Tax rises signalled by Chancellor
The Chancellor of the Exchequer, Philip Hammond, has signalled that tax rises are on the cards in the next Budget in order to pay for an increase in spending on the NHS announced on 17 June 2018.
Do you have a Requirement to Correct?
Requirement to Correct (RTC) legislation was introduced during the Finance Act 2017, to tackle offshore non-compliance. In simple terms it requires UK taxpayers to ensure that all foreign income and assets, where there may be UK tax to pay, have been correctly declared to HMRC by 30 September 2018.
Overseas, under scrutiny
'Offshore' and 'Overseas' have become dirty words in tax over the last few years. Partly because of genuine tax evasion coming to light through whistle blowers and data leaks but also because of a kind of trial by media where any foreign financial connection is viewed with deep cynicism.
Contractor consultation causes consternation
On 18 May 2018 HMRC launched a consultation about off-payroll working in the private sector. This follows on from the introduction of new rules regarding off-payroll working in the public sector in April 2017.
Taxflash: Mileage rates – June 2018
HMRC regularly publish approved 'fuel only' rates which have, again, changed.
Avoiding VAT penalties – when paying a day late can cost you £300,000
It’s strange to think that until the 1980s there were no penalties for innocent VAT errors. Now the error can be punished by up to 100% of the VAT in issue.
VAT support service
Our VAT support service is a collaborative approach to supporting you with your day to day VAT queries, whilst allowing us to develop a strong working relationship with you. This support service often results in us identifying potential issues before they hit and enables us to put remedial measures in place to avoid high VAT charges or penalties.
Landlords – watch out for new tax rules
A less well known and not so publicised change is that, from April 2017 onward, landlords must use a ‘cash basis’ to work out their income unless their property income is more than £150,000 a year or they are companies or partnerships.
UHY tax blog recognised as one of the top 40 tax blogs on the internet
Our tax experts are committed to keeping our clients and followers informed of the latest tax issues and so are delighted that our blog has been recognised.