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    UK

    —

    AT A GLANCE

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    OUR JURISDICTIONS —

    UK

    LAST UPDATED 22/02/2024

    AT A GLANCE

    The United Kingdom (UK) is an island in the northwest of Europe. Its official language is English, and London is the capital city. Although it left the European Union (EU) in 2020, the UK had always retained the pound sterling (GBP) as its official currency, even when it was an EU member.

    A leading financial sector and trading power, the UK is a trillion-dollar economy with business services, insurance, and banking accounting for lion’s share of its gross domestic product (GDP). While manufacturing in the UK is an industry in decline, the leading sectors are in IT, specialist engineering, aerospace, pharmaceuticals, and biotechnology. 

    AI, fintech, and digital media are also robust industries in the UK, and intensive, highly mechanised agriculture provides around 60% of the country’s food requirements. A net importer of energy for over a decade, the UK’s natural gas and oil reserves are on the decline. 

    It’s a permanent member of the United Nations (UN) Security Council, a member of the Commonwealth, and a founding member of the North Atlantic Treaty Organisation (NATO). Since the UK left the EU, there have been a series of changes as some EU tax measures no longer apply.

    Our local Tax Natives in the UK can tell you everything you need to know about the ins and outs of your tax obligations there. Whether you’re buying a single property, or doing complex business deals, we’ll get you the advice you need. Just say the word and we’ll link you with a local expert who can answer all your questions. 

     

    THE HEADLINES

     

    • The UK has a headline corporate income tax rate of 19%, which is set to increase to 25% from 1 April 2023
    • The basic rate of personal income tax is 0% for earnings up to GBP 12,570. On earnings between GBP 12,571 and GBP 50,270 the rate is 20%. A higher rate of 40% applies on earnings between GBP 50,271 and GBP 150,000, with an additional rate of 45% on earnings over GBP 150,000
    • The standard VAT rate is 20%

    Tax experts in the region

    ANGELA WOOD

    ETC TAX

    PROPERTY, CORPORATE TAX

     Make a tax enquiry

    HOWARD BILTON

    SOVEREIGN GROUP

     Make a tax enquiry

    LAURENCE LANCASTER

    SOVEREIGN GROUP

     Make a tax enquiry

    MOHAMMAD ALIMAHOMED

    SYON TAX

     Make a tax enquiry

    STUART CROFTON

    STUART CROFTON TAX

    CORPORATE TAX

     Make a tax enquiry

    How Tax Natives works.

    Tax Natives is an international tax network that connects Explorers (taxpayer clients) with Natives (qualified and regulated tax advisers) from one jurisdiction to another.

    Ask a question to get started

    STEP ONE

    Select the 'Ask a question button located on the top of each page and follow through the process to compose your question

    STEP TWO

    Once your question is confirmed and your account is set up, navigate to your user dashboard to view the message exchange between you and your Tax Native.

    STEP THREE

    Each Tax Native has to accept a question from an Explorer before a conversation can begin. Once the Tax Native has accepted your question, a quote will be submitted for approval through the messaging portal.

    Bespoke tax solutions in the United Kingdom

    Tax Natives offer many taxation services via our network of UK-based tax experts.

    We will ensure that you abide by the local tax jurisdictions and making the money you’re investing work hard for you.

    Need more information? Speak to our team about your unique tax situation and they’ll find a fully regulated and insured local expert to represent you in your chosen corner of the world.

    Every UK citizen’s financial situation is different. It doesn’t matter to us if you’re an SME owner looking to branch out, a wealthy investor, a property developer, or someone who has worked hard all their life and is now fully embracing the freedoms of retirement – we just want to make sure that you’re given the right tax advice to be able to enjoy it.

    So, whether you’re looking for reputable online tax services or need to find a tax adviser in the UK who is fully regulated and insured to look after your tax affairs, Tax Natives can provide the introduction.

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