On 30 October 2024, Chancelor Rachel Reeves presented the UK budget, which included significant changes to the tax regime for non-domiciled individuals. Specifically, the budget proposed the abolishment of non-domicile status and creation of a new residence-based test known as the Foreign Income and Gains Regime (FIG). As outlined, the new FIG regime will be effective 6 April 2025, greatly impacting the tax situations for individuals moving to or from the UK.
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As we look back on 2024, the global mobility industry experienced many changes, including an increase in countries implementing digital nomad visas, updates to tax treaties addressing cross-border employment complexities, and enhanced scrutiny on compliance worldwide. Additionally, technology advancements streamlined reporting processes, and organizations placed a greater emphasis on supporting their remote workforce with tailored benefits.
If your company has tax equalized assignees, you may have heard from employees who’ve received unexpected tax bills, have yet to settle their tax equalization payments, and/or are confused about how their tax liabilities were calculated. If any of these rings a bell, now is the time to re-examine the hypothetical tax positions for your mobile employees.
For the seventh consecutive year, GTN is proud to once again partner with Toys for Tots to brighten the holidays for children in need!
Across the US, communities are facing financial struggles, and families often feel these burdens more during the holiday season. Your generosity can turn a child's holiday from one of emptiness into an occasion filled with joy and wonder.
Key Considerations for Year-End Mobility Tax Planning
on October 24, 2024
| By Rich Kuzich, CPA
|
Mobility Tax,
Year-End Payroll,
Mobility Policy,
Year-End Planning,
Compensation Collection
For most mobility program managers, year-end is a time to have calls with various mobility vendors to discuss the past year and plan for the next. These year-end discussions are crucial to the efficient functioning of your mobility program, as they keep you informed about the evolving landscape of global mobility and the associated tax implications.
The ever-changing nature of international business, along with emerging work trends and technological advancements, has created complex tax scenarios that require careful consideration as companies handle year-end payroll reporting and decide on services and support for their employees.
Ransomware, phishing, hacking, malware, botnet, viruses, spyware, worms... the list goes on. You don’t have to be an IT specialist to understand that in today’s digital world, such data security threats are very real. As personal data has become a vital asset to businesses, discussions of data privacy and security have graduated from the server room to the boardroom. And while both the volume and value of data processed by companies grows, so do the risks associated with that data.
