We have all heard of the ‘Panama Papers’ in 2015 and the follow up ‘Paradise Papers’ in 2017 which purported to expose a large number of individuals and companies who were allegedly hiding assets in ‘tax havens’ in order to protect themselves from UK tax liabilities.
As we approach the fundamental changes to VAT return submission coming into force next year, HMRC have issued their formal guidance on the changes.
Or perhaps I ought to advise you, do be Scilly? At least in the sense of Mrs Graham who died in 2012 owning Carnwethers, an enlarged farmhouse on one of the islands with four incorporated or adjoining self contained flats over which HMRC and her executors have been arguing ever since.
The penalties range from £100 to £1,600 for a return not filed within one year of the due date, for both ‘in year’ and ‘annual’ ATED returns.
For as long as I can remember, the status of an individual for tax purposes is something that has been a hot topic, both for advisers in saving clients tax and NIC, and for HMRC in targeting such tax ‘avoidance’.
When Entrepreneur’s Relief was introduced in 2008 it was a simple relief with correspondingly simple legislation. Roll forward ten years and the relief has suffered from a decade of tinkering and loophole closing.
We have found that clients who are trading within the EU, or are about to start to look at markets outside the UK, are having to review their strategy and consider the tax implications along with the commercial aspects.
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.
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.
‘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.