ACCOUNTANT EXPLAINS Important Tax Changes in the UK for 2024/2025 (NIC, SDLT, CGT, Non Dom)
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- čas přidán 28. 05. 2024
- Lets talk about 5 important tax changes happening to the UK Tax system in 2024 and 2025 as a result of Jeremy Hunt's Spring Budget.
TIMESTAMPS:
00:00 - Introduction
00:44 - National Insurance
02:34 - Fiscal Drag explained
03:27 - Capital Gains Tax
05:05 - Multiple Dwellings Relief
06:17 - Furnished Holiday Lettings
07:48 - Non Dom status
WHO AM I:
I'm Kiran, a qualified Accountant and experienced tax professional living in the UK. I make videos about finance, tax and investing.
MY FILMING GEAR:
Camera - amzn.to/3FxPlad
Microphone - amzn.to/3RP1GOu
Tripod - amzn.to/3PVWRjR
DISCLAIMER:
This content, and the ideas presented in it, are for education and entertainment purposes only. Kiran does not provide tax or investment advice. The information presented does not consider the financial circumstances of any investor, and therefore may not be suitable for all investors.
Although Kiran is an Accountant, no Accountant-Client relationship is established with the viewer in any way.
As an Amazon Associate I earn from qualifying purchases. The product links in the description are affiliate links. This means if you choose to buy something through one of these links, I may receive a commission on the sale, but it makes no difference to you as a buyer.
Note: I didn't cover the British Isa in this video because full details are not yet known. The Government has opened a consultation until 6 June, after which more information will be available. Thanks for watching :)
Ok
The phasing out of Biometric Residence Permits (BRP) and Biometric Residence Cards (BRC) is expected to be fully complete by December 31 2024. The adoption of e-Visas will remove the need for physical documents to prove immigration status, as the fully digital documents can be accessed and verified securely online.
Rishi Sunak called an early election as he and his Non-Dom wife will be leaving the UK and moving to the USA. Sunak didn't become PM for the love of the 🇬🇧 UK and its people, Sunak became PM for Status, Prestige and Connections, Sunak will be gone by April 2025 ...
These videos are fantastic Kiran! Your videos are concise, simple to understand and you are SO articulate. I really appreciate the knowledge you're bestowing upon us as an audience.
Rishi Sunak called an early election as he and his Non-Dom wife will be leaving the UK and moving to the USA. Sunak didn't become PM for the love of the 🇬🇧 UK and its people, Sunak became PM for Status, Prestige and Connections.
Thanks very informative. Would appreciate specific explanation of capital versus revenue expenditure of expenses in a rental income
This is so well explained! 🙌
Thank you for watching!
Well explained, thank you 🙏
Glad it was helpful!
Thanks Kiran very informative. Would like to understand more about NonDom tax
Currently, non-doms can claim the remittance basis which means they only pay UK tax on income/gains they bring ("remit") into the UK. From 2025, the UK will move from a remittance basis to a resident non-dom basis. This means non-doms will be subject to UK tax on their worldwide income/gains like UK-domiciled residents, but only after they've been in the UK for a certain number of years.
Specifically, people moving to the UK won't pay UK tax on foreign income/gains for the first 4 years they're resident, as long as they haven't been UK resident in the last 10 years. This removes the remittance basis and gives a grace period for new arrivals before worldwide taxation applies.
However, long-term non-doms who currently benefit from the remittance basis may end up paying more tax under the resident non-dom rules. There are concerns some wealthy non-doms may choose to leave the UK as a result of the changes.
Thank you for teaching
Thank u Kiran
Very informative
Glad it was helpful!
7:25 Free up what in the market? It’s been for me much harder to find good short rental than the other one
You explain very well and you sound believable 👍 thanks again young lady
Thanks for watching, glad the explanations were clear!
Hi Kiran could you please do a uptodate video on how taxation works for financial trading 🙏
Many thanks ®️
Saving is not the word to be used when people with power take your money because they can
Great information. Thanks
Glad it was helpful!
One area of confusion for CGT for me is sharing shares with my spouse (bed and spouse). How can this be done such that both my spouse and i can maximise our CGT allowance from shares owned by one person in the relationship (hope this makes sense)
Thank you..your voice is very attractive.
Kiran any chance you could explain the rules associated with being an expat and the tests for being a non uk tax payer if working abroad?
Are the non dom rules to be applied retrospectively? As in, if we leave now, will the 10 year rule apply anyway?
Hi your videos are really helpful.i just want to ask for the companyes as LTD what is the treshold
i wish my accountant was as fit as you ❤
Thirsty.
😂 Cheeky. She is too professional to respond to that comment. But we all know she will quietly appreciate the complement. My accountant looks like something that crawled out of a lake and took up residence in the woods. But he helps me reduce how many times I get raped by the government, so I love him all the same.
Thak you for your advice
Thank you for watching!
Good advvices. Can I ask something, make video second property transfer to family member without paying any tax
I feel something wrong to get all this information with high quality video for free thank you your channel is very helpful for anyone new in UK
Glad it was helpful!
Any chance of discussing if Asset Protection Trusts are safe and worth it please? Specifically for care costs.
Thank you for this helpful video. One query please -at 4:46, you follow the example of a £100k gain on sale of 2nd property with the statement that the new 24% CGT rate “will only impact those whose incomes are within higher and additional tax bands”. However, the residential CGT rate is determined by the sum of adding income (which may be within the basic rate band) to the total taxable capital gain (in this case £100k) minus the CGT allowance. It’s whether this sum lies within the basic or higher/additional bands that determines the tax rate charged. Please correct me if I’m wrong.
