It was recently announced that a broader range of trusts would need to be added to the trust register, with a deadline of Autumn 2022. Under new rules, which took effect in October 2020, registration is no longer limited to trusts with a UK tax liability. Instead, to ensure transparency, all existing UK trusts and [...]

In 2018 the EU imposed a new directive known as DAC6 in an effort to promote tax transparency. The UK transposed DAC6 into national legislation in 2020 even though Brexit plans were well underway and implemented DAC6 regulations into their cross-border tax reporting regime. However, since Brexit and the global pandemic, reporting deadlines in regards [...]

Earlier this year, on the 19th of February 2021, the UK Supreme Court finally reached a verdict on their six-year-long court case challenging Uber’s drivers' classification. The court announced their decision regarding United Kingdom Uber Drivers' employment status, stating they must now be classed as workers, a change from their previous status as self-employed contractors. [...]

Earlier this month, on the 3rd March 2021, Chancellor of the Exchequer Rishi Sunak announced his 2021 Spring Budget Review. His plan was based on three principles; Continue to do whatever it takes to support the British people and businesses through the current period of crisis Begin to fix public finances now the UK is [...]

Following the announcement of the United Kingdom’s Spring 2021 Budget on the 3rd March 2021, the Government has since released an outline of their future Tax Administration Strategy through their Tax Policies and Consultations for Spring 2021, released on 23rd March 2021. This strategy outlines a future pathway for the UK’s tax administration and tax [...]

Following the 2021 budget announcement from the Chancellor of the Exchequer Rishi Sunak, many new tax updates will start to take shape in the everyday lives of the British public. From Income Tax Allowance to Stamp Duty and even Car and Van benefits, the Chancellor ensured that businesses and the British Public were kept front [...]

The discovery of the novel coronavirus in late 2019 shifted our realities drastically, and no one could have predicted just how much of an effect it could have on our everyday lives, let alone be able to prepare for the subsequent results adequately. Societies and economies worldwide experienced an unprecedented shock to their systems, and [...]

Chancellor Of The Exchequer Rishi Sunak announced his 2021 Budget on Wednesday 3rd March 2021. He based his new budget on a three-part plan to protect the jobs and livelihoods of the British people. His key three points were as follows; Continue to do whatever it takes to support the British people and businesses through [...]

The government announced £8m in funding to help SME’s modernise, go digital, and ultimately create new jobs on the 18th February 2021. This new funding is to be used directly to adopt cutting-edge digital technologies to improve manufacturing processes. The new funding is hoped to build back better by increasing businesses' productivity and reducing emissions. [...]

Animo Associates continually strives to positively impact our local communities as much as we can and we are always looking to support those in need. Recently we were made aware of Thurloe Hogdson, a local Essex resident who, since the start of the first lockdown in March 2020, has been supporting communities by collecting and [...]

The UK has taken strides with its development towards the global Green Finance initiative, thanks to £10m in new funding, as announced by Energy Minister Anne-Marie Trevelyan on 15th February 2021. The new UK Centre for Greening Finance and Investment will begin in April 2021, with physical roots in London and Leeds opening soon after, [...]

The HMRC has announced new information regarding the Stamp Duty Land Tax (SDLT) surcharge for non-residents purchasing a property in England and Northern Ireland from 1st April 2021. The announcement from the HMRC to the ATT read as follows; "Purchases of land and buildings in England and Northern Ireland are subject to Stamp Duty Land [...]

What is VAT? Value Added Tax (VAT) is a type of end consumer tax that is generally assessed incrementally. VAT is usually levied on the price of a product or service at each stage of production, distribution, and/or sale to the end customer. Ultimately, it is just the additional charge on goods and services supplied [...]

London has always and will most like always be, considered to be one of the worlds key international business hubs. Its sprawling metropolis boasts innovation, venture capitalism and diversity and its convenient time zone and culture allows effortless international relations. London offers businesses – whether they international conglomerates, SME’s or start-ups just beginning their professional [...]

Following the UK becoming the first-ever EU member state to officially leave the single market on 31st December 2020, many businesses will be forced to reconsider their trade operations, and especially how they account for their VAT on digital services. Thankfully, with the last-minute settlement of a Brexit EU-UK trade deal, this confirmed an unprecedented [...]

After an intensive four year period, and nine months of discussions, a Brexit Trade Deal between the EU and UK was finally agreed upon on 24th December 2020 and approved on the 31st December 2020, not a moment too soon before the transition period came to an end. This meant that trade regulations have been able to [...]

On the 31st of January 2020, the UK officially left the EU. This then trigged a ‘transition period’ as per the withdrawal agreement. This transition period has meant that operations between the UK and the EU have been conducted in the same way that they were previously were. However, from midnight on the 31st December [...]

On the 5th November 2020 Chancellor of the Exchequer, Rishi Sunak, confirmed that the Coronavirus Job Retention Scheme (CJRS) would be extended until March 2021, instead of ending as expected in October 2020. This was due to the ongoing economic turbulence created by the outbreak of the Coronavirus. This allowed companies to claim up to [...]

On the 31st of December 2020, the transition period will end, and the UK will leave the EU single market and customs union. It is becoming increasingly likely that before this time the UK will not have agreed to a trade deal with the EU, resulting in a No-Deal, ‘Hard’ Brexit. The EU and UK [...]

What is the Mini One Stop Shop (MOSS)? The Mini One Stop Shop allows taxable persons (such as businesses) who supply digital telecommunication services to non-taxable persons within any member state of the EU, to account for their VAT on all services supplied in the member state that they are operating from. This allows businesses [...]

Boris Johnson – Prime Minister of the United Kingdom, recently announced his new 10-point-plan for a ‘Green Industrial Revolution’. His new plan will be centred around the UK’s industrial heartlands – the North of England, the Midlands, Scotland, and Wales with ambitions to generate 250,000 new jobs in these areas in the carbon capture, electric [...]

The United Kingdom Government has opened a new bespoke Visa route for British Nationals (Overseas), which has been available from 31 January 2021. This new option for Hong Kong nationals was announced in light of the recent National Security law which China has now imposed on the people of Hong Kong, and in recognition of [...]

On the 31st of October, just two weeks after the last update on COVID restrictions, Prime Minister Boris Johnson announced another change to England’s Coronavirus precautionary restrictions. These restrictions only apply to England, while the other members of the United Kingdom remain under different restrictions, enforced by their own local governance. The Prime Minister has [...]