Edge Tax

08/11/2024

Following the US election and Trump's win, the dollar strengthened, and the FTSE 100 rose 1%. This boost is linked to Trump's tax cuts and tariff increases, which could raise inflation and keep US interest rates higher for longer, offering better returns on dollar-based investments.

However, concerns remain about the UK economy, as Trump's trade policies may slow growth. Financial markets are volatile, so trends in currency, commodities, and interest rates can change quickly. Staying informed helps manage cash flow, adjust to rising costs, and time borrowing to secure lower interest rates. These market movements also impact consumer confidence and spending power.

25/10/2024

All eyes are on National Insurance Contributions next week

A potential rise in employer National Insurance contributions (NICs) in the upcoming Autumn Budget has triggered significant backlash, with critics claiming

21/10/2024

The clock is ticking until the Autumn Budget.

From tax changes to business incentives, there’s a lot to anticipate.

As the government promises "difficult decisions" ahead, it’s clear that big changes could be on the horizon for businesses, high earners, and everyday taxpayers alike. Stay tuned for updates as the future of UK taxes unfolds!

The Chancellor Rachel Reeves will deliver her first Autumn budget on 30 October 2024.

05/08/2024

We have had an influx of new enquiries come in recently. So we thought it would be a good time to discuss what to look out for when seeking new tax advice.

A tax advisor helps clients minimize tax risk and optimize their financial decisions to reduce overall taxes paid.

26/06/2024

The recent Spring Budget proposed significant changes, including the abolishment of the ‘non-dom’ regime, set to be replaced by the Foreign Income and Gains Regime (FIG). These changes, while not yet enacted, could impact both UK and non-UK domiciled individuals significantly.

Key proposed changes include:
🔹 New tax exemptions for foreign income/gains for new UK residents after 5 April 2025.
🔹 Special tax rates for remittances in the years following the regime's introduction.
🔹 Potential loss of personal allowances and annual exemptions.

As we await the election results, it's crucial to review your current residence and domicile status and evaluate your offshore assets. Proactive planning now can help mitigate potential tax exposure later.

Stay informed and prepared for the shifts ahead! 📈

What will happen to Domicile and Non-Dom status

04/06/2024

Our June Tax Update is now live on our website!

REPORT EMPLOYEE BENEFITS ON FORM P11D BY 6 JULY

31/05/2024

Understanding Pre-Owned Asset Tax (POAT) is crucial for effective estate planning in the UK.

Introduced to close loopholes in inheritance tax, POAT ensures that individuals cannot sidestep tax liabilities by benefiting indirectly from assets they once owned.

Our latest article explains POAT, its implications, and strategies for compliance and mitigation.

Learn how to manage potential POAT charges and ensure your estate planning is tax-efficient. Visit our website to read the full article and get expert advice from our chartered tax advisers.

Estate planning in the UK involves understanding various tax regulations, one of which is the Pre-Owned Asset Tax (POAT). Designed to close loopholes in

23/05/2024

If you're making money online—whether it's freelancing, selling on e-commerce platforms, or monetizing your blog or YouTube channel—it's time to pay attention! HMRC is cracking down on tax compliance for digital entrepreneurs, and staying compliant has never been more critical.

From nudge letters to hefty fines, HMRC means business. But don’t worry, we've got your back! Learn how to stay ahead, keep accurate records, understand your tax obligations, and avoid any costly mistakes.

Click the link for the full guide on HMRC’s crackdown and how you can navigate it like a pro!



https://edge-tax.com/tax-investigation/digital-side-hustles/

16/05/2024

Rian O’Keeffe is the latest fraudster brought to justice as part of the ongoing investigations into abuse of the Bounce Back Loan scheme.

O’Keeffe applied for and received a £50,000 Bounce Back Loan in July 2020 based on a claim that it would be used within his business called Trainersource. He claimed that his business had been trading since March 2020 and had a turnover of £312,000.
In reality, Trainersource was a fictitious business that did not exist and seems to only have been an idea O’Keeffe had.

After receiving the loan money, O’Keeffe withdrew £14,000 on the same day, and a further £8,000 just over a month later. More than 150 transfers were made to personal accounts between August and October 2020.

O’Keeffe was declared bankrupt in November 2021, and due to a Bankruptcy Restrictions Undertaking he cannot act as a company director, borrow more than £500 without declaring his restrictions, or work in various posts in the health and education sector for 12 years.

The court sentenced him to 18 months in prison, which has been suspended for two years. O’Keeffe also has a three-month curfew and has 30 days of rehabilitation activity to complete.

14/05/2024

Principal Private Residence (PPR) Relief

Homeowners, navigating Capital Gains Tax just got easier with Principal Private Residence (PPR) Relief! Understanding PPR can significantly impact your finances, especially with the latest updates from the spring budget.

Whether it's periods of absence or changes in CGT rates, staying informed is crucial. Did you know that married couples with multiple properties need to designate one as their main residence for PPR relief? Learn how societal changes affect tax laws and how you can stay ahead.

For a deeper dive into the complexities of PPR relief and how it affects you, click the link in our bio!

Homeowners looking to navigate the complexities of Capital Gains Tax, understanding Principal Private Residence Relief (PPR )is critical. At its core, PPR