Bond Income – How does Tax Impact this?
Bond income, often derived from interest payments, is an attractive investment option for many due to its relatively stable returns. However, the taxation of bond income can be a complex matter, influenced by various factors including local tax legislation,...
Global Mobility
In today’s interconnected world, businesses are expanding across borders, and workforces are becoming increasingly mobile. Global mobility refers to the movement of employees across international locations for work, whether through short-term assignments, long-term...
Take Two: Unveiling the South African Budget That Almost Never Was
The South African 2025 Budget Speech, which caused tremendous uproar following its initial postponement has been tabled. Among other key aspects relating to budget allocations and revenue collection, there are several key tax amendments and anticipated legislative...
The Importance of Having a Financial Plan
When running a business, it is critical to have a clear strategy and financial plan to achieve the strategy. Why then in our personal lives do we procrastinate when it comes to making a clear plan with our finances? Instead we just “hope” things will work out and...
Tax Relief for Start-Up Companies in Ireland: A Guide to Section 486C Relief
Starting a new business can be a daunting financial challenge, but many governments offer tax incentives to support entrepreneurs. In Ireland, start-up companies may be eligible for Corporation Tax (CT) relief under Section 486C of the Taxes Consolidation Act 1997....
Are Your Heirs Prepared? Big Changes Coming to How Pensions Are Taxed after Death.
Pensions have historically been a valuable tool for reducing inheritance tax, thanks to their unique treatment upon death compared to other assets. Before the budget, a different tax regime applied depending on your age at the date of death: If you die before age 75 –...
The end of non-domicile status in the UK: What does this mean?
With the change in government and the highly anticipated Autumn budget last week, we can finally confirm the long-anticipated abolishment of the non-domicile tax regime and the change in the tax laws that accompany this. From 6 April 2025, the UK is changing to a...
UK Autumn Statement 2024
Today, Chancellor Rachel Reeves delivered the UK Autumn Statement, outlining the first Budget from the new Labour government and introducing some notable updates to the UK tax system. Below are some of our highlights (not a full list) to keep you informed on the...
The consequences of poor personal financial administration: The importance of protecting yourself and your loved ones
Nobody likes financial admin… But whether we like it or not, the time and attention required to look after our finances is critically important. Here are just some of the consequences of not doing your admin properly. Lack of organisation When financial documents,...
Heading to Italy? Watch out for rising tourist taxes
Italy, home to iconic destinations like Venice and the Italian Riviera, has been particularly impacted by overtourism. In response, a new draft decree has emerged to increase the current tourist taxes from €5 to between €10 and €25 per night. Tourist tax is not a new...
The Importance of Having a Financial Plan
When running a business, it is critical to have a clear strategy and financial plan to achieve the strategy. Why then in our personal lives do we procrastinate when it comes to making a clear plan with our finances? Instead, we “hope” things will work out and that our...
Beyond the Lab: Exploring R&D Tax Relief in the UK
Before you ask – “Why are you talking to me about Research and Development credits? I don’t even have an R&D Department!” – read on. Unknown to many, the Research and Development (R&D) tax relief is not just for traditional research and development. This means...
Understanding the New Economic Crime and Corporate Transparency Act 2023
On 26 October 2023, the Economic Crime and Corporate Transparency Act (ECCTA) received Royal Assent and became law. Although it’s implementation is taking place in stages, many changes are already in effect as of March 4, 2024. The ECCTA aims to reduce economic crime,...
The Start of Filing Season 2024
The South African Revenue Service (SARS) announced 15 July 2024 as the start of the Filing Season for provisional and non-provisional taxpayers who are required to file a tax return. Auto-assessments for an expanded pool of taxpayers started to run from the...
2024 South African Tax Return Filing Season
Tax filing season is upon us again. “Why should I bother checking my auto assessment tax return? It must be right.” Please don’t be fooled. Often SARS have the incorrect info and you may be able to get back more than you expected. If you have to file your own...
Clarifying the Tax Situation for Clothing Goods in South Africa
Recent discussions have highlighted confusion about the tax treatment of clothing goods in South Africa, especially concerning companies like Shein and Temu. It’s important to clarify that there has been no new tax increase on clothing goods. The existing tax rate for...
Deadline for Voluntary National Insurance Contributions Extended to April 2025
In June 2023, the UK government extended the deadline for making voluntary National Insurance contributions to April 2025, providing more time for individuals to boost their State Pension. Taxpayers now have until 5 April 2025 to address gaps in their National...
The End of Non-Domicile Status: A Complete Taxation Overhaul
In a significant announcement during this year’s UK Budget Speech, the Chancellor declared the imminent abolition of the longstanding “non-domicile” status, a key part of UK tax policy for over two centuries. This transformative decision signals a fundamental shift in...
What to do when facing uncertainty in South Africa
It is often at times of unrest or potential political change that South Africans step back and assess their situation! So, what can you do? Option One – Emigration Emigration is certainly an option and hundreds of thousands of South Africans have taken this route in...
Returning to South Africa? Give some thought to the tax consequences
There have been several articles recently on increasing numbers of South Africans returning to the country from abroad. For those doing so, there are several important considerations to keep in mind from a tax perspective. Understanding the tax obligations and...
Energy Tax Incentives for Individuals
The Finance Minister delivered his annual budget speech on 22 February 2023, and did not raise taxes. This was expected, given the state of the economy. The budget instead announced R13 billion in tax relief. Through an expansion of the Income Tax Act’s section 12B...