Sorry .. the sum of income minus income tax allowance and reliefs , added to the capital gain, minus CGT allowance
Great video, I would like to understand more about the changes to nursery hours and how much you need to earn to qualify and when it makes sacrifice salary to under 100k or just pay for nursery
DONT go above 100k. You’d need to earn 130kish to break even with the loss of nursery allowances.
Edit the video in a good style.
When we are speaking or explaining something, at that time, insert B-Roll animations nicely. This will enhance the visualization.
Put proper subtitles, effects, transitions, and colors in the video.
Make sure to insert B-Roll properly because it is very important for your video.
Do all this and then see how the video doesn't turn out good.
Thank you for your suggestions!
If someone says that video editing should be enhanced then I also vote "yes"
I Agree 👍
In my opinion, more attention should be paid to subtitles, transitions, effects and B-Roll.
I mean do subtitles, transitions, effects and B-Roll properly.
👍
You guys are saying this today, right?
I have been saying this for several weeks now that you should improve your video editing.
🌶️🌶️🌶️
Hi Kiran, how we can reach out to you in order to get a quote for the LTD tax filing and to utilize your expertise to save some tax :)
I have a question about Capital Gain, I discover there's Capital gain allowance in the UK, if I'm correct it means I don't have to pay taxes under 6000£ in 2023/2024 and 3000£ in 2024/2025. Does that mean I don't have to declare anything or I need to fill some documentation? Also, my capital gain comes from the sell of some stocks I have in my Italian bank account, in Italy the bank pays taxes for you so it deducts capital gain automatically, in Italy there' s no Capital Gain allowance. Considering I'm a UK resident and I shouldn't pay capital gain taxes under 6000£, can I ask the UK government to pay back the capital gain I paid in Italy? If so, how?
Thank you 😊
You're welcome!
Any info on OMB'S and RTI ?
Thanks 🙏🙏🙏
Thank you for watching!
Hi Kirun, do you know that BTB can make investments without tax to 80.000 on crypto coin
Brilliant
Can tou discuss moving out of the UK and what to do when leaving for tax purposes i.e uk residency tests
How much is certain?????
How do I get back some of my taxes after pay 1300.00 last year's I'm getting depressed with UK taxes system. I want to know if one win 1000.000 how much taxes I'm looking to pay?
do you have plans to advise on CGT on crypto?
Hi there, yes I am planning to cover crypto taxes in a future video!
There will be many "Crypto Millionaires " this year for sure due to the BTC - ETFs - Halving and a possible Etherium ETFs. they are marking sure Tax is due.
Are you taking on new clients?
Leaving a comment to show my appreciation of the service you're doing. Any lower tax band gems you might have, no matter how remote, please let us know, obviously it would still require a level of research on our behalf. Thank you 🌚
What a lovely comment, thank you
Two Internal Auditors can provide exemption from Taxes
You did not mention that non working people i.e. pensioners will not gain by the NI reductions and will therefore pay more tax due to the freeze on the threshold.
I’ve been making a lot of losses trying to make profit trading. I thought trading on a demo account is just like trading the real market. Can anyone help me out or at least advise me on what to do?
I will advice you should stop trading on your own if you keep losing.
If you can, then get a professional to trade for you I think that way your assets are more secure.
I’d recommend Trisha Davis, her profit is great even when there’s a dip
Hey i'm shocked you just mentioned and recommended trisha davis, i thought i was the only one trading with her
you dont need to be shocked haha because i'm also a huge beneficiary of her
Gurus Kaur has smashed it!! Well done !!! Great content
Thank you so much, glad you enjoyed the video
Are you ICAEW qualifed ?
And again..the tax farmer save penny and rhe rich save millions
This affect on Economy of England shoud be increase Tax economy come on Line
Got to love equality, irrelevant royal family pays 0taxes, 0 IHT
Sho did not mention the pensioners who will be a lot worse off due to the "Fiscal Drag" going on until 2028.
This means that better off pensioners will be a lot worse off.
Tax bands frozen means that many pensioners will have to pay a lot more in tax.
Reduced N.I. rates will benefit some paid by the pensioners no doubt, but it will also affetct the future welfare of many.
The UK ison a steeper slippery slope since Thatcher & co.
Looking around today I see many young families with two+ children and dog living in a 4 bedroomed detached house with 2 newish cars on the driveway, somethingb that was impossible inmy younger days and no doubt will be impossible for the next generation.
This generation is taking all....from the pensioners and from the future generations and would you believe it most are sitting on their backsides working from their home.
The UK is a busted flush....
Very pretty
This is a tax video, you pervert.
This country is finished, moved couple of years ago where I live tax free and more freedom
There have changed my tax code
Taxation is thieve for the parasite who taxed more than once.
Ya come over on DINGY u get for NOWT!!
Only fans?
Go check your mummy's
@@kobalos73 link?
Your so gorgeous. 👌😮 😎💥
Helloooooo🤔
Leave her alone you weirdo.
I messaged sumone twice to talk to them so I'm a weirdo. 🤔 Funny.
@@ifrazali2712why the frack do you think your behaviour is normal? Like the other perverts in here, you can't act normal for a minute?
you look like a Robot girl very cute very beautiful 👌
Your northenness is showing ... The word "class" and words like "above". You can't help it. Oh and "after" too.
Proud of being Northern and glad it shows!
It wasn't intended as an insult. My husband's dad is from hull. I hope you didn't think I was insulting you.
How to contact with you??
Very explained!!! Quick question in relation to non-dom , scenario 1 : person A is non-dom on skilled work visa since 2020 and A has never claimed remittance basis on worldwide income however , Person A earn is expecting to realised gains outside Uk in 2025 after tax year then A will also be entitled to get 4 years exemption. What is ur thought based on current information. Thanks a lot in advance!