Welcome to our October blog, where we share valuable insights, practical tips and expert advice to keep you informed about key tax changes and effective financial planning strategies. This month we discuss important changes to non-dom tax rules and highlight other pressing tax issues that may affect you or your business.
VAT Fraud Alert – Scammers Changing Client Details by Post
VAT fraud has long plagued the UK, costing the country billions. One particularly sneaky scam involves fraudsters changing VAT refund bank account details by sending forms through the post. HMRC processes these changes without specifying what’s been altered – only that a change has been made. If you receive a notification from HMRC about changes to your VAT account, be sure to check carefully, especially if you didn’t initiate any requests. Protect your business and stay vigilant against unsolicited changes.
Non-Dom Tax Rules Changing – Are You Prepared?
Significant changes to non-dom tax rules were confirmed in the Budget.
- The remittance basis, which allowed UK tax residents who are not domiciled in the UK to avoid declaring overseas income unless brought into the UK, will be scrapped.
- UK residents will be taxed on their worldwide income, with some transitional relief allowing overseas income to be taxed at 50% of the usual rate for the 2025/26 tax year.
- Inheritance tax will now be charged based on residency rather than domicile.
Days worked abroad will still offer tax relief, with the incidence of tax reduced accordingly.
Take Action Now
If you are a UK tax resident but not domiciled in the UK, now is the time to review your financial plans.
¡Viva España! A Team Bonding Weekend in the Sun
Last month, we took a well-deserved break from the office and enjoyed an unforgettable weekend together in sunny Spain. It was a perfect chance for us to relax, soak up the sunshine, and share some laughter over sangria. More than just a holiday, it was a reminder of how much we appreciate one another as colleagues and friends.
At Richard Riley and Associates, we believe that strong working relationships are built on trust, mutual respect, and camaraderie. This trip allowed us to strengthen those bonds and return to work refreshed, united, and ready to continue delivering exceptional service for our clients. We truly value the friendships we’ve built within our team, and moments like these remind us how lucky we are to work together!
Meet the Team: Sue Hitchcox, MAAT – Practice Manager
Sue Hitchcox was our first recruit back in 2010. She joined the team part-time while juggling a young family, benefitting from the firm’s flexible working opportunities. Sue has worked with Richard ever since and is now our Practice Manager. Sue brings a wealth of experience and dedication to the team. After qualifying as an Accounting Technician with the AAT, Sue has taken on a variety of roles throughout her career, including being a qualified Member of the Society of Apothecaries and serving as a Training Manager with Abbott Labs.
Currently, she is working towards her Certified Accountants qualification with the ACCA, further enhancing her skills to support both our clients and team. Sue’s commitment to excellence and her diverse background make her a vital part of our firm’s success.