Every year there are changes to the UK’s income tax rates and brackets. Since 6th April 2018, there have been a number of amended rates and brackets put into play. Below we have summarised some of the key changes that have taken place to UK tax so far this financial year.Read More
Under current and previous rulings, banks are required to tell their customers if tax officials are looking to inspect their statements.Read More
In a world where personal time and health can easily slip beneath the pressure to earn money and gain a successful career on our priority hierarchies, the ability to achieve maximum income and minimum hours is the ultimate dream for most.Read More
Last month, the court case South Dakota v Wayfair Inc over-ruled the Quill Corp. v. North Dakota rule of physical presence and decided that states should be able to require out-of-state retailers to pay sales tax from customers. Retailers must still collect sales tax even if they do not own a physical store or warehouse in the state, therefore clamping down on the tax requirements for online retailers.Read More
As the third largest film market in the work, the U.K. has a reputation for high quality productions. There are three key reasons why filmmakers choose to produce in the U.K:
1. Easy access to high-quality studio’s, laboratory and post-production facilities, performers and services.
2. Highly beneficial tax incentives aimed at film producers.
3. A favorable exchange rate
In 2000, the U.K. Film Council was established with the intention to promote the competitively of U.K. film industry in a worldwide market. In 2011, the U.K. Film Council was dissolved and transferred into the BFI. The BFI is also in charge of the certifications of films. This is important as it enables filmmakers to access the U.K. film tax relief.
How to finance a film in the UK
There are a number of finance structures that can be taken when financing films in the UK. Most film productions employ the financing method where provisions for the proportion of a film’s total budget are made in return for an involvement in a co-production or the acquisition of distribution and broadcasting rights.
When a film is produced under the terms of an international co-production agreement between two or more countries is know as ‘Co-Production’. These films made under a bilateral co-production treaty or the European Convention on Cinematic Co-production. Under these agreements international co-operation between filmmakers is encouraged.
Collaboration of filmmakers from more than one country is encouraged by offering incentives such as allowing produced to access the support provided to national films in each of the co-producing countries including, where appropriate, tax incentives.
The UK’s decision to withdraw from the European Union will have ramifications for all people and organizations in one form or another; whether that be through the cost of material or shipping tariffs.Read More
Alongside the boom in demand for gin, has come its potential price rise of more than 11p as sellers pass on the cost of sugar tax to consumers.Read More
There are many notable tax advantages to incorporating your business. Deciding if and when to take your company to the next level should take into consideration all these implications before making it official.Read More
The temptation to draw a sum of your pension before you hit 55 can be all too much for some. Companies have latched onto the idea of 'early pension release' and those enticed in are losing out on huge sums of money. While this isn't technically illegal, they will often hide the terms and conditions of your withdrawal within the small print of their policies. Here are a few things to look out for:Read More
Planning for the future is imperative in ensuring your intended heirs receive the inheritance you wished for them. Creating your will is undoubtedly an essential document to secure the financial future of your loved ones however it can often over-shadow equally important documents that can render your will ineffectual if not completed.
In addition to your will, key documents such as power of attorney or advanced medical directive need to be completed and filed alongside your estate plan. Such documents nominate individuals to make key decisions on your behalf if you are unable to do so yourself. If these forms are not completed, there may be a lengthy and expensive process to enable the courts to select someone for you. This could be someone you wouldn't have personally chosen and they may not have your best interests at heart.
These documents might not seem important if you are in good health, but delaying their completion can cause a great deal of inconvenience if you were to fall ill suddenly or be involved in an accident. Create peace of mind by completing them early on before it's too late to have the documents executed.
Although we highlight the importance of a will, it fails to take into account certain assets that lie outside of its realms and the probate process. This includes but is not limited to: life insurance, retirement accounts, annuities and many more. Often, beneficiary designation forms for these items declare that the assets will be placed elsewhere unless you declare otherwise so it is important you review them and make sure you and your family are aware of where they will be passed on to. It is not enough to have it stated in your will where you would like these assets to be inherited as beneficiary designation forms can often state otherwise and would mostly be sided within an IRS ruling.
For tax advice on your estate planning contact us today
If you're due a tax refund, the temptation to flitter the extra cash away on short-term luxuries can be hard to resist. Whilst temporary pleasures are all well and good, the sensible thing to do is use the money for something that will further enhance your financial situation.Read More
Inheritance tax (IHT) has been declared the most disliked tax in a poll by the general public and it's no surprise as to why. Like it or not, it's here to stay but there have been a few recent changes that might benefit you if you're thinking about planning for the future.Read More
As of April 2018, a sugar tax was enforced on all sugary drinks in the UK in an attempt to curb the ever-growing concern of the Nation's obesity epidemic.
How will it work?
There are 2 taxation categories: one that effects drinks containing more than 5g of sugar per 100ml, and a higher tax for sugary drinks with 8g or more per 100ml. The Office for Budgetary Responsibility stated the drinks will be levied at 18p and 24p per litre. The money raised is intended to be spent on increasing funding for sport in primary schools - an estimated £520 million.Read More
Retirement planning doesn't have to be complicated but can often be neglected because we like to prioritise our current spending. Failing to pay into a pension or disregarding retirement saving might make your bank account a little fuller in the short-term, but when you reach an age where generating an income isn't as easy as it once was, you'll find yourself high and dry if you don't plan ahead. According to a study by Which? the average household needs £18,000 a year to cover household essentials and this doesn't include costs of any bucket-list items you might have been saving for your wonder years - keep reading to find out if you're doing enough to save for your retirement.Read More
Music Industry booms with fastest growth in more than 20 years
Latest figures show Global music revenue has made a year-on-year increase of 8.5%, soaring to $17.4 billion (£12.2bn) in 2017. According to MIDiA Research, it's the fastest growth experienced in 23 years and is predominately driven by a huge increase in the use of streaming services. With the likes of Spotify and Apple Music at the forefront of the suppliers, streaming services now account for 43% of all revenue.
It's hoped that the music industry will continue to grow with leading media companies such as Pandora Media Inc. and Amazon.com Inc. pursuing options for paid customer privileges. With CD and other physical format sales only making up 17% of the total revenue, it's apparent that streaming has given the industry a new lease of life - one that it was desperate for after the lull years of slow sales caused.
Contact us for expert creative industry tax advice
Not having an emergency fund
Sometimes life throws you a financial curveball so it's important you set aside money to deal with it should it happen. Not only that, but with the freedom of freelancing comes the possibility that there may be periods where your workload slows down. Putting a small amount of money from your monthly paycheque (we recommend 5%) will help you pay for any unforeseen outgoings without disrupting your actual account balance. Allocating a separate account for this that isn't accessible by cash card can help curb impromptu spending.Read More
The Museum and Galleries tax relief was introduced in November 2017 as an opportunity to claim back money on the production of Exhibitions.
The premise of the tax relief is to allow museums and galleries which are charities to claim back some of the cost they incurred to put on their exhibitions, which the government hopes will make promoting the work of creative industries more sustainable.Read More
With a new tax year comes tax changes that affect all of us. This article will go into some of the tax changes you should be aware of and how they may affect you.Read More
It is possible to set up a limited company independently, however it is advised that a specialist formation agent is used in order to avoid unnecessary mistakes and obstaclesRead More
Your tax code is a combination of letters and numbers that is used by your employer and pension providers to work out how much Income Tax should be taken from your pay or pension.Read More