Trustees of personal and company trust structures need to be aware of two new significant pieces of UK tax legislation which will impact upon their services and their clients
HMRC has outlined its ‘no deal’ VAT preparations should they be needed post Brexit for EU-only traders in a letter sent to over 145,000 VAT-registered businesses.
We’ve previously posted items about Requirement to Correct and the need for individuals with undeclared offshore tax liabilities to disclose those liabilities to HMRC before 30 September 2018. This relates to Income Tax, Capital Gains Tax and Inheritance Tax.
HMRC has issued a warning about agency and umbrella companies offering to reduce workers’ tax liabilities and increase take home pay as they are in effect tax avoidance schemes.
Unsurprisingly many people try to minimise contact with HMRC, however there are certain situations when it’s a good idea to proactively engage with them to avoid further difficulties or indeed penalties.
HMRC is including trusts such as Employee Benefit Trusts (EBTs) within the Requirement to Correct legislation. If you have put in place tax planning arrangements which use trusts then you need to be aware a deadline is looming.
HMRC statistics show that individuals claiming non-domiciled taxpayer status paid a record £9.4bn in UK income tax, capital gains tax and National Insurance contributions last year, despite a 25% drop in their numbers.
Over recent years individual property owners have been feeling the financial pinch of restrictive measures which means they are no longer able to deduct all their finance costs from their taxable income.
From 1 October new legislation called ‘Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax, or inheritance tax.
The Office of Tax Simplification (OTS) has made a series of recommendations in relation to the gig economy. Suggesting how to simplify and improve the tax experience of the increasing number of individuals who work on a self employed basis through online platforms.