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JOINT AND SEVERAL LIABILITY FOR UNPAID VAT

HMRC, Tax

Certain traders can be made liable for the unpaid VAT of another VAT-registered business when you buy or sell specified goods. HMRC have recently updated VAT notice 726 which advises traders to carry out due diligence into their supply chain. The specified goods are any equipment made or adapted for use as a telephone and […]

HOW DO I NOTIFY HMRC

HMRC, Tax

Taxpayers can correct their tax liabilities by using HMRC’s digital disclosure service as part of the Worldwide Disclosure Facility Once the taxpayer has notified HMRC by 30 September of their intention to make a declaration, they will then have 90 days to make a full disclosure and pay any tax owed. We can assist you […]

TIME TO DECLARE OFFSHORE INCOME GAINS AND ASSETS WARNS HMRC

HMRC, Tax

HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties. 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. Some […]

AND YOU MAY HAVE TO PAY TAX IF YOUR PENSION SAVINGS ARE TOO HIGH!

HMRC, Tax

If your pension savings are more than your annual allowance for the tax year, and you do not have unused annual allowances from the 3 previous tax years to cover the difference, you’ll have to pay tax on the excess. You’ll get a statement from your pension provider telling you if you go above the […]

TAPERED PENSION TAX RELIEF FOR THOSE WITH HIGH INCOME

HMRC, Tax

For most taxpayers the maximum pension input annual allowance is currently £40,000. However, from 2016/17 those taxpayers with ‘adjusted income’ over £150,000 and ‘threshold income’ over £110,000 receive a tapered annual allowance.  For those persons affected the allowance tapers by £1 for every £2 that their adjusted income exceeds £150,000 down to a minimum annual […]

2015/16 PENSION ANNUAL ALLOWANCE LAPSES ON 5 APRIL 2019

HMRC, Tax

To utilize the 2015/16 unused relief any additional pension savings would need to be paid to the pension fund by 5 April 2019, otherwise the relief from 2015/16 will lapse. Note however that for some taxpayers the method of calculating unused relief for 2015/16 is extremely complicated as the government changed the pension rules part […]

CHECK YOUR PENSION SAVINGS ANNUAL ALLOWANCE

HMRC, Tax

HMRC have updated their guidance on the rules for carrying forward the unused pension savings annual allowance, together with a calculator on their website. For most taxpayers the maximum amount of pension savings that qualifies for tax relief each tax year is £40,000. It is possible to increase this amount by utilising unused relief brought forward […]

WELSH INCOME TAX STARTS 6 APRIL 2019

HMRC, Tax

From 6 April 2019, the Welsh Government (like the Scottish Government) will be able to set and vary the rate of Income Tax paid by Taxpayers who live in Wales. As in Scotland the system will be administered by HMRC. Taxpayers resident in Wales who are employed or in receipt of a taxable pension will […]

CGT ON PROPERTY SALES DUE WITHIN 30 DAYS FROM 2020

HMRC, Tax

Draft legislation in the next Finance Bill will introduce significant changes to the reporting of residential property disposals and the payment of CGT from 6 April 2020. Currently non-UK resident taxpayers disposing of UK residential property are required to report the disposal to HMRC within 30 days. The new legislation extends this reporting obligation to […]

SPREADING THE 2019 LOAN CHARGE

HMRC, Tax

Last month we alerted you to the requirement to register with HMRC by 30 September 2018 in order to settle on preferential terms before the outstanding loan charge arises on 5 April 2019. This new tax charge applies to any outstanding loans that exist as a result of a disguised remuneration tax avoidance scheme used […]