Collecting tax due should be HMRC’s number one priority, but it has failed to issue some taxpayers with payments on account (POA) demands for 2018/19.
HMRC failed to issue some taxpayers with payments on account (POA) demands for 2018/19. Any taxpayer that have an outstanding amount of £1,000 or more for the year of 2018/19 needs to make two payments, by 31 January 2019 and 31 July 2019. The amount of tax calculated as payable for the year of 2017/18, […]
Non-resident landlord scheme – HMRC crack down
We have written previous blogs regarding the non-resident landlord scheme which applies to any landlords who live abroad for more than 6 months a year, even if you are a UK resident for tax purposes. If you rent out a property in the UK you need to pay tax on your income, and if you […]
Changes to Capital Gains Tax on UK Property for Non-Residents
Under existing legislation, non-resident individuals are required to complete a Non-Resident Capital Gains Tax Return within 30 days of the sale of any UK residential property. They are also required to calculate the CGT liability arising and make a payment on account of the full amount of the calculated liability, within that 30 day period.These […]
IR35 – HMRC court cases and impending changes
We have written a few blogs recently about the forthcoming changes to IR35 which will come into effect in April 2020, affecting contractors and freelancers who want to work as a limited company. Creative and tech freelancer platform, YunoJuno, has produced research showing that more than two thirds of freelancers are unaware of the changes […]
Boris Johnson steps in as Prime Minister: What may this change mean for your financial situation?
Boris Johnson has been elected as the Leader of the Conservative Party and will become the Prime Minister of the UK today, 24/07/2019. During the race to succeed Theresa May, Johnson announced at various occasions taxation and spending changes. So, what are the details of these plans and how will they affect you? Increasing the […]
Let Property Disclosure Campaign and how it affects Israeli UK residential property owners
The Let Property Campaign gives an amnesty to landlords who owe tax on undisclosed income through letting out residential property in the UK or abroad. This is an opportunity for residential landlords to put their tax affairs in order in a simple, straightforward way and to take advantage of the best possible terms. HM Revenue […]
Capital Gains Tax Payment Window for Residential Property Gains
Currently, where a CGT liability arises for UK residents on the sale of a residential property, the liability is declared through self-assessment tax returns and payable by 31 January following the tax year in which the gain arises. From April 2020, where there is a disposal of a residential property by UK resident individuals as […]
VAT update for online marketplaces – Asos and Etsy joining Amazon and eBay to crackdown on VAT fraud
Over the past few years we have written several times about the VAT legislation effecting Amazon and eBay traders selling in the UK. In 2017, Amazon began suspending the accounts of traders who could not prove VAT compliance and in the middle of 2018, we reported that eBay representatives had begun making phone calls to […]
Changes in IR35 – Protests from the industry to a change
In our recent blog published on April 22nd “IR35 – increased scrutiny from HMRC” we have given an introduction about the Intermediaries Legislation, IR35 which deals with disguised remuneration or “off payroll” work. We had also mentioned that it was decided in the 2018 budget that from 6 April 2020, the responsibility for deciding employment […]
Detached Duty Relief: Tax relief for temporary working
Individuals who are moving to the UK on a temporary basis can significantly reduce their UK tax liability by utilising detached duty relief (also known as ‘temporary workplace’ relief). To qualify for the detached duty relief, as well as the maximum 24-month time period, an individual will also need to have an existing relationship with […]