Finance Act 2019 introduced some quite significant changes to the taxation of UK property that is owned by non-residents.We have set out below a brief overview of the current position and the key changes; however, we will be happy to discuss these with you in more detail as to their impact on your particular circumstances.IndividualsIncome […]
Autumn Budget: 29 October 2018Client Summary NoteIntroductionSpreadsheet Phil was in good form in his (hour and fifteen minute long) speech today [29 October 2018]. Indeed, one wonders if he has secret aspirations to be a stand-up comic. However, when he presents a Budget as relatively benign as this one, we can probably forgive him a […]
BackgroundHMRC is bringing in its Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Regulations have been issued which set out requirements for MTD for VAT.Under the new rules, businesses with a turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes […]
Taxpayers with overseas assets: What you need to know Time is running short for taxpayers with overseas interests to ensure they are meeting their UK tax obligations. Under the new rules – which come into effect on 30 September – those with offshore assets such as holiday homes may incur costly penalties if they aren’t […]
100 word speed readThe Treasury Sub-Committee has launched a call for evidence on the powers given to HMRC in the last five years to tackle tax evasion and tax avoidance schemes, and is inviting responses by 31 May and readers are encouraged to provide feedback to the questions posed. A review of the measures introduced […]
Tax changes taking effect from 6 April 2018 As we approach the end of the current tax year and the start of a new one, we have set out below a few tax year end planning suggestions as well as a reminder of the various tax changes taking effect from 6 April 2018. As always, […]
HMRC Tax Consultations Following today’s [13 March 2018] Spring Statement, we have summarised below the key new HMRC tax consultations that are being run: Allowing Entrepreneurs’ Relief on gains before dilution HMRC today published a consultation on allowing Entrepreneurs’ Relief where an individual’s required 5% stake in the company is diluted due to the company […]
Talking with Janet Pierce from Charter Tax Can you share a practical tip on a tax issue in any of your specialisms?Assume that if it can go wrong, it will go wrong!? That may be a life outlook as much as a tax tip but I so often see good tax planning go by the wayside […]
The impact of VAT on your horse expenditure/income So, we get pretty used to paying VAT on most things, don’t we? But have you ever given much thought to the impact of VAT on your horse expenditure (or income)? You may well be aware that the basic starting point for VAT is that once a […]
Higher penalties for unpaid tax relating to overseas assetsTaxpayers who know or suspect that they have unpaid tax relating to overseas assets, income or activities need to act before 30 September 2018 to avoid incurring much higher penalties for their non-compliance. HMRC’s “Requirement to Correct” (RTC) obliges taxpayers to make a disclosure of unpaid tax […]