Hey there! If you're running an international business in the UK, you've probably noticed that tax rules keep changing. Don't worry - we've got your back. Let's break down the big changes happening in 2024 and how LEXeFISCAL LLP can help you stay on top of things.
1. Corporation Tax: Steady, but Still Tricky
Good news - the corporation tax rate is staying put at 25%. But don't get too comfy! There's still plenty to think about:
Make the most of tax reliefs, especially the new "full expensing" deal. It lets you deduct all your capital investment costs from your profits right away. Pretty sweet, right?
If you're working across borders, watch out for transfer pricing rules. They can be a real headache.
Some industries (looking at you, finance and energy) might face extra charges. Keep an eye out!
How we can help: Our team at LEXeFISCAL LLP are pros at optimizing tax structures. We'll help you navigate all this stuff and keep you competitive.
2. Digital Services Tax and Crypto: The Future is Now
If you're in tech, listen up:
The Digital Services Tax is still here, charging 2% on UK-user revenue for big digital companies.
There are new rules coming for reporting crypto assets too.
How we can help: We're all over digital taxation. Whether it's managing your DST obligations or dealing with crypto reporting, we've got you covered.
3. Environmental Taxes: Going Green (Whether You Like It or Not)
From 2027, there's a new tax in town - the Carbon Border Adjustment Mechanism (CBAM). It'll make high-carbon imports more expensive. Think steel, cement, that kind of stuff.
How we can help: Our environmental tax experts can help you adapt to CBAM and other green taxes. We'll work with you to keep your business eco-friendly and wallet friendly.
4. Non-Dom Tax Changes: Big News for Global Execs
If you've got high-flying executives from overseas, heads up:
From 2025, new UK residents get a 4-year grace period on foreign income tax.
There are also new rules on capital gains tax for current non-doms.
How we can help: We're experts at advising non-doms and their employers. We'll make sure you and your top talent stay compliant and tax efficient.
5. HMRC's Getting Tougher: Are You Ready?
HMRC's beefing up its team and looking closer at businesses. They're focusing on:
Employer compliance
VAT
IR35 rules (contractor vs. employee stuff)
They're also keeping a close eye on R&D tax relief claims.
How we can help: We'll get you audit-ready. From double-checking your R&D claims to making sure your contracts are IR35-proof, we've got your back.
Wrapping Up: Let's Team Up!
Look, we know this is a lot to take in. Tax rules are always changing, and it can feel overwhelming. But that's why we're here. At LEXeFISCAL LLP, we live and breathe this stuff, so you don't have to.
Whether you need help with digital taxes, environmental levies, or just want to make sure you're not overpaying, we've got the expertise you need. Why not give us a call? Let's chat about how we can help your business thrive in the UK, no matter what tax curveballs come your way.
Remember, in the world of taxes, knowledge isn't just power - it's profit. Let's work together to keep your business ahead of the game!
Dr Clifford John Frank
LLM (Tax), HDIpICA, PhD, CPA
Partner
Mr Angelo Chirulli
Master’s Degree, ACA, ADIT, BFP
Tax Partner
Email: angelo@lexefiscal.com
Telephone
+44 (0) 208 092 2111
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