Year-end personal tax planning tips 2018/19
The last day of the 2018-19 UK tax year (5 April 2019) is looming large and for those who seek to be tax efficient, it is time to examine ways of potentially mitigating 2018-19 personal tax liabilities via year-end planning reviews.
Budget 2018 Summary
On 29 October 2018, the Chancellor set out his budget to Parliament, stating that austerity is "finally coming to an end" as the economic outlook improves, and appearing to spread some of the potential benefits around. The budget offered little in the way of significant overhaul, largely focussing on adjustments to existing reliefs, but what were the actual changes to the UK tax environment?
Top 10 Expat Tax Tips for Individuals Moving to the UK
The UK tax rules for non-domiciled individuals were thrown into confusion by the proposed reforms to apply from 6 April 2017 not being included in the Finance Act 2017, however, the Government has now confirmed that the Finance Bill due to be published in September 2017 will include the proposed reforms and that they will appl
Overseas Pension Changes 6 April 2017
HMRC have announced that the tax legislation regarding the UK tax treatment of the overseas pension scheme is changing from 6 April 2017.
UK Self Assessment Tax Return Filing and Penalties 2017/18
The end of the UK tax year for 2017/18 was 5 April 2018 and taxpayers need to consider completing and filing their Tax Returns for this year.
Tax Returns usually need to be filed with HM Revenue and Customs (HMRC) by 31 January following the end of the tax year if you file online (or by 31 October following the end of the tax year if you file a hard copy paper Tax Return).
New Offshore Bank Accounts for Expat Employees
Non-domiciled individuals that have come to work in the UK need to open offshore bank accounts outside the UK to take advantage of rules which exclude earnings from non-UK duties from being taxable in the UK. This relief is known as Overseas Workday Relief – or OWR - and in broad terms applies for up to three years providing employment earnings are paid outside the UK – offshore – and not remitted/brought to the UK.
HMRC Guidance Wrong on Directors Tax Returns
A Tax Tribunal has now agreed that HMRC’s view, and their published guidance on tax returns, is incorrect under the law.
Finance Bill 2017 Update
Several widely trumpeted tax measures that were going to be introduced by the Government have belatedly been withdrawn from the draft Finance Bill 2017.
Offshore Bank Account Reviews
It is time for non-domiciled “Expat” individuals to consider their offshore banking arrangements if they wish to continue claiming Overseas Workday Relief on an efficient basis.
Deemed UK Domicile Reforms 2017
The Domicile Reforms means that those deemed UK domiciled from 6 April 2017 will pay UK tax on worldwide income/gains & not on the “remittance basis”.
Non-Domiciled Rebasing for Capital Tax Gains: April 2017
The Non-Domiciled Capital Gains Tax Rebasing of the CGT cost leads to the possibility that only capital gains arising from foreign capital assets.
Overseas Workday Relief (OWR) – Relief for non-UK business travel
UK domiciled individuals have to file their UK tax returns on the “arising basis,” reporting worldwide income and gains. The remittance basis is available to UK residents that are non-UK domiciled (often called “non-doms”) which means that UK tax is paid on foreign and overseas income or gain but only if remitted (brought) to the UK.
Expats: Offshore Bank Account Reviews
Many non-domiciled individuals that have come to work in the UK open offshore bank accounts outside the UK to take advantage of rules which exclude earnings from non-UK duties from being taxable in the UK (known as Overseas Workday Relief – OWR) .
Year End Tax Planning for Non-Doms and Expats
There are always as number of factors for “expats” to consider whether this relates to non-domiciled individuals (“non-doms”) living/working in the UK or Brits leaving the UK and seeking to establish non-residence status.
Year end personal tax planning tips!
The last day of the 2015-16 UK tax year (5 April 2016) is fast approaching and the UK Budget is taking place on 16 March 2016.
- Overseas Pension Changes 6 April 2017
- Top 10 Expat Tax Tips for Individuals Moving to the UK
- Offshore Bank Account Reviews
- Overseas Workday Relief (OWR) – Relief for non-UK business travel
- UK Self Assessment Tax Return Filing and Penalties 2017/18