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OpenRead Animo's Summary of the Autumn Statement 2022 Autumn Statement 2022 On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government sought a balanced path to [...]
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Spring Budget 2023
OpenChancellor Jeremy Hunt delivered a ‘Budget for Growth’ The Spring Budget 2023 The Chancellor has delivered a much-needed ‘Budget for Growth’ for the UK economy after the Office for Budget Responsibility forecast a stronger-than-expected performance from the UK economy this year with inflation continuing to fall. The budget delivers a full range of initiatives that [...] -
UK Register of Overseas Entities
The UK’s Economic Crime (Transparency and Enforcement) Act 2022 (ECTEA) came into force on 1 August 2022 and has important implications for beneficial owners and operators of overseas companies which are registered owners of land in the UK. The purpose of this note is to summarise those implications and to remind interested persons to seek [...] -
Reversal on Mini Budget 2022 Announcement
OpenRead Animo's Reversal on Mini Budget 2022 Summary Chancellor brings forward further medium-term fiscal plan measures As the saying goes, a week is a long time in politics. However, recent events have been unprecedented. At the Mini Budget a new Prime Minister and Chancellor launched a new agenda, ‘The Growth Plan’. Three weeks later, after [...] -
Irish Budget 2023 Announcement
OpenRead Animo's Irish Budget 2023 Summary The Irish budget statement for 2023 was delivered by Ireland’s Minister for Finance, Mr. Paschal Donohoe. The Minister noted that the budget must be, a “Cost of Living Budget”, focused on helping individuals, families, and businesses to deal with rising prices. It was delivered against a volatile global backdrop [...] -
Mini Budget 2022 Announcement
OpenRead Animo's Mini Budget 2022 Summary Chancellor reveals his plan for growth The week leading up to Chancellor Kwasi Kwarteng’s ‘Mini Budget’ may have been a short one due to the Queen’s funeral but the new government managed to fill it with a stream of policy announcements. Before Mr Kwarteng stood up to make his [...] -
New Register for Overseas Entities Owning UK Property Launched
From 1 August 2022 overseas entities owning property in the UK must register on a new register of overseas entities (ROE) maintained by Companies House and will need to keep that register up to date. Provisions relating to the registration of dealings with land to or by an overseas entity in the UK’s land registers […]
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USA Visa Waiver Fee increases for the first time in 7 years
At the end of last month (May 2022) The United States announced that it will be increasing its visa waiver fee from US$14 to US$21 with immediate effect. The Electronic System for Travel Authorisation (ESTA) was established in 2008 as an automated system to establish the eligibility of visitors to travel to the US using […]
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What should you be aware of regarding UK Inheritance Tax?
What is a Situs Asset? Situs Assets are known generally as assets that are located for legal purposes. Forms of inheritance, such as shares or property, are included under this bracket and as such are subject to taxes faced by these. This has been the case since April 2017, when the UK Government decided that […]
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An increase in interest rates and key takeaways from the Spring Statement
Earlier last week, we saw the Bank of England raise interest rates back to pre-pandemic levels of 0.75, the third time since December the Bank’s Monetary Policy Committee (MPC) has increased the cost of borrowing, as they try to contain the UK’s inflation rate, which is looking to rise to 8%. Threadneedle Street’s monetary policy […]
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New leglislation announced to target anonymous property ownership
In light of Russia’s invasion of Ukraine, on the 1st March 2022, the United Kingdom (UK) government has introduced new legislation. Through this new legislation, the UK National Crime Agency will now be able to prevent foreign owners from laundering their money in UK property in the hopes of preventing corrupt oligarchs from hiding […]
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UAE announce Corporate Tax
The United Arab Emirates announced on Monday, 31st January 2022, that for the first time ever they will be introducing a federal Corporate Tax on business profits. Businesses based in the UAE will now, therefore, be subject to the tax from 1st June 2023. The news represents a significant shift for a country that’s long […]
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HMRC Gives Self-Assessment taxpayers more time to ease COVID-19 pressures
The UK Government has announced that for the second year consecutively the late penalty charge for Self-Assessment tax claims will be waived for one month. This news will sure to be welcomed by the estimated 5.7 million who have not yet filed their returns for 2020-2021. The official deadline for completing a return is 31 […]
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Government releases more support for businesses in light of Omnicron variant
With the rise of the new COVID variant, Omnicron, the Government has now put in place several schemes to support businesses in the hospitality and leisure sector during these challenging times. Support Grants Pubs and restaurants have begun to see a rise in cancellations and reduced footfall as the public responds to the rise in […]
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Interest Rates raised to 0.25%
Yesterday, 16th December 2021, the Bank of England raised inflation prices by 0.25%, ending a 20-month running streak of a historically low 0.1% rate. The Bank of England’s Monetary Policy Committee (MPC), which sets interest rates, voted 8-1 to increase the rate by 15 basis points to 0.25%. Rising inflation generally refers to the notion […]
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What should you be aware of following the Autumn Budget?
DownloadDownload our illustration of the impact of the new tax rates for profit extraction Following the Budget announcements from last month, there have been several changes to come into effect for national insurance and dividend tax rates which could affect many tax positions from the tax year 2022/23. Dividends for 2022/23 Dividend tax increases were [...] -
How do Double Taxation Agreements affect international business people?
When living or working in more than one country at a time, there is always a risk of being taxed twice. Double Taxation is the principle of referring to income taxes that are paid twice on the same source of income. This can occur at both corporate and personal levels and generally applies to certain […]
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Autumn Budget Announcement 2021
OpenRead Animo's Autumn 2021 Budget Summary On Wednesday 27th October 2021, Chancellor Rishi Sunak presented his third Budget announcement, detailing plans to “build back better” with ambitions to level up and reduce regional inequality. A lot of the budget was focused again on rebuilding after the Pandemic, with Chancellor Rishi Sunak stating that we cannot [...] -
2022 Irish Budget Statement
On the 12th of October 2021, Ireland’s Minister for Finance, Mr Paschal Donohoe, delivered the budget statement for 2022, with a total budgetary package of €4.7 billion – including measures to promote entrepreneurship as well as supporting growth and job creation, was announced during the statement. The Minister noted that this year’s budget will look […]
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Furlough comes to an end
During his Spring Budget meeting Chancellor of the Exchequer, Rishi Sunak, confirmed that the Coronavirus Job Retention Scheme (CJRS), or more commonly known as Furlough, would run until today, the 30th of September 2021. The current version of the scheme is the third iteration of the scheme which was initially launched in March 2020 after […]
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HMRC postpones Making-Tax-Digital for Income Tax until 2024
On the 23rd of September 2021, HM Revenue and Customs (HMRC) announced that the Making-Tax-Digital (MTD) scheme for income tax self-assessments (ITSA) will be introduced a year later than originally planned, with the roll out now scheduled for the tax year beginning in April 2024. The postponement is planned to provide additional time for preparation […]
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24th September 2021
Nearly six months from the introduction of a new IR35 regime in the private sector, HMRC has started IR35 compliance checks in both the financial services and the oil and gas sectors. With effect from April 2021, the new IR35 rules apply to large and medium-sized businesses in the private sector that engage contractors. These […]
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Animo is looking for a new IT Infrastructure Technician
Animo Associates, a rapidly growing Corporate Services provider, are looking to employ an enthusiastic and ambitious individual to work within our IT department. This is an outstanding opportunity for an experienced IT Infrastructure Technician with the proven skills and knowledge to join our team. Job description: Job Title: IT Infrastructure Technician Salary: £20,000 to £25,000 […]
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Should my company expand internationally?
Taking the leap and expanding internationally can be a daunting thought for many businesses, but it can also be the decision that makes or breaks your success. Expanding your international presence can bring a plethora of new and exciting opportunities to your business, but it is vital that you ensure your business is ready to […]
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Why should your business outsource services to Mauritius?
Outsourcing has become an industry standard across many services, elevating the stresses on key members within organisations and ensuring that business operations across the board are compliant with industry standards. Mauritius has already established itself as a leading International Financial Centre and now it is also developing itself as a preferred destination for the outsourcing [...] -
How will changes to Track and Trace impact the hospitality sector?
On Wednesday 4th of August 2021, UK Ministers announced changes to the NHS Track and Trace app following the ‘pingdemic’, where many of the UK public were forced into isolation after being notified by the NHS Track and Trace App. This was causing distress across several industries, particularly those in the hospitality sector where many […]
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Do we need a Digital Euro?
Many are unaware that when you open up your online banking app, the number displayed is what is owed to you from the bank, but it is still legal property of the bank. Only the physical notes and coins that you withdraw from your account and hold on your person, technically belong to you and […]
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Should the UK Hospitality sector be expecting a ‘Roaring 20s’ revival?
It has been just over one year since the discovery of the coronavirus Sars-CoV-2 by Chinese Scientists, the source of a new, lethal respiratory disease that has controlled and overwhelmed the everyday lives of populations worldwide. More than 1.5 million people have died globally as a result of the pandemic, events and holidays were firmly […]
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UKEF signs flagship Green Partnership to boost renewable exports
On Global Wind Day (15 June) the UK Export Finance signed a memorandum of understanding (MoU) with ORE Catapult that will help bring global trading opportunities to UK suppliers and propel UK renewable exports. The UK currently holds the status of the world’s largest offshore wind market, generating 10.4GW of total installed capacity. The UK […]
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What do we know about the UK’s financial future following the Chancellor’s Mansion House Speech?
Earlier last week (1st July 2021) Chancellor of the Exchequer, Rishi Sunak, gave his first speech at Mansion House, to an audience of young and aspiring leaders in Financial Services. During his speech, he outlined his roadmap to “ensuring UK financial services remain competitive now that the UK has officially left the European Union”. His […]