them for their expertise.

Here is a list of our members who have submitted great information in their blogs this year! Top Tax Bloggers are valuable because they take extra time to educate taxpayers around the world. There is a link to their tax blogs you can find by scrolling to the bottom of the right side column on the tax blog page where you can type in the bloggers name in the Blogger List Text Box. In the meantime, we encourage you to reach out, introduce yourself and thank the tax professional bloggers for giving, giving and giving throughout 2021.

We encourage all our readers to read their blogs posted this year!

TaxConnections Thanks Tax Professionals And Bloggers

(If you would like to post your blogs on www.taxconnections.com, please contact kat@taxconnections.com)

Join As A Tax Professional Member To Receive Blog Distribution

Written by Kat Jennings | Posted in Top Tax Bloggers • Top Tax Writers

12 Aug 2021

HMRC Cryptoassets: Taxation Of Individuals

Cryptoassets and underpinning them distributed ledger technology have attracted significant attention globally. Spread of transactions with cryptoassets caused countries to develop their own strategies in the legal regulation and tax treatment of cryptoassets and dealings with them.

This article provides an overview of cryptoassets and the underlying technology, represents the main activities with cryptoassets focusing on cryptocurrencies, i.e. Bitcoin, Litecoin and equivalents. Despite the absence of their support by central banks or other central bodies cryptocurrencies are commonly used as means of exchange or for investment.

The nature of cryptocurrencies and the types of transactions with them determine their tax treatment. The article considers the position of HMRC that denies the recognition of cryptocurrency as of currency or money and highlights the intangible nature of cryptoassets.

Written by Clifford Frank | Posted in HMRC Cryotocurrency

04 Aug 2021

U.K. Tax Management: What Is Due To Caesar Is Rendered Unto Caesar

Tax management benefits are peace of mind for the entrepreneurs,
knowing that their tax affairs are managed, filed timely and financial provisions are made to ensure that what is due to Caesar is rendered unto Caesar.

In short, every business, whether incorporated or not, must take appropriate steps to ensure that its affairs and accounting records are structured in a manner that will enable it to comply with its statutory tax reporting obligations. A company must file a tax return within 12 months after the end of its accounting period in the UK. However, if it has a liability to pay tax, that liability must be paid within 9 months and 1 day after the end of its accounting period. Thus, careful tax management is essential.

What is the objective of tax management?

Written by Clifford Frank | Posted in United Kingdom

28 Jul 2021

Trading With Or From The UK With The EU: What You Need To Know And Be Ready For

1. Removing the €22 VAT exemption for imports
The exemption for goods valued up to €22 no longer applies. Therefore, VAT will be charged on imports to the EU regardless of value.

VAT will apply at the rate of the buyer’s country of residence. It is different for every EU country: for example, Italy – 22%, France – 20%, Germany – 19% etc.

2. One-Stop-Shop (OSS) and Import One-Stop- Shop (IOSS)
OSS and IOSS. The EU will introduce two measures to assist e-commerce, two “one-stop-shop” procedures, which will allow e-sellers to consumers to account for VAT, without the need for multiple EU VAT registrations, from July 1, 2021.

a) One-stop-shop (OSS) will be applied firstly for EU countries. This OSS return is an extension of the existing EU MOSS system for digital services.

Written by Clifford Frank | Posted in EU VAT Exemptions

14 Jul 2021

Trading With Or From The United Kingdom With The European Union: What You Need To Know And Be Ready For

On July 1, 2021, the European Union will introduce changes to the existing VAT regime that will impact UK-EU trade. This memo covers the key points that will affect UK-EU trading that you should be aware of.

1. Removing The €22 VAT Exemption For Imports

The exemption for goods valued up to €22 no longer
applies. Therefore, VAT will be charged on imports to
the EU regardless of value.

VAT will apply at the rate of the buyer’s country of
residence. It is different for every EU country: for example,
Italy – 22%, France – 20%, Germany – 19% etc.

2. One-Stop-Shop (OSS) and Import One-Stop-
Shop (IOSS)

Written by Clifford Frank | Posted in TaxConnections • Trading With The UK And EU

06 Jul 2021

Crypto Assets: Taxation of Individuals In The UK

Cryptoassets and underpinning them distributed ledger technology
have attracted significant attention globally. Spread of transactions
with cryptoassets caused countries to develop their own strategies in the legal regulation and tax treatment of cryptoassets and dealings with them.

This article provides an overview of cryptoassets and the underlying
technology, represents the main activities with cryptoassets focusing
on cryptocurrencies, i.e. Bitcoin, Litecoin and equivalents. Despite the absence of their support by central banks or other central bodies
cryptocurrencies are commonly used as means of exchange or for
investment.

The nature of cryptocurrencies and the types of transactions with
them determine their tax treatment. The article considers the
position of HMRC that denies the recognition of cryptocurrency as of
currency or money and highlights the intangible nature of
cryptoassets.
Read More

Written by Clifford Frank | Posted in Bitcoin • Crypto Assets • United Kingdom

28 Nov 2023

Detailed Analysis: Tax Planning Using a UK Company Post-Brexit

Are you looking to navigate the post-Brexit corporate landscape with strategic precision and tax efficiency? Connect with our expert team for tailored advice and solutions that align with your business objectives. Discover the potential of UK corporate structures in achieving your global ambitions. Contact us today!

1. Key Attractions of the UK for Business and Tax Planning:

Non-Tax Haven Status: The UK’s positioning as a legitimate and reputable jurisdiction for business is a significant advantage. This status is beneficial for companies looking to avoid the stigma associated with tax haven countries.

Legal System: The UK’s legal system, particularly the Companies Act 2006, offers a robust and transparent framework for corporate governance, crucial for international investors and stakeholders.

Cost-Effectiveness: The cost of setting up a company in the UK remains relatively low. This is particularly advantageous for start-ups and SMEs looking to establish a presence in a reputable jurisdiction without substantial initial outlay.

Tax Treaty Network: The UK’s network of double taxation agreements is one of the most extensive globally. These treaties, listed on the HMRC website, facilitate cross-border trade by preventing double taxation of the same income in two different jurisdictions.

2.Impact of Brexit on Tax Planning:

Post-Brexit, the UK’s departure from the EU necessitates a revaluation of structures, particularly for businesses with significant EU operations. However, it opens opportunities for new trade agreements and tax treaties outside the EU framework.

3. Traditional and Contemporary UK Tax Structures:

Written by Clifford Frank | Posted in Tax Planning

21 Jul 2021

United Kingdom: Inheritance Tax Tips To Save Money

You can legitimately plan and manage your tax and save money to survive and thrive.

Inheritance tax receipts in the United Kingdom amounted to approximately 5.32 billion British pounds in 2020/21. The standard rate of inheritance tax is 40% of any amount over £325,000. Each year, approximately 24,500 estates are required to pay this amount1.

If you are running a business, have personal investments, or should you wish to opt-out of the statistics, plan your tax affairs, this article takes you back to the helpful basics.

Here are the 9 Simple and overlooked Tax saving tips for UK individuals you should know.

Written by Clifford Frank | Posted in U.K. Inheritance Tax Tips

01 Jul 2021

Permanent Establishment or Not?

When it comes to tax, trading internationally from a fixed place of business is quite confusing and daunting. If you are trading abroad, the location where the business is wholly or partially conducted can inadvertently create a Permanent Establishment (PE). With different examples, this document will explain how a PE is created and provide a high-level overview of the hidden traps that can trigger a PE.

When it comes to tax, trading internationally from a fixed place of business is quite confusing and daunting. If you are trading abroad, the location where the business is wholly or partially conducted can inadvertently create a Permanent Establishment (PE). With different
examples, this document will explain how a PE is created and provide a high-level overview of the hidden traps that can trigger a PE.

Written by Clifford Frank | Posted in Permanent Establishment • TaxConnections